Contact:Richard S. Stokes
H.I.G. Capital LLC
1001 Brickell Bay Drive
Miami, FL 33131
H.I.G. Capital Announces Acquisition of Dynasteel Corporation
MIAMI - July 15, 2008 - H.I.G. Capital, LLC, a leading global private equity firm, announced today that its affiliate has acquired DynaSteel Corporation. DynaSteel specializes in engineering and fabricating complex, customized high-precision carbon steel and specialized alloy systems used primarily in air quality control systems.
H.I.G. partnered with management to consummate the transaction. "We are pleased to work with H.I.G. to leverage their experience growing private businesses," said Jim Russell, the Chief Executive Officer of DynaSteel Corporation. "The recapitalization of DynaSteel allows us to continue growing our customer base across multiple end markets and expanding our facilities, and gives us the flexibility to support our customers as they keep up with ever tightening environmental regulations."
"We are excited about DynaSteel's prospects, and intend to actively support the Company as it builds on its well-deserved reputation," said Richard Stokes of H.I.G. Capital. "We have great confidence in the management team as operators, and believe that the partnership between DynaSteel and H.I.G. will facilitate and expedite our collective goal to grow the Company to a position as the pre-eminent provider of high quality fabricated air quality products."
About DynaSteel Corporation
DynaSteel, established in 1970, fabricates large-scale, high-precision, complex air handling systems for the power, cement, petrochem, and other industries. From three strategic locations in Memphis, Tennessee (HQ); Natchez, and Iuka, Mississippi, the Company is able to leverage its unique waterway access to deliver integrated solutions to its customers. Customers value the ability to receive modularized systems via barge, enabling DynaSteel to provide a cost effective and low risk solution. For more information, please refer to the DynaSteel website at www.dynasteel.net.
About H.I.G. Capital
H.I.G. Capital is a leading global private equity investment firm with more than $7.5 billion of equity capital under management. Based in Miami, and with offices in Atlanta, Boston, and San Francisco in the U.S., as well as affiliate offices in London, Hamburg and Paris in Europe, H.I.G. specializes in providing capital to small and medium-sized companies with attractive growth potential. H.I.G. invests in management-led buyouts and recapitalizations of profitable and well managed manufacturing or service businesses. H.I.G. also has extensive experience with financial restructurings and operational turnarounds. Since its founding, H.I.G. invested in and managed more than 200 companies worldwide. The firm's current portfolio includes companies with combined revenues in excess of $7 billion. For more information, please refer to the H.I.G. website at www.higcapital.com.