Pipp Mobile Storage Systems Holding Company

FOR IMMEDIATE RELEASE
March 23, 2007
Contact: Lauren B. Sinai

PIPP MOBILE STORAGE SYSTEMS ACQUIRES DENSTOR MOBILE STORAGE SYSTEMS

Acquisition Solidifies Pipp's Leadership Position in Retail Markets, Takes Company into New Segments

CHICAGO, Ill.—March 23, 2007: Leading mobile shelving systems provider Pipp Mobile Storage Systems, Inc. of Walker, Michigan, a portfolio company of Chicago lower-middle-market private equity firm Prospect Partners, LLC, has announced the acquisition of Denstor Mobile Storage Systems, Inc. of Farmington Hills, Michigan. Like Pipp, Denstor offers a range of mobile storage products that help companies free up floor space while improving the organization and storage of everything from files to food items to stockroom merchandise to tools. Denstor sells its products nationwide to customers in industrial, healthcare, foodservice and retail industry segments through a network of authorized dealers that install the systems.

For Pipp, the acquisition solidifies its position as the nation's top provider of mobile shelving and storage systems to leading retailers ranging from the largest mass merchants to mall-based concepts. The combination of Pipp and Denstor also gives the company a much stronger presence in the office and filing segment for high-density file storage. Finally, Denstor's presence in the foodservice and healthcare sectors provides an opportunity for Pipp to broaden its reach into new markets.

"Pipp will continue to provide the best storage options to current and new customers in our traditional channels and will continue to support them with our world-class customer service," says Pipp's Chief Executive Officer Craig J. Umans. "Denstor, a very well-regarded company for 35 years, provides us the opportunity to expand our efforts into both under-penetrated and new markets we are exited about."

Adds Prospect Partners' Principal Erik E. Maurer, "We have been very happy with our investment in Pipp. The management team, led by Craig Umans, is highly seasoned and very sharp. With the acquisition of Denstor, Pipp now has even more opportunities for success."

Pipp specialized in retail stockroom storage solutions and lateral shelving units for records archival in commercial environments. The movable shelving systems glide laterally on tracks and substantially increase the utilization of existing storage capacity by providing access to the entire system through a single aisle. Pipp ships its mobile systems to nearly 4,000 locations annually. Pipp also has been certified by the National Sanitation Foundation, an important designation for foodservice customers, Mr. Umans notes.

Pipp and Prospect Partners will continue to actively consider additional acquisitions of U.S.-based niche storage solutions providers.

About Prospect Partners, LLC

Prospect Partners is a leading lower-middle-market private equity firm, managing two funds totaling $270 million. Since its founding in 1998, Prospect Partners has focused on management-led leveraged acquisitions of niche market leaders with revenues typically between $10 and $30 million; the firm has invested in more than 55 companies within many niche consumer, specialty distribution and service markets throughout the United States.

About Pipp Mobile Storage Systems, Inc.

Founded in 1981, Pipp Mobile Storage Systems is a leading manufacturer, designer and installer of mobile shelving and storage systems for retail, manufacturing, commercial office and warehousing customers nationwide, including many Fortune 1000 companies. Its systems can save as much as 80% of the space needed for storage — simply, efficiently and economically. Pipp also provides a level of sales and service support that is unsurpassed in the storage products industry.

 

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