KPS Special Situations Fund II Announces Agreement to Purchase North American Automotive Business of Sarna Inc.

Announces Formation of Blue Water Holdings, Inc.

NEW YORK, Sept. 29 -- KPS Special Situations Fund II ("KPS") announced today that it has signed an agreement to acquire the North American automotive business ("Blue Water") of Sarna Kunststoff Holding AG through a newly formed company, BWAS Holdings, Inc. Blue Water includes Sarnamotive Blue Water, Inc., Sarnamotive Mexico and related entities. KPS and Sarna Kunststoff Holding AG expect the transaction to close on or about September 30, 2005.

About Blue Water

Blue Water is a leading manufacturer and designer of highly engineered molded thermoplastic components and assemblies for sale to automotive original equipment manufacturers ("OEMs") and automotive suppliers. The company's products include air flow ducts, air exhausters, fender liners, functional trim and interior trim. The Company's customers include General Motors, Daimler-Chrysler, Air International, Intier and Visteon. With approximately 1,300 employees, Blue Water operates six manufacturing facilities in Michigan and one manufacturing facility in Mexico. Sarnamotive Blue Water, Inc. will be renamed Blue Water Automotive Systems, Inc.

About KPS Special Situations Funds

KPS Special Situations Funds are 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 the firm's website: www.KPSFUND.com