AP Exhaust Technologies Appoints New CEO and President

GOLDSBORO, N.C. -- AP Exhaust Technologies has appointed Chris Ostrander as its new chief executive officer and president. Evangelos "Vange" Proimos will continue as executive chairman working directly with Ostrander to develop the company's strategic vision, organic and acquisition growth initiatives, and customer relationships.

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"Together with the entire AP organization, I am thrilled to have Chris join us to help take AP Exhaust to the next level," stated Promos. "AP has a solid foundation with our history of growth, great customer relationships, and a market leading product line. Chris' experience in leading world-class companies will help us fulfill our vision of solidifying AP as the leading aftermarket exhaust and emissions supplier in the industry as the company enters its next stage of evolution. I look forward to working with him to continue building on the legacy of AP Exhaust."

Ostrander joins AP Exhaust with over 16 years of experience in the automotive aftermarket and OEM industries. Most recently he served four years as senior vice president and president of the Americas at Cooper Tire & Rubber (CTB), a leading global supplier of tires to the automotive aftermarket. Prior to Cooper, Ostrander led multiple business units and sales organizations at Eaton Corporation (ETN) including its global Commercial Vehicle and Aftermarket Sales Group, Torque Control Products Division, Performance Products Division, Fuel Emissions Division, and Mirror Controls Division.

Before Eaton, Ostrander held significant leadership roles for the BOC Group, PLC, a multinational manufacturer and distributor of industrial gases. Joining BOC in 1998 as a regional engineer, he advanced to vice president of sales and marketing for its Distributor Network before departing in 2004.

Prior to BOC, Ostrander was a commissioned officer for the Army Corps of Engineers upon graduation from the U.S. Military Academy at West Point in 1991. While in the Army Corps of Engineers, Ostrander advanced through the ranks as a platoon leader, battalion assistant supply officer, company executive officer, and assistant professor of Military Science instructing ROTC students at the University of Illinois prior to his honorable discharge as a Captain in 1997.

In addition to a mechanical engineering degree from West Point, Ostrander also holds a master of science degree from the University of Missouri at Rolla and an MBA from the University of Michigan.

"I am excited to join AP Exhaust at this transformational stage of the company," said Ostrander. "Through his leadership and vision, Vange developed AP into the clear leader in automotive aftermarket emissions control products through an impressive track record of growth. I look forward to learning from Vange and continuing his legacy by expanding our product offering to support our outstanding customer base with high quality products and service, while also driving our acquisition strategy both in the core emissions market as well as adjacent aftermarket segments."

Young Lee, Managing Director of Audax Private Equity, said, "With Chris joining as CEO and President, and with Vange continuing to support the business as Executive Chairman, we believe AP Exhaust is strategically positioned for accelerated growth. It provides us with an infrastructure to execute a transformational acquisition strategy for this business. We look forward to continued investments behind the AP platform to support this growth. We look forward to Chris and Vange collaborating to develop and execute the strategy."

ABOUT AP Exhaust:
Founded in 1927, AP Exhaust is a market leading manufacturer of a complete line of OE replacement exhaust and emission products for the automotive, light truck, heavy-duty, agricultural, and industrial markets. AP Exhaust's product offering includes high quality mufflers, exhaust pipes, catalytic converters, performance exhaust and related accessories.

ABOUT AUDAX GROUP:
Audax Group, founded in 1999, is a leading investor in lower-middle market companies. With offices in Boston, New York and Menlo Park, Audax has over $6 billion in assets under management in its Private Equity, Mezzanine, and Senior Debt businesses. For more information visit the Audax Group
website: www.audaxgroup.com.