Auto Businesses of Industrie Maurizio Peruzzo Acquired by the Lear

26 March 1999

The Automotive Businesses of Industrie Maurizio Peruzzo Are Acquired by the Lear Corporation

    NEW YORK--March 25, 1999--Industrie Maurizio Peruzzo (IMP) announces that it has sold the automotive divisions of subsidiaries Polovat SP.ZO.O, Ovatex Spa and Valpadana Sud Spa to the Lear Corporation, one of the world's largest automotive suppliers.
    Polovat, Ovatex and Valpadana Sud manufacture, among other things, insulation products which reduce noise and vibration levels, and assist in climate control for the automobile and truck industries. They are leading suppliers of flooring and acoustic products to the European automotive market. Polovat has three plants in Poland, and Ovatex and Valpadana Sud have plants in Northern and Southern Italy, respectively. The three companies are major suppliers to Fiat and Daewoo. Collectively, the automotive divisions have over 600 employees and annual sales in excess of $45 million. The non-automotive divisions of these three subsidiaries were retained by IMP, a leading European manufacturer of wadding, non-woven textiles and fittings for various industries (i.e. clothing and furnishing), and supports for bituminous membranes and geo-textiles.
    Lear Corporation is a Fortune 500 company with facilities located in 28 countries on six continents. Lear has more than 60,000 employees and recorded $9.1 billion of revenues for 1998.
    Madison Capital Group, USA, LLC acted as financial advisor to IMP for these transactions in collaboration with legal counsel Francesco Camilotti of Camilotti-Ceccon-Polettini of Padua, Italy and tax consultant Cristiano Cerchiai of Bombassei-Cerchiai-Vidal of Venice, Italy.
    Madison Capital Group (MCG) is a private investment banking firm based in New York specializing in corporate finance, mergers and acquisitions, and other cross-border transactions and financial advisory services between the United States and Europe.
    MCG is dedicated to creating mutually beneficial business arrangements between the organized liquidity available in the United States and the investment opportunities for small to medium-sized corporations and institutions in continental Europe. By facilitating European companies' access to U.S. capital markets while collaborating with local European legal and tax advisors, MCG provides an attractive alternative in the international corporate finance industry.
    Madison Capital Group was founded in 1995 by Mr. Michele Hausmann and Ronald L. Linclau. Among other transactions that MCG has advised its clients on are: the July 1996 restructuring of the Cagiva Group and its subsequent sale of Ducati Motorcycles; the acquisition of Speedline by Amcast Automotive in July 1997; and the acquisition of Radio Cine Forniture by Mackie Designs Inc. in June 1998.