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Happ Controls Acquired by Pfingsten Partners
Company anticipates accelerated growth

Elk Grove Village, IL – June 14, 2004 – Happ Controls is pleased to announce that it has been acquired by Deerfield, IL based Pfingsten Partners, L.L.C. Pfingsten Partners plans on supporting future success through a combination of continued organic growth and strategic acquisitions.

The company will retain the Happ Controls name and Frank Happ, founder, will remain with the company as Vice Chairman and significant minority shareholder. “I am proud of our past accomplishments of transforming the business from a startup company to a regional wholesaler to a leading international manufacturer and distributor,” said Frank Happ. “The continued growth of the business requires additional capital to support future expansion, both internally and through additional acquisitions. I am excited about our future. It has never been brighter.”

Tom Happ, Vice President of Sales and Marketing, will become the company president, effective immediately. “Pfingsten Partners has a proven track record of successfully building businesses and positioning them for future growth,” said Tom Happ, “We look forward to working together and feel confident that their capital and operationally focused, team-based approach will help Happ Controls succeed and grow both within our current markets and internationally.”

“Happ Controls has a consistently strong growth record in each of its markets. The company’s growth has been driven by product development and customer service. We intend to capitalize on these strengths to continue the company’s history of success,” said Jim Norton, Managing Director of Pfingsten Partners. “We will support the company’s growth in domestic markets and expand into international markets.”

Happ Controls is the leading national manufacturer and distributor of parts and accessories for coin-operated amusement games, slot & video gaming machines and vending machines. Happ Controls is best-known for its production and distribution of coin doors, bill validators, monitors, touch screens, power supplies, optical guns, trackballs, push buttons, driving controls and joysticks for amusement games and gaming machines. More recently, it has developed a strong specialization in product sub-assemblies to provide greater value to both its OEM and end user customers.

ABOUT HAPP CONTROLS:
Happ Controls was founded in 1986 and is headquartered in Elk Grove Village, IL. The company has additional distribution centers in Las Vegas, NV., Greenville, SC., New Castle, DE., and Broadstairs, Kent, United Kingdom. The company specializes in the manufacturing and distribution of amusement, gaming, vending and industrial parts and accessories. It employs more than 300 people worldwide, visit: www.happcontrols.com.

ABOUT PFINGSTEN PARTNERS:
Deerfield, IL-based Pfingsten Partners is an operationally oriented private equity firm formed in 1989 to make equity investments in middle market manufacturing, distribution and specialty publishing companies. Since completing its first investment in 1991, Pfingsten Partners has acquired 39 companies and built value by providing capital, corporate finance and operating resources necessary to improve operations and achieve profitable business growth at its platform companies in partnership with management. For more information on Pfingsten Partners, visit: www.pfingstenpartners.com.