Acquisition of Frisby

Precision Partners Holding Company Completes Acquisition of Frisby P.M.C., LLC.

Matawan, NJ – May 8, 2006—Precision Partners Holding Company (“Precision”), a leading global manufacturing and engineering services company that specializes in providing precision machined, stamped, cast, and fabricated components, as well as sophisticated die tooling and assemblies, and Motor Wheel^® brand products, today announced that it has completed the acquisition of Frisby P.M.C., LLC (“Frisby”).

Frisby operations consist primarily of manufacturing precision turned components such as small motor shafts, spindles, and spindle assemblies as well as hydraulic actuators, fuel injectors and precision gears and gear shafts. Frisby has approximately 100,000 square feet at its Elk Grove Village, Illinois, manufacturing facility and generated annual revenues of approximately $14.5 million in 2005.

With its over 60 year history Frisby continues to be recognized for outstanding quality in the manufacture of extremely tight tolerance components and for providing engineered technical and product manufacturing solutions to an elite base of customers and industry leaders in the automotive, agriculture and construction, heavy and light duty truck, mass transit, motion control, and power tool markets.

Peter J. Statile, Executive Vice President and Chief Operating Officer of Precision, commented, “This acquisition is significant to Precision in that Frisby brings both a complementary base of core customers, as well as, unique manufacturing capabilities to our company. We hope to effectively leverage the considerable growth potential created by the incorporation of these historical relations and enhanced services.”

John G. Raos, President and Chief Executive Officer of Precision, added, “Frisby is a perfect fit with Precision. It has a well established history, an outstanding reputation, and a base of customers which are recognized as world class leaders in industry.”

About Precision Partners

Precision Partners (a portfolio company of GSC Partners) is a leading global manufacturing and engineering services company with 23 production facilities located in the United States, Canada, Mexico, China and South Africa, with annualized revenues in excess of $400 million. Precision Partners offers full manufacturing services including: design and process engineering; machining; stamping; component casting; complex die tooling design and build; fixturing design and fabrication; electro-mechanical assembly; full project and supply chain management; and the industry standard Motor Wheel brand braking system hubs, drums, and rotors.

Precision Partners offers its customers the combined technical resources of approximately 2,000 employees, working globally in approximately 1.7 million square feet of state-of-the-art manufacturing space. By using its broad manufacturing service capabilities and highly engineered processes all Precision Partners companies meet the critical specifications of customers in a wide range of industries who rely on “Preferred” or “Qualified” suppliers for outsourced manufacturing.

About GSC Partners

GSC Partners is a registered investment advisor with over $9 billion of assets under management. The firm specializes in credit driven investing including control distressed debt, corporate credit, European mezzanine lending and structured finance. GSC Partners, with over 140 employees, is headquartered in New Jersey and has offices in New York, London and Los Angeles. GSC’s investors include both institutional investors and substantial net worth individuals seeking sophisticated and attractive alternative investing opportunities. For more information about the firm, please visit www.gscpartners.com.