Granite partnership Invests in

XL Specialized Trailers

January 2, 2008

Manchester, Iowa - George Wall, after founding and leading XL Specialized Trailers since its inception, has passed the reigns of the company to his son Scott Wall.  George has decided to retire from the company, to join his wife Audrey in retirement.  Since its founding, XL has grown to two locations with more than 225 employees and a nationwide distribution network.

XL Specialized Trailers has been a leading manufacturer of premium quality, commercial and construction style trailers that combine safety, durability and value since 1995. XL is a privately held company which boasts in excess of 100 years of trailer building knowledge.  For more information visit, www.xlspecializedtrailer.com.

In reflecting on the transition, Scott said, “I am grateful to my father, for having endowed us all with this great company, and I'm excited about the company's future, which is very bright.”

Concurrent with his retirement, George has sold his ownership stake in XL to Granite Equity Partners and RockWood Equity Partners, while Scott Wall has maintained his current ownership stake in the business.  XL's new financial partners bring substantial resources to help XL grow to the next level.

Granite has a special tie to the Manchester community through one of its founding partners, Art Monaghan, who grew up in Manchester.  In addition to Art, Granite will bring new members to the XL Board of Directors including Jerry Bauerly, former CEO and an owner of Bauerly Companies, a highway contractor that purchased and used specialized trailers, and Greg Flint, an operations executive at the Cold Spring Granite Company.  Brett Keith of RockWood, who brings significant expertise in growing manufacturing companies, will also join Scott on the Board of Directors.

Art Monaghan, Partner of Granite Equity and an XL Specialized Trailers Board Member, said “We are thrilled to be partnering with Scott Wall and his management team.  XL has had impressive growth and has an excellent reputation in their niche industry.  The fact the company is headquartered in my home town is icing on the cake.”

Granite Equity Partners, located in St. Cloud and Edina, Minnesota, invests human and financial capital from our community of investors, executives, and advisors to advance select companies in our region toward their full potential.  For more information, visit www.graniteequity.com

RockWood Equity Partners is a private equity firm based in Cleveland and New York that makes investments in companies with revenues below $100 million.  For more information, visit www.rockwoodequity.com.