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Behrman Capital Completes $337.5 Million Recapitalization for ILC Industries, Inc.

NEW YORK, September 9, 2005 — Behrman Capital, a private equity investment firm based in New York and San Francisco, announced today that it has completed a $337.5 million recapitalization for ILC Industries, Inc., a defense, aerospace and industrial products provider. Behrman Capital and Chief Executive Officer Clifford Lane acquired ILC through a $303 million transaction in April 2003.

The recapitalization consisted of a $195 million first-lien term loan, a $77.5 million second-lien loan, $35 million in subordinated debt, and a $30 million unfunded revolving credit facility. UBS and GE Capital Corp. led the recapitalization.

“The success of this recapitalization is a testament both to ILC’s strong performance and to its potential for further growth,” said Grant G. Behrman, Managing Partner of Behrman Capital. “The ILC team has established the company as a leader in its niche markets of highly specialized products for aerospace, defense, homeland security and commercial applications. ILC’s growth has allowed us to establish a new capital structure, one that will continue to provide the Company with significant resources to pursue its growth and expansion. In addition, the transaction will generate a distribution to the Behrman-led investor group that, taken with past gains, will return over 1.5 times our initial equity investment made in 2003. As we mark one important milestone for ILC, we look forward to continuing to work with the company to realize the next one.”

Latham & Watkins LLP acted as legal advisor to Behrman Capital for the transaction. ILC Industries, Inc., a privately held company based in Bohemia, New York, has two operating subsidiaries: Data Device Corporation, a manufacturer of microelectronic components for the aerospace and defense industries, and ILC Dover, a manufacturer of advanced softgood materials for unique space, military, homeland security and commercial applications.

Based in New York City and San Francisco, Behrman Capital was founded in 1991 by Grant G. and Darryl G. Behrman. The firm invests in management buyouts, leveraged buildups and recapitalizations of established growth businesses. The company’s investments are focused primarily in four industries: information technology, contract manufacturing, outsourcing, and healthcare. The firm currently has a combined capital base of $1.8 billion.

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For Behrman Capital:
David Lilly / Michael Freitag
Kekst and Company
(212) 521-4800

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