Hilco Capital LP Announces Funding $11 Million to Trim Trends Co. LLC

    CHICAGO--Oct. 23, 2002--Theodore L. Koenig, President and Chief Executive Officer of Hilco Capital LP, announced the completion and funding of a $9 million junior term credit facility for the benefit of Trim Trends Co. LLC. Trim Trends obtained the Hilco Capital facility in conjunction with a new $22 million credit facility from The CIT Group in order to facilitate the acquisition of Trim Trends by Hilco Finance LLC, an affiliate of Hilco Capital. In addition, Hilco Capital, through Hilco Finance, also provided $2 million of equity to close the transaction.
    Headquartered in Farmington Hills, MI, Trim Trends is a tier I and II supplier of automobile and light truck component parts. It employs over 570 people and operates four manufacturing facilities located in Bryan, Ohio; Spencerville, Ohio; Deckerville, Michigan; and Dundalk, Ontario, Canada.
    Trim Trends, founded in 1946, supplies decorative trim as well as performance metallic fabrications to the car and truck industry in North America. Throughout its history, Trim Trends has been recognized for its innovative product designs and fabrication processes. It has won the prestigious Gold Award, an award bestowed for exacting performance, from Daimler-Chrysler a record six consecutive times. It has also earned the Q-1 from Ford Motor Company, among other quality awards. Trim Trends provides its customers with state of the art, metal roll formed fabrication technology in the production of decorative trim parts, transmission hubs and other structural metallic fabrications, seat tracks, door frames, door intrusion beams, and suspension link components, many from ultra high-strength steels. Among the assets purchased were numerous patents for product designs and manufacturing techniques for a variety of high volume current production vehicles.
    Mr. Koenig said, "We have been familiar with Trim Trends for some time and we have been very impressed with the quality of the company's products and its management team. We are even more impressed with the significant support that the customers have shown Trim Trends despite its parent company's, Harvard Industries, Inc., involvement as a debtor in a Chapter 11 proceeding since January, 2002. Throughout this time period, Trim Trends has continued to operate as Harvard's most profitable division. The recent new business awards given to Trim Trends by its customers are a testament to Trim Trends' value added position in the marketplace, which reinforced and solidified our decision to make the investment."
    Mr. Koenig announced that James B. Gray will become C.E.O. of Trim Trends Co. LLC. Mr. Gray has previously been employed as the Managing Director of Tenneco Automotive Europe, the President of CLEVITE Elastomers, and the President of Harvard Industries, Inc. David L. Kuta will continue in his role as President, a position he has held for five years. Mr. Kuta stated, "We are very excited and energized with the Hilco Finance acquisition of our company. Hilco Capital brings significant financial resources to Trim Trends and a vision to take us to the next level. Adding Jim Gray to our team is evidence of the Hilco Capital commitment to grow and expand our business. We intend to continue to be an important strategic partner to our customers and suppliers. Their faith and continued support will be remembered and rewarded."

    Hilco Capital LP is a committed investment fund specializing in providing junior secured debt, tranche B debt, mezzanine financing and senior bridge financing throughout North America. Hilco Capital focuses on a broad cross-section of manufacturers, distributors, retailers, importers and service providers. Hilco Capital prides itself on its flexible investment approach, its ability to execute difficult or complex transactions and its ability to close and fund transactions quickly. To learn more about Hilco Capital, visit www.hilcocapital.com.