Morgenthaler Appoints New CEO and CFO for Precision Parts International

CLEVELAND and ROCHESTER HILLS, Mich., Aug. 23, 2004 -- Morgenthaler Partners announced today the appointment of Michael Bryant, 42, as chief executive officer of Precision Parts International (PPI), a $200-million manufacturer of high-precision metal components for the automotive and other industrial sectors. PPI has facilities in Ohio and Michigan, and more than 1100 employees.

In addition, the company announced the appointment of Michael Niemiec, 46, as PPI's new chief financial officer. Both Niemiec and Bryant will be based in Rochester Hills, Michigan.

John Lutsi, Morgenthaler's general partner and chairman of the board of PPI, said: "Michael Bryant and Michael Niemiec are very highly regarded executives in the automotive and other industrial sectors, and bring over 40 years of experience from companies such as Ford, GDX, TRW, Lear, and United Technologies. They will be the organizational foundation of PPI."

About Michael Bryant

Bryant has 25 years of experience in the automotive and other industrial markets. Prior to joining PPI as CEO, Bryant was president of GenCorp's GDX Automotive division, the $800-million leader in the global sealing market with responsibilities in Asia, Europe, and North America. He was also vice president at Lear Corporation, the largest interior supplier to the automotive industry with $13 billion in proforma sales. Previous to that, Bryant was the managing director of United Technologies UK, a $300-million total systems supplier to the automotive industry. He also spent 17 years at Ford Motor Company in variety of management, design, engineering, and manufacturing positions.

About Michael Niemiec

Niemiec brings with him 24 years of financial and management experience. Prior to joining PPI as CFO, Niemiec was the vice president of operations and strategic initiatives at TRW Automotive, responsible for the financial oversight of 14 business units with combined sales of $11 billion in 22 countries. He also was responsible for merger, acquisition, and divestiture activities while there.

About PPI

PPI is a leading manufacturer of complex, high-precision metal components for the automotive and other industrial sectors. Its components are integral to products such as engine, transmission, brake, safety, and seating systems -- as well as -- surgical instruments, appliances, and much more. PPI currently consists of three divisions: fineblanking, high-end stamping, and precision gearing. It is a wholly-owned company of Morgenthaler Partners.

About Morgenthaler Partners

Founded in 1968, Morgenthaler is a leading, national private-equity firm with a middle-market, management buyout group based in Cleveland, Ohio, and a venture-capital group based in Menlo Park, California. The firm has funded more than 200 companies over its 35-year history. With its fund of $850 million raised in July of 2001, Morgenthaler has a total of $2 billion under management.

The firm's buyout group focuses on management buyouts and leveraged recapitalizations of stand-alone middle-market companies, as well as, divisions or subsidiaries of larger corporations. Morgenthaler Partners has traditionally been strong in partnering with management teams to build industry-leading companies. For more information regarding the firm, visit http://www.morgenthaler.com/ .