Western Reserve Partners Advises Excel Mining Systems in Acquisition by SPG Partners

November 2, 2006

Western Reserve Partners LLC is pleased to announce that it represented Excel Mining Systems, Inc., based in Bowerston, OH, in its acquisition by SPG Partners, LLC, a New York-based private equity firm. CitiGroup Private Equity was a significant co-investor in the transaction along with key members of Excel’s senior management team.

Founded in 1991 by Bruce Cassidy, president, CEO and majority owner, Excel is the leading producer and manufacturer of roof bolts and related roof support control products to the U.S. underground coal mining industry. Excel has six manufacturing sites: Bowerston, Cadiz and Proctorville, OH; Grundy, VA; Marion, IL; and Clearfield, UT. Roof bolts and related products are essential to the safe and productive underground mining of coal.

Paul Chellgren, one of SPG’s operating partners and the former chairman of Ashland, Inc., said, “We are thrilled that Bruce and his management team will remain in place to continue to lead Excel and serve this industry and their customers with superior products and services.”

SPG Partner Harry Crosby added, “SPG’s new investment in Excel underscores the importance of our operating partner strategy. We have great confidence in Paul and Bruce to continue to build upon Excel’s success.”

Handling the assignment for Western Reserve Partners were Managing Directors Mark Filippell and Joseph Carson, Associate Justin Wolfort and Analyst Christopher Pummill. Mr. Carson said, “We recognize the critical role Excel plays in the coal mining industry. It was a pleasure to work with Bruce Cassidy and his team as they look forward to the future.”

Bruce Cassidy said, “We believe that SPG will assist Excel in its growth because they understand our industry and the importance of excellent customer service. The team at Western Reserve did a terrific job in putting us together with SPG and then working through the many details of the transaction.”

Western Reserve Partners LLC is a boutique investment banking firm that provides customized investment banking solutions for middle-market companies. The firm’s managing directors collectively have more than 160 years of experience and have directly executed more than 500 transactions and managed more than 1,300 transactions. For more information, visit www.wesrespartners.com.

The testimonials presented are applicable to the individuals depicted and may not be representative of the experience of others. The testimonials are not paid and are not indicative of future performance or success.