Norwest Equity Partners Sells Paladin Brands to Dover Corp.

Norwest Equity Partners (NEP) announced in late August that it has sold its
portfolio company Paladin Brands Holding Inc., a leading independent designer,
manufacturer and supplier of high-quality construction equipment attachments, to
Dover Resources, a subsidiary of Dover Corp., a worldwide, multi-billion dollar
diversified manufacturer of industrial products. The transaction closed on Aug.
30.

David Ropp, CEO and president at Dover Resources stated: “On behalf of Dover,
we are thrilled about the addition of Paladin to our family of companies. The
suite of products and brands that Paladin offers complements our other
businesses. We have been impressed with its growth and performance, as well as
its ability to continue to focus on superior customer service.”

Headquartered in Cedar Rapids, Iowa, Paladin began operations in 1965 and
currently holds a leading market share among independent manufacturers of
construction attachment products such as augers, backhoes, trenchers, excavator
buckets and mobile shears. The company employs approximately 1,500 people and
has 19 manufacturing facilities in Illinois, Iowa, Michigan, Minnesota, North
Dakota, Tennessee, Ohio, Oregon, Wisconsin and Mexico. Paladin also has a global
sourcing office located in Shanghai.

Each of the Paladin brands (Badger, Bradco, C&P, FFC, Genesis, Harley,
JRB, Jewell, McMillen, Pengo, Sweepster and The Major) manufacture and
distribute broad families of attachments for application in the forestry, light
and heavy construction, utility, demolition and recycling  markets. All of
the brand products are distributed through a national base of independent
dealers, distributors, rental companies and original equipment manufacturers.
NEP initially invested in Paladin (formerly named Attachment Technologies Inc.)
in October 2003.

“Paladin has done a great job of establishing its niche and growing to become
the industry leader within the construction attachment sector,” said Timothy
DeVries, NEP managing general partner and Paladin board member. “We have created
value in several ways over the last three years, and we know that the company is
well-positioned for continued growth under Dover’s leadership.”