American Industrial Partners Forms Ichor Systems, Inc. to Purchase the Systems Integration Business of Celerity, Inc.

New York, NY, October 27, 2009 – American Industrial Partners Capital Fund IV, L.P. (“AIP”) today announced that its newly formed company Ichor Systems, Inc. (“Ichor” or the “Company”) has acquired the operating assets of the systems integration business of Celerity, Inc. The acquired business is one of the world’s leading integrators of advanced gas delivery modules and liquid delivery systems for global semiconductor and solar end markets as well as a leading manufacturer of capital equipment used for semiconductor chemical blending distribution which is marketed under the Mega brand. AIP is an operationally focused private equity investment firm that applies a collaborative approach with management in building and improving middle-market companies. Capital equipment spending in the semiconductor industry is recovering from its steepest trough in more than a decade.

The Company is headquartered in Tualatin, Oregon with manufacturing locations in Oregon, Austin, Texas, Singapore, and Malaysia as well as sales offices in Taiwan and San Jose, CA. Within the semiconductor and solar equipment markets, the Company is highly regarded for its leading process engineering, materials management, and testing capabilities. Ichor will initially employ approximately 250 individuals.

“Ichor Systems has all the attributes we look for in a portfolio investment: a leading market position, attractive end-market growth dynamics, proprietary technology and a strong management team,” said Eric Baroyan, a partner of American Industrial Partners. “These attractive attributes, coupled with our agenda of operational improvements and growth initiatives, represent an attractive opportunity for American Industrial Partners to partner with the management team in creating long-term value for all constituents.”

David Shimmon, CEO of Ichor, said, “We have developed an operating agenda with AIP that will augment our core gas and liquid delivery business by creating a globally optimized cost structure. We are also charting a course to further leverage our process engineering capabilities within our rapidly growing solar equipment business and liquids business. We look forward to partnering with the American Industrial Partners team, who provide both operational and financial resources as we rapidly ramp our business model and expand our investment in Asia. It is an exciting time to be partnered with AIP at this point of inflection in our industry.”

About American Industrial Partners
American Industrial Partners was founded in 1989 and is a private equity firm that makes control equity investments in mid-sized industrial companies that can benefit from the firm’s systematic approach to implementing strategic and operational improvements. American Industrial Partners is currently investing its fourth fund which closed in August 2008 with $405.5 million of committed capital. For more information, visit www.aipartners.com or American Industrial Partners can be reached at 212-627-2360.