Hong Kong, 31 August, 2010 – Unitas Capital (Unitas) today announced that AITS L.P., an entity controlled by private equity funds advised by Unitas and certain other minority financial investors, has acquired 100% of Air International Thermal Systems (“Air” or “the Group”).

John Lewis, Partner and Chief Investment Officer of Unitas said: “We are delighted to lead this transaction and confirm our ongoing support for Todd Sheppelman and the management team at Air. Over the past two years, Todd and his team have delivered an outstanding track record of resource optimization, intense cost control, strong earnings growth and flawless program execution, all in the midst of a highly demanding market environment. This transaction, which has left Air virtually debt-free, will now allow Air to capitalize on major growth opportunities in China, the emerging sector recovery in North America and Europe, and significant new customer opportunities across all regions.”

Todd Sheppelman, Air’s CEO said: “Unitas has worked proactively and seamlessly with my management team over the past two years to help successfully manage the business through one of the most difficult periods in automotive industry history. The team at Air welcomes Unitas’ ongoing hands-on, supportive approach, and we are excited to have an opportunity to leverage Unitas’ in-house operating experts to deliver on our growth aspirations. The Unitas team of professionals offers a unique blend of mentorship; adding long term value to the company by emphasizing solid business fundamentals, challenging our assumptions and paradigms, driving continual improvements in operating systems and reinforcing Air’s strong focus on the customer. Their approach to supporting Air International has been extremely helpful and is very refreshing.”


About Unitas Capital

Unitas Capital is one of the largest dedicated regional private equity firms in Asia, with US$4 billion in capital commitments under management. Founded in 1999, the firm has deep rooted local connections throughout the region, including Australia, Greater China, Korea, and Singapore. Specializing in the consumer & retail and industrial manufacturing & services sectors, Unitas Capital has led some of the largest and most successful leveraged buyouts in Asia, including Mando Corporation, Haitai Confectionery and Buy The Way in Korea, Yellow Pages in Singapore, and Waco and Repco in Australia.


About Air International Thermal Systems

Air International Thermal Systems is a global Tier One supplier of heating, ventilation, and air conditioning (“HVAC”), power train cooling (PTC) systems and battery thermal management systems to the automotive industry. Air’s proven value proposition of cost, quality and flexibility conferred by its unique manufacturing model, together with a track record of flawless program execution, serve to differentiate Air from its larger global competitors. Headquartered in Australia, Air operates across China, Asia and North America.


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Kreab Gavin Anderson
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