Kirtland Capital Partners Announces the Acquisition of Heil Equipment by its Portfolio Company Truck Bodies & Equipment International (TBEI).

September 6, 2006
Cleveland, Ohio – Kirtland Capital Partners announced today that its portfolio company, Truck Bodies & Equipment International (TBEI), has purchased Heil Environmental’s truck equipment business including the Heil Truck Equipment Group and Heil South distributorship.  The Heil Truck Equipment Group manufactures and mounts a complete line of dump bodies, snow/ice bodies and hoists at its plant in Tishomingo, Ms.  Products include the Yardbird™ , Sidewinder™ and HPT™ dump bodies featuring Heil’s patented DuraClass® design.  Heil South is a company-owned truck equipment distributorship in Austell, Ga., selling and servicing dump bodies, hoists, roll-offs and knuckleboom loaders.

“We’re delighted to add the Heil dump body product family and team to the TBEI portfolio,” comments Dale Pilger, TBEI CEO.  “Heil dump bodies and equipment are recognized nationwide for their quality, design innovation, and durability.  They’re a perfect complement to TBEI’s broad range of quality products and services.”

With the completion of the Heil transaction, TBEI is now comprised of five major brands.  Ox Bodies, headquartered in Fayette, Al, manufactures medium and heavy-duty dump bodies and accessories.  Crysteel Manufacturing, headquartered in Lake Crystal, Mn, produces bodies for Class 3-7 trucks.  Its conversion and trailer hoists are particularly suited for municipal and utility applications (through its J-Craft brand).  Rugby Manufacturing, headquartered in Rugby, ND, specializes in light and medium-duty (Class 3-7) dump bodies, and conversion and trailer hoists.  Hardee Equipment, headquartered in Lakeland, Fl, is a leading manufacturer of steel and aluminum dump bodies (Class 5-8), flat beds and dumps, roll off hoists, cranes and service bodies.  The combined divisions represents annual revenues of more than $200 million.

“Since completing the simultaneous platform acquisitions of Ox Bodies and Rugby Manufacturing 14 months ago, our vision of creating the market leader in the truck body and equipment industry is being realized,” said David Halstead, managing partner of Kirtland Capital Partners.  “Through the subsequent acquisitions of Crysteel, Hardee and now Heil’s Truck Equipment Group, we have broadened TBEI’s market base and further enhanced our family of quality products and industry leading services, thereby making TBEI the preeminent industry leader in the dump body segment” adds Mr. Halstead.

John Nestor, managing partner of Kirtland Capital Partners comments, “From the beginning, our professional team worked closely with management in defining TBEI’s strategic plan including organic growth, add-on acquisitions, operational improvements and synergy opportunities.  Kirtland has evolved from being principally a financial partner to management to taking on a proactive role by delivering a team of experienced professionals and value-add resources that support management with strategy execution.  This approach has enabled TBEI to accelerate its market opportunity by completing 3 acquisitions in 14 months”.

Kirtland Capital Partners is a leading Cleveland-based private equity firm focused on control equity investments in middle market niche manufacturing, distribution and business to business service companies.  Kirtland typically invests in platform businesses having revenue of $25 million to $250 million.  Kirtland seeks companies which allows them the ability to add value through its vast resources including its operating partner and advisory council.  During its 29 year history, Kirtland has generated value from its 47 investments through a consistent investment strategy and active involvement in portfolio management.  Kirtland has more than $400 million of capital under management from an investor group that includes both institutional and individual investors.

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