Wagon was originally a railway wagon repair business, but hasaltered its focus over the years to automobiles. Specializing indesign, engineering and manufacturing of body structures andclosure systems, Wagon's customers include Peugot, Renault, Daimlerand Volkswagen with 22 plants in 10 countries.

"The new capital from WL Ross and WP Carey comes at an idealtime," explains Richard Cotton, CFO of Wagon, in a statement. "Itenables us to fund our growth initiatives, support the company'srecent contract wins with IVECO and Porsche, and repay existingdebt facilities."

WP Carey is also providing $10.5 million in financing to meetWagon's expansion plan. While WL Ross uses its deal to increase itsstake in Wagon from 15% to more than 75%. WL Ross is a principalinvestment firm and specializes in helping distressed companies. WPCarey provides long-term sale-leaseback and build-to-suit financingfor companies.