Management Led Buyout

Houston, TX--(Thursday, April 15, 2010) - - Hoover Group Inc. (“Hoover”), the holding company for Hoover Materials Handling Group, the manufacturer of the Liquitote® and a leader in the liquid handling solutions industry, announced today that a group led by Hoover’s Chief Executive Officer, Donald W. Young, has purchased a controlling interest in Hoover from a subsidiary of Citigroup Inc.

The management-led buyout received the financial backing of several industry executives in the Houston area and received the consent of PNC Bank, National Association, as the lender under Hoover’s revolving credit facility. Financial terms of the deal were not disclosed.

“This transaction creates a tremendous opportunity for the Hoover team to better serve our customers,” said Mr. Young. “Under management-led, independent ownership, our company’s attention and capital will be solely focused on the continuous improvement of Hoover’s industry-leading, high quality products and the expansion of our customer service capabilities and product offering. We plan to accelerate the execution of our vision and open new strategic opportunities for our business.”

For more information, please contact:
Conrad A. Arnold
Hoover Materials Handling Group, Inc.
(281) 870-8402
carnold@hooveribcs.com

About Hoover Materials Handling Group, Inc.:
Based in Houston, Texas, Hoover Materials Handling Group, Inc. has nearly 60 years of experience as North America's premier manufacturer of Intermediate Bulk Containers (IBCs), spare parts, and custom tanks. Hoover's IBCs are manufactured in an ISO 9001:2000 facility and meet the highest quality standards in the industry. The Quality Management System is applicable to: providing sales, design, manufacturing and distribution of UN and DOT specification intermediate bulk containers, ASME code vessels, non-specification containers, and associated equipment for the handling of regulated materials.

Hoover is a member in good standing of The Dangerous Goods Council (DGAC) 2009-2010; and a DNV 2.7-1 Standard Certification Holder for Padeye Design.