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Questor Partners Fund Completes Sale of AP Automotive Systems to Faurecia

3 January 2000

Questor Partners Fund Completes Sale of AP Automotive Systems to Faurecia

    SOUTHFIELD, Mich., Jan. 3 -- Questor Partners Fund I, L.P.
announced today that on December 31, 1999 it completed the sale of its AP
Automotive Systems, Inc. holding to Faurecia S.A. for more than $300 million,
including the assumption of debt.
    AP Automotive, headquartered in Toledo, Ohio, was created by the merger of
two Questor companies: Tube Products Corporation, acquired in 1996; and AP
Parts International, acquired in 1997.
    In four years, Questor successfully completed the turnaround of its
automotive holdings in which profitability, revenues, product quality and
delivery were improved substantially.  During the same period, AP Automotive
was transformed from a components producer to a focused designer and
manufacturer of integrated automotive exhaust systems for producers of
automobiles, light trucks and sports utility vehicles.
    Faurecia, headquartered in Boulogne, France, is one of the world's largest
automotive industry suppliers.  In addition to being one of the three largest
suppliers of integrated exhaust systems, Faurecia is one of the world's
largest manufacturers of automotive seating, vehicle interiors and front-end
modules.
    "In today's rapidly consolidating automotive industry, AP Automotive is
well established as one of the world leaders.  The company's future is even
brighter as an integral part of Faurecia, one of the leading global players,"
said Wallace L. Rueckel, a principal of Questor.  "The talented and dedicated
AP Automotive management team, working closely with Questor professionals,
restructured two underperforming automotive supply companies and built a
focused, consolidated corporation that has became a formidable competitor in
the highly competitive worldwide exhaust system business."
    Terry Bernander, president and chief executive officer of AP, will
continue to head the AP Automotive operations under Faurecia's ownership.
Questor recruited Bernander in 1996 to head the operations at Tube Products
Corporation and a year later to direct the consolidation of Tube Products and
AP Parts.
    AP Automotive has annual sales of more than $550 million and a list of
customers that includes General Motors, Ford, DaimlerChrysler, Volkswagen,
Volvo and Kia.  The company has plants in Toledo, Troy and Franklin, Ohio;
Louisville, Kentucky; Granger, Indiana; Torsas, Sweden; and Roermond, The
Netherlands.  Research, development and testing centers are in Toledo and
Torsas.
    Faurecia, created by the merger of Bertrand Faure and PSA Peugeot
Citroen's ECIA subsidiary, has more than 100 locations in Europe, North
America, South America and Asia and annual revenues of approximately $4
billion.  Its customer list includes most of the world's leading automotive
producers.
    Principals of Questor include Jay Alix, founder of Jay Alix & Associates,
one of the world's leading turnaround and crisis management firms, Henry L.
Druker, Dan Lufkin, Michael Madden, Rueckel, Robert E. Shields, and David M.
Wathen.
    Following the sale of AP Automotive, the portfolio of Questor Partners
Fund I includes Schwinn/GT Corp., Boulder, Colorado; Channel Master, Inc.,
Smithfield, North Carolina; PathSOURCE, Inc., Port Chester, New York; and a
substantial interest in IMPCO Technologies, Inc., Cerritos, California.  In
1998, Questor Partners Fund sold its Ryder TRS unit to Budget Group, Inc., and
sold its stake in Ockham Personal Insurance Holdings, PLC, back to the parent
of that London-based company.
    In 1999, Questor launched its $860 million Questor Partners Fund II and
its first investment was a substantial interest in Aegis Communications Group,
Inc., Irving, Texas, an integrated marketing services company with a blue-chip
client base.
    Questor Management Company, based in Southfield, manages the Questor
Partners Funds, which have more than $1 billion of committed equity capital.
The funds' objective is to acquire significant positions in companies that are
underperforming, troubled or have not met their owners' expectations, but
offer the potential for superior returns with the application of appropriate
levels of capital and turnaround or management expertise.