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Aurora, Ares, Sell out of Douglas Dynamics

Affiliates of private equity firms Aurora Capital Group and Ares Management are among a group selling five million shares of listed, Wisconsin-based Douglas Dynamics via a secondary offering, it was announced. Credit Suisse Securities (USA) LLC, Oppenheimer & Co. Inc., Robert W. Baird & Co. Incorporated and Piper Jaffray are acting as underwriters for the offering.

PRESS RELEASE:

MILWAUKEE, May 16, 2011 — Douglas Dynamics, Inc. (NYSE:PLOW) today announced it has launched a secondary offering of 5,000,000 shares of its common stock for sale by certain of its stockholders, including affiliates of Aurora Capital Group and Ares Management. The selling stockholders also propose to grant the underwriters a 30-day option to purchase up to an additional 750,000 shares to cover over-allotments, if any.

Credit Suisse Securities (USA) LLC, Oppenheimer & Co. Inc., Robert W. Baird & Co. Incorporated and Piper Jaffray are acting as underwriters for the offering. The offering will be made by the selling stockholders by means of a written prospectus. Copies of the preliminary prospectus for the offering may be obtained, when available, by writing or telephoning the prospectus department at Credit Suisse, Prospectus Department, One Madison Avenue, Level 1B, New York, NY 10010, telephone 800-221-1037.

A registration statement relating to these securities has been filed with the Securities Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to their registration or qualification under the securities laws of any such state or jurisdiction.

About Douglas Dynamics
Douglas Dynamics is the North American leader in the design, manufacture and sale of snow and ice control equipment for light trucks, which consists of snowplows and sand and salt spreaders, and related parts and accessories. The Company sells its products under the WESTERN®, FISHER® and BLIZZARD® brands which are among the most established and recognized in the industry.