JLL Partners Completes Acquisition of ACE Cash Express, Inc.

DALLAS, Oct. 5  /PRNewswire-FirstCall/ -- ACE Cash Express, Inc. (NASDAQ:AACE) announced today that entities affiliated with JLL Partners completed the acquisition of ACE. The aggregate consideration paid to ACE shareholders is approximately $455 million.  In the merger, each share of ACE common stock was converted into the right to receive $30.00 in cash, without interest.  ACE will continue to operate under the name ACE Cash Express, Inc., as a wholly owned subsidiary of Ace Holdings I, LLC, a newly formed affiliate of JLL Partners.  Jay B. Shipowitz will continue in his role as ACE's President and Chief Executive Officer.

Frank Rodriguez, a Managing Director of JLL Partners, stated, "We are excited to partner with Jay Shipowitz and his outstanding management team. The acquisition of ACE presents a wonderful opportunity for us to work with the Company in continuing its development as a market leader in the retail financial services industry."  Jay B. Shipowitz, ACE's President and Chief Executive Officer, commented, "We are excited about our new partnership with JLL Partners.  All of us at ACE are proud of the value we have been able to create for our shareholders and we thank them for their support.  At the same time, we eagerly look forward to this next chapter in ACE's history."

ACE stock will cease to trade on The NASDAQ Global Market at the close of the market on October 5, 2006 and will be delisted.  Mellon Investor Services, LLC has been appointed disbursing agent in connection with the merger and will be mailing a letter of transmittal to all ACE shareholders of record. The letter of transmittal will direct shareholders on how to surrender shares of ACE stock in exchange for the merger consideration.

About ACE

ACE Cash Express, Inc. is a leading retailer of financial services, including check cashing, short-term consumer loans, bill payment and prepaid debit card services, and the largest owner, operator and franchisor of check cashing stores in the United States.  As of June 30, 2006, ACE had a network of 1,573 stores in 38 states and the District of Columbia, consisting of 1,353 company-owned stores and 220 franchised stores.  ACE focuses on serving consumers, many of whom seek alternatives to traditional banking relationships in order to gain convenient and immediate access to financial services.  ACE's website is found at http://www.acecashexpress.com/ .

About JLL Partners

Founded in 1988, JLL Partners is a leading private equity investment firm with $3.2 billion in capital.  JLL's investment philosophy is to partner with outstanding management teams and invest with them in companies or situations that they can continue to grow into market leaders.  JLL has invested in the following industries: financial services, building products, healthcare services, medical products, consumer products, business services, chemicals, broadcasting, transportation and automotive.  The firm has significant financial expertise combined with a philosophy of building effective partnerships with company management.  For more information, please visit http://www.jllpartners.com/ . 

DATASOURCE: ACE Cash Express, Inc.



CONTACT:  Jay B. Shipowitz, President & CEO, [phone], or

 , or William S. McCalmont, Executive Vice

President & CFO, [phone], or  , both of

ACE Cash Express, Inc.; or Steven Lipin, or Melissa Daly, both of Brunswick

Group, [phone], for JLL Partners



Web site:  http://www.acecashexpress.com/

http://www.jllpartners.com/ 

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