Contact:

John P. Bolduc
Managing Director
H.I.G. Capital, LLC
(305) 379-2322


Brett Kenefick
H.I.G. Capital, LLC
(305) 379-2322

SVC Acquires Grumman Olson Facilities

July 15, 2003 - Specialized Vehicles Corporation (SVC) announced today that it has purchased the assets of Grumman Olson’s Tulare, California and Montgomery, Pennsylvania facilities in a §363 sale transaction arising out of Grumman Olson’s bankruptcy proceedings. Both of the acquired Grumman Olson facilities possess state-of-the-art equipment used in the production of customized refrigerated and dry freight truck bodies for the beverage and food distribution markets. These facilities have a strong strategic fit with SVC’s current production capabilities and they provide significant sales growth opportunity. Specifically, the Tulare, California facility provides SVC with a West Coast presence, allowing SVC to provide a national product offering to its current customers as well as expand into a new regional market. The Montgomery, PA facility provides SVC with additional capacity to manufacture its current product lines and future new product initiatives, providing SVC with a scalable infrastructure and strong foundation for growth. Frank Papa, CEO of SVC, stated: “This acquisition is a major milestone for SVC as it solidifies its stature as a leading national company with national manufacturing capabilities. This new manufacturing capability allows SVC to better serve and expand our customer base.” SVC is majority owned by H.I.G. Capital, a leading private equity firm.

About Specialized Vehicles Corporation

Specialized Vehicles Corporation ( www.svcvehicles.com ) is the leading manufacturer of specialized truck bodies and trailers servicing multi-stop beverage and food service distributors. SVC’s products are designed to: (i) service multi-stop deliveries (ii) provide consistent temperature control capabilities for perishable goods and (iii) ensure easy loading/unloading of heavy goods. SVC’s products are marketed under the highly recognized Hackney and Kidron brand names and enjoy a premium reputation in the marketplace. Specifically, Hackney specializes in drop-frame, side-access, aluminum bodies for the beverage industry and Kidron designs and manufactures both multi-stop refrigerated truck bodies and trailers that are primarily used in the food service market. Major customers for Hackney and Kidron include companies such as Coca-Cola, Pepsi-Cola, Anheuser-Busch, Miller Brewing, Sysco, US Foodservice, Penske and Ryder.

About H.I.G. Capital

H.I.G. Capital is a leading private equity and venture capital investment firm with more than $1.5 billion of equity capital under management. Based in Miami, Florida, and with offices in Atlanta, Boston, and San Francisco, H.I.G. specializes in providing capital to small and medium-sized companies with attractive growth potential. H.I.G. invests in management-led buyouts and recapitalizations of well-established, profitable, and well-managed manufacturing or service businesses, and in promising early-stage technology companies. Since its founding, H.I.G. has made more than fifty highly successful investments, acquiring companies with combined revenues in excess of $5 billion.