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Oct. 31, 2000

CIVC Partners and Tangram Partners Announce the Sale of Plastic Engineered Components, Inc. to Charter Oak Capital Partners

Lincolnshire, IL based Plastic Engineered Components Inc. ("PEC") was sold to Charter Oak Capital Partners by CIVC Partners, a private equity investment affiliate of Bank of America Corporation (NYSE: BAC) and Tangram Partners, a Chicago based private equity firm. Charter Oak Capital Partners, a private equity firm, also controls Wollin Products, Inc., a plastic injection molder. PEC is a full service custom injection molder of engineered plastic parts. Terms of the transaction were not disclosed.

"In addition to streamlining PEC's manufacturing operations, we have worked hard over these past several years to develop front-end capabilities, which includes modeling, rapid tool building and production tool building, to ensure that PEC gets involved early in the design process. By doing so, we have been able to lower overall production costs for PEC and deliver a cost-effective solution to our diversified customers. We are excited that Charter Oak and Wollin Products share our enthusiasm for these business philosophies and believe that this combination will strengthen the product offerings of both PEC and Wollin", said Len Friedel, former Chairman of PEC and Managing Partner of Tangram Partners.

Dan Helle, Partner, CIVC Partners added, "After reviewing several alternatives, we believe that the combination with Charter Oak and Wollin Products is the most attractive to PEC shareholders, while providing the company with an outstanding opportunity to continue to grow both domestically and internationally."

CIVC Partners and Tangram Partners acquired Plastic Engineered Components in 1992.

CIVC Partners manages over $700 million of private equity capital on behalf of Bank of America. CIVC Partners, with 30 years of experience in private equity investing, provides growth capital to middle market companies with a focus on business services, financial services, media and communications, and industrial growth.

Tangram Partners is a private equity investment firm pursuing growth strategies in manufacturing, industrial and business services. Working in close affiliation with CIVC Partners, Tangram provides capital for buy-outs or recapitalizations and supports well-reasoned operating strategies by investing in facility expansions, acquisitions and other business development programs.

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CIVC Partners, LP
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