STERLING HEIGHTS, Michigan, September 6, 2006 - Advanced Accessory Systems (AAS), a leading maker of automotive roof racks and towing systems, announced today that it has completed the divestiture of its towing system businesses in the U.S. and Europe to Thule AB of Sweden for $203 million, subject to adjustments.

The assets involved in the sale included:

Brink International B.V., Europe's leading manufacturer and distributor of towing systems, related accessories and specialized trailers;

Valley Industries, North America's second largest supplier of towing systems and related accessories;

SportRack Accessories Inc., a leading Canadian manufacturer and distributor of roof racks, rooftop cargo boxes and hitch-mounted accessories.

As a condition to closing the transaction, AAS successfully tendered for 99.7% of its $150 million 10 ¾ % senior OpCo notes and 100% of its $88 million 13 ¼ % senior HoldCo discount notes not owned by affiliates of AAS, providing for the retirement of the notes so tendered and the elimination of most of the covenants from the remaining notes. As a consequence, AAS is no longer subject to the Securities and Exchange Act of 1934 or required to file annual, quarterly or interim reports with the SEC.

When the proposed transaction was announced in May, Alan Johnson, AAS president and chief executive officer, said it would "allow AAS management to concentrate all of its energies on our principal business, SportRack Automotive, which is the leading supplier of roof racks to all major original equipment automotive companies."

He said the initiative for the transaction had come from Thule, which had made a substantial offer for the AAS units. Together, the three businesses had revenues of $245 million in 2005, while SportRack Automotive's 2005 revenues were approximately $200 million.

AAS is owned by Castle Harlan Partners IV, L.P., a private equity limited partnership organized and managed by Castle Harlan, Inc., a leading New York-based private equity investment firm. Castle Harlan acquired AAS in the spring of 2003.

Castle Harlan invests in controlling interests in the buyout and development of middle-market companies in North America and Europe. Its team of ten managing directors, including its founders, has completed 45 acquisitions since its inception with a total value in excess of $8.7 billion. It is currently investing its fourth fund, Castle Harlan Partners IV, which closed in August 2003 with capital commitments of $1.2 billion. The firm traces its roots to the start of the institutionalized private-equity business in the late 1960s.

Castle Harlan's current owned companies, which employ more than 42,000 people, include Ames True Temper, a highly-regarded manufacturer of lawn and garden tools and accessories, RathGibson, Inc., a leading manufacturer of highly engineered premium stainless steel and alloy welded tubing products, and Baker & Taylor, a prominent domestic and international distributor of books and entertainment products to libraries and retailers.

NEW YORK, January 20, 2005 - Castle Harlan, Inc., the New York private-equity investment firm, announced today it had reached a definitive agreement to sell Charlie Brown's, the New Jersey-based family steakhouse chain, to Trimaran Capital Partners, also a New York private-equity firm, in a transaction valued at $140 million.

Castle Harlan had acquired Charlie Brown's along with management in 1997 from Restaurant Associates for approximately $50 million. The transaction with Trimaran is expected to close before the end of the first quarter.

Charlie Brown's operates 45 neighborhood steakhouses in the New York metropolitan area. Most are in New Jersey, but it has recently opened units in Commack, Long Island, on Staten Island and in Williamsport, Pennsylvania. It also operates seven more casual outlets called The Office Beer Bar & Grill and two Jolly Trolleys.

Castle Harlan Senior Managing Director Justin Wender said Charlie Brown's had been a very successful investment for the firm, which resulted in a return of approximately four times on Castle Harlan's equity.

"Led by CEO Russell D'Anton, Charlie Brown's has more than doubled its revenues since the acquisition," Wender said, "and the company's growth prospects continue to be outstanding. Perhaps most remarkable, Charlie Brown's has had 13 consecutive years of comparable store sales growth, an amazing achievement."

Charlie Brown's is one of several restaurant properties owned by Castle Harlan. Others include Morton's Steakhouses, McCormick & Schmick's seafood restaurants, Caribbean Restaurants, the most successful quick-service restaurant franchise in Puerto Rico with 167 Burger King units, and Marie Callender's, a chain of family restaurants located primarily in the Western United States.

Castle Harlan, founded in 1987, is a leading New York private-equity investment firm, investing in controlling interests in the buyout and development of middle-market companies in North America and Europe. Castle Harlan's team of nine managing directors, including its founders, has completed more than 60 acquisitions with a total value in excess of $7 billion. The firm traces its roots to the start of the institutionalized private-equity business in the late 1960s.

Castle Harlan also invests in Australia, New Zealand and the Australasian region through its Sydney-based affiliate, CHAMP, which is one of Australia's oldest and largest private equity firms.

Castle Harlan's portfolio companies, which employ more than 26,000 people, include Ames True Temper, a leading manufacturer of lawn and garden tools and accessories; Horizon Lines, one of the largest U.S. container shipping companies, and Advanced Accessory Systems, the largest manufacturer of automotive roof racks and tow systems in North America and Europe.

NEW YORK, April 15, 2003 - Castle Harlan, Inc., the New York merchant bank, and Advanced Accessory Systems, LLC, (AAS) the leading manufacturer of automotive roof racks and towing systems in North America and Europe, announced today that a private-equity investment fund organized and managed by Castle Harlan has acquired AAS with management in a transaction valued at approximately $260 million.

Two-thirds of AAS's sales are to original equipment manufacturers in North America and Europe and one-third to the aftermarket. Customers include all of the major automotive companies. AAS is based in Sterling Heights, Michigan, and has 18 manufacturing facilities throughout North America and Europe.

The company had been owned by JPMorgan Partners, the private-equity arm of J.P. Morgan Chase & Co., which purchased AAS along with management in 1995.

The company's roof rack division, SportRack Automotive, has the leading market share in North America and a growing presence in Europe. The company's European subsidiary, Brink International, is the largest supplier of towing systems in Europe, and its Valley Industries subsidiary is the second largest in North America.

"This is an outstanding company with a strong presence in its marketplace," said Marcel Fournier, the Castle Harlan managing director who led the negotiations for the transaction.

"It has widely respected brand names, experienced and effective management, and a dedicated and skilled labor force. We at Castle Harlan are confident that AAS will continue on its solid growth path."

Fournier said Castle Harlan was "pleased that current management will be our partner and continue to hold equity in the company."

Terence Seikel, AAS president and chief executive officer, welcomed the Castle Harlan investment.

"Castle Harlan over the years has shown itself to be a strong, supportive partner to the companies it acquires," he said, "and it has a clear record of promoting their growth and building their value. We are looking forward to continuing to serve our customers and grow our business as a member of the Castle Harlan team."

The company had revenues of $328 million and earnings before interest, taxes, depreciation and amortization (EBITDA), adjusted for certain non-recurring items, of $46.6 million in the year ended December 31, 2002.

Donald Hofmann of JPMorgan Partners said, "We've enjoyed a great relationship with the management team at AAS and believe the company will continue to grow and create value for its new equity partners at Castle Harlan."

AAS is a privately held company with $125 million principal amount of outstanding 9 3/4% senior subordinated notes due 2007, series A and series B. Concurrently with the acquisition, AAS announced that it has completed a covenant defeasance for its outstanding notes pursuant to the indenture, dated as of October 1, 1997, by and among the issuers, the guarantors named therein and Wachovia Bank, National Association (as successor to First Union National Bank as "trustee"). Pursuant to the covenant defeasance as well as the redemption described below, AAS has deposited in an irrevocable trust with the trustee enough funds for the redemption of the notes. In addition, AAS has exercised the option for early redemption, and the trustee on AAS' behalf has called all of the notes for redemption on May 16, 2003 (the "redemption date"), at the price of 104.875% of the principal amount thereof, plus accrued and unpaid interest thereon to the redemption date. The notes will cease to be outstanding on the redemption date.

The AAS transaction represents the first acquisition by Castle Harlan Partners IV, L.P., Castle Harlan's fourth private-equity investment fund.

Castle Harlan was founded in 1987 by John K. Castle, former president and chief executive officer of Donaldson, Lufkin & Jenrette, the investment banking firm, and Leonard M. Harlan, founder and former chairman of The Harlan Company.

Since its founding in 1987, Castle Harlan has completed acquisitions exceeding $5 billion. Its portfolio companies include Associated Packaging Technologies, the country's leading manufacturer of CPET containers for the frozen food industry; Morton's Restaurant Group, owner of the Morton's of Chicago steakhouses; and American Achievement Corp., producer of class rings under the Balfour and ArtCarved labels, college and high school yearbooks and other similar academic and scholastic materials.

JPMorgan Partners, formerly Chase Capital Partners, is a global partnership and a leading provider of private equity since its inception in 1984. JPMorgan Partners' primary limited partner is J.P. Morgan Chase & Co. (NYSE: JPM), one of the largest financial institutions in the United States.