Spell Capital Partners Acquires Assets of Indiana-based Essex Electric

    MINNEAPOLIS--March 12, 2003--

Asset Acquisition Completed Through Copperfield, LLC; Includes Equipment, Inventory, and Essex Electric Facility in Lafayette, Indiana
    Spell Capital Partners today announced the acquisition of specific assets of Indiana-based Essex Electric, Inc. The asset acquisition was made through Copperfield, one of Spell Capital's portfolio companies. Copperfield purchased equipment, inventory and an Essex Electric facility in Lafayette, Indiana. Copperfield is engaged in fabricating and insulating copper wire at its manufacturing plants in Bremen, Indiana and Nogales, Arizona.
    "We are very pleased with the continued growth of Copperfield LLC," said William Spell, President of Spell Capital Partners. "In conjunction with Copperfield's management team we have grown our platform investment and acquired significant assets within the industry. This asset acquisition not only substantially increases the size and value of the Copperfield business, it expands the product range and depth of the business as well. Spell Capital's strategy is to partner with excellent management within sound industries, and Copperfield is an excellent example of both."
    As a result of the acquisition, Copperfield has significantly increased its production capacity. Product lines have been expanded to include welding cable, automotive wiring, and battery cables. Copperfield's existing product lines have also been enhanced, with the Company expanding its product gauge manufacturing capabilities with the equipment acquired.

    Spell Capital Partners is a private equity and buyout firm based in Minneapolis, Minn. The firm is engaged in the acquisition of well-managed, historically profitable manufacturing businesses in the Upper Midwest. Spell Capital Partners leverages the considerable experience of its partners to create and enhance substantial long-term value in the companies in which it invests.