Tully & Holland Advises Phelps Industries, LLC in its Sale to Wafra Investment Advisory Group, Inc.

Wellesley, MA - January 14, 2013 - Tully & Holland, Inc. is pleased to announce its role as financial advisor to Phelps Industries, LLC www.phelpsindustriesinc.com in its sale to a newly formed affiliate of Wafra Investment Advisory Group, Inc. of New York. Terms of the transaction were not disclosed.

Phelps Industries is a leading manufacturer and marketer of specialty pet treats sold under private label and contract manufacturing agreements to leading retailers and pet food marketers throughout the world. Customers of its cold extruded and organic dog treats include leading grocery and specialty pet retailers, as well as multi-national branded pet product companies. Phelps Industries was founded in 1990 following its acquisition from Nestlé S.A.

About Phelps Industries, LLC.

Following its acquisition from Nestlé S.A. in 1990, Phelps has grown to become the second largest manufacturer of premium quality cold extruded dog treats in the United States. Phelps operates with three lines of business: branded, private label, and contract manufacturing & packaging of dog treats. The Company is headquartered in Wakefield,MA, with a production facility located in Rockford, IL.

About Wafra Investment Advisory Group, Inc.

Wafra Investment Advisory Group www.wafra.com is a New York-based registered investment adviser serving over 30 institutional and private clients from around the world. Wafra, together with its affiliates, currently has committed and under management, assets of approximately $11 billion.

Wafra's Direct Equity Division www.wafrapartners.com takes control and minority positions in middle market operating companies for a group of international institutional clients. Started in 1991, the Direct Equity Division currently has approximately $400 million in committed and invested funds. Wafra seeks to invest in companies valued between $20-150 million with equity investments between $5-30 million.