KPS sold Ashcroft Inc. to Nagano Keiko Co., Ltd. (Japan) in a highly complex cross border transaction in May 2006. KPS more than doubled its invested equity in only six months while retaining Ashcroft's Ebro Electronic GmbH. Ashcroft Holdings, Inc. (“Ashcroft”) manufactures a variety of pressure gauges, transducers, transmitters, pressure and temperature switches and other devices used in a wide variety of applications and industries. Its products include the Ashcroft®, Heise®, Weksler® and Willy® brands. In November 2005, KPS completed the acquisition of Ashcroft, Inc. from Dresser Instruments through a newly formed affiliate, Ashcroft Holdings, Inc., for approximately $34 million. KPS used its operational and turnaround experience to immediately capitalize on Ashcroft's strong brands and leadership position in the market. Within sixty days from the transaction date, KPS was able to double the Company's run-rate operating cash flow. After completing a successful turnaround of Ashcroft in less than 6 months, KPS sold Ashcroft Holdings, Inc. to Nagano Keiki Co., Ltd., a Japanese multi-national and leading manufacturer of pressure gauges, transmitters, and temperature gauges, for $55 million plus retained cash in a complex, cross-border transaction in May 2006. KPS more than doubled its invested equity capital while retaining Ebro Electronic GmbH. www.ashcroftinc.com
NEWS ARTICLES: April 17, 2006 BUYOUTS "Quicker Flip: KPS Sells Ashcroft In Four Months" April 4, 2006 THE DAILY DEAL "In Quick Turnaround, KPS Sheds Ashcroft, Doubling Investment" April 3, 2006 KPS Special Situations Funds Announce Sale Of Ashcroft Holdings To Nagano Keiki Co., Ltd. December 1, 2005 KPS Special Situations Funds Complete Acquisition of Dresser Instruments Business From Dresser, Inc. Announces Formation of Ashcroft Holdings, Inc. September 6, 2005 KPS Announces Agreement To Buy Worldwide Assets Of The Dresser Instruments Division of Dresser, Inc.