FROED One Government Center Fall River, MA 02722-7700 Tel 508-324-2620 Fax 508-677-2840 info@froed.org		AMERICAN DRYER GETS $300M FOR ACQUISITIONS The Herald News, August 14, 2008 - Page B1 Fall River — American Dryer Corporation recently secured capital funding for up to $300 million in order to place the Industrial Park-based company in line to acquire similar businesses. The recapitalization was completed on July 23 by Stonebridge Partners, a private equity firm based in White Plains, N.Y. Stonebridge, along with an affiliate of John Hancock Life Insurance Co., Parkway Capital Investors and ADC management partnered to provide equity funding for the transaction, a partnership of investing built over many years, according to Catherine Vouvray, a spokesperson for ADC. Senior financing was provided by Citizens Bank of Providence. When asked to list the companies ADC is acquiring or thinking on acquiring, Vouvray said it was too early to release any company names yet. “At this point, the acquisitions are still confidential as ADC is currently in negotiations,” she said. “ADC is one of the few global manufacturers whose headquarters and sole manufacturing facility remain located in the USA. ADC is very committed to employment in Fall River and will continue to expand employment in the Fall River facility.” Michael Bruno, managing partner of Stonebridge, said that his firm was initially attracted to ADC because of its impressive track record of innovation and strong management. “We have gained a tremendous amount of respect for Dennis (ADC CEO Dennis Slutsky) and his very capable management team,” Bruno said, “and Stonebridge is thrilled to be partnered with ADC. Our goal is to help ADC grow in the direction it’s currently headed, at an accelerated pace.” Slutsky said the partnership will “allow us to make strategic acquisitions in the laundry industry” as the company prepares to unveil two major new products in January. Vouvray said her company was still not at liberty to talk about the new products, but she said they’d be on the cutting edge of energy efficiency. “As you know, rising energy costs and environmental conservation initiatives have brought energy efficiency to the forefront of American minds,” Vouvray said. “ADC has long been the leader in developing energy-efficient commercial appliances. Our legacy of innovation continues with these new products.” ADC currently employs more than 350 corporate, engineering, and manufacturing professionals at its facility. Back