FOR IMMEDIATE RELEASE

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New York, NY (November 13, 2006) -- KPS Special Situations Funds ("KPS") announced today the sale of its portfolio company, Ebro Electronics GmbH & Co. KG ("Ebro"), to Nova Analytics Corporation ("Nova"). Financial terms of the transaction were not disclosed.

Ebro was previously a division of Ashcroft Holdings, Inc., which KPS formed to acquire the Dresser Instruments business from Dresser, Inc. in November 2005 for approximately $34 million. Following a successful turnaround of Ashcroft in less than six months, Ashcroft was sold in May 2006 to Nagano Keiki Co., Ltd. for $60 million. KPS doubled its invested equity capital in the Ashcroft sale while retaining Ebro.

As a result of the sale of Ebro, KPS has now generated a total return in the Ashcroft investment of nearly three times invested equity capital in one year. The transaction represents the fifth sale of a portfolio company by KPS this year, and the ninth liquidity event involving an investment of KPS Special Situations Fund II.

Michael Psaros, a Managing Principal of KPS Funds, said, "Ebro is our first investment in a company domiciled in Europe and we are very pleased with the result. The successful sale of Ebro less than a year after its acquisition by KPS is a great outcome for KPS and our Limited Partners."

Lincoln International acted as the financial advisor to Ebro.

About Nova Analytics

Headquartered in Woburn, Massachusetts, Nova Analytics (www.novaanalytics.com) is a worldwide supplier and integrator of analytical instrumentation. Nova's industry experienced management offers extensive knowledge in all aspects of analytical markets which includes design, development, manufacturing and integration of laboratory products and services. Nova acquisitions include, WTW GmbH, a world leader in water quality measurement product, Schott Instruments, a premier manufacturer of high quality laboratory products and Secomam, a leader in spectrophotometry equipment for over 50 years, and Sensortechnik Meinsberg, a manufacturer or electrodes and water quality instrumentation.

About Ebro Electronics GmbH

Headquartered in Ingolstadt, Germany, Ebro Electronic GmbH (www.ebro.de) is one of the leading producers of instruments that measure temperature, pressure, humidity, and pH. Its products include robust handheld thermometers, computer thermometers, calibrated thermometers for food inspectors, temperature controllers for the laboratory, hygrometers, pH-meters and data loggers with internal and external sensors for pressure/temperature/humidity, etc, with and without LCD-display, waterproof and pressure-resistant, for almost all applications.

About KPS Special Situations Funds

KPS Special Situations Funds are a family of private equity funds with over $600 million of committed capital focused on constructive investing in restructurings, turnarounds and other special situations. KPS has created new companies to purchase operating assets out of bankruptcy; established stand-alone entities to operate divested assets; and recapitalized highly-leveraged public and private companies. The KPS investment strategy targets companies with strong franchises that are experiencing operating and financial problems. KPS invests its capital concurrently with a turnaround plan predicated on cost reduction, capital investment, and capital availability. Typically, the KPS turnaround plan is accompanied by a financial restructuring of the company's liabilities. The KPS investment strategy and portfolio companies are described in detail at the firm's website: www.kpsfund.com.