NEWS RELEASE
For more information, contact:
Tim Kirlin Sonja Risner
President & Chief Operating Officer Controller
American Combustion Industries, Inc. Milestone Capital Management, LLC
301-779-3400 202-741-3663
FOR IMMEDIATE RELEASE
Milestone Capital Partners Acquires American Combustion Industries, Inc. from Washington Gas Light Holdings Company
Washington, DC (September 29, 2006) – Milestone Capital Partners, a Washington D.C. based private equity fund, announced the purchase of American Combustion Industries, Inc. (ACI) from Washington Gas Light Holdings Company (NYSE: WGL). Industry veterans, Tim and John Kirlin, invested alongside Milestone Capital in the transaction and will provide senior leadership for the company going forward.
John Kirlin was named Chief Executive Officer of ACI while Tim Kirlin was President and Chief Operating Officer. “The combination of ACI’s existing strengths and Milestone’s financial guidance will help the company become strong both strategically and financially,” said Tim Kirlin. “I believe this is an excellent opportunity that will benefit both the employees of ACI and their customers.”
“We are pleased to invest with industry veterans, Tim and John Kirlin, in the acquisition of ACI,” said Murry N. Gunty, Managing Partner of Milestone Capital. “The company’s expertise in heating and cooling systems has made it a well recognized leader in the industry. We believe the Kirlin brothers will provide ACI with the necessary leadership to flourish as a standalone company.”
American Combustion Industries, Inc. (ACI) is a $27 million full-service mechanical contractor serving industrial, commercial, and institutional customers in the Maryland, Washington D.C. and Virginia areas. ACI provides a wide variety of building services to its clients including facility assessment, mechanical, electrical, plumbing, cogeneration plants, and maintenance/repair services. ACI has expanded its services to focus on mechanical and electrical system installations and renovations. Services include retrofits of all types of heating and cooling systems as well as additional construction services (http://www.aciindustries.com).
About Milestone Capital
Milestone Capital Management, LLC is a Washington, DC based private equity firm with $88 million of capital under management. Milestone focuses on control buyouts of companies that are either underperforming, in out-of-favor industries or are undergoing some form of transition. Milestone seeks investments in a range of industries, including manufacturing/distribution, restaurants, specialty retail business services and health care.
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