The Cypress Group Along With Its Lead Co-Investor, OMERS Capital Partners, Have Acquired Affinia Group Inc.

TORONTO--()--Dec. 6, 2004--The Cypress Group along with its lead co-investor, OMERS Capital Partners, are pleased to announce the closing of their acquisition of Affinia Group Inc., a leading North American and European aftermarket automotive manufacturer and distributor of brake, chassis, and filter components. Affinia is the renamed entity that purchased the Automotive Aftermarket Group from Dana Corporation (NYSE:DCN) for approximately US$1 billion.

In carrying out this acquisition, The Cypress Group, OMERS Capital Partners, and a few other institutional investors partnered with members of Affinia's senior management team. The investors are backing an experienced senior management team to execute a well defined and disciplined strategy to grow Affinia's market position.

The acquisition encompassed 52 facilities employing approximately 13,000 people worldwide. Combined annual sales for these operations totaled approximately $2 billion in 2003. The transaction also involved several premier replacement product brands and a variety of under-vehicle components.

The Cypress Group is a New York based private equity group that manages two private equity funds with more than $3.5 billion in commitments. Cypress invests in privately negotiated transactions, targeting operating businesses and investing with management to foster continued growth. The Cypress website address is: www.cypressgp.com.

OMERS Capital Partners invests in private equity assets in North America and Europe. It also invests on a global basis in private equity funds managed by top-tier general partners and co-invests alongside them in select opportunities. OMERS Capital Partners currently manages a $1.5 billion diversified portfolio of private equity assets. OMERS has been involved in private equity investing since 1989. OMERS Capital Partners is an OMERS corporation. With approximately $34.0 billion in net investment assets, OMERS is one of Canada's largest pension funds.

Contacts

OMERS Capital Partners
Don Morrison
Senior Vice President
(416) 361-1011
dmorrison@omerscapital.com

Contacts

OMERS Capital Partners
Don Morrison
Senior Vice President
(416) 361-1011
dmorrison@omerscapital.com