Clearview Capital, LLC

Clearview Capital Partners with Management
to Recapitalize Air Cooled Exchangers, Inc.
July 10, 2007

OLD GREENWICH, CT—Clearview Capital, LLC of Old Greenwich, CT has completed the recapitalization of ACE—Air Cooled Exchangers, Inc., a leading manufacturer of air-cooled heat exchangers based in Broken Arrow, Oklahoma. The transaction closed on June 29, 2007.

The current management of ACE will retain day-to-day management control and have operational autonomy while maintaining a significant equity stake in the recapitalized entity.

Based in Broken Arrow, Oklahoma, ACE manufactures custom engineered air-cooled heat exchangers used to cool gases and liquids in various industrial applications. The majority of ACE’s products are sold to manufacturers of natural gas compression systems used to regulate the pressure of natural gas as it is produced and transported. Other end markets for ACE’s products include refrigeration and processing plants, power generation, and cooling towers for power plants.

“Tom Self and his team have built a wonderful company, and we are proud to be associated with them,” said James G. Andersen, co-managing partner of Clearview Capital. “ACE is a world class manufacturing company with tremendous growth potential both domestically and internationally.”

Founded in 1964, ACE is the oldest and largest independently owned air-cooled heat exchanger manufacturer in the U.S. ACE’s current management team acquired ACE in 2001 and over the past six years the company has expanded its operations several times as a result of its growing reputation and increased worldwide demand for its products.

“We are excited about this partnership,” said President Tom Self. “Our management team will be able to continue to operate the company just as we always have, and having Clearview as a partner will provide us with additional financial expertise and capital to continue expanding our business.”

Clearview's other holdings include Hettinger Welding, LLC, a leading provider of pipeline and facilities construction and maintenance services for customers building natural gas infrastructure; Rowmark, Inc., a manufacturer and marketer of specialty plastic sheet and related products for the awards/recognition, engraving and signage markets; Twinco Romax, a vertically integrated manufacturer and distributor of automotive fluids sold through retail channels; Senior Care Centers of America, an operator of adult day care centers; M.H. Zeigler & Sons, the country's leading manufacturer of refrigerated apple cider; Hillsdale Furniture, a designer and importer of wood and metal furniture; and a minority interest in Compression Polymers Group, the leading extruder of thick gauge polyolefin and PVC sheet, including AZEK® brand trim boards.

D. L. Perkins / Vercor represented the seller in this transaction. D. L. Perkins / Vercor is a merger and acquisitions advisory firm owned by David L. Perkins Jr. The firm has eight U.S. offices and a European affiliate.