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Friday, October 26, 2007
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GSI Group (Cumberland) Parent Company Bought Out

ILLINOIS - Centerbridge Partners, L.P. have acquired a majority stake in GSI Holdings Corp., the parent company of the GSI Group, Inc., a leading manufacturer and distributor of agricultural equipment.

The acquisition is subject to clearance under the Hart-Scott-Rodino Act, and is expected to be completed in the third quarter of 2007. No further terms of the transaction have been disclosed.

W. J. Branch, GSI's Chairman and CEO said, "Our management team is excited at the prospect of partnering with Centerbridge to bring us the strategic and financial resources needed to take our growth to the next level. We have benefited greatly from the sponsorship of Charlesbank during the past two years, and we are pleased that they will retain a minority stake in the Company following the investment by Centerbridge."

Steven M. Silver, Centerbridge Senior Managing Director, said, "We are thrilled to make an investment in GSI, a leading company in the attractive grain and protein segments of the agricultural equipment market. We look forward to partnering with the Company's management team, led by Bill Branch, and with Charlesbank to expand the business and build upon GSI's excellent reputation for quality and service."

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