The Cypress Group Announces Name for Automotive Aftermarket Group
Wednesday, 08 September 2004
The Cypress Group announced today that the automotive aftermarket business it is in the process of purchasing from Dana Corporation will be named "AFFINIA" after the transaction is completed. The announcement was made by Michael Finley, Managing Director of Cypress.
"The name AFFINIA reflects the collaborative approach the business maintains with its many constituents," said Finley. "It describes the spirit of teamwork and service that guides the way the aftermarket team does business with its customers, and also speaks to the collaboration and teamwork that characterize the way the company's people interact each day. Of course, when it comes to names, the brands we're purchasing are what draw the most attention; but we feel that with AFFINIA, the aftermarket management group has made a great choice for the new corporate entity."
Finley went on to explain that, although AFFINIA will serve only as an umbrella over all of the company's brands, it was carefully chosen to represent the personality of the group's ongoing commitment to its people, customers, business partners and vendors.
The new company signature features the word mark AFFINIA and a new company symbol. These will be used on all company signage, business stationery and cards, advertising, and other communications once the purchase from Dana is finalized.
With 2003 net sales of approximately $2.0 billion, Dana's Automotive Aftermarket Group is one of North America's leading suppliers of automotive and heavy duty products. A leader in the brake, chassis and filter markets, the company will sell its products under a well-known portfolio of brands including Raybestos, Wix, Spicer, Aimco, McQuay-Norris, Nakata, Beck/Arnley and others.
The Cypress Group is a New York based private equity group which 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. Investments made by Cypress include Cinemark, Inc.; AMTROL, Inc.; Williams Scotsman, Inc.; WESCO International, Inc.; ClubCorp, Inc.; Danka Business Systems PLC; MedPointe Inc.; Montpelier Re Holdings, Ltd.; Republic National Cabinet Corp.; Catlin Group Ltd.; The Meow Mix Company; Financial Guaranty Insurance Company (FGIC); and Communications & Power Industries, Inc. The Cypress Internet address is: www.cypressgp.com.
Kekst and Company
David Lilly, 212-521-4800