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Monomoy Capital Partners, L.P. Acquires Alcoa Automotive Castings from Alcoa Inc.

NEW YORK--Monomoy Capital Partners, L.P., a New York private equity fund that makes controlling investments in middle market companies that require operational or financial restructuring, today announced that it has acquired Alcoa Automotive Castings (AAC) from Alcoa Inc. . Terms of the transaction were not disclosed.

AAC manufactures a full range of safety-critical suspension and chassis components, including sub-frames, cradles, steering knuckles, engine brackets and control arms, through a proprietary low-pressure casting technology at facilities in Michigan, Norway and China. Monomoy will merge AAC into Compass Automotive Group, LLC (Compass), a Monomoy portfolio company and leading provider of aluminum and magnesium component solutions to car makers and Tier I automotive suppliers.

Alcoa Automotive Castings is a proven market leader with leading technology, well-regarded products and a strong industry position, said Craig Conaty, chief executive officer of Compass. Compass acquisition of AAC is an important part of our strategy to consolidate Tier II automotive suppliers and enables us to offer a full range of cost-effective, safety-critical component solutions to Tier I suppliers throughout the world.

With the addition of AAC, Compass becomes a $220 million manufacturer and the leading North American supplier of safety-critical aluminum and magnesium components for chassis and suspension applications. Industry veteran Gary L. Convis, most recently chairman of Toyota Motor Manufacturing Kentucky and a managing officer of the Toyota Motor Corporation, has joined the Compass Board of Directors to help Monomoy build Compass into an industry-leading automotive platform.

We are excited to join the Compass family, said Rick Borns, general manager of AAC, who will become the general manager of the Michigan and Norway business units. With the leadership of Gary Convis and an industry-leading sales force and engineering group, Compass will be a powerful force at a critical time for the global automotive industry.

Compass also operates Castings Technologies Company, a squeeze cast manufacturer of aluminum auto parts in Indiana; Magnesium Aluminum Corporation, a die cast manufacturer of highly engineered aluminum and magnesium components in Ohio and Mexico; and SRC, the leading North American manufacturer of magnesium flux, a refining agent used in the production of industrial aluminum and magnesium. Following the Alcoa acquisition, Compass can provide highly engineered component solutions to both car makers and Tier I automotive suppliers in either of two lightweight metals (aluminum or magnesium) and any of three cost-effective manufacturing processes (squeeze casting, low pressure casting or die casting).

Monomoy is committed to improving our portfolio companies by adding complementary assets and taking advantage of unique industry opportunities like those in the automotive supply chain, commented Monomoy partner Justin Hillenbrand. The acquisition of Alcoa Automotive Castings is a perfect example of our investment thesis: AAC was a non-core asset for Alcoa but it is an ideal partner for Compass that we can improve and grow. We will continue to seek similar opportunities to strengthen the Compass brand over the next few months.

Financing for the transaction will be provided by Wachovia Bank, N.A. and Landsbanki Finance, Plc. Richard Porter and Kevin Morris of Kirkland & Ellis represented Monomoy in the transaction. Jim Mulick of Ameridan Resources provided Monomoy with strategic and market advice in connection with the transaction.

About Compass Automotive Group, LLC

Compass Automotive Group, LLC is a leading provider of engineered component solutions to Tier I automotive suppliers formed in July 2007 by Monomoy Capital Partners, L.P. to consolidate safety critical component manufacturers in the automotive supply chain. Compass is the corporate parent of Casting Technologies Company, a squeeze cast manufacturer of aluminum suspension components and compressor scrolls; Magnesium Aluminum Corporation, a die cast manufacturer of aluminum and magnesium steering wheels, steering columns and airbag enclosures; AAC, a low pressure caster of aluminum chassis and suspension components; and SRC, the leading North American manufacturer of magnesium flux, a refining agent used in the production of industrial aluminum and magnesium. Compass employs over 900 team members in Detroit and Fruitport, Michigan Franklin, Indiana, Cleveland, Ohio, Matamoras and, Chihuahua, Mexico, Farsund, Norway and Stuttgart, Germany, and produces parts for cars, motorcycles and light trucks sold in North America, Europe and Asia.

About Alcoa, Inc.

Alcoa is the world's leading producer and manager of primary aluminum, fabricated aluminum and alumina facilities, and is active in all major aspects of the industry. Alcoa serves the aerospace, automotive, packaging, building and construction, commercial transportation and industrial markets, bringing design, engineering, production and other capabilities of Alcoa's businesses to customers. In addition to aluminum products and components including flat-rolled products, hard alloy extrusions, and forgings, Alcoa also markets Alcoa wheels, fastening systems, precision and investment castings, structures and building systems. The company has 116,000 employees in 44 countries and has been named one of the top most sustainable corporations in the world at the World Economic Forum in Davos, Switzerland. For additional information Alco, please visit www.alcoa.com.

About Monomoy Capital Partners, L.P.

Monomoy Capital Partners, L.P. is a $280 million private equity fund that makes controlling investments in middle market companies that require operational or financial restructuring. Monomoy targets fundamentally sound businesses with revenues less than $200 million and acquires businesses through bankruptcy, out-of-court restructurings, corporate divestitures and other complex transactions. The Fund has completed 12 transactions over the past 26 months in the smaller end of the middle market. For additional information on Monomoy, please visit www.mcpfunds.com.