Ripplewood Acquires Nissan's 40% Stake in Niles Parts

    TOKYO--April 4, 2001--RHJ Industrial Partners L.P. ("Ripplewood"), an affiliate of New York-based private equity firm Ripplewood Holdings L.L.C., announced today that it has agreed to acquire a 40% share in Niles Parts Co., Ltd. ("Niles" or the "Company"), the automotive switches and assemblies company, from Nissan Motor Co., Ltd. The outstanding 60% share will remain with the Company's founders, the Suzuki family; Niles employees; and other affiliated companies.
    This transaction represents the first private equity investment in the Japanese manufacturing segment.
    "With its superior technology and advanced product engineering, Niles is one of Japan's leading manufacturers of automotive switches, sensors & actuators," said Timothy Collins, Founder and Chief Executive Officer of Ripplewood Holdings. "We are honored to be investing in this preeminent Japanese manufacturing organization and are excited to bring our operational and financial support to help grow the Company for the benefit of its employees, customers, suppliers and investors. We are dedicated to assisting Niles in becoming a global leader in its industry and believe that, by making the first private equity investment in the Japanese manufacturing sector through this transaction, we can help establish private equity as a valuable new source of financing in the Japanese economy."
    "The advanced technology of Niles and wide business network of Ripplewood will reinforce the basis of Niles' business and make it possible to develop globally. This will also benefit Nissan through its business relationship with Niles today and in the future," said Mr. Itaru Koeda, Vice President of Nissan Motor Co., Ltd.
    "Ripplewood has a long-term perspective, high respect for our relationships with our customers and suppliers, and is dedicated to helping make Niles a truly global supplier and to significantly enhancing our position in the global market," said Mr. Taketoshi Suzuki, CEO of Niles. "We look forward to working with Ripplewood and to benefiting from their operational and financial support."
    Upon closing of the transaction Richard M. Donnelly, former President of General Motors Europe and a Ripplewood Industrial Partner, will be named a director of Niles Parts Co. Mr. Donnelly enjoyed a 38-year career at General Motors, including four years as President of General Motors Europe, one of GM's largest groups with $25 billion in sales across 42 countries.
    "Niles already is one of the leading manufacturers in its space," said Mr. Donnelly. "Together with our partners, we will work to create a global operation to supply OEMs and Tier 1s anywhere around the world. Niles and Ripplewood will continue to focus on introducing new technologies and features, and will continue to be dedicated to supplying its valued customers with superior products."