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FOR IMMEDIATE RELEASE
ANNOUNCES FORMATION OF ASHCROFT HOLDINGS, INC. New York, NY (December 1, 2005) -- KPS Special Situations Funds (“KPS”) announced today that it has completed its previously announced acquisition of substantially all of the worldwide assets of the Dresser Instruments business from Dresser, Inc. (“Dresser”), a Connecticut-headquartered manufacturer of pressure gauges, transducers, transmitters, pressure and temperature switches, and other devices used in a wide variety of applications and industries. KPS acquired these assets through a newly formed affiliate company, Ashcroft Holdings, Inc. (“Ashcroft”), reflecting one of Dresser’s best known brands. KPS intends to invest substantial capital in Ashcroft to fund growth opportunities, including new product introductions and working capital requirements. KPS will use its operational expertise to improve the Company’s performance; capitalizing on its strong brands and leadership positions in the markets it serves. "Ashcroft is the most recognized brand name in the world for premium pressure gauges and related products," said Michael Psaros, a Managing Principal of KPS. "This is a company with an underleveraged global franchise, comprehensive product offerings, and unique technologies that should thrive as a focused, independent enterprise.” John McKenna, CEO of Ashcroft commented, “This is the beginning of an exciting new era for Ashcroft as a stand-alone company. We are delighted that KPS recognized the investment opportunity presented by Ashcroft, and we are confident about the direction of our business and the many opportunities available to us. I am especially grateful to our customers, vendors and employees for their continued support.” About Ashcroft Holdings, Inc. Ashcroft Holdings, Inc. (www.ashcroftinc.com) 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®, Ebro®, Heise®, Weksler® and Willy™ brands. Ashcroft has approximately 1,060 employees worldwide, including 450 in Stratford, Connecticut, where it has its worldwide headquarters and a manufacturing facility. It also has operations in Brazil, Germany, Canada, Mexico, and Singapore and joint ventures in Saudi Arabia and Venezuela. 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
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