Beijing, PRC– October 1, 2010 – Key Principal Partners Corp. (“KPP”), a $1 billion private investment firm, has announced the sale of its interests in ASIMCO Technologies Limited (ASIMCO). ASIMCO is the largest independent producer of diesel engine components in China with market leading positions in piston rings, fuel systems, blocks and heads, air brake compressors, starters and camshafts. KPP and its co-investors’ interests were sold to a group comprised of Bain Capital and management. KPP will retain its ownership stake in ASIMCO Nanyue, the fuel system business based in Hunan Province.
“KPP is proud of the development of ASIMCO since we acquired the business in 2004,” said Leland Lewis, a Managing Partner of KPP. “From 2005 through today, revenues increased 140%, while earnings (EBITDA) increased more than three-fold. The development of the business has been more dramatic in the past two years with revenues increasing by 28% since 2008, while earnings have more than doubled again. We are pleased that a global investment firm like Bain Capital will continue the ASIMCO legacy and lead it to new heights. We also wish to thank the employees and management of ASIMCO for making it a successful investment for KPP and its other investors.”
About Key Principal Partners
Key Principal Partners (KPP) is a $1 billion private investment firm that provides expansion capital to profitable middle-market companies with at least $30 million in revenue. The firm has the flexibility to provide any combination of subordinated debt, preferred equity and/or common equity in either non-control (minority ownership) or control (majority ownership) positions. KPP can invest between $10 million and $40 million to facilitate the growth, acquisition, refinancing, deleveraging or liquidity needs of private company owners and their management teams. Affiliated with KeyCorp, KPP is headquartered in Cleveland, and has additional offices in Greenwich, and San Francisco.