Sentinel and management acquire Nivel Parts and Manufacturing for $26.5 million

NEW YORK, February 16, 2004 - Sentinel Capital Partners, a private equity firm that invests in smaller middle market buyouts, is pleased to announce the management buyout of Nivel Parts and Manufacturing Co. valued at $26.5 million. Headquartered in Jacksonville, Florida, Nivel is a leading independent manufacturer and distributor of aftermarket golf car replacement parts and accessories.

"We are actively pursuing investments in strong companies with leading positions in niche markets," said John McCormack, Sentinel's Co-founder and Senior Partner. "Nivel has a strong and dynamic management team that has been successful growing this business. We look forward to partnering with Nivel's entire management team to implement the strategic and operational initiatives that will enable the company to continue to grow at its historical rates."

Nivel supplies over 2,000 golf car part SKUs, including battery parts, bearings, brake parts, chargers, body accessories, motor parts and related replacement parts for all makes and models including Club Car, E-Z-Go and Yamaha. Nivel is also recognized for its leading product catalog which is distributed to 1,800 dealers worldwide

"The demand for golf car replacement parts is expected to continue to grow as more players enter the game of golf and new courses are constructed", added Jim Coady, a Principal at Sentinel. "Additionally, about 40% of the market for these cars is for use in non-traditional areas such as planned communities, industrial environments and off-road transportation vehicles, and these sectors are growing at a significantly faster rate than that for golf use."

"I look forward to working with the Sentinel team as we position Nivel for continued growth," said Pat McGrogan, Nivel's CEO. "The market for golf car replacement parts is expected to expand along with the growing number of golfers and their frequency of play. We hope to build upon our loyal customer base of original equipment and independent dealers who have come to rely upon our depth of products, timely delivery and competitive pricing. We see many opportunities to expand our product offerings and to penetrate geographic areas where we are not currently a leader."

American Capital Strategies provided debt financing for the recapitalization and is also an equity co-investor.