KPS Special Situations Funds Announces Formation of Strategic Relationship With Mr. George Thanopoulos in Connection With Its Pursuit of Investments in the Automotive Supply Industry

NEW YORK, April 20 -- Today, KPS Special Situations Funds ("KPS") announced it has entered into an exclusive relationship with Mr. George Thanopoulos. Mr. Thanopoulos will advise KPS in its pursuit of potential investments in the automotive supply industry.

Mr. Thanopoulos formerly held a variety of senior executive positions at Metaldyne Corporation. He was most recently President of Metaldyne's Engine Group, a business unit operating eighteen manufacturing plants in nine countries with 3,000 employees. Mr. Thanopoulos graduated from the University of Michigan with a degree in Mechanical Engineering.

"We are privileged to form a partnership with George Thanopoulos. He is an accomplished businessman and a proven manufacturing executive. His broad range of experience, primarily focused on creating value for customers and stockholders through manufacturing excellence, is a perfect complement to our investment strategy," said Michael Psaros, a Managing Principal of KPS. "We are currently analyzing a significant number of opportunities in the automotive supply industry and look forward to creating value for our Limited Partners by acquiring one or more platform companies through our partnership with George."

About KPS Special Situations Funds

KPS Special Situations Funds is a family of private equity funds with over $600 million of committed capital focused on constructive investing in restructurings, turnarounds and other special situations. KPS has created new companies to purchase operating assets out of bankruptcy; established stand- alone entities to operate divested assets; and recapitalized highly leveraged public and private companies. The KPS investment strategy targets companies with strong franchises that are experiencing operating and financial problems. KPS invests its capital concurrently with a turnaround plan predicated on cost reduction, capital investment and capital availability. Typically, the KPS turnaround plan is accompanied by a financial restructuring of the company's liabilities. The KPS investment strategy and portfolio companies are described in detail at http://www.kpsfund.com/ .