KPS Capital Partners ("KPS") announced today that it has signed a put option 
agreement to sell its portfolio company Chassis Brakes International Group 
("Chassis Brakes" or the "Company") to Hitachi Automotive Systems, Ltd. 
("Hitachi Automotive"), a wholly-owned subsidiary of Hitachi, Ltd. (TSE/TYO: 
6501).  Works council consultations will be conducted, and completion of the 
transaction, which is expected in 2019, is subject to customary closing 
conditions.

Chassis Brakes is a leader in automotive safety solutions and one of the 
world's three largest manufacturers of automotive foundation brakes and 
foundation brake components.  Headquartered in Eindhoven, The Netherlands, the 
Company's primary products include brake calipers, disk brakes, drum brakes and 
parking brakes.  The Company focuses on developing safer, cleaner, smarter 
solutions that will support mega-trends impacting the automotive industry, such 
as connectivity, electrification and autonomous driving.  Chassis Brakes 
operates 12 world-class, state-of-the-art manufacturing facilities, as well as 
11 engineering centers and sales offices in Europe, Asia, India, North America 
and South America and has nearly 5,500 employees worldwide.

KPS created Chassis Brakes in 2012 to acquire the global automotive foundation 
brakes business of Robert Bosch GmbH in a highly complex global corporate 
carve-out transaction.  Under KPS' ownership, Chassis Brakes was transformed 
into an independent, fast-growing and innovative global business, and leveraged 
its industry-leading technological portfolio of products and capabilities into 
supply relationships with substantially all of the world's global automotive 
companies.

KPS made Chassis Brakes a better business by assembling a world-class 
management team led by Chief Executive Officer Dr. Thomas Wünsche, constructing 
four new state-of-the-art foundation brake assembly facilities (in Poland, 
China, India and Mexico), constructing four new state-of-the-art engineering 
and R&D centers (in Germany, India, The Netherlands and China), and 
successfully expanding into the North American automotive market.

Under KPS' ownership, Chassis Brakes invested an aggregate EUR 230.0 million in 
R&D and applied engineering, which resulted in commercializing three new 
transformational products: the "ZOHe" brake caliper, the disc-integrated 
automated parking brake ("APB-Mi") and drum-integrated automated parking brake 
("APB-Di").  

Chassis Brakes also invested significant capital in R&D and engineering to 
develop its Smart Brake (TM) and the world's first demonstration car operating 
exclusively with these electromechanical brake actuators (versus traditional 
hydraulic brake actuators) on four wheels, which was unveiled at the Winter 
Test 2019 in Sweden.

Michael Psaros, a Co-Founder and Managing Partner of KPS, stated, "Chassis 
Brakes exemplifies the KPS investment strategy of seeing value where others do 
not, buying right and making businesses better, across decades, economic and 
business cycles, geographies and industries.  

"We are proud of Chassis Brakes' extraordinary transformation under our 
ownership.  Chassis Brakes demonstrates our ability to build industry-leading 
manufacturing companies on a global basis.  The Company's success is a result 
of KPS' investment in R&D, application engineering, innovative new technologies 
and products, new manufacturing facilities and our people.  We congratulate and 
thank Dr. Thomas Wünsche, Chassis Brakes' Chief Executive Officer, and the 
Company's senior management team for their strategic vision and brilliant 
execution, and our employees worldwide for their passion for excellence."

Dr. Wünsche added, "Working in partnership with KPS, Chassis Brakes became a 
far better business by investing significantly in our operations, products, 
technology and people.  We thank KPS for providing our team with the expertise, 
capital and resources needed to grow our business and to further our culture of 
innovation and continuous improvement.  We are very excited about Chassis 
Brakes' future under Hitachi Automotive's ownership.  Chassis Brakes will 
remain committed to our core strategic values of providing our customers with 
the highest levels of product quality, innovation and customer service.  We 
thank our customers, suppliers and employees for their contributions to our 
success." 

Paul, Weiss, Rifkind, Wharton & Garrison LLP served as legal counsel, and 
Citigroup Global Markets, Inc. served as financial advisor to KPS and Chassis 
Brakes with respect to the transaction. 

About Chassis Brakes 
Chassis Brakes International Group is one of the world's three largest 
manufacturers of automotive foundation brakes and foundation brake components.  
Headquartered in Eindhoven, The Netherlands, the Company's primary products, 
which include safety-critical brake calipers, disk brakes, drum brakes and 
parking brakes, are sold directly to substantially all of the world's leading 
automotive companies and through aftermarket channels.  Chassis Brakes operates 
12 world-class, state-of-the-art manufacturing facilities, as well as 11 
engineering centers and sales offices in Europe, Asia, India, North America and 
South America and has nearly 5,500 employees worldwide.  For more information, 
please visit www.chassisbrakes.com. 

About KPS Capital Partners
KPS, through its affiliated management entities, is the manager of the KPS 
Special Situations Funds, a family of investment funds with approximately $5.0 
billion of assets under management (as of March 31, 2019).  For over two 
decades, the Partners of KPS have worked exclusively to realize significant 
capital appreciation by making controlling equity investments in manufacturing 
and industrial companies across a diverse array of industries, including basic 
materials, branded consumer, healthcare and luxury products, automotive parts, 
capital equipment and general manufacturing.  KPS creates value for its 
investors by working constructively with talented management teams to make 
businesses better, and generates investment returns by structurally improving 
the strategic position, competitiveness and profitability of its portfolio 
companies, rather than primarily relying on financial leverage.  The KPS Funds' 
portfolio companies currently have aggregate annual revenues of approximately 
$5.8 billion, operate 100 manufacturing facilities in 27 countries, and have 
over 22,000 employees, directly and through joint ventures worldwide.  The KPS 
investment strategy and portfolio companies are described in detail at 
www.kpsfund.com.

SOURCE: KPS Capital Partners

CONTACT: Business Inquiries: KPS, +1 212.338.5100; Media Relations: Mark 
Semer/Daniel Yunger, +1 212.521.4800