Document:

<PAGE>

                                                                   Exhibit 10.48
                                                                   -------------
                          RECAPITALIZATION AGREEMENT
                          --------------------------

          THIS RECAPITALIZATION AGREEMENT (this "Agreement") is made as of
                                                 ---------
August __, 2000 by and among ZEFER Corp., a Delaware corporation (the
"Company"), GTCR Capital Partners, L.P., a Delaware limited partnership ("GTCR
 -------                                                                  ----
Capital"), GTCR Fund VI, L.P., a Delaware limited partnership ("GTCR Fund VI"),
----------                                                      ------------
GTCR VI Executive Fund, L.P., a Delaware limited partnership ("Executive Fund"),
                                                               --------------
GTCR Associates VI, a Delaware general partnership ("Associates Fund" and,
                                                     ---------------
together with GTCR Capital, GTCR Fund VI and the Executive Fund, the "GTCR
                                                                      ----
Investors"), and the other stockholders of the Company set forth on the
---------
signature pages hereto (together with the GTCR Investors, the "Stockholders").
                                                               ------------
Except as otherwise indicated herein, capitalized terms used herein are defined
in Section 6 hereof.

          WHEREAS, each Stockholder owns the number of shares of the Company's
Class A Preferred Stock, par value $.01 per share (the "Class A Preferred"), set
                                                        -----------------
forth opposite such Stockholder's name on the Schedule of Stockholders attached
                                              ------------------------
hereto; and

          WHEREAS, the Company has filed a Registration Statement on Form S-1
(File No. 333-41004) (the "Registration Statement") with the Securities and
                           ----------------------
Exchange Commission relating to an initial public offering (the "Initial Public
                                                                 --------------
Offering") of the Company's common stock, par value $0.001 per share (the
--------
"Common Stock"), under the Securities Act.  The Company and the Stockholders
 ------------
desire that the Company use a portion of the net proceeds of the Initial Public
Offering after payment of underwriting discounts and reasonable out-of-pocket
fees and expenses incurred in connection therewith (the "Net Proceeds") to fully
                                                         ------------
repay the Harris Indebtedness, and to maintain the remaining portion of the Net
Proceeds for working capital and other general corporate purposes, including
possible acquisitions; and

          WHEREAS, the Stockholders and the Company further desire to enter into
an agreement pursuant to which the shares of Class A Preferred held by the
Stockholders shall be exchanged for shares of Common Stock (the "Exchange
                                                                 --------
Shares").
------

          NOW, THEREFORE, in consideration of the foregoing, and the agreements,
representations, warranties, covenants and conditions herein contained, the
parties hereto agree as follows:

          Section 1.  Application of Net Proceeds; Exchange; and Closing.
                      --------------------------------------------------

          1A   Application of Net Proceeds.  At the Closing (as defined in
               ---------------------------
Section 1C below), the Company shall apply the Net Proceeds as follows: (i)
first, the Net Proceeds shall be used to fully repay the Harris Indebtedness;
and (ii) second, the remaining amount of Net Proceeds shall be retained by the
Company for working capital and other general corporate purposes, including
possible acquisitions.

          1B.  Exchange of the Shares of Class A Preferred Stock.  At the
               -------------------------------------------------
Closing, each Stockholder will exchange, in accordance with this Section 1B, all
shares of Class A Preferred held

                                      -1-
<PAGE>

by such Stockholder for Exchange Shares. At the Closing, the Company shall issue
to each Stockholder a number of shares of Common Stock equal to (i) the
aggregate liquidation value of the shares of Class A Preferred held by such
Stockholder, plus the aggregate value of all accrued and unpaid dividends on
             ----
such shares of Class A Preferred, divided by (ii) the initial offering price of
                                  ------- --
a share of Common Stock in the Initial Public Offering. At the Closing, each
Stockholder shall deliver to the Company certificates representing all shares of
Class A Preferred held by such Stockholder, duly endorsed for transfer to the
Company. If a fractional share of Exchange Shares would be issuable to a
Stockholder pursuant to this Section 1B, the Company shall deliver to such
Stockholder cash in lieu of such fractional share in an amount equal to the
percentage of a share represented by such fractional interest multiplied by the
initial offering price of a share of Common Stock in the Initial Public
Offering.

          1C  The Closing. The closing of the transactions contemplated by this
              -----------
Section 1 (the "Closing") shall take place concurrently with the consummation of
                -------
the Initial Public Offering and at the same location. As of the Closing, all
shares of outstanding Class A Preferred shall automatically be canceled and
retired and cease to exist, and each holder of a certificate representing any
such shares shall cease to have any rights with respect thereto, except the
right to receive the Recapitalization Consideration therefor upon the surrender
of such certificate in the manner provided in this Section 1C. At the Closing
and thereafter, upon presentment and delivery by each such Stockholder to the
Company of the certificates representing the shares of Class A Preferred held by
such Stockholder duly endorsed for transfer to the Company, the Company (i)
shall deliver, or cause the Company's transfer agent to deliver, to each
Stockholder stock certificates evidencing the Exchange Shares to be issued by
the Company to each such Stockholder, registered in each such Stockholder's name
or its nominee's name, and (ii) shall deliver to each Stockholder cash for any
fractional shares of Exchange Stock to which such Stockholder would otherwise be
entitled (collectively, the "Recapitalization Consideration"). Until surrendered
                             ------------------------------
as contemplated in this Section 1C, each certificate representing Class A
Preferred shall be deemed at any time after the Closing to represent only the
right to receive the Recapitalization Consideration. Each certificate for
Exchange Shares shall be imprinted with a legend in substantially the following
form:

          The shares represented by this certificate have not been registered
          under the Securities Act of 1933 (the "Act") or applicable state
          securities law and may not be sold or transferred unless (i) a
          registration statement covering such shares is effective under the Act
          or (ii) the transaction is exempt from registration under the Act and
          an opinion reasonably satisfactory to the Company to such effect has
          been rendered by counsel.

          Section 2.  Conditions of Each Stockholder's Obligation at the
                      --------------------------------------------------
Closing. The obligation of each Stockholder to deliver its shares of Class A
-------
Preferred for exchange hereunder at the Closing is subject to the satisfaction
as of the Closing of the following conditions:

          2A.  Representations and Warranties.  The representations and
               ------------------------------
warranties contained in Section 4 hereof shall be true and correct in all
material respects at and as of the Closing as though then made, except to the
extent of changes caused by the transactions expressly

                                      -2-
<PAGE>

contemplated herein.

          2B.  Initial Public Offering. The Company shall consummate the Initial
               -----------------------
Public Offering concurrently with the transactions contemplated hereby.

          2C.  Amendment of Certificate of Incorporation; Termination of
               ---------------------------------------------------------
Purchase Agreement.  The Company shall have adopted, and the stockholders of the
------------------
Company shall have approved, the second amended and restated certificate of
incorporation in the form of Exhibit A attached hereto (the "Restated
                             ---------                       --------
Certificate"), and the Restated Certificate shall be filed with the Secretary of
-----------
State of the State of Delaware immediately after the Closing without having been
further amended or modified.  In addition, the Company shall have terminated
that certain Purchase Agreement, dated as of March 23, 1999, as amended (the
"Purchase Agreement"), by and among the Company and GTCR Fund VI, Executive Fund
 ------------------
and Associates Fund.

          2D.  Securities Law Compliance. The Company shall have made all
               -------------------------
filings under all applicable federal and state securities laws necessary to
consummate the issuance of the Common Stock pursuant to this Agreement in
compliance with such laws.

          2E.  Issuance of Capital Stock.  From the date hereof until the
               -------------------------
Closing Date, the Company shall not have issued any additional shares of its
capital stock other than in connection with (i) the exercise of options granted
pursuant to a plan approved by the Board of Directors and stockholders of the
Company and/or (ii) the Initial Public Offering.

          2F.  Release of Guaranty.  The Company shall have obtained a full and
               -------------------
unconditional release of the GTCR Guaranty.

          2G.  Closing Documents. The Company shall have delivered to each
               -----------------
Stockholder the following documents, which shall be in form and substance
reasonably satisfactory to the holders of a majority of the shares of Class A
Preferred:

          (a) A certificate of an authorized officer of the Company stating that
          the conditions specified in Sections 2A through 2F, inclusive, have
          been satisfied.

          (b) Certified copies of (i) the resolutions adopted by the Company's
          board of directors authorizing the execution, delivery and performance
          of this Agreement and all other agreements contemplated hereby, the
          filing of the Restated Certificate, the issuance of the Exchange
          Shares and the consummation of all other transactions contemplated by
          this Agreement, and (ii) the resolutions duly adopted by the Company's
          stockholders adopting the Restated Certificate.

          (c) Certified copies of the Company's certificate of incorporation and
          the Company's bylaws, each as in effect at the Closing.

          2H.  Waiver.  Any condition specified in this Section 2 may be waived
               ------
on behalf of all Stockholders if consented to by the holders of a majority of
the shares of Class A Preferred

                                      -3-
<PAGE>

held by all Stockholders.

          Section 3.  Conditions of the Company's Obligation at the Closing. The
                      -----------------------------------------------------
obligation of the Company to consummate the exchange hereunder at the Closing is
subject to the satisfaction as of the Closing of the following conditions:

          3A.  Representations and Warranties.  The representations and
               ------------------------------
warranties contained in Section 5 hereof shall be true and correct in all
material respects at and as of the Closing as though then made, except to the
extent of changes caused by the transactions expressly contemplated herein.

          3B.  Initial Public Offering. The Company shall consummate the Initial
               -----------------------
Public Offering concurrently with the transactions contemplated hereby.

          3C.  Waiver.  Any condition specified in this Section 3 may be waived
               ------
by the Company.

          Section 4.  Representations and Warranties of the Company. As a
                      ---------------------------------------------
material inducement to the Stockholders to enter into this Agreement and to
perform their obligations  hereunder, the Company hereby represents and warrants
that:

          4A.  Organization and Corporate Power. The Company is a corporation
               --------------------------------
duly organized, validly existing and in good standing under the laws of Delaware
and is qualified to do business in every jurisdiction in which the failure to so
qualify has had or would reasonably be expected to have a material adverse
effect on the financial condition, operating results, assets or operations or
business prospects of the Company and its Subsidiaries taken as a whole.

          4B.  Authorization, No Breach. The execution, delivery and performance
               ------------------------
of this Agreement and all other agreements contemplated hereby to which the
Company is a party have been duly authorized and executed by the Company and the
Restated Certificate has been duly authorized.  This Agreement and all other
agreements contemplated hereby to which the Company is a party each constitutes
a valid and binding obligation of the Company, enforceable in accordance with
its terms.  Subject to the filing of the Restated Certificate with the Secretary
of State of the State of Delaware, the execution and delivery by the Company of
this Agreement and all other agreements contemplated hereby to which the Company
is a party, the issuance of the Exchange Shares hereunder, and the fulfillment
of and compliance with the respective terms hereof and thereof by the Company,
do not and shall not (i) conflict with or result in a breach of the terms,
conditions or provisions of, (ii) constitute a default under, (iii) result in
the creation of any lien, security interest, charge or encumbrance upon the
Company's or any Subsidiary's capital stock or assets pursuant to, (iv) give any
third party the right to modify, terminate or accelerate any obligation under,
(v) result in a violation of, or (vi) require any authorization, consent,
approval, exemption or other action by or notice or declaration to, or filing
with, any court or administrative or governmental body or agency pursuant to,
the Restated Certificate or the certificate of incorporation of any Subsidiary,
or any law, statute, rule or regulation to which the Company or any Subsidiary
is subject, or any agreement, instrument, order, judgment or decree to which the
Company or any Subsidiary is a party or by which

                                      -4-
<PAGE>

their respective property is bound, other than as expressly contemplated in such
agreements described above and other than those made and obtained.

          4C.  Capital Stock and Related Matters. As of the date hereof, the
               ---------------------------------
authorized capital stock of the Company consists of 100,000,000 shares of Common
Stock, 39,599,102 of which are issued and outstanding, 96,632 shares of Class A
Preferred, 57,584.1162 of which are issued and outstanding, and 200,000 shares
of Class B Convertible Preferred Stock, par value $.01 per share, 200,000 of
which are issued and outstanding.  As of the Closing, all of the outstanding
shares of the Company's capital stock (including the Exchange Shares) shall be
validly issued, fully paid and non-assessable.  There are no statutory or
contractual stockholders preemptive rights or rights of refusal with respect to
the issuance of Exchange Shares hereunder which have not been waived or
terminated.  The offer, sale and issuance of the Exchange Shares hereunder do
not require registration under the Securities Act or any applicable state
securities laws.

          Section 5.  Representations and Warranties of the Stockholders. As a
                      --------------------------------------------------
material inducement to the Company to enter into this Agreement and to perform
its obligations hereunder, each Stockholder hereby represents and warrants to
the Company, as to itself only and not jointly and severally, that:

          5A.  Organization and Corporate Power. Each Stockholder that is not a
               --------------------------------
natural person is a corporation, partnership, limited partnership, limited
liability company, trust or other entity duly organized, validly existing and in
good standing under the laws of the state of its formation.

          5B.  Authorization; Enforceability. The execution, delivery and
               -----------------------------
performance of this Agreement and all other agreements contemplated hereby to
which the Stockholder is a party have been duly authorized and executed by the
Stockholder. This Agreement and all other agreements contemplated hereby to
which the Stockholder is a party each constitutes a valid and binding obligation
of such Stockholder, enforceable in accordance with its terms.

          5C.  No Violation. The execution and delivery by the Stockholder of
               ------------
this Agreement and all other agreements contemplated hereby to which the
Stockholder is a party, and the fulfillment of and compliance with the
respective terms hereof and thereof by the Stockholder, do not and shall not (a)
conflict with, result in a breach of any of the terms, conditions or provisions
of, (b) constitute a default under, (c) result in the violation of, (d) result
in the creation of any lien, security interest, charge or encumbrance upon such
Stockholders' shares of Class A Preferred, (e) give any third party the right to
terminate or to accelerate any obligation under, or (f) require any
authorization, consent, approval, execution or other action by or notice to or
filing with any court or administrative or governmental body under, the
provisions of any formation or governing documents or the like of the
Stockholder (where the Stockholder is an entity) or any law, statute,
regulation, rule, judgment, order, instrument, decree or other restriction of
any government, governmental agency or court to which the Stockholder is subject
or by which its, his or her property is bound or any agreement to which the
Stockholder is a party.

          5D.  Ownership.  Each Stockholder owns, and as of the date of the
               ---------
Closing will

                                      -5-
<PAGE>

own, the shares of Class A Preferred set forth opposite such Stockholder's name
on the Schedule of Stockholders free and clear of any restrictions on transfer,
       ------------------------
claims, taxes, liens, charges, encumbrances, pledges, security interests,
options, warrants, rights, contracts, calls, commitments, equities and demands,
except for (i) applicable restrictions on transfer under securities laws, (ii)
those restrictions on transfer set forth in that certain Amended and Restated
Stockholders Agreement, dated as of May 26, 2000 (as amended or modified from
time to time), by and among the Company, the GTCR Investors and certain other
parties thereto and (iii) those restrictions on transfer set forth in that
certain Amended and Restated Registration Agreement, dated as of May 26, 2000
(as amended or modified from time to time), by and among the Company, the GTCR
Investors and certain other parties thereto. The shares of Class A Preferred set
forth opposite such Stockholder's name on the Schedule of Stockholders are all
                                              ------------------------
of the shares of Class A Preferred owned by such Stockholder as of the date
hereof and as of the date of the Closing.

Section 6.  Definitions.  For the purposes of this Agreement, the following
            -----------
terms have the meanings set forth below:

            "Harris Indebtedness" means all outstanding principal and accrued
             -------------------
unpaid interest thereon payable by the Company to Harris Trust and Savings Bank
pursuant to that Unsecured Note made by the Company in favor of Harris Trust and
Savings Bank on July 16, 1999.

            "GTCR Guaranty" means all obligations of every kind and nature of
             -------------
GTCR Fund VI pursuant to that certain Guaranty, dated as of July 16, 1999,
executed by GTCR Fund VI in favor of Harris Trust and Savings Bank with respect
to the Harris Indebtedness.

            "Person" means an individual, a partnership, a corporation, a
             ------
limited liability company, an association, a joint stock company, a trust, a
joint venture, an unincorporated organization and a governmental entity or any
department, agency or political subdivision thereof.

            "Securities Act" means the Securities Act of 1933, as amended, or
             --------------
any similar federal law then in force.

            "Subsidiary" means, with respect to any Person, any corporation,
             ----------
limited liability company, partnership, association or other business entity of
which (i) if a corporation, a majority of the total voting power of shares of
stock entitled (without regard to the occurrence of any contingency) to vote in
the election of directors, managers or trustees thereof is at the time owned or
controlled, directly or indirectly, by that Person or one or more of the other
Subsidiaries of that Person or a combination thereof, or (ii) if a limited
liability company, partnership, association or other business entity, a majority
of the partnership or other similar ownership interest thereof is at the time
owned or controlled, directly or indirectly, by any Person or one or more
Subsidiaries of that Person or a combination thereof.  For purposes hereof, a
Person or Persons shall be deemed to have a majority ownership interest in a
limited liability company, partnership, association or other business entity if
such Person or Persons shall be allocated a majority of limited liability
company, partnership, association or other business entity gains or losses or
shall be or control any managing director or general partner of such limited
liability company, partnership, association or other business entity.

                                      -6-
<PAGE>

          Section 7.  Miscellaneous.
                      -------------

          7A.  Termination. This Agreement shall terminate upon the earlier of
               -----------
(i) October 31, 2000, if the Initial Public Offering has not occurred by such
date, and (ii) the delivery of notice by the Company to each Stockholder that
the Initial Public Offering will not be consummated.

          7B.  Remedies. Any Person having any rights under any provision of
               --------
this Agreement shall be entitled to enforce such rights specifically (without
posting a bond or other security), to recover damages by reason of any breach of
any provision of this Agreement and to exercise all other rights granted by law.

          7C.  Consent to Amendments.  Except as otherwise expressly provided
               ---------------------
herein, the provisions of this Agreement may be amended and the Company may take
any action herein prohibited, or omit to perform any act herein required to be
performed by it, only if the Company has obtained the written consent of the
holders of a majority of the Class A Preferred (or the Exchange Shares issued in
exchange therefor).

          7D.  Survival of Representations and Warranties. All representations
               ------------------------------------------
and warranties contained herein or made in writing by any party in connection
herewith shall survive the execution and delivery of this Agreement and the
consummation of the transactions contemplated hereby, regardless of any
investigation made by any party or on such party's behalf.

          7E.  Successors and Assigns.  Except as otherwise expressly provided
               ----------------------
herein, all covenants and agreements contained in this Agreement by or on behalf
of any of the parties hereto shall bind and inure to the benefit of the
respective successors and assigns of the parties hereto whether so expressed or
not.  In addition, and whether or not any express assignment has been made, the
provisions of this Agreement which are for any Stockholder's benefit as a
Stockholder or holder of Class A Preferred or Exchange Shares are also for the
benefit of, and enforceable by, any subsequent holder of such Class A Preferred
or Exchange Shares, as the case may be.  No Stockholder may transfer any shares
of Class A Preferred or Exchange Shares without (i) first obtaining the written
agreement of the transferee to be bound by the provisions of this Agreement and
(ii) providing written notice of such transfer to the Company.

          7F.  Severability. Whenever possible, each provision of this Agreement
               ------------
shall be interpreted in such manner as to be effective and valid under
applicable law, but if any provision of this Agreement is held to be prohibited
by or invalid under applicable law, such provision shall be ineffective only to
the extent of such prohibition or invalidity, without invalidating the remainder
of this Agreement.

          7G.  Counterparts.  This Agreement may be executed simultaneously in
               ------------
two or more counterparts, any one of which need not contain the signatures of
more than one party, but all of which taken together shall constitute one and
the same Agreement.

          7H.  Descriptive Headings, Interpretation. The descriptive headings of
               ------------------------------------
this

                                      -7-
<PAGE>

Agreement are inserted for convenience only and do not constitute a substantive
part of this Agreement. The use of the word "including" in this Agreement shall
be by way of example rather than by limitation.

          7I.  Governing Law.   The laws of Delaware shall govern all issues
               -------------
concerning the relative rights of the Company and its stockholders and all other
questions concerning the construction, validity and interpretation of this
Agreement, without giving effect to any choice of law or other conflict of law
provision or rule (whether of the State of Delaware or any other jurisdiction)
that would cause the application of the laws of any jurisdiction other than the
State of Delaware.

          7J.  Notices.  All notices, demands or other communications to be
               -------
given or delivered under or by reason of the provisions of this Agreement shall
be in writing and shall be deemed to have been given when delivered personally
to the recipient, sent to the recipient by reputable overnight courier service
(charges prepaid) or telecopied to the recipient.  Such notices, demands and
other communications shall be sent to the Company and each Stockholder at the
address indicated next to such party's name on the signature pages hereto or to
such other address or to the attention of such other person as the recipient
party has specified by prior written notice to the sending party.

          7K.  Entire Agreement.  Except as otherwise expressly set forth
               ----------------
herein, this Agreement embodies the complete agreement among the parties hereto
with respect to the subject matter hereof and supersedes and preempts any prior
understandings, agreements or representations by or among the parties, written
or oral, which may have related to the subject matter hereof in any way.
Without limiting the foregoing, each of the Company and each Stockholder hereby
waives any rights it may have under the Company's Amended and Restated
Certificate of Incorporation, as amended through the date hereof, with respect
to the redemption or conversion of the Class A Preferred and agrees that this
Agreement shall govern such matters.

                               *   *   *   *   *

                                      -8-
<PAGE>

          IN WITNESS WHEREOF, the parties hereto have executed this
Recapitalization Agreement on the date first written above.

Address:                           ZEFER CORP.

711 Atlantic Avenue                By:  /s/ James H. Slamp
                                      -------------------------------
Boston, MA  02111
                                   Its:Executive Vice President, Chief Financial
                                       -----------------------------------------
                                       Officer and Treasurer
                                       ---------------------------

Address:                           GTCR FUND VI, L.P.
6100 Sears Tower
Chicago, IL 60606-6402             By:  GTCR Partners VI, L.P.
Attention: Philip A. Canfield      Its: General Partner
Telecopier: 312/382-2201           By:  GTCR Golder Rauner, L.L.C.
                                   Its: General Partner

                                   By:    /s/ Philip A. Canfield
                                         ---------------------------------------
                                   Name: Philip A. Canfield
                                   Its:  Principal

Address:                           GTCR VI EXECUTIVE FUND, L.P.
6100 Sears Tower
Chicago, IL 60606-6402             By:  GTCR Partners VI, L.P.
Attention: Philip A. Canfield      Its: General Partner
Telecopier: 312/382-2201           By:  GTCR Golder Rauner, L.L.C.
                                   Its: General Partner

                                   By:    /s/ Philip A. Canfield
                                         ---------------------------------------
                                   Name: Philip A. Canfield
                                   Its:  Principal

<PAGE>

Address:                           GTCR ASSOCIATES VI
6100 Sears Tower
Chicago, IL 60606-6402             By:  GTCR Partners VI, L.P.
Attention: Philip A. Canfield      Its: Managing General Partner
Telecopier: 312/382-2201           By:  GTCR Golder Rauner, L.L.C.
                                   Its: General Partner

                                   By:    /s/ Philip A. Canfield
                                         ---------------------------------------
                                   Name: Philip A. Canfield
                                   Its:  Principal

Address:                           GTCR CAPITAL PARTNERS, L.P.
6100 Sears Tower
Chicago, IL 60606-6402             By:  GTCR Mezzanine Partners, L.P.
Attention: Philip A. Canfield      Its: General Partner
Telecopier: 312/382-2201           By:  GTCR Partners VI, L.P.
                                   Its: General Partner

                                   By:  GTCR Golder Rauner, L.L.C.
                                   Its: General Partner

                                   By:   /s/ Philip A. Canfield
                                        ----------------------------------------
                                   Name: Philip A. Canfield
                                   Its:  Principal

                                        *
                                   -------------------------
                                   Deirdre O. Aubuchon

                                        *
                                   -------------------------
                                   Richard N. Barnwell

                                        *
                                   -------------------------
                                   Carol Boudreau

                                        *
                                   -------------------------
                                   Edward Chapman

<PAGE>

                                *
                           -------------------------
                           Allan Cohen

                                *
                           -------------------------
                           Gerard E. Dube

                                *
                           -------------------------
                           Richard K. Fouts

                                *
                           -------------------------
                           Melissa Grossman

                                *
                           -------------------------
                           Mary R. Huvelle, Executor, Estate of Camille Huvelle

                                *
                           -------------------------
                           John M. Kelly

                                *
                           -------------------------
                           David A. Lubin

                                *
                           -------------------------
                           David Montanarro

                                *
                           -------------------------
                           Sean W. Mullaney

                                *
                           -------------------------
                           Richard L. Nolan

<PAGE>

                                        *
                                   -------------------------
                                   Susan C. Perry

                                        *
                                   -------------------------
                                   Bruce Russell

                                        *
                                   -------------------------
                                   James H. Slamp

                                        *
                                   -------------------------
                                   Martha L. Stephens

                                        *
                                   -------------------------
                                   Francis J. Torby

                                        *
                                   -------------------------
                                   Gustavo J. Trujillo

                                        *
                                   -------------------------
                                   Thomas J. Waite

                                        *
                                   -------------------------
                                   Anita Ward

*     /s/ James H. Slamp
     ----------------------------
      Attorney-in-Fact

<PAGE>

                           SCHEDULE OF STOCKHOLDERS

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------
        Name                                                   Shares of Class A Preferred

------------------------------------------------------------------------------------------------
<S>                                                            <C>
        GTCR Fund VI, L.P.                                                         52,290.7642
------------------------------------------------------------------------------------------------
        GTCR VI Executive Fund, L.P.                                                  374.8721
------------------------------------------------------------------------------------------------
        GTCR Associates VI                                                            118.3945
------------------------------------------------------------------------------------------------
        GTCR Capital Partners, L.P.                                                  3444.0852
------------------------------------------------------------------------------------------------
        Aubuchon, Deirdre O.                                                               109
------------------------------------------------------------------------------------------------
        Barnwell, Richard N.                                                                27
------------------------------------------------------------------------------------------------
        Boudreau, Carol                                                                    190
------------------------------------------------------------------------------------------------
        Chapman, Edward                                                                     27
------------------------------------------------------------------------------------------------
        Cohen, Allan                                                                        33
------------------------------------------------------------------------------------------------
        Dube, Gerard E.                                                                    163
------------------------------------------------------------------------------------------------
        Fouts, Richard K.                                                                   27
------------------------------------------------------------------------------------------------
        Grossman, Melissa                                                                   27
------------------------------------------------------------------------------------------------
        Huvelle, Camille                                                                    13
------------------------------------------------------------------------------------------------
        Kelly, John M.                                                                     109
------------------------------------------------------------------------------------------------
        Lubin, David A.                                                                     95
------------------------------------------------------------------------------------------------
        Montanaro, David                                                                    27
------------------------------------------------------------------------------------------------
        Mullaney, Sean W.                                                                  109
------------------------------------------------------------------------------------------------
        Nolan, Richard L.                                                                   54
------------------------------------------------------------------------------------------------
        Perry, Susan C.                                                                     27
------------------------------------------------------------------------------------------------
        Russell, Bruce                                                                      27
------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

<TABLE>
<S>                                                                                         <C>
------------------------------------------------------------------------------------------------
        Slamp, James H.                                                                     54
------------------------------------------------------------------------------------------------
        Stephens, Martha L.                                                                 54
------------------------------------------------------------------------------------------------
        Torby, Francis J.                                                                   54
------------------------------------------------------------------------------------------------
        Trujillo, Gustavo J.                                                                27
------------------------------------------------------------------------------------------------
        Waite, Thomas J.                                                                    76
------------------------------------------------------------------------------------------------
        Ward, Anita                                                                         27
------------------------------------------------------------------------------------------------
</TABLE><PAGE>

                                                                   EXHIBIT 10.72

     THIS WARRANT AND ANY SHARES OF STOCK OBTAINABLE UPON ITS EXERCISE HAVE NOT
     BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
     "SECURITIES ACT"), OR ANY STATE'S SECURITIES LAWS AND MAY NOT BE
     TRANSFERRED, SOLD OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE
     REGISTRATION UNDER THE SECURITIES ACT OR PURSUANT TO AN EXEMPTION
     THEREFROM.

     THIS WARRANT AND ANY SHARES OF STOCK OBTAINABLE UPON ITS EXERCISE ARE
     SUBJECT TO CERTAIN TRANSFER AND VOTING RESTRICTIONS PURSUANT TO A
     STOCKHOLDERS AGREEMENT, DATED AS OF MARCH 23, 1999 (AS AMENDED AND MODIFIED
     FROM TIME TO TIME), AMONG THE ISSUER OF SUCH SECURITIES (THE "COMPANY") AND
     CERTAIN OF THE COMPANY'S STOCKHOLDERS.  A COPY OF SUCH STOCKHOLDERS
     AGREEMENT WILL BE FURNISHED WITHOUT CHARGE BY THE COMPANY TO THE HOLDER
     HEREOF UPON WRITTEN REQUEST.

                                  ZEFER CORP.

                            STOCK PURCHASE WARRANT
                            ----------------------

Date of Issuance: August 9, 2000                         Certificate No. W-P-9

          FOR VALUE RECEIVED, ZEFER Corp., a Delaware corporation (the
"Company"), hereby grants to GTCR Capital Partners, L.P., a Delaware limited
partnership, or its registered assigns (the "Registered Holder") the right to
purchase from the Company, at any time or from time to time during the Exercise
Period (as defined in Section 1A below), (i) up to 241.690 shares (as such
number of shares shall be adjusted from time to time in accordance with Section
2 hereof) of the Company's Class A Preferred Stock, par value $.01 per share, at
a per share purchase price equal to the "Exercise Price" (as defined in Section
5 below).  This Warrant is issued pursuant to the terms of that certain Warrant
Agreement, dated as of November 24, 1999 (as amended and modified from time to
time), between the Company and GTCR Capital Partners, L.P. (the "Warrant
Agreement") and is one of the "Warrants" described therein.  Certain capitalized
terms used herein and not otherwise defined are defined in Section 5 hereof.
Any capitalized terms used in this Warrant but not defined herein shall have the
meaning ascribed to such term in the Warrant Agreement.  The amount and kind of
securities obtainable pursuant to the rights granted hereunder and the purchase
price to be paid for such securities are subject to adjustment pursuant to the
provisions contained in this Warrant.

          For income tax purposes, the value of this Warrant on the date hereof
is $241,689.88.

          This Warrant is subject to the following provisions:
<PAGE>

          Section 1.  Exercise of Warrant.

          1A.  Exercise Period.  The Registered Holder may exercise, in whole or
part, the purchase rights represented by this Warrant at any time and from time
to time after the Date of Issuance hereof and prior to the tenth anniversary
thereof (the "Exercise Period").  The Company shall give the Registered Holder
written notice of the expiration of the Exercise Period at least 30 days but not
more than 90 days prior to the end of the Exercise Period.

          1B.  Exercise Procedure.

          (i)  This Warrant shall be deemed to have been exercised when the
Company has received all of the following items (the "Exercise Time"):

               (a) a completed Exercise Agreement, as described in Section 1C
     below, executed by the Person exercising all or any portion of the purchase
     rights represented by this Warrant (the "Purchaser");

               (b)  this Warrant; and

               (c) if this Warrant is not registered in the name of the
     Purchaser, an Assignment or Assignments in the form set forth in Exhibit II
     hereto evidencing the assignment of this Warrant to the Purchaser, in which
     case the Registered Holder shall have complied with the provisions set
     forth in Section 7 hereof.

          (ii) Certificates evidencing the Warrant Shares purchased upon
exercise of all or any portion of this Warrant shall be delivered by the Company
to the Purchaser within five business days after date of the Exercise Time.
Unless this Warrant has expired or all of the purchase rights represented hereby
have been exercised, the Company shall prepare a new Warrant, substantially
identical hereto, representing the rights formerly represented by this Warrant
which have not expired or been exercised and shall, within such five-day period,
deliver such new Warrant to the Person designated for delivery in the Exercise
Agreement.

          (iii) The Warrant Shares issuable upon the exercise of this Warrant
shall be deemed to have been issued to the Purchaser at the Exercise Time, and
the Purchaser shall be deemed for all purposes to have become the record holder
of such Warrant Shares at the Exercise Time.

          (iv)  The issuance of certificates evidencing Warrant Shares upon
exercise of this Warrant shall be made without charge to the Registered Holder
or the Purchaser for any issuance tax in respect thereof or other cost incurred
by the Company in connection with such exercise and the related issuance of
Warrant Shares.  Each Warrant Share issuable upon exercise of this Warrant shall
be fully paid and nonassessable and free from all liens and charges with respect
to the issuance thereof.

          (v)   The Company shall not close its books against the transfer of
this Warrant or of any Warrant Share issued or issuable upon the exercise of
this Warrant in any manner which

                                       2
<PAGE>

interferes with the timely exercise of this Warrant. The Company shall from time
to time take all such action as may be necessary to assure that the par value
per share of the unissued Warrant Shares obtainable upon exercise of this
Warrant is at all times equal to or less than the Exercise Price then in effect.

          (vi)   The Company shall assist and cooperate with any Registered
Holder or Purchaser required to make any governmental filings or obtain any
governmental approvals prior to or in connection with any exercise of this
Warrant (including, without limitation, making any filings required to be made
by the Company).

          (vii)  Notwithstanding any other provision hereof, if an exercise of
any portion of this Warrant is to be made in connection with a registered public
offering or the sale of the Company (whether by merger, sale of stock or
otherwise), the exercise of any portion of this Warrant may, at the election of
the holder hereof, be conditioned upon the consummation of the public offering
or the sale of the Company in which case such exercise shall not be deemed to be
effective until the consummation of such transaction.

          (viii) The Company shall at all times reserve and keep available out
of its authorized capital stock the number of shares of its Preferred Stock
issuable upon the exercise of this Warrant solely for the purpose of issuance
upon the exercise of this Warrant.  The Company shall take all such actions as
may be necessary to assure that all such Warrant Shares may be so issued without
violation of any applicable law or governmental regulation or any requirements
of any domestic securities exchange upon which the Warrant Shares may be listed
(except for official notice of issuance which shall be immediately delivered by
the Company upon each such issuance).  The Company shall not take any action
which would cause the number of authorized but unissued shares of its Preferred
Stock to be less than the number of such shares required to be reserved
hereunder for issuance upon exercise of this Warrant.

          1C.    Exercise Agreement.   Upon any exercise of this Warrant, a
completed Exercise Agreement substantially in the form of Exhibit I attached
hereto, executed by the Person exercising all or any portion of the purchase
rights represented by this Warrant, shall be delivered to the Company; provided
that, if the Warrant Shares are to be issued to a Person other than the Person
whose name this Warrant is registered, the Exercise Agreement shall also state
the name of the Person to whom the certificates evidencing the Warrant Shares
are to be issued; provided further, if the number of Warrant Shares to be issued
does not include all the Warrant Shares obtainable hereunder, the Exercise
Agreement shall also state the name of the Person to whom a new Warrant for the
unexercised portion of the rights hereunder is to be delivered.  Such Exercise
Agreement shall be dated the actual date of execution thereof.

          Section 2.  Adjustment of Exercise Price and Number of Shares.  In
order to prevent dilution of the rights granted under this Warrant, the Exercise
Price and the number of Warrant Shares obtainable upon exercise of this Warrant
shall each be subject to adjustment from time to time as provided in this
Section 2.

                                       3
<PAGE>

          2A.  Subdivision or Combination of Stock.  If the Company at any time
subdivides (by any stock split, stock dividend, recapitalization or otherwise)
its outstanding shares of Preferred Stock, then the Exercise Price in effect
immediately prior to such subdivision shall be proportionately reduced and the
number of Warrant Shares obtainable upon exercise of this Warrant shall be
proportionately increased.  If the Company at any time combines (by reverse
stock split or otherwise) its outstanding shares of Preferred Stock, then the
Exercise Price in effect immediately prior to such combination shall be
proportionately increased and the number of Warrant Shares obtainable upon
exercise of this Warrant shall be proportionately decreased.

          2B.  Reorganization, Reclassification, Consolidation, Merger or Sale.
Any recapitalization, reorganization, reclassification, consolidation, merger,
sale of all or substantially all of the Company's assets or other transaction,
which in each case is effected in such a way that the holders of its outstanding
shares of Preferred Stock are entitled to receive (either directly or upon
subsequent liquidation) stock, securities or assets with respect to or in
exchange for such Preferred Stock, is referred to herein as an "Organic Change."
Prior to the consummation of any Organic Change, the Company shall make
appropriate provision (in form and substance satisfactory to the Registered
Holder of this Warrant) to insure that the Registered Holder of this Warrant
shall thereafter have the right to obtain and receive, in lieu of or in addition
to (as the case may be) the Warrant Shares immediately theretofore obtainable
and receivable upon the exercise of this Warrant, such shares of stock,
securities or assets as may be issued or payable with respect to or in exchange
for the number of Warrant Shares immediately theretofore acquirable and
receivable upon exercise of this Warrant had such Organic Change not taken
place.  In any such case, the Company shall make appropriate provision (in form
and substance satisfactory to the Registered Holder of this Warrant) with
respect to the Registered Holder's rights and interests to insure that the
provisions of this Section 2 and Sections 3 and 4 hereof shall thereafter be
applicable to this Warrant (including, without limitation, in the case of any
such consolidation, merger or sale in which the successor entity or purchasing
entity is other than the Company and in which the value of the Warrant Shares as
reflected by the terms of such transaction is less than the Exercise Price in
effect immediately prior to such transaction, an immediate adjustment of the
Exercise Price and a corresponding immediate adjustment in the number of Warrant
Shares obtainable and receivable upon exercise of this Warrant).  The Company
shall not effect any such consolidation, merger or sale, unless prior to the
consummation thereof, the successor entity (if other than the Company) resulting
from consolidation or merger or the entity purchasing such assets assumes by
written instrument (in form and substance satisfactory to the Registered Holder
of this Warrant), the obligation to deliver to the Registered Holder such shares
of stock, securities or assets as, in accordance with the foregoing provisions,
such holder may be entitled to acquire.

          2C.  Certain Events.  If any event occurs of the type contemplated by
the provisions of this Section 2 but not expressly provided for by such
provisions, then the Company's board of directors shall make an appropriate
adjustment in the Exercise Price and an appropriate adjustment in the number of
Warrant Shares obtainable upon exercise of this Warrant so as to protect the
rights of the holders of this Warrant; provided that no such adjustment shall
increase the Exercise Price or decrease the number of Warrant Shares obtainable
as otherwise determined pursuant to this Section 2.

                                       4
<PAGE>

             2D.  Notices.

             (i)  Immediately upon any adjustment of the Exercise Price, the
Company shall give written notice thereof to the Registered Holder, setting
forth in reasonable detail and certifying the calculation of such adjustment.

             (ii) The Company shall give written notice to the Registered Holder
at least 20 days prior to the date on which the Company closes its books or
takes a record (A) with respect to any dividend or distribution upon the
Preferred Stock, (B) with respect to any pro rata subscription offer to holders
of the Preferred Stock or (C) for determining rights to vote with respect to any
Organic Change, dissolution or liquidation. The Company shall also give written
notice to the Registered Holder at least 20 days prior to the date on which any
Organic Change, dissolution or liquidation shall take place.

          Section 3.  Liquidating Dividends.  If the Company declares or pays a
dividend upon the Preferred Stock payable otherwise than in cash out of earnings
or earned surplus (determined in accordance with generally accepted accounting
principles, consistently applied) except for a stock dividend payable in shares
of Preferred Stock (a "Liquidating Dividend"), then the Company shall pay to the
Registered Holder of this Warrant at the time of payment thereof the Liquidating
Dividend which would have been paid to the Registered Holder on the Warrant
Shares had this Warrant been fully exercised immediately prior to the date on
which the record was taken for such Liquidating Dividend or, if no record was
taken, the date as of which the record holders of Preferred Stock entitled to
such dividends are to be determined.

          Section 4.  Purchase Rights.  If at any time the Company grants,
issues or sells any Options, Convertible Securities or rights to purchase stock,
warrants, securities or other property pro rata to the record holders of its
shares of Preferred Stock (the "Purchase Rights"), then the Registered Holder of
this Warrant shall be entitled to acquire, upon the terms applicable to such
Purchase Rights, the aggregate Purchase Rights which such holder could have
acquired if such holder had held the number of Warrant Shares obtainable upon
complete exercise of this Warrant immediately before the date on which the
record is taken for the grant, issuance or sale of such Purchase Rights or, if
no such record is taken, the date as of which the record holders of its shares
of Preferred Stock are to be determined for the grant, issue or sale of such
Purchase Rights.

          Section 5.  Definitions.  The following terms have meanings set forth
below:
          "Preferred Stock" means the Company's Class A Preferred Stock, par
value $.01 per share.

          "Exercise Price" means $.01 per share, which is deemed paid upon the
issuance of this Warrant by virtue of the making of the Subsequent Loan on the
date hereof.

          "Convertible Securities" means any stock or securities (directly or
indirectly) convertible into or exchangeable for shares of Preferred Stock.

                                       5
<PAGE>

          "Options" means any rights or options to subscribe for or purchase
shares of Preferred Stock and/or Convertible Securities.

          "Person" means an individual, a partnership, a joint venture, a
corporation, a limited liability company, a trust, an unincorporated
organization and a government or any department or agency thereof.

          "Stockholders Agreement" shall mean that certain Stockholders
Agreement dated as of March 23, 1999 (as amended and modified from time to
time), by and among the Company and certain of its stockholders.

          "Warrant Share" means any share of Preferred Stock obtained or
obtainable upon the exercise of this Warrant; provided that, if there is a
change such that the securities issuable upon exercise of this Warrant are
issued by an entity other than the Company or there is a change in the type or
class of securities so issuable, then the term "Warrant Share" shall mean one
share of the security issuable upon exercise of the Warrants if such security is
issuable in shares, or shall mean the smallest unit in which such security is
issuable if such security is not issuable in shares.

          "Warrant Shares" means, collectively, each Warrant Share obtained or
obtainable upon the exercise of this Warrant.

          Section 6.  No Voting Rights; Limitations of Liability.  This Warrant
shall not entitle the holder hereof to any voting rights or other rights as a
stockholder of the Company.  No provision hereof, in the absence of affirmative
action by the Registered Holder to purchase Warrant Shares, and no enumeration
herein of the rights or privileges of the Registered Holder shall give rise to
any liability of the Registered holder for any further payment in respect of the
Warrant Shares or as a stockholder of the Company.

          Section 7.  Warrant Transferable.  Subject to the transfer conditions
referred to in the legend imprinted hereon and in the Stockholders Agreement,
this Warrant and all rights hereunder are transferable, in whole or in part,
without charge to the Registered Holder, upon surrender of this Warrant with a
properly executed Assignment (in the form of Exhibit II attached hereto) at the
principal office of the Company.

          Section 8.  Warrant Exchangeable for Different Denominations.  This
Warrant is exchangeable, upon the surrender hereof by the Registered Holder at
the principal office of the Company, for new Warrants of like tenor representing
in the aggregate the purchase rights hereunder, and each such new Warrant shall
represent such portion of such rights as is designated by the Registered Holder
at the time of such surrender.  The date the Company initially issues this
Warrant shall be deemed to be the "Date of Issuance" hereof regardless of the
number of times new certificates representing the unexpired and unexercised
rights formerly represented by this Warrant shall be issued.  All Warrants
representing portions of the rights hereunder are referred to herein
collectively as the "Warrant."

          Section 9.  Replacement.  Upon receipt of evidence reasonably
satisfactory to the Company (an affidavit of the Registered Holder shall be
satisfactory) of the ownership and the loss,

                                       6
<PAGE>

theft, destruction or mutilation of this Warrant and/or any certificate
evidencing Warrant Shares, and in the case of any such loss, theft or
destruction, upon receipt of indemnity reasonably satisfactory to the Company
(provided that, if the holder is a financial institution or other institutional
investor, its own agreement shall be satisfactory) or, in the case of any such
mutilation, upon surrender of this Warrant and/or such certificate (as
applicable), the Company shall (at its expense) execute and deliver, in lieu of
this Warrant and/or such certificate, a new Warrant and/or certificate of like
kind representing the same rights represented by, and dated the date of, such
lost, stolen, destroyed or mutilated Warrant and/or certificate (as applicable).

          Section 10.  Notices.  Except as otherwise expressly provided herein,
all notices referred to in this Warrant shall be in writing and shall be
delivered personally, sent by reputable overnight courier service (charges
prepaid) or sent by registered or certified mail, return receipt requested,
postage prepaid and shall be deemed to have been given when so delivered, sent
or deposited in the U. S. Mail (i) to the Company at its principal executive
offices and (ii) to the Registered Holder of this Warrant, at such holder's
address as it appears in the records of the Company (unless otherwise indicated
by any such holder).

          Section 11.  Amendment and Waiver.  Except as otherwise provided
herein, the provisions of this Warrant may be amended and the Company may take
any action herein prohibited, or omit to perform any act herein required to be
performed by it, only if the Company has obtained the prior written consent of
the holder(s) of a majority of the purchase rights represented by this Warrant.

          Section 12.  Descriptive Headings.  The descriptive headings of the
several Sections and paragraphs of this Warrant are inserted for convenience
only and do not constitute a part of this Warrant.

          Section 13.  Governing Law.  This Warrant shall be governed by, and
shall be construed and enforced in accordance with, the laws of the State of
Illinois without giving effect to any choice of law or conflict of law provision
or rule (whether of the State of Illinois or any other jurisdictions) that would
cause the application of the laws of any jurisdiction other than the State of
Illinois.

                                 *     *     *     *

                                       7
<PAGE>

          IN WITNESS WHEREOF, the Company has caused this Warrant to be signed
and attested by its duly authorized officers and dated as of the Date of
Issuance.

                              ZEFER CORP.

                              By:   /s/ Deirdre O. Aubuchon
                                    ---------------------------

                              Its:  Vice President of Finance
                                    ---------------------------

Attest:

By:   /s/ Sean W. Mullaney
      --------------------
Its:  Secretary

                                       8
<PAGE>

                                                            EXHIBIT I
                                                            ---------

                              EXERCISE AGREEMENT
                              ------------------

To:  ZEFER Corp.                    Dated:

          The undersigned, pursuant to the provisions set forth in the attached
Warrant (Certificate No. W-P-9), hereby elects to purchase ________ shares of
Preferred Stock obtainable under such Warrant, the purchase price of $.01 per
share having previously been paid.

                                Signature:     ____________________________

                                Name:          ____________________________

                                On behalf of:  ____________________________

                                Its:           ____________________________

                                Address:

                                       9
<PAGE>

                                                            EXHIBIT II
                                                            ----------

                                 ASSIGNMENT
                                 ----------

          FOR VALUE RECEIVED, _________________________________ hereby sells,
assigns and transfers all of the rights of the undersigned under the attached
Warrant (Certificate No. W-P-9) with respect to the number of Warrant Shares set
forth below and covered thereby, unto:

Names of Assignee   Address         Class of Shares     No. of Shares
-----------------   -------         ---------------     -------------

Dated:                          Signature  _______________________

                                           _______________________

                                Witness    _______________________

                                       10

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00014-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00014-of-00352.parquet"}]]