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Telephone (312) 364-8250

For information, contact:
Jim McNitt Tony Zimmer
Senior Vice President William Blair & Company, L.L.C.
William Blair Capital Partners 312-364-8611
312-364-8487 tzimmer@williamblair.com
jmcnitt@williamblair.com

William Blair Capital Partners Invests in Airpax Holdings, Inc.

CHICAGO -- Airpax Corporation (“Airpax”), a leading manufacturer of circuit protection and thermal sensing products, announced the completion of a $78.5 million recapitalization by management, William Blair Capital Partners VII (“WBCP”) and Norwest Equity Partners VII (“Norwest”). William Blair Capital Partners VII led the recapitalization, investing approximately $24.5 million.
"We're very excited about our partnership with William Blair Capital Partners and Norwest,” stated Dennis Karr, CEO and President of Airpax. “Their experience, resources and expertise will be a valuable addition as we continue to build on Airpax’s record of success.”

Airpax, headquartered in Cambridge, Maryland, is the leading worldwide manufacturer of customized hydraulic magnetic circuit breakers and certain thermostats and temperature sensors. These products provide protection for equipment, machinery and instruments against hazards caused by fluctuation in electrical current and temperature. Airpax has secured its leadership position by offering best-in-class product quality, lead times, customer service and engineering support. Airpax serves OEM’s of telecom, wireless, power, information processing military and HVAC equipment.

"We are thrilled to partner with Airpax’s outstanding management team,” added Rob Healy, Managing Director, William Blair Capital Partners VII. “The Company’s successful track record, reputation for world-class customer service combined with Airpax’s leadership position in a niche industry, make this a very attractive investment for WBCP. We expect continued growth via end-market expansion and new product development. Furthermore, we intend to pursue complimentary add-on acquisitions to leverage Airpax’s management talent, industry leadership and engineering expertise."

WBCP, management and Norwest contributed the equity for the transaction. Antares Capital Corporation served as administrative agent and lead arranger for a senior credit facility to support the recapitalization. The WBCP deal team included Rob Healy, Tim Murray, Bob Blank and Jeff Farrero.

About William Blair Capital Partners

Since 1982, William Blair Capital Partners (“WBCP”) has invested $1 billion in over 160 companies throughout the United States. The firm’s fundamental investment philosophy is to help build successful companies by selecting and supporting outstanding management teams in growing industries. Today, WBCP provides both expansion capital and buyout capital for companies in a variety of industries including business and consumer services, industrial growth, health care products and services, and business hardware and software. The management team has over 100 collective years of private equity investing experience. WBCP is the private equity group of William Blair & Company, L.L.C., a leading investment bank in Chicago. William Blair Capital Partners is currently investing out of its seventh fund – a $400 million private equity limited partnership.

For additional information visit: www.wbcapitalpartners.com

About Airpax Corporation

Airpax Corporation is a privately-held Company with facilities in Cambridge, MD; Matamoros, Mexico; China, and a joint venture in Japan, Sanken-Airpax Co. Airpax Corporation consists of two subsidiaries, Power Protection Products (PPP) and Thermal Sensing Products (TSP).

Power Protection Products, based in Cambridge, MD, designs, manufactures, markets and sells magnetic circuit breakers and related products for telecommunications, industrial, power conditioning, HVAC, and information processing applications. Thermal Sensing Products, based in Frederick, MD, designs, manufactures, markets and sells temperature sensors and thermostats for HVAC, heavy vehicular, marine, power conditioning, and telecommunications applications. A world leader in the markets it serves, Airpax is committed to continually improving every product and service it offers, and to providing outstanding world-class customer service.

For additional information visit: www.airpax.net