Behrman Capital Completes $435 Million Recapitalization for Pelican Products

NEW YORK, NY, December 1, 2010 — Behrman Capital, a private equity investment firm based in New York and San Francisco, announced today that it has completed a $435 million recapitalization for Pelican Products, Inc., the leading designer and manufacturer of protective cases and professional lighting equipment. Behrman Capital acquired Pelican Products in October 2004 through a transaction worth approximately $200 million, and led Pelican’s successful acquisition of Hardigg Industries in December 2008 through a transaction also worth approximately $200 million.

The recapitalization is comprised of a $405 million first-lien term loan and a $30 million revolving credit facility, which was unfunded at close. Credit Suisse served as lead arranger and bookrunner for the offering, with GE Capital serving as joint lead arranger and joint bookrunner. Proceeds from the credit facilities were used, in conjunction with cash-on-hand, to pay a cash dividend to Pelican’s shareholders and repay existing debt.

“Our ability to secure this recapitalization is a testament to Pelican Product’s world-class management team’s demonstrated ability to bring best-in-class products to market and leverage the company’s capabilities to execute a successful growth strategy,” said Grant G. Behrman, Managing Partner of Behrman Capital. “Together with CEO Lyndon Faulkner and the rest of the Pelican team, we have been able to generate significant value for Pelican’s investors. Lyndon and his team have grown the company both organically as well as through the successful integration of major acquisitions like Hardigg Industries, which have resulted in the realization of meaningful synergies. Importantly, as a result of the favorable rate environment, this recapitalization results in a reduction of interest cost to the company. Pelican will continue to pursue opportunities for growth and expansion within existing and new markets for its highly specialized products, and we look forward to continuing to work with the company as it strives to reach new milestones.”

Latham & Watkins LLP acted as legal advisor to Behrman Capital for the transaction.

Pelican™ Products, Inc. is a global leader in the design and manufacture of advanced lighting systems and virtually indestructible cases. The company operates in over 12 countries, with 22 offices and six manufacturing facilities across the globe. For more information, visit www.pelican.com.

Based in New York City and San Francisco, Behrman Capital was founded in 1991 by Grant G. and Darryl G. Behrman. The firm invests in management buyouts, leveraged buildups and recapitalizations of established growth businesses. The company’s investments are primarily focused in five industries: defense, specialty manufacturing, outsourcing, health care and information technology. The firm currently has a combined capital base in excess of $2.0 billion. For more information, please visit www.behrmancap.com.

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