NOA North American Construction Group Ltd

Genstar's Formation of Leading Power Transmission Company Goes Public After Two Years SAN FRANCISCO, Dec. 21 /PRNewswire/ -- Genstar Capital, LLC, a middle market private equity firm that focuses on investments in selected segments of the healthcare services, life sciences, business services, and industrial technology sectors, announced that its portfolio company Altra Holdings, Inc. (NASDAQ:AIMC) closed its initial public offering yesterday. Ten million common shares were sold in the offering at $13.50 per share, 3,333,334 shares of which were sold by Altra Holdings and 6,666,666 shares of which were sold by Genstar Capital and the other selling stockholders. Gross proceeds from the public offering were $135 million. Merrill Lynch served as the lead underwriter. Altra Holdings, Inc. is a Quincy, MA-based provider of mechanical power transmission and motion control products. Altra's product portfolio includes industrial clutches and brakes, enclosed gear drives, open gearing, couplings, engineered bearing assemblies, linear components and other related products that are used in a wide variety of high-volume manufacturing processes, where reliability and accuracy are critical in both avoiding costly down time and enhancing the overall efficiency of manufacturing operations. Genstar created Altra Holdings, Inc. when it acquired Colfax Power Transmission Group in December 2004 and combined it with Kilian Manufacturing Corporation, which Genstar acquired in October 2004. Canada's Caisse de Depot et placement du Quebec was also a significant investor with Genstar in the formation of Altra Holdings. Jean-Pierre L. Conte, Chairman and Managing Director of Genstar, said, "Our knowledge of the mechanical power transmission industry enabled us to create a leading player in the power transmission industry and working with a superior management team we have again demonstrated Genstar's ability to create value." Another Genstar portfolio company, North American Energy Partners (NYSE:NOA), went public in late November 2006, raising gross proceeds of $200 million. Genstar Capital targets the industrial technology industry because the drive to improve manufacturing processes, increase operating efficiencies and raise worker productivity will increase the demand for industrial technology products and services well into the 21st century. The firm's other investments in Wolverine Tube, Panolam Industries International, Propex Inc., Woods Equipment Company, Prestolite Electric Incorporated and Gentek Building Products, Inc. are representative of its focus on the industrial technology industry. This press release shall not constitute an offer to sell nor the solicitation of an offer to buy nor shall there be any sales of these securities in any state in which such offer, solicitation or sale would be unlawful. About Genstar Capital, LLC Based in San Francisco, Genstar Capital (http://www.gencap.com/) is a private equity firm that makes leveraged investments in quality middle-market companies. Genstar Capital works in partnership with management to transform its portfolio companies into industry-leading businesses. With more than $900 million of committed capital under management and significant investing experience, Genstar focuses on selected segments of the life sciences, business services, and industrial technology sectors. DATASOURCE: Genstar Capital, LLC CONTACT: Chris Tofalli for Genstar Capital, LLC, +1-914-834-4334 Web site: http://www.gencap.com/

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