Acquisition of Helio Precision Products

Precision Partners Holding Company Completes Acquisition of Helio Precision Products, Inc.

Hazlet, NJ – March 08, 2006—Precision Partners Holding Company (“Precision”), a leading global manufacturing and engineering 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 Helio Precision Products, Inc. (“Helio”) for an approximate purchase price of USD$20 million.

Helio operations consist primarily of specialized valve guide and valve train component manufacturing for heavy-duty engines. Helio has approximately 135 non-union employees in its Lake Bluff, Illinois, manufacturing facility and generated annual revenues of approximately USD$32 million in 2005. Helio is also a 50% joint venture partner in a foundry operation located in South Africa.

Helio is recognized for its proprietary processes in the areas of ultra-precision component manufacturing and rotational machining including as mentioned, valve guide machining and valve train component manufacturing. As a market leader in these areas, Helio has secured preferred and sole source supplier status among the world’s best-known brands in the heavy-duty engine industry.

Peter J. Statile, Executive Vice President and Chief Operating Officer of Precision, commented, “This acquisition is significant to Precision in that it adds a strategic niche capability to our considerable base of high precision proprietary processes, and consequently strengthens our position as a critical supplier to the highly demanding industries we serve.”

John G. Raos, President and Chief Executive Officer of Precision, added, “Helio is the recognized leader in the manufacture and engineering of valve guides for diesel engines used in heavy duty truck, off road, locomotive, and power generation markets and we welcome their expertise into the Precision Partners family. We are equally pleased to welcome the management and employees and look forward to providing their customer base with the additional value added services that Precision Partners has to offer.”

About Precision Partners

Precision Partners (a portfolio company of GSC Partners) is a leading global manufacturing and engineering company with 22 production facilities located in the United States, Canada, Mexico, China and South Africa, with 2005 pro forma revenues in excess of USD$380 million. Precision 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 1.65 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 130 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.