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May 24, 2002

American Securities Capital Partners Announces the Sale of its Direct Marketing Business

American Securities Capital Partners, L.P., the New York-based private equity investment firm, announced today the sale of its direct marketing and catalog business DRL Holdings, which operates under both the Dr. Leonard's and Carol Wright Gifts brands.

Dr. Leonard's is a direct-mail marketers of home healthcare, comfort and convenience products to individuals over 55 years of age. Carol Wright sells general market goods to a similar market audience.

American Securities' purchase of DRL Holdings in partnership with management in July 1998 was based on Dr. Leonard's strong, well-known brand, leading market position and low cost operating infrastructure. Carol Wright Gifts was acquired into DRL Holdings in January 2000. During the three-plus years that American Securities owned the business, revenue more than tripled and cash flow margins improved.

Paul Rossetti, an American Securities managing director who was Chairman of DRL, said the transaction was an excellent example of American Securities' approach to investing in businesses.

"We found a company with an excellent, differentiated market position," Rossetti said, "and working with the management team, we were able to generate strong growth both organically and through acquisition. In addition, we were not over-leveraged financially, so management could concentrate on improving operations and building the business." "As is typical with our investments," he continued "the value creation and significant investment return came from building a larger and better business."

American Securities Capital Partners, L.P., with more than $1 billion in assets under management, is the merchant banking and private equity arm of American Securities, L.P., which was founded by William Rosenwald in 1947 to manage his share of the family's fortune. His father, Julius Rosenwald, was the President and principal shareholder of Sears Roebuck & Co. in the early 1900s.

Today American Securities invests in partnership with management teams in middle-market companies primarily located in the United States and Canada. It seeks to generate long-term capital appreciation by making equity investments generally between $20 million and $75 million in market leading companies with annual revenues generally ranging from $50 million to $350 million.

Its most recent fund, American Securities Partners III, closed in July of last year with commitments of $650 million.

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