Oaktree and Audax Group Complete Sale of Chart Industries

Business Wire, Oct 17, 2005

LOS ANGELES & BOSTON -- Oaktree Capital Management, LLC ("Oaktree") and Audax Group today announced they have completed the sale of Chart Industries, Inc. (OTC BB:CIDI.OB), ("Chart"), for $460 million in cash to First Reserve Corporation. Chart is a leading global supplier of cryogenic equipment used in industrial gas, hydrocarbon, and medical applications.

Geoffrey S. Rehnert, Co-CEO of Audax Group said, "Chart represents a successful example of how, by using a broad array of transactional, financial and operational skills, one can drive success in a global middle market company. Shortly after the investment, we were fortunate to find Sam Thomas to lead the company. Together with his team he did a superb job growing the business while simultaneously executing a global realignment of manufacturing facilities."

Mike Harmon of Oaktree said, "We are very pleased to complete the sale of Chart at an attractive valuation. We believe that this outcome is a testament to the strength of Chart's management team. They have achieved a four-fold improvement in operating profit in the two and a half years that we have been involved with the Company. While we believe Chart continues to be an attractive company with strong growth prospects, we feel it is the right time to deliver liquidity at a strong valuation to Chart's shareholders. We wish Sam Thomas and his team at Chart all the best in their future endeavors."

UBS Securities LLC advised Chart; Kirkland & Ellis LLP and Calfee, Halter & Griswold LLP served as the company's counsel.

Sam Thomas, President and CEO of Chart, said, "The combined effort of the management team and our dedicated employees was critical to achieving this successful transaction. We were fortunate to have two excellent financial partners who worked with us to position our company for future growth."

ABOUT AUDAX GROUP

Audax Group, founded in 1999, is a leading investor in middle market companies. With offices in Boston and New York, Audax manages in excess of $1.7 billion in equity and mezzanine debt capital. For more information visit the Audax Group website http://www.audaxgroup.com.

ABOUT OAKTREE CAPITAL MANAGEMENT

Oaktree Capital Management, LLC (www.oaktreecapital.com) is a leading private investment firm that manages in excess of $29 billion in select niche investment markets for institutions and individuals. Oaktree's Principal Opportunities Group manages funds with over $3.5 billion in committed capital for private equity investments and has a history of partnering with management to create long-term value of the entities in which it invests.