News & Events

January 2012

FOR IMMEDIATE RELEASE

INTERNATIONAL EQUIPMENT SOLUTIONS NAMES STEPHEN ANDREWS CHIEF EXECUTIVE OFFICER

New York, NY (January 3, 2012) – International Equipment Solutions, LLC ("IES") announced today that it has named Stephen Andrews as its Chief Executive Officer. Mr. Andrews was previously President and Chief Executive Officer of Pettibone LLC, the parent company of fourteen diversified global industrial businesses.

IES, through its Paladin and Crenlo business units, is a global engineered equipment company serving the construction, agriculture, landscaping, infrastructure, recycling, demolition, mining and energy markets. IES is owned by KPS Capital Partners, LP, a private equity firm with over $2.7 billion of assets under management, which formed the company in September 2011.

Mr. Andrews said, "I am thrilled to lead International Equipments Solutions. IES’s acquisitions of Paladin and Crenlo are just the first steps in the creation of an international engineered equipment manufacturer with leading brands and a strong reputation for quality, durability, delivery, support and continual product innovation. I look forward to working with the Paladin and Crenlo associates to provide our customer base with world-class service, and to grow IES worldwide both organically and through acquisitions."

Prior to joining Pettibone in 2007, Mr. Andrews spent thirteen years in various domestic and international positions with Hendrickson International. He is a graduate of the University of Michigan.

About International Equipment Solutions, LLC

International Equipment Solutions, LLC is a global engineered equipment company serving the construction, agriculture, landscaping, infrastructure, recycling, demolition, mining, and energy markets. IES operates through two primary business units: Paladin, a leading manufacturer of engineered attachment tools for operator-driven equipment, and Crenlo, a leading manufacturer of cab enclosures for operator-driven equipment as well as specialty electronic enclosures. IES’ customers include major OEMs, national rental fleet companies and hundreds of independent and OEM-aligned dealers. IES employs over 1,500 people and operates 14 manufacturing facilities in Iowa, Michigan, Minnesota, North Carolina, Ohio, Oregon, Tennessee, Wisconsin and Memmingen, Germany. For more information, please visit www.paladinbrands.com and www.crenlo.com.

September 2011

FOR IMMEDIATE RELEASE                    

Paladin Brands Holding, Inc. to be Acquired by KPS Capital Partners

CEDAR RAPIDS, Iowa (Sept. 7, 2011) – Paladin Brands Holding, Inc. (“Paladin”) today announced that KPS Capital Partners, LP ("KPS"), through a newly formed holding company, International Equipment Solutions, Inc. (“IES”), has entered into a definitive agreement to acquire Paladin and Crenlo LLC (“Crenlo”) fom Dover Corporation (NYSE: DOV).  Financial terms of the transaction were not disclosed.

Paladin is the leading independent North American provider of engineered attachment tools for operator-driven equipment serving a wide range of markets. Paladin operates four business units, each focused on specific markets and products. Paladin Construction Group serves the construction, landscaping, agriculture and aviation markets under industry leading brands, including Bradco®, McMillen®, FFC®, Sweepster®, Harley®, JRB®, C&P® and CustomWorks®. Paladin Demolition and Recycling, through its Genesis® brand, serves the demolition and metal recycling markets.  Paladin Utility, through its Pengo® brand, provides augers and related tools for the utility and foundation drilling markets.  Paladin Custom Material Handling, through its Jewell® brand, provides custom excavator packages for the demolition, forestry and material handling markets.

Crenlo is a leading North American provider of steel cabs and roll-over protective structures (ROPS) and electronics enclosures for customers serving a wide range of markets.  In the operator interface cab segment, Crenlo serves world class OEM customers in the construction, mining, agriculture and specialty truck markets. Crenlo, through its Emcor® brand, provides standard catalog and custom products for customers serving the technology, aerospace, government and energy markets.

David Burdakin, President of Paladin, said, “Our entire team at Paladin is pleased to move forward under KPS and excited about their commitment to manufacturing excellence and to supporting our future growth.  We will remain focused on providing our customers with industry leading products and unsurpassed service.”

Raquel Palmer, a KPS Partner, said, “We are very excited to create International Equipment Solutions. IES, by acquiring Paladin and Crenlo, launches as the premier international engineered equipment manufacturer, with an industry leading portfolio of brands and an exceptionally strong reputation for quality, durability, delivery, product support and product innovation. We intend to grow IES aggressively both organically and through acquisition in North America and globally. The combination of the company’s exceptional operational expertise and strong customer relationships, combined with financial resources provided by KPS, will facilitate IES’s global expansion, especially in China, India and South America.”

The closing of the transaction is expected during the third quarter of 2011 and is subject to customary closing conditions.

ABOUT PALADIN BRANDS

Paladin Brands designs, engineers and manufactures attachment tools for heavy and light equipment with applications in the construction, agriculture, demolition, recycling, landscaping, aviation and utility end-markets.  Paladin’s industry leading brands include Bradco®, McMillen®, FFC®, Sweepster®, Harley®, JRB®, C&P®, CustomWorks®, Genesis®, Pengo® and Jewell®.  The company’s products include buckets, couplers, trenchers, shears, augers, brooms, forks, grapples and many other attachment tools.  Paladin’s customers include major international OEMs, independent and OEM-aligned dealers, and national equipment rental businesses.  The company has approximately 1,000 employees across 12 facilities in Iowa, Ohio, Michigan, Wisconsin, Minnesota, North Carolina, Tennessee, Oregon and Memmingen, Germany.  For more information, please visit www.paladinbrands.com.