Briarcliff Manor, New York, November 28, 2012 – Saw Mill Capital Partners L.P., a private equity investment fund managed by Saw Mill Capital LLC (“Saw Mill”), together with John Viskup, President and Chief Executive Officer of Victory Energy Operations, LLC, announced today the acquisition of Victory Energy Operations, LLC (“Victory”), a leading, vertically integrated manufacturer of fired packaged boilers,  waste heat recovery boilers, and heat recovery steam generators for industrial and institutional applications in North America. The terms of the transaction have not been disclosed.  GulfStar Group, a leading middle‐market investment bank based in Houston, served as Victory's exclusive financial advisor and, through its merchant banking affiliate, invested in the transaction.

“I am thrilled to continue the exceptional growth Victory has enjoyed with a strategic partner that will bring not only fresh capital in support of our programs but also new resources that will accelerate our growth,” commented John Viskup.

“We are very excited to consummate a partnership where we bring important resources to the table that will have a long‐lasting impact on the development of Victory.  This new partnership will unlock opportunities for continued growth into new products and end markets, and expand Victory’s horizon to a global scale,” said Tim Nelson, Principal at Saw Mill Capital.

In conjunction with this partnership, Larry Edwards, the former President, CEO and Chairman of Global Power Equipment Group (“Global Power”), has agreed to join the Board of Directors.  Global Power was a former portfolio company of Saw Mill, and under Mr. Edward’s leadership, the business more than quintupled in size and expanded internationally.  He has agreed to assist the Victory team with its strategic direction, business development and international expansion activities.