Industrial Growth Partners - Microporous Products, L.P.

In July 2006, Industrial Growth Partners (“IGP”) engaged Watch Hill Partners to serve as IGP's exclusive financial advisor in connection with its contemplated bid to acquire Microporous Products, L.P., a leading developer, manufacturer and marketer of highly specialized rubber and polyethylene battery separators used primarily by the lead-acid battery industry, owned by the partners of Kelso & Co. IGP selected Watch Hill as its advisor based upon our extensive knowledge of Microporous' industry sector and on our strong existing relationship with both the Microporous management team and its controlling shareholders. Our firm has been a shareholder in Microporous since 2003 and, over the years, we have worked closely with the partners of Kelso on various transactions and strategic opportunities for Microporous.

WHP's analysis confirmed that Microporous was a perfect fit for IGP's manufacturing sector focus given the company's strong market position, attractive growth characteristics and seasoned management team. WHP was able to arrange a meeting of Kelso, Microporous and IGP, and assisted IGP in preparing and submitting what proved to be a successful pre-emptive bid in advance of an auction process. WHP also participated as an equity investor in the transaction through our principal co-investment affiliate, Watch Hill Capital Partners LLC. The IGP/Microporous transaction is a perfect example of WHP's business strategy, which is to help our clients identify and evaluate proprietary ideas and then execute deals based on those ideas - often on an exclusive basis.