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Trident Automotive Buys FKI plc's Automotive Division

13 November 1997

UBS Capital and Phildrew Ventures Announce Trident Automotive's Purchase of FKI plc's Automotive Division

    NEW YORK, Nov. 13 -- UBS Capital and Phildrew Ventures
announce the exchange of contracts for the acquisition of the majority of the
Automotive Division of FKI plc.  A new company, Trident Automotive plc, has
been formed to effect the acquisition which remains subject to certain
conditions.  Completion of the transaction is expected by no later than
December 15, 1997.
    Trident Automotive's new group, employing 2,652 people, including
1,687 in North America, is a global supplier of control cable assemblies
primarily for the automotive industry.  Its cable products are principally
used in cars and light vehicles for the operation of parking brakes,
transmission shift systems, accelerator pedals and trunk and hood release
catches.  The group's cable operations are located in the United States,
Canada, France, UK, Germany and Brazil.
    The Company also produces front and rear lighting products and door
handles for the North American market.  These products are manufactured at the
group's factory in Kentwood, Michigan.  Trident will lease the Kentwood
premises from FKI plc.  J. Richard Jones, CEO of FKI Automotive, becomes
Chairman and CEO of Trident.
    The consideration is $157.5 million in cash, subject to balance sheet
adjustments at closing.  The Company had sales of approximately $300 million
in the year ended March, 1997.
    Equity funding for the transaction is being provided by UBS Capital B.V.
and The Phildrew Ventures Fourth Fund.  Debt financing is being arranged by
Gleacher NatWest, Goldman, Sachs & Co. and Union Bank of Switzerland.  Trident
has established additional facilities to provide financing for further
acquisitions.  CEO Jones comments:
    "As the global automotive supply base continues to consolidate, Trident,
with its strong financial partners, is well positioned to capitalize on this
consolidation trend.  We will continue our investment program in all our
companies throughout the world to ensure we maintain our leadership in
technical innovation, quality and competitiveness".  Jones and seven members
of his executive team are investing in the transaction.
    UBS Capital LLC Managing Director, Justin Maccarone, who joins the Trident
board, holds high hopes for the new group:
    "Under Dick Jones' leadership, Trident has achieved exceptional growth in
profitability over the past five years.  Trident has excellent technical
capabilities and we are excited by the opportunity to build a substantial new
automotive group through further acquisitions with this management team".
    UBS Capital B.V.'s investment was arranged by UBS Capital LLC in New York,
the private equity investment arm of Union Bank of Switzerland, which engages
in a wide range of transactions including management buyouts and growth equity
investments in North and South America.

SOURCE  UBS Capital