PNC Equity Partners

Bacharach, Inc.

Founded in 1909, Bacharach is a leading designer and manufacturer of equipment used in the detection and measurement of gases and liquids, and the recovery of refrigerants. The Company's products include instruments that detect, measure and record combusion and environmental gases, temperature, relative humidity, air velocity and other air quality and safety parameters. Bacharach sells its products worldwide to a mix of customers, including HVAC distributors and OEMs and utilities.

On September 11, 2007, PNC Equity Partners acquired Bacharach, Inc. and Bacharach of Canada, Inc. PNC Equity invested equity and subordinated debt to finance the transaction and is the Companty's largest sahreholder. Senior debt was provided by Madison Capital Funding. Additional subordinated debt and equity was provided by Calvert Street Capital Partners and Management.

Lone Star Overnight

Lone Star Overnight is the largest regional express package delivery company operating in the southeastern region of the United States.  Lone Star, headquartered in Austin, Texas provides both next morning express and next day ground package delivery services in Texas, Oklahoma, New Mexico, and Louisiana.

In May, 2007, PNC Equity Partners II, acquired this portfolio company of Brazos Private Equity.  PNC was responsible due diligence, structuring and financing the transaction and negotiation of the purchase agreement.  PNC’s investment totaled $16.0 million taking the form of both preferred and common stock.  The management team of Lone Star co-invested with PNC in this transaction.  The balance of the financing for this transaction was provided by Merrill Lynch, the senior lender, and New Canaan Partners who provided the subordinated debt.

An expansion of the markets served by the Company and an investment in technology will be important elements of Management’s plan post closing.

Griffith Energy

Griffith Energy is one of the largest combined marketers of propane, heating oil, and power fuels in western and central New York. Based in Rochester, NY, Griffith distributes energy to more than 90,000 residential customers and more than 8,000 wholesale, commercial, and gasoline customers. Griffith also distributes gasoline, diesel fuel and kerosene to commercial customers such as farmers, trucking and construction companies, and to branded gasoline dealers such as Mobil, Sunoco, and Citgo.

In November 2003, PNC Equity Partners worked exclusively with the management team of Griffith to buy the company from Energy East Corporation. PNC Equity Partners conducted the due diligence process, structured the financing, and negotiated the acquisition, investing $17.4 million in the form of preferred and common stock. In addition, PNC Equity Partners partnered with the former owner of Griffith who, along with management, made a significant capital contribution. PNC Equity Partners arranged the senior and subordinated financing with Merrill Lynch leading the senior debt syndicate and Allied Capital providing subordinated debt to complete the transaction.

Since PNC Equity Partners' initial investment, the company has completed four acquisitions and refinanced its senior and subordinated debt.

Portec Group International

Portec Group International is a leading designer, manufacturer and marketer of components and sub-systems used by the material handling industry. Headquartered in Toledo, OH with operations in Canon City, CO, Toronto and the United Kingdom, Portec is a leading manufacturer of power-belted conveyor turns, spiral conveyors and chutes for the airport, parcel, manufacturing and distribution industries. In addition, the company manufactures motorized pulley's for the retail store checkout market.

In March 2005, PNC Equity Partners provided $12.8 million of equity and $5.0 million of subordinated debt to acquire the company. Senior debt was provided by General Electric Capital Corporation.

Tangent Rail Corporation

Tangent Rail Corporation provides maintenance of way products and services to Class I railroads, shortline railroads, and owners of industrial truck. Headquartered in Pittsburgh, PA, the company's Wood Products division is a leading manufacturer of treated wood railroad ties, creosote and coal tar products. The company's Rail Services division provides premium rail grinding services, switching and maintenance services, environmentally friendly crosstie disposal services and industrial tie-derived boiler fuel.

In October 2005, PNC Equity Partners partnered with management to buy this business from its parent company, Railworks Corporation. PNC Equity Partners structured and led the transaction with a $13.2 million equity investment. Senior debt was provided by Merrill Lynch Capital and the subordinated debt was provided by Babson Capital Management LLC.

Faucet Queen

Faucet Queen is the leading innovator, marketer and distributor of convenience-oriented home hardware products to the food and drug retail channel.  Founded in 1935, the Company provides the broadest line of home hardware products in the industry with 14 product lines and over 650 SKUs, including hand tools, kitchen and bath items, twine, padlocks, paint supplies, automotive items and sewing related items.  Faucet Queen serves as the outsourced supply chain management partners for many of the top grocery and drug retail chains throughout the United States and Canada.

Masco Corporation, the owner of the Company since 1999, sold the business because of a change in business strategy.  PNC Equity Partners worked with Faucet Queen’s management team to purchase the business and provided $14.4 million of equity and subordinated debt financing in support of the acquisition.  Faucet Queen’s management team and Citizens Ventures, Inc. also invested in the transaction.  PNC Equity Partners structured and arranged senior debt financing with CapitalSource.

The Hilsinger Company

Hilsinger is a leading provider of eyewear and eyecare accessory products and supplies in the U.S. and western Europe. Hilsinger offers the industry's broadest line of optical and ophthalmic products with over 20,000 products that are primarily sold under the Hilco, Shield, Leader, and RxSports brand names. The Company's product portfolio is divided into four main segments: (1) consumer eyewear products; (ii) consumer optical accessories; (iii) professional optical products; and (iv) ophthalmic products. Hilsinger sells its products to over 25,000 active accounts in North America and Western Eurpoe, which include numerous independent opticians, optometrists and ophthalmologists, optical chains, independent distributors, mass merchants and other retailers.

In December 2006, PNC Equity Partners structured and led the acquisition with a $24.4 million equity investment. Senior debt was provided by GE Antares and Merrill Lynch Capital and the subordinated debt was provided by Audax Mezzanine and New York Life.

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