Co-founders of PIP Global Partner with Audax Private Equity in Recapitalization of Company

BOSTON–(BUSINESS WIRE)–Audax Private Equity (“Audax”) today announced that it has partnered
with the Milot and Tao families, co-founders of Protective Industrial
Products Global Holdings Inc. (“PIP Global”), to re-capitalize the
company, a leading global supplier of hand protection products and other
consumable personal protective equipment (“PPE”). Joe Milot will
continue as President and CEO of PIP Global and both the Milot and Tao
families will retain significant ownership interests in the Company.
Terms of the transaction were not disclosed.

Geoffrey S. Rehnert, Co-CEO of Audax Group, said “PIP Global is a
recognized leader in the consumable safety products market that has
grown significantly during the last three decades. We look forward to
supporting Joe Milot, his family, the Tao family and the entire PIP
Global team to continue growing the business organically and through
acquisitions.”

PIP Global, headquartered in Latham, NY, is a leading, globally
recognized, industrial safety platform providing an unparalleled product
portfolio, the largest and most experienced sales force in the Industry,
recognized unsurpassed service, and leading-edge marketing programs. The
Company offers one of the broadest suites of PPE, including hand and
arm, eye, head, hearing, body, and respiratory protection. PIP’s
products include such widely recognized brands such as G-tek®,
Bouton® Optical, Safety Works®, Ambi-dex®,
Assurance®, Falcon®, Kut-Gard®, and
Maximum Safety®. PIP Global partners in certain markets with
leading innovators such as ATG®, JSP®, Pacific
Helmets®, E-Flare®, and Hellberg®. For
more information, visit www.pipglobal.com.

Joe Milot, President & CEO of PIP Global, said “We’re excited to partner
with Audax as we continue to build the PIP platform and truly become the
global go-to supplier to distributors, dealers, and retailers for all
their consumable PPE requirements. Audax’ resources will help us
accelerate our growth as we expand into new geographies, end markets,
and product lines.”

EC Mergers and Acquisitions acted as exclusive financial advisor and
Bond, Schoeneck & King, PLLC served as legal counsel to PIP Global, and
the Milot and Tao families. Kirkland & Ellis LLP served as counsel to
Audax.

ABOUT THE COMPANIES

PIP Global is a leading supplier of Hand Protection and Personal
Protective Equipment to wholesalers and distributors worldwide. With
locations throughout North and South America, Europe and Asia, PIP's
mission of “Bringing the Best of the World to You®” is
fulfilled everyday by providing best-in-class safety products worldwide.
Additional information about PIP Global is available at www.pipglobal.com
or by contacting Joe Milot, President & CEO, 518-595-1518.

Audax Private Equity has been focused on building leading middle market
companies since its founding in 1999. Audax has invested $4.5 billion in
113 platforms and 647 add-on companies. Through its disciplined Buy &
Build approach, Audax seeks to help platform companies execute add-on
acquisitions that fuel revenue growth, optimize operations, and
significantly increase equity value. Audax Private Equity is an integral
part of Audax Group, an alternative asset management firm specializing
in investments in middle market companies. With offices in Boston, New
York, and San Francisco, Audax Group has over $11.5 billion in assets
under management across its Private Equity, Mezzanine, and Senior Debt
businesses. For more information, visit the Audax Group website www.audaxgroup.com,
or contact Geoffrey S. Rehnert, Co-Chief Executive Officer, Audax Group,
617-859-1503.

Contacts

PIP Global
Joe Milot, 518-595-1518
President & CEO
or
Audax
Group
Geoffrey S. Rehnert, 617-859-1503
Co-Chief Executive
Officer