Sentinel and Management Acquire Trussbilt | Private Equity

Sentinel acquires Trussbilt in management buyout

Trussbilt's steel doors and walls are used in prisons and jails in every U.S. state

NEW YORK, February 20, 2007 - Sentinel Capital Partners, a private equity firm that invests in promising, smaller middle market companies, and management have acquired Trussbilt, LLC, an 80 year-old manufacturer of steel security products for the detention and corrections market. The transaction closed on February 15, 2007. Financial terms of the sale were not disclosed.

Based in Minnesota and founded in 1926, Trussbilt makes correctional facilities more secure and cost-effective by designing and building security products that set the standard for safety, reliability and innovation. Trussbilt is the only company in the detention industry that offers a complete line of steel doors, walls, frames, ceilings and other furnishings for prisons and jails. The company's patented design for metal door and wall construction uses a unique manufacturing process resulting in a thin, light steel panel of tremendous strength and durability.

"Correctional institutions across the country are well in excess of capacity and the population of detainees is expected to grow by more than 13% over the next five years," said Paul Murphy, partner at Sentinel. "The significant cost and space savings offered by Trussbilt products to its customers, and the company's outstanding reputation for high product quality and reliability, position Trussbilt well to continue the market leadership role it has held for the last 80 years."

"Since Trussbilt designed the Trusscore reinforced hollow door in 1926, the company has differentiated itself from competitors with superior technology," said Timothy Browne, President of Trussbilt. "We have been impressed with Sentinel's knowledge of our business and of the manufacturing sector, and we look forward to working with them to continue our drive for quality improvements and innovations in the manufacturing process."

"Trussbilt has a seasoned management team in place to capitalize on the growth opportunities in the detention industry," said Eric Bommer, partner at Sentinel. "We look forward to partnering with management and supporting the company's talented and dedicated employees to provide the high quality products the detention construction industry has come to expect from the Trussbilt brand."

Part of Sentinel's strategy is to invest in industries where the firm has experience and has enjoyed success, such as the manufacturing sector. The firm's realized investments in Spinrite, Inc., a leading manufacturer and marketer of craft yarn products; Alemite Holdings, LP, a leading manufacturer of industrial lubrication equipment; and Fasloc, Inc., a leading manufacturer of resin cartridges for use in underground coal mine roof support, were among its most successful. Sentinel's current portfolio companies in the manufacturing sector include Nivel Holdings LLC, an aftermarket golf car replacement parts and accessories manufacturer and distributor; LTI Flexible Products, a manufacturer of die-cut and molded flexible rubber and plastic components and sealing systems; and Madill, Inc., a manufacturer of forestry equipment.