Platinum Group Announces Acquisition of Elvin Safety Supply, Inc.

Platinum Group plans to acquire other private companies that require turnaround capital and management expertise

EDEN PRAIRIE, Minn. (June 21, 2006) — Platinum Group today announced its acquisition of Eden Prairie-based Elvin Safety Supply, Inc., a 70-year-old, family owned business that distributes safety supplies to business and industry across the United States. The company’s name has been changed to Elvin Safety to reflect Elvin’s new market position as the complete supplier of products, services, training and risk management to business, industry and government.

Platinum Group holds majority interest in Elvin Safety; the Elvin family continues to hold a minority interest. Platinum partners are running the company, including Bob Cass as chief executive officer, Tom Vettel as chief operating officer and Pat Brennan as chief financial officer.

Platinum Group is actively evaluating additional investment opportunities to add to its portfolio of private companies under Platinum Holdings, a private investment fund. The firm is focused on acquiring underperforming companies in need of turnaround capital and management expertise to restore value. For example, Elvin Safety is a company that has under performed in the last several years.

“We are excited to partner with Platinum Group based on its track record of turning companies around,” according to Jim Elvin, former CEO of Elvin Safety. “The stakes are higher for Platinum due to its investment, which is why we have full confidence in the company’s future.”

Platinum has invested in 14 companies over the past 12 years through its Platinum Holdings fund. Potential candidates include companies experiencing loss of value due to management and ownership issues, declining markets, loss of major customers, and other critical business transitions. Target acquisitions are private companies with annual revenues between $15 million and $100 million.

“Based on our reputation as a turnaround management firm for 25 years, we decided to expand our services in two additional ways beyond our interim management service,” said Bruce Mallory, Platinum’s managing partner. “First, we added additional expertise over the past two years for consulting with healthy companies that want to get to the next level. And, second, we want to invest in a few select companies where the owners need additional equity and expertise to facilitate a turnaround,” he says.

Elvin Safety has provided innovative safety solutions for more than 70 years. For more information, visit www.elvin.com

Founded in the early 1980s, Platinum Group is an interim management, consulting and investment group that leads privately held companies through critical transitions. The firm has invested in, managed and/or advised more than 500 companies in the Upper Midwest. Platinum Group was awarded the “Turnaround of the Year” award in 2004 by the Upper Midwest Chapter of the Turnaround Management Association. For more information, visit www.platinumpllc.com

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