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Industrial Opportunity Partners' Platform Center Manufacturing Acquires Moeller Products, Completes Refinancing

Acquisition Expands Center’s Product Line, Geographic Reach;

Refinancing Leaves Center Well-Positioned For Growth

Evanston, IL - April 13, 2011 – Industrial Opportunity Partners (“IOP”), an operations-focused private equity firm based in Evanston, Ill., today announced the strategic acquisition of Moeller Products Co. (“Moeller” or the “Company”) by its platform company Center Manufacturing, Inc. (“Center”), along with the refinancing of Center’s credit facilities. Center, headquartered in Grand Rapids, Mich., is a leading manufacturer of highly engineered, complex, and customized metal assemblies and components sold primarily to OEMs in the heavy- and medium-duty truck, power sports, motorcycle, construction, and agricultural markets. The acquisition expands Center’s product line, customer base, and geographic reach, and further positions the company as a critical supplier of a wide range of complex welded fabrications and assemblies for the markets it serves.

Headquartered in Greenville, Miss., Moeller is a leading producer and supplier of engineered assemblies and components to OEMs of diesel engines and diesel-powered medium-duty and heavy-duty equipment. Moeller, established in 1935, is a highly efficient designer and manufacturer of custom dipsticks, oil caps, and tube assemblies and holds the leading market position in its product niches. Operating from two adjacent manufacturing facilities, the Company serves over 300 customers worldwide in commercial vehicle, construction, agricultural, military, and other end markets.

Adam Gottlieb, Managing Director of IOP, stated, “We are very pleased to support our platform investment in Center with the highly strategic acquisition of Moeller. The transaction represents Center’s fourth strategic acquisition since 2008, evidence of IOP’s strong commitment to work with Center’s management team to build an industry-leading business.”

Andrew Weller, Chairman of Center and an Operating Principal of IOP, added, “The acquisition of Moeller is highly complementary to the existing Center platform. The combined company will benefit through its broadened customer relationships, product offerings and manufacturing capabilities, enhanced sales coverage, excellent operational performance, and additional geographic reach to key customers in the south-central United States.”

Bob Vedra, Managing Director of IOP, noted, “Center’s commercial vehicle, powersports, and agricultural end markets have entered a significant growth phase, enabling Center to win new business and expand its customer base. Our new credit facilities will not only support the acquisition of Moeller, but also provide Center with significant financial flexibility to meet the growing demands for Center’s historical products.”

Senior debt was provided by Capital One Leverage Finance Corp. and junior debt was provided by Patriot Capital. Terms of the transaction were not disclosed.

About Center Manufacturing, Inc.

Center is a leading manufacturer of complex welded fabrications and assemblies for top tier OEM manufacturers of motorcycles, all-terrain vehicles, commercial vehicles, automobiles, construction and agricultural equipment, and HVAC equipment. For more information, visit Center’s website at www.centermfg.com.

 

About Industrial Opportunity Partners

IOP is an Evanston, IL based private equity firm dedicated to creating value through investing in manufacturing and value-added distribution businesses with sales between $30 million and $350 million.  IOP focuses on businesses with strong product, customer and market positions, and provides management and operational resources to support growth in sales and earnings at its businesses.  For more information, visit IOP’s website at www.iopfund.com.

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