First Brands Group Commences Wind Down of North American Brake Parts Inc., Cardone, and Autolite Business Units

All Other Business Units Continue to Operate as Company Pursues Strategic Sale Transactions Across Its Portfolio of Market-Leading Products and Brands

ROCHESTER HILLS, Mich.–(BUSINESS WIRE)–First Brands Group, LLC (“First Brands” or the “Company”), a leading global supplier of automotive parts, announced that it has commenced a wind down of certain of its North American business operations, including its Brake Parts Inc., Cardone, and Autolite brands. First Brands’ remaining business units continue to operate while the Company assesses pathways to transition these operations to new ownership.

“Over the past several months, we explored all available options to secure funding and advance the sale process for the Brake Parts Inc., Cardone, and Autolite businesses,” said Charles Moore, interim Chief Executive Officer of First Brands Group. “Unfortunately, those efforts ultimately did not result in a viable solution which would enable us to maintain these operations. While this is not the outcome we worked toward, I want to sincerely thank our employees for their dedication, professionalism, and resilience throughout this process. As we move forward, we will continue to act in a disciplined manner to maximize value and transition our remaining portfolio of leading brands to new ownership in partnership with our key customers.”

Continued Efforts to Maximize Value

The wind down does not include First Brands’ other North American businesses including filters, wipers, pumps, lighting, towing, and accessories. First Brands is in productive dialogue regarding those businesses with certain key customers who recognize the critical role they play in the automotive supply chain and are supportive of their continued operations.

This wind down also does not include First Brands’ Rest of World (ROW) operations, which are not part of the Company’s chapter 11 cases, and First Brands is continuing to assess pathways to transition these businesses to new ownership.

Chapter 11 Information

Additional information regarding First Brands’ chapter 11 process is available at https://restructuring.ra.kroll.com/firstbrands. Stakeholders with questions may call the Company’s Claims Agent, Kroll, at (877) 631-1151 or +1 (646) 290-7146 if calling from outside the U.S. or Canada, or email firstbrandsinfo@ra.kroll.com.

Advisors

Weil, Gotshal and Manges LLP is serving as legal counsel, Lazard is serving as investment banker, Alvarez & Marsal is serving as financial advisor, and C Street Advisory Group is serving as strategic communications advisor to First Brands Group.

About First Brands Group

First Brands Group™ is a global automotive parts company that develops, markets and sells premium products through a portfolio of market-leading brands including: Raybestos® complete brake solutions, Centric Parts® replacement brake components, StopTech® performance brakes, FRAM® filtration products, Luber-finer® filtration products, TRICO® wiper blades, ANCO® wiper blades, Michelin® licensed wiper blades, Carter® fuel and water pumps, Autolite® spark plugs, StrongArm® lift supports, Carlson® brake hardware, CARDONE® new and remanufactured replacement parts, and our towing & trailering portfolio composed of REESE®, DRAWTITE®, BULLDOG®, TEKONSHA®, FULTON®, Westfalia® along with Hopkins® universal owned and licensed brands and Philips® licensed aftermarket lighting. The First Brands Group™ portfolio of world-class brands offers best-in-class technology, industry-leading engineering capabilities and superior customer service.

Contacts

C Street Advisory Group
firstbrands@thecstreet.com