Sentinel completes sale of Alemite to Harbour Group


Leading Maker of Industrial Lubrication Equipment Positioned for Further Domestic and International Expansion


NEW YORK, January 24, 2006 - Sentinel Capital Partners, a leading private equity firm that invests in promising, smaller middle market companies, announced today the sale of Alemite Holdings, LP to an affiliate of Harbour Group. Alemite is a leading North American manufacturer of industrial lubrication and fluid handling equipment and systems. Alemite joins Lincoln Industrial Corporation as part of Harbour Group's Lubricating Systems Group.

"We are very proud of the growth Alemite has achieved since our acquisition in 2002 and the outstanding job management has done," said David S. Lobel, Managing Partner of Sentinel. Added Lobel, "Alemite is poised for continued growth and we wish management and Harbour Group continued success in further building the company's growth platform."

"The acquisition of Alemite is great for the company and great for our customers. It allows us to continue growing our business while maintaining the same standards of quality and innovation for which Alemite products are known," said Dana Waterman, CEO of Alemite. "We have enjoyed partnering with the Sentinel team. They have a successful track record of investing in manufacturing businesses, and have played an important role in helping management reposition Alemite. We now look forward to our association with Harbour Group and Lincoln Industrial and to continue providing Alemite customers with outstanding products and service," added Waterman.

According to Tom Fitzpatrick, Senior Operating Partner at Sentinel, "During the course of our investment we introduced a significant number of new products, implemented lean manufacturing, expanded production capacity, and revitalized the sales force." Added Fitzpatrick, "Alemite's management team has done a tremendous job taking an old line business that had stagnated and successfully executing a growth strategy."

Sentinel's investments in the manufacturing sector include: Cottman Transmissions Holdings, a provider of after-market transmission repair services; Fasloc, Inc, a manufacturer of specialized adhesive cartridges used in coal mining applications; Madill, Inc, a manufacturer of forestry equipment; and Spinrite, Inc, a manufacturer and marketer of craft yarn products for the hobby craft market. Terms of the Alemite transaction were not disclosed.