NEW YORK, Sept. 7, 2011 /PRNewswire/ — KPS Capital Partners, LP (“KPS”) announced today that, through a newly formed company, International Equipment Solutions, LLC and its affiliates (“IES”), it has entered into definitive agreements to acquire Paladin Brands Holding, Inc. (“Paladin”) and Crenlo LLC (“Crenlo”) from Dover Corporation (NYSE: DOV) (“Dover”). 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 utility and foundation drilling markets. Paladin Custom Material Handling, through its Jewell brand, provides custom excavator packages for demolition, forestry and material handling markets.

Crenlo is a leading North America 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, also manufactures electronic enclosures. Emcor provides standard catalog and custom products for customers serving the technology, aerospace, government and energy markets.

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.”

David Burdakin, President and CEO 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.”

David Kilburn, President of Crenlo, said, “We are thrilled to work with KPS to further Crenlo’s ambitious growth initiatives. As part of the IES platform, we look forward to expanding Crenlo globally and to further strengthening the relationships we have today with our customers.”

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

Paul, Weiss, Rifkind, Wharton and Garrison LLP served as legal counsel to KPS and International Equipment Solutions, LLC and its affiliates.

About Paladin Brands Holding, Inc.

Paladin 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.

About Crenlo LLC

Crenlo LLC designs, engineers, and manufactures cabs and roll over protective structures (ROPS) as well as specialty electronic enclosures. The cabs business manufactures steel frame cab enclosures and roll-over protection structures primarily for applications in the construction, specialty truck, mining and agricultural end-markets. The specialty electronic enclosures business, through its Emcor brand, designs and manufactures vertical racks, consoles, kiosks, and other custom products for applications in the air-traffic control, aerospace, defense and alternative energy end-markets. The Company’s customers include major international OEMs, systems integrators, and various end-market customers. The Company has approximately 680 employees at two facilities located in Rochester, MN. For more information, please visit www.crenlo.com.

About KPS Capital Partners, LP

KPS Capital Partners, LP is the manager of the KPS Special Situations Funds, a family of private equity funds with over $2.9 billion of assets under management focused on constructive investing in restructurings, turnarounds and other special situations. KPS has created new companies to purchase operating assets out of bankruptcy; established stand-alone entities to operate divested assets; and recapitalized highly leveraged public and private companies. The KPS investment strategy targets companies with strong franchises that are experiencing operating and financial problems. KPS invests its capital concurrently with a turnaround plan predicated on cost reduction, capital investment and capital availability. Typically, the KPS turnaround plan is accompanied by a financial restructuring of the company’s liabilities. The KPS investment strategy and portfolio companies are described in detail at the firm’s website: www.kpsfund.com.

SOURCE KPS Capital Partners, LP