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Behrman Capital Portfolio Company Hunter Defense Technologies Acquires Bea Maurer, Manufacturer Of Base-X Shelters

NEW YORK, March 10, 2005 — Behrman Capital, a private equity investment firm based in New York and San Francisco, announced today that its portfolio company Hunter Defense Technologies, Inc., a manufacturer of military and homeland defense products, has acquired Bea Maurer, Inc., the privately held manufacturer of Base-X Expedition Shelters. Bea Maurer’s senior management is also participating in this transaction, which has an aggregate value of approximately $80 million.

Founded in 1981 and based in Fairfield, Virginia, Bea Maurer is a leading manufacturer of rapid-deploying tactical shelters for medical, communications and homeland defense uses. The company will operate as a subsidiary of Hunter under the name Base-X, Inc. It will continue to be
based in Virginia under the leadership of its current management team.

Based in Solon, Ohio, Hunter is a leader in the design and manufacture of niche defense and homeland security products. Its primary product lines include nuclear, biological and chemical collective protection air filters and air filtration systems for military and homeland security applications, as well as highly engineered heating equipment for military vehicles, tents and shelters.

“We are very pleased to be able to participate with Bea Maurer’s management in this add-on transaction, which will further enhance Hunter’s strong performance and prospects,” said Grant G. Behrman, Managing Partner of Behrman Capital. “This acquisition transforms Hunter from a products company into a solutions provider, with an extremely high quality offering – the Base-X shelter system – as well as significant intellectual property, a strong management team and considerable growth opportunities.”

Vince Nardy, Chief Executive Officer of Hunter, said: “When we first partnered with Behrman Capital more than a year ago, our principal objectives were to continue to expand our production capacity, develop new products to meet the needs of our military customers and accelerate our growth in the homeland security market. This transaction helps us meet all of those objectives and will play an important role in driving future growth.”

“We are very excited to expand our relationship with Hunter and believe that the growth potential of the combined company is virtually unlimited,” said Bea Maurer, President of the acquired entity. “We are also pleased to partner with Behrman Capital and appreciate their help in realizing all of our collective objectives.”

Behrman Capital also announced today that it has completed a $110 million recapitalization for Hunter. Under terms of the recapitalization, Hunter has obtained a $15 million revolving credit facility and a $95 million term loan. Proceeds from this recapitalization have been used to retire some of Hunter’s existing debt and to help fund the acquisition of Bea Maurer.

Merrill Lynch Capital and Madison Capital Funding served as co-lead arrangers and joint book runners for the offering. The financing is being provided by a consortium of approximately 20 lenders. Goodwin Procter LLP acted as legal advisor to Behrman Capital and Hunter for the Bea Maurer acquisition and Hunter recapitalization. Williams Mullen, Washington, DC, represented Bea Maurer and its stockholders in the transaction.

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 companies and provides expansion capital to emerging growth companies. 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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