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Cloyes Gear Acquired by KPS Funds

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April 22, 2006—KPS Special Situations Funds announced their acquisition of Cloyes Gear and Products.

Financial terms of the agreement were not disclosed.

Headquartered in Fort Smith, AR, Cloyes is one of four global suppliers that provides customers with the design, engineering, manufacturing and supply chain management for the timing system in engines. According to the KPS press release, Cloyes is also one of the few global suppliers with a demonstrated ability to manufacture componenets used in growing markets for variable valve timing technology.

Cloyes operates four manufacturing facilities in the U.S., a manufacturing joint venture in Germany and three distribution/system assembly facilities in North America.

KPS plans to invest capital in Cloyes to fund growth opportunities. Cloyes' previous owners have retained minority interest in the company and Trevor Myers will continue to serve as CEO.