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.