Amsterdam, 23 February 2010

Holland Corporate Finance and TM Capital are pleased to announce that their client, Proliance International Inc. (AMEX: PLI), has successfully sold 100% of the shares in Nederlandse Radiateuren Fabriek B.V. (“NRF”) to Banco Products Ltd.

Leveraging M&A International Inc’s global reach, more than 150 international strategic and financial players were approached, creating a competitive process. Holland Corporate Finance and TM Capital completed the sale of NRF for Proliance pursuant to Section 363 of the U.S. bankruptcy code. A ‘stalking horse’ agreement, which Proliance entered into, produced competitive bids from two strategic buyers from India and China. Both Asian parties were very interested to obtain control over NRF’s broad European distribution and state-of-the-art manufacturing facilities. During the final sale auction held in New York both parties contended heavily in this last and crucial phase. Banco Products won this auction and successfully acquired NRF for EUR 17.7 million.

This transaction has endorsed Holland Corporate Finance’s expertise in the industrial heat-transfer market after successfully having sold Bloksma Heat Exchangers, the number two player behind NRF in marine boxcoolers, to GEA Group in August 2008.

About NRF
NRF, based in the Netherlands and founded in 1927, is an aftermarket and OEM manufacturer and distributor of a complete range of heat-transfer products including water coolers, marine coolers, air conditioning, air coolers and oil coolers.

About Banco Products
Banco Products, based in Gujarat, India, is a publicly listed manufacturer and supplier of engine cooling components and engine sealing gaskets to the global commercial and industrial automotive market.

Holland Corporate Finance worked closely together with M&A International Inc. alliance partner TM Capital based in New York. The transaction team of Holland Corporate Finance consisted of Fokko Poldervaart, Sergio van Luijk and Jirin van Santen while Jerome Romano, Todd Hoffman and Alex Eagelson represented TM Capital.