National City Capital Markets Announces Elgin National Industries Acquired by GFI Energy Ventures LLC

CLEVELAND, April 3 /PRNewswire-FirstCall/ -- National City Capital Markets announced today that its Investment Banking Group served as financial advisor to Elgin National Industries, Inc. ("Elgin"), a leading provider of industrial manufacturing products and engineering services to companies in the industrial equipment, consumer durable goods, oil and gas exploration, mining, mineral processing, and electric power generation industries, in its sale to GFI Energy Ventures, LLC ("GFI"), a Los Angeles, California-based private equity fund.

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"The extensive background National City has in the industrial manufacturing and energy sectors and depth of knowledge of the private equity market were both critical in favorably highlighting our unique position within the markets we serve," said Fred Schulte, chairman and CEO of Elgin National Industries, Inc. "In addition, the relationships maintained by its senior investment bankers helped identify GFI as the ideal financial partner for both the business and the management team."

National City Capital Markets was engaged to manage the sale of Elgin due to its extensive experience in similar transactions, as well as National City's broad knowledge of the appropriate financial buyer universe. Through the facilitation of the sale process, National City identified a number of potential financial and strategic buyers. National City was able to generate significant interest in Elgin from a number of companies and firms, ultimately negotiating a transaction with GFI that was favorable to all parties involved.

"Elgin has a long history as one of the leading providers of customized manufacturing products and engineering solutions to a range of growth-oriented end markets. National City Capital Markets is committed to providing value- added solutions to companies in the industrial manufacturing and energy markets, and we are proud to have assisted Elgin in achieving its strategic goals and business objectives in this transaction," said Sean Dorsey, senior managing director and head of Investment Banking for National City Capital Markets.

"Partnering such a well-recognized and successful company like Elgin with a highly respected financial partner like GFI proved particularly rewarding," added Dave Hegeman, co-head of National City Capital Markets' industrial group and managing director on this transaction.

About Elgin National Industries, Inc.

The Company owns and operates a diversified group of manufactured products and engineering services businesses. The Company focuses on operating businesses with leading positions in niche markets, strong operating profitability, diverse customer bases, efficient production capabilities and broad product lines serving growing industries. To learn more about Elgin, visit their website at http://www.eni.com/.

About GFI Energy Ventures, LLC

GFI Energy Ventures, LLC is a private equity firm that invests exclusively in successful, profitable businesses providing the equipment, software, services, and systems needed by utilities, other energy companies, and their largest customers to generate, transmit, manage, measure and consume energy at a time of major sector change. To learn more about GFI, visit their website at http://www.gfienergy.com/.

About National City Capital Markets

National City Capital Markets* provides strategic solutions including financial advisory, capital raising, capital commitment and risk management solutions to our corporate middle market and private equity clients. Backed by the resources of one of the nation's largest financial institutions, National City Corporation , we are committed to building long-term relationships that help our clients address business challenges, maximize value and execute their strategic goals. For more information on Investment Banking at National City Capital Markets, visit the Web site at http://www.nationalcity.com/investmentbanking.

About National City

National City Corporation , headquartered in Cleveland, Ohio, is one of the nation's largest financial holding companies. The company operates through an extensive banking network primarily in Ohio, Florida, Illinois, Indiana, Kentucky, Michigan, Missouri and Pennsylvania, and also serves customers in selected markets nationally. Its core businesses include commercial and retail banking, mortgage financing and servicing, and consumer finance and asset management. For more information about National City, visit the company's Web site at http://www.nationalcity.com/.

*National City Capital Markets is a trade name under which corporate and investment banking services of National City Corporation and its subsidiaries, including NatCity Investments Inc. and National City Bank, are marketed. National City Capital Markets is not a legal entity. Securities products and services are provided by NatCity Investments, Inc., Member NASD and SIPC, and its licensed securities representatives, who may also be employees of National City Bank. Banking products and services are offered by National City Bank.