Monomoy Capital Partners Announces the Formation of Compass Automotive Group

Business Wire, Oct 2, 2007

-Former Toyota Executive Gary L. Convis Joins Board of Directors-

-Compass Will Provide Tier 1 Automotive Suppliers With a Full Range of Cost-Effective Aluminum and Magnesium Component Solutions-

NEW YORK -- Monomoy Capital Partners, L.P., a New York private equity fund that makes controlling investments in middle market companies that require operational or financial restructuring, today announced that it has formed a new automotive platform, Compass Automotive Group, Inc., to consolidate and expand Monomoy's presence in the automotive supply chain. Industry veteran Gary L. Convis, most recently Chairman of Toyota Motor Manufacturing Kentucky and a Managing Officer of the Toyota Motor Corporation, will join the Compass Board of Directors and help lead the consolidation program.

Compass, headquartered in Franklin, Ind., is the corporate parent of two growing Monomoy automotive companies: Casting Technologies Company ("CTC"), a squeeze cast manufacturer of safety-critical aluminum castings including suspension components and compressor scrolls, and Magnesium Aluminum Corporation ("MAC"), a die cast manufacturer of highly engineered aluminum and magnesium components including steering wheels, steering columns and airbag enclosures.

"I am delighted to partner with Monomoy and Compass as they continue to acquire and improve automotive suppliers through the implementation of lean manufacturing principles," said Convis. "The auto supply chain will continue to undergo tremendous change over the next five years, and Compass, with the backing of Monomoy's substantial financial and intellectual capital, is ideally positioned to solve the big supply issues faced by car makers today."

In June of 2007, Convis retired as the Chairman of Toyota Motor Manufacturing Kentucky and Executive Vice President of Toyota Engineering and Manufacturing of North America, Inc. He held a series of executive management positions with Toyota over the past seven years. Previously, Mr. Convis held senior management positions in manufacturing, engineering and quality control with the Ford Motor Company and New United Motor Manufacturing, Inc.

"We are extremely excited to strengthen our automotive platform through the formation of Compass and to have an industry leader like Gary join our team," commented Craig Conaty, CEO of Compass. "The combination of CTC and MAC has produced an industry-leading sales force, engineering group and quality team that will allow Compass to capture significant additional market share as the automotive supply chain continues to consolidate."

Compass will combine the product lines, manufacturing excellence and quality systems of CTC and MAC to provide car makers and Tier 1 auto suppliers reliable and cost-effective component solutions across a range of metals and manufacturing processes. CTC's squeeze cast technology creates aluminum castings with the engineering characteristics of forging at a fraction of the cost, while MAC's high-pressure die casting expertise produces safety-critical parts in both aluminum and magnesium.

"At Monomoy, we continue to review attractive investment opportunities in the automotive supply chain, particularly in safety-critical components, and we will continue to seek acquisitions to increase the scope and breadth of the Compass product line," said Justin Hillenbrand, a Monomoy Partner. "Monomoy is committed to devoting the financial and management resources needed to improve our portfolio companies and ensure their ongoing success. The formation of Compass and the addition of Gary Convis are great examples of Monomoy's commitment to business improvement and a big step in consolidating casting suppliers in the auto sector."

Compass manufactures a wide range of aluminum and magnesium components, including steering knuckles, steering wheels, steering columns, airbag enclosures, engine brackets and compressor scrolls. The company's products are used in vehicles offered by every domestic, new domestic and European auto maker and are typically supplied to the leading Tier 1 automotive suppliers. Compass also operates SRC, the leading North American manufacturer of magnesium flux, a refining agent used in the production of industrial aluminum and magnesium.

About Monomoy Capital Partners, L.P.

Monomoy Capital Partners, L.P. is a $280 million private equity fund that makes controlling investments in middle market companies that require operational or financial restructuring. Monomoy targets fundamentally sound businesses with revenues less than $200 million and acquires businesses through bankruptcy, out-of-court restructurings, corporate divestitures and other complex transactions. The Fund has completed 11 transactions over the past 24 months in the smaller end of the middle market. For additional information on Monomoy, please visit www.mcpfunds.com.