Heritage Completes Investment in Centra Industries Inc.



    Private IPO(R) Provides Liquidity and Ownership

    BOSTON, November 5 /CNW/ - Heritage Partners, the leading private equity
firm focused on family owned businesses, today announced it has completed a
CAD$24.9 million equity investment in Centra Industries Inc., a family-owned
manufacturer of structural components and assemblies for commercial aircraft.
The transaction was structured as a Heritage Private IPO(R), allowing the
family shareholders to receive substantial personal liquidity, ample capital
for future growth and still retain control of the company.

    Headquartered in Cambridge, Ontario, Centra is a leading supplier to the
Canadian and U.S. aerospace industries. Specializing in high-speed production
of geometrically complex, tight tolerance parts, Centra provides structural,
wing and landing gear components supporting major commercial and military
aircraft programs. The company's products are sole-sourced by its major
customers and can be found on the industry's leading platforms including
Boeing's 737, 747, 767, 777 and 787, and Bombardier's RJ 200/700/900, CL604
and Global Express. Centra, founded in 1974, was purchased in 1986 by Bob
McIntyre, the father of Centra's current President. Immediately following the
acquisition, Bob shifted the direction and focus of the company from a local
tool and die operation, to one centered on complex production machining for
the aerospace and commercial markets. In January 1993, David McIntyre, the
current President and largest shareholder, joined the company and has led
Centra on its very successful history of growth.

    "We are very pleased to invest in Centra, a true industry leader known
for exceptional quality, delivery and technical performance," said Mark Jrolf,
a General Partner at Heritage Partners, who will join the Centra Board of
Directors. "Centra's outstanding capabilities have made it a critical supplier
to its customers' leading platforms. With demand for new aircraft strong,
Centra is poised for continued significant growth."

    "We welcome this partnership with Heritage, a firm that shares our
commitment to building stakeholder value," said David McIntyre, President,
Centra Industries Inc. "Heritage offers a differentiated approach and truly
understands the needs of family business owners. The Heritage Private IPO(R)
structure provides my family and me with the unique opportunity to realize
meaningful personal liquidity, while continuing to control and grow our
business. We look forward to a successful and close working relationship with
Heritage."

    Gowlings Lafleur Henderson LLP served as legal counsel to Centra. Choate,
Hall & Stewart LLP and Frasier Milner, Casgrain LLP provided legal services to
Heritage Partners. NewPoint Capital Partners provided financial advisory
services to Centra. CIT Group, Inc. led the debt financing.

    About Heritage

    Heritage, a Boston-based private equity firm, specializes in providing
private equity for family-owned businesses and closely-held companies. Through
its unique Private IPO(R) structure, Heritage enables the owners of successful
middle-market companies to realize significant personal liquidity while
maintaining a large equity investment and ongoing control of their business.
For nearly two decades, Heritage has served as an experienced strategic
partner for entrepreneurs seeking to grow their companies through
acquisitions, organic business and operational improvements. For more
information, please see: www.heritagepartnersinc.com.

    About Centra Industries Inc.

    Ontario-based Centra Industries Inc., supplies structural, wing and
landing gear components supporting major commercial and military aircraft
programs. For more than 30 years, Centra has supplied manufacturing solutions
to the world's best airframe manufacturers. Centra is committed to being a
global partner for integrated aerospace structures through the application of
cutting-edge high-speed machining technology, the deployment of sophisticated
business systems and program management capability, proposing intuitive
value-added solutions to its clients' business needs, and leveraging
information technology in all areas of its business. More information can be
found at www.centra-ind.com.




For further information:

For further information: BackBay Communications Peter Czyryca,
617-536-7539 peter@backbaycommunications.com

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