American Capital Invests $48 Million in Buyout of Phillips + Temro

"American Capital's thorough understanding of Phillips + Temro, its
ability to invest up and down the balance sheet and dedicated team approach
made them the best investment partner for our acquisition ," said Morgenthaler
Partners General Partner Al Stanley. "It's the integrated, up-to-date platform we
need as we move into the future.
"When IFS began 20 years ago, our software was designed for the
Scandinavian and European markets, where thinking globally is not a new
concept," said IFS North America president Cindy Jaudon. With strong support for project
management, engineering , constraint-based scheduling, product configuration,
and after-sales support, IFS' business solution helps companies improve
quality, contain costs, and improve their competitive position in
manufacturing industry segments such as machinery, defense, fabricated metal
products, and plastic products.

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The investment supports Morgenthaler Partners'
acquisition of Phillips + Temro from TMB Industries.com /our_portfolio/companies/company. "We built our
software from the ground up for companies with global , multisite operations.

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The firm has funded
more than 200 companies over its 35-year history and has a total of $2 billion
under management.

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Phillips + Temro currently has 29 active patents and 9 patents pending in the
US and abroad. "With strong financial backing, Phillips
+ Temro is in an even better position to continue to develop and deliver top
quality products and solutions that their customers demand.com/our_portfolio/companies/company. Click here for more
information about the Formed Fiber Technologies investment:
http://www. The
company's products successfully heat engines from 100 CID to very large
engines using as much as 2,500 gallons of oil in the oil pan.

IFS is a leading global business applications supplier with sales in 45
countries and more than 350,000 users worldwide.

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"Over the past year American Capital has had the opportunity to invest
with many equity sponsors, developing new relationships and strengthening old
ones," said American Capital COO Ira Wagner.acas.com/our_portfolio/our_portfolio., PACCAR Inc.
Companies interested in learning more about American Capital's flexible
financing should contact Mark Opel , Senior Vice President, Business
Development, at (800) 248-9340, or visit our website at
http: //www. The firm's buyout group focuses on management buyouts and
leveraged recapitalizations of stand -alone middle-market companies, as well as
divisions or subsidiaries of larger corporations., which manufactures electric engine heaters, has implemented
IFS Applications(TM) business software. IFS
has a broad customer base in the industry, focusing on medium- to large-size
manufacturers that need support for complex order-driven and mixed-mode
manufacturing across the extended enterprise . designs and manufactures
electric heaters for engines and related applications such as fuel tanks and
hydraulic power units.

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"
American Capital invested approximately $2 billion in 2004, approximately
$750 million in the fourth quarter of 2004 and $30 million year to date. Headquartered in
Eden Prairie, MN, the Company has three additional operating facilities in
Minnesota and Manitoba and employs over 450 people.

ABOUT AMERICAN CAPITAL
American Capital is a publicly traded buyout and mezzanine fund with
capital resources of more than $4.
American Capital provides senior debt, mezzanine debt and equity to fund
growth, acquisitions and recapitalizations."
Major global companies such as Caterpillar, Cummins, and Detroit Diesel
use Kim Hotstart pre-heaters to keep locomotives, emergency generators, and
other large, diesel-powered equipment warm, ensuring rapid start-ups, saving
fuel, and reducing pollution.com. IFS offers customers an easier, more open alternative.

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"Phillips + Temro's leading market position, superior customer
relationships and patented products position it to capitalize on very positive
trends in its core markets," said American Capital Principal Ken Jones.
As of December 31, 2004, American Capital shareholders have enjoyed a
total return of 326% since the Company's IPO -- an annualized return of 22%,
assuming reinvestment of dividends.

About IFS and IFS Applications
IFS develops and supplies component-based business applications for medium
and large enterprises and organizations.

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Morgenthaler 's portfolio of
investments includes Formed Fiber Technologies Inc."
Industrial manufacturing is one of IFS' targeted vertical markets.com

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cfm. Industrial manufacturing companies also
benefit from IFS' lifecycle management solution, which goes beyond product
lifecycle management (PLM) to provide better integration and management of
three critical business areas-products, customers , and resources-throughout
their lifecycles.

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Existing IFS customers in the industrial manufacturing industry include
Deere + Co.

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American Capital was
also an existing investor in Phillips + Temro .
In November 2002, American Capital and a wholly-owned affiliate of
American Capital invested $5 million in the form of a senior secured
subordinated note and common equity in support of TMB 's acquisition of
Phillips + Temro.AmericanCapital.acas. Kim Hotstart supplies electric heaters in any voltage,
from 12 volt DC to 600 volt, single or three phase, or 50 or 60 hertz.

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cfm?p_comp=79 .

Leading Engine Heater Manufacturer Gives Supply Chain a Boost With IFS Applications(TM)

(Logo: http://www. The company continues to broaden its global
market share. The solution
offers 60+ enterprise application components used in manufacturing, supply
chain management, customer relationship management, service provision,
financials, product development, maintenance and human resource
administration . The company is listed on the
Stockholm Stock Exchange (XSSE: IFS).

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kimhotstart.

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8 billion., a manufacturer and
supplier of thermoformed automotive non-woven products for North American
automotive OEMs and Tier I suppliers; GED Integrated Solutions Inc.cfm?p_comp=109.

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, American Capital
Strategies Ltd., a leading
manufacturer of highly engineered cold weather starting and comfort products
for the automotive and truck OEM market and aftermarket. The company has established leading
positions in these product categories through the continued introduction of
patented products and technologies that improve the operating performance of
engines while serving the need for compliance with environmental regulations. American Capital has paid a total of $645
million in dividends and paid or declared $16. CHICAGO, IFS announced today that Kim Hotstart
Manufacturing Co. Currently, about 20 percent of Kim Hotstart's business is
internationally based, with markets in Great Britain, France, the Netherlands ,
China, Korea, South America, and Southeast Asia.

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"
Click here for more information about Phillips + Temro's high performance
cold start and emission control products:
http://www. For more
information , visit http://www.

For additional information, contact:

Chris Jensen, President , Jensen Market Relations
Phone: +1 714 847-7846
Fax: +1 714 847-4856
E-mail: chris@jensenmarket.

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American Capital's
investment takes the form of a revolving credit facility , senior term loans
and senior subordinated debt. The Company serves major OEM customers, including Caterpillar
Inc.newscom.

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and Volvo Truck Corporation. The statements
regarding expected results of American Capital Strategies are subject to
various factors and uncertainties, including the uncertainties associated with
the timing of transaction closings, changes in interest rates, availability of
transactions , changes in regional, national or international economic
conditions, or changes in the conditions of the industries in which American
Capital has made investments.com/cgi-bin/prnh/20030320/IFSLOGO )
"IFS Applications(TM) enables us to reduce order-to-delivery time and
enhance customer satisfaction ," said Rick Robinson, chief executive officer of
Kim Hotstart Manufacturing Co.

About Kim Hotstart Manufacturing Co.com

IFS' Web: http://www.

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"We had a great relationship
with TMB and this is our fourth transaction with Morgenthaler."
Phillips + Temro is a designer and manufacturer of cold weather start and
emissions control components and systems, engine silencers and power
distribution components and systems, serving predominantly the automotive and
truck diesel OEM market and aftermarket.
Founded in 1942, Kim Hotstart Manufacturing Co.

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Receives Repayment of Note

BETHESDA, Md.acas.com.

We look forward to partnering with Kim Hotstart to finding innovative
solutions to the challenges they face as they continue to expand their
international presence.

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, Cummins Engine Company, DaimlerChrysler Corporation , Ford Motor Company,
General Motors Corporation, International Truck + Engine Corp., Kohler Co. In August 2003, American Capital invested in
Morgenthaler's acquisition of Formed Fiber Technologies .

IFS Applications is a trademark of IFS Industrial and Financial Systems.
All other referenced company or product names are trademarks or registered
trademarks of their respective owners.

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For
more information about American Capital's portfolio, go to
http://www. "The
company is well positioned to perform through market cycles by virtue of its
product development capability, competitive cost structure, diverse customer
base, broad end markets and the anticipated expansion of its traditional US
business base.

This press release contains forward-looking statements.

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American Capital is an investor
in and sponsor of management and employee buyouts, invests in private equity
buyouts , and provides capital directly to private and small public companies.

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(Nasdaq: ACAS) announced today that in December 2004 it
invested $48 million in Phillips + Temro Industries Inc. American Capital and its affiliate have now received net
proceeds of $7 million for the full repayment of the note and sale of the
common equity interest, earning a combined 33% compounded annual rate of
return , including all fees, interest and principal received over the life of
American Capital's investment .,
Mack Trucks Inc.03 dividends per share since its
August 1997 IPO at $15 per share., a
designer and builder of insulating glass fabrication systems for use by window
and door manufacturers; and Precision Parts International, a manufacturer of
high-precision, complex metal components using fine blanking, high-precision
gearing and stamping processes. The Spokane, Washington-based company
is using IFS' supply chain management, financial, and document management
applications. IFS Applications , which can be
implemented step by step, is based on web and portal technology.ifsworld.

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We are pleased
that they came to us for financial support in their acquisition of Phillips
and Temro, a company that has performed well since we originally invested in
it two years ago.

ABOUT MORGENTHALER PARTNERS
Founded in 1968, Morgenthaler is a leading, national private-equity firm
with a middle -market, management buyout group based in Cleveland, Ohio, and a
venture-capital group based in Menlo Park, California., Dresser-Rand, Gehl, Star Cutter, Remmele Engineering, and Johnson
Pump.

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