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Wabash National Corporation Acquires Transcraft Corporation

Wabash National Corporation (NYSE: WNC) today announced that it has completed its acquisition of Transcraft Corporation, one of the nation's largest designers and manufacturers of flatbed and drop deck trailers. The acquisition makes Wabash National the largest semi-trailer manufacturer in North America based on combined 2005 unit volume. The all cash purchase price is approximately $71 million. Additional consideration of up to $4.5 million would be payable if the acquired company achieves certain 2006 performance targets.

"We are excited about the acquisition of Transcraft Corporation," said Bill Greubel, Wabash National Chief Executive Officer. "Transcraft, like Wabash National, offers innovative products under a reputable and quality brand name. This acquisition is part of our commitment to expand our customer base and grow our market leadership."

With 2005 annual sales of approximately $118 million, Transcraft Corporation maintains manufacturing operations in Anna, Ill., and Mt. Sterling, Ky. The organization was a portfolio company of Lincolnshire Management, Inc., a leading middle-market private equity investment firm.

About Wabash National Corporation

Headquartered in Lafayette, Ind., Wabash National® Corporation (NYSE: WNC) is one of the leading manufacturers of semi trailers in North America. Established in 1985, the company specializes in the design and production of dry freight vans, refrigerated vans, flatbed trailers, drop deck trailers, and intermodal equipment. Its innovative core products are sold under the DuraPlate®, ArcticLite®, and Eagle® brand names. The company operates two wholly owned subsidiaries; Transcraft Corporation, a manufacturer of flatbed and drop deck trailers; and Wabash National Trailer Centers, a retail distributor of new and used trailers and aftermarket parts throughout the U.S. and Canada.

About Lincolnshire Management Inc.

Lincolnshire Management Inc. (www.lincolnshiremgmt.com), a leading middle-market private equity firm, manages several funds with aggregate equity totaling approximately $900 million including Lincolnshire Equity Fund III, which has $433 million of committed capital. Founded in 1986, Lincolnshire has completed more than 50 investments in middle-market companies. Current portfolio investments include such leading companies as Prince Sports, American Coach Lines and Nursery Supplies Inc. Other successful investments include Riddell Sports, 3SI Security Systems and Strategic Materials/NexCycle. Headquartered in New York, Lincolnshire Management has offices in Atlanta, Boston, Chicago and Los Angeles.

This press release contains certain forward-looking statements, as defined by the Private Securities Litigation Reform Act of 1995. These forward-looking statements are, however, subject to certain risks and uncertainties that could cause actual results to differ materially from those implied by the forward-looking statements. Without limitation, these risks and uncertainties include increased competition, reliance on certain customers and corporate partnerships, shortages and costs of raw materials, continued improvements in our manufacturing capacity and cost containment, and dependence on industry trends. Readers should review and consider the various disclosures made by the Company in this press release and in its reports to its stockholders and periodic reports on Forms 10-K and 10-Q.

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