IMI plc (Polypipe Group)

September 5, 2005

      Compass Advisers, LLP ("Compass") is pleased to announce the sale of IMI plc's ("IMI") leading plastic pipe and building service products manufacturer, Polypipe Group ("Polypipe"), to an investment fund owned by New York-based private equity investment firm Castle Harlan, Inc.  The transaction, valued at £293 million (approximately $527 million), highlights Compass' ability to provide cross-border advisory services to companies around the globe to support their corporate strategies.

      Polypipe is based in Doncaster, South Yorkshire, U.K, with approximately 2,900 employees in 39 main facilities, most of them in the U.K.  The company serves niche segments of the plastic pipe and fittings markets in the U.K., Ireland, Germany and France.  Prior to the sale, Polypipe was a subsidiary of IMI, an international engineering company traded on the London Stock Exchange that is focused on fluid controls and retail dispense markets around the world.

      Compass acted as the sole financial advisor to IMI, providing due diligence, valuation, and negotiations assistance, and helping the company source and select an appropriate buyer of its Polypipe division.  With an excellent reputation for its high quality product line, strong brand recognition and brand loyalty, Polypipe was a distinctive fit for Castle Harlan, a firm that invests in and develops strong middle-market leaders.