Chicago, Illinois – Precise Technology, Inc. acquired Courtesy Corporation and its operating subsidiaries in October 2002. Precise Technology was acquired by Code Hennessy & Simmons IV, LP in June of 2000. Both Precise and Courtesy specialize in precision injection molds and molded plastic components and assemblies. Precise and Courtesy had combined revenues in excess of $285 million and EBITDA of more than $45 million for 2002.

“The newly combined company brings exciting opportunities to our customers, suppliers and employees,” stated John R. Weeks, Chief Executive Officer of Precise Technology. “This will enable to the company to advance its presence in the marketplace, continue its commitment to total quality and achieve a position as a global producer of sophisticated plastics packaging.”

Founded in 1964, Precise Technology focuses on sophisticated production engineering and automation for the packaging, healthcare and consumer/industrial markets with expertise in design and engineering, mold manufacturing, injection molding and contract manufacturing. Courtesy is well known in the plastics industry for innovative manufacturing, product design/development and just-in-time manufacturing. Courtesy has facilities located strategically throughout North America serving a broad customer base. The company’s specialization in closures and dispensing systems for the healthcare, packaging and consumer products market segments made Courtesy a natural fit with Precise.

Precise Technology completed the purchase of Courtesy Corporation and its operating subsidiaries in October 2002. The acquisition affords the opportunity for Precise Technology to double its revenue and customer base, which currently includes long-standing relationships with approximately 100 blue chip customers such as Abbott Laboratories, Colgate-Palmolive, Dial Corporation, Kraft Foods, Procter & Gamble Company, Quaker Oats, Schering-Plough, The Gillette Company and Unilever. Approximately $11.5 million in cost savings are anticipated by 2007 for the combined companies. Additionally, the combined company will operate some of the industry’s most modern molding and mold manufacturing facilities.

CHS intends to work closely with Precise management to fully integrate the operations of the two companies and position the combined company as the low-cost and most sophisticated provider of plastic injection molded products and assemblies to customers in consumer goods, healthcare and industrial markets. Additional acquisition opportunities will also be identified to complement the company’s existing production capabilities and geographic reach.

Since CHS acquired Precise Technology in July 2002, the company has increased annual revenues from $128.9 million to $148.0 million and increased adjusted EBITDA from $22.3 million to $26.0 million. The company also reduced total leverage from 4.8x EBITDA as of July 2002 to 3.5x as of September 30, 2002.

Code Hennessy & Simmons LLC is a Chicago-based private equity firm founded in 1988. The company has managed more than $1.6 billion of capital in four funds. The firm focuses on building shareholder value through strong relationships and sound investment strategies.