22nd Sep 2005 15:36
The information contained herein is not for publication or distribution topersons in the United States of America. Any securities referred to herein havenot been and will not be registered under the U.S. Securities Act of 1933, asamended (the "Securities Act"), and may not be offered or sold withoutregistration thereunder or pursuant to an available exemption therefrom. Anyoffering of securities to be made in the United States would have to be made bymeans of an offering document that would be obtainable from the issuer or itsagents and would contain detailed information about the issuer of thesecurities and its management, as well as financial information. Neither thisdocument nor the information contained herein constitutes an offer to sell orthe solicitation of an offer to buy any securities. These materials do notconstitute an offer of securities for sale in the United States; the securitiesmay not be offered or sold in the United States absent registration or anexemption from registration. No money, securities or other consideration isbeing solicited, and, if sent in response to the information contained herein,will not be accepted.For immediate release 22nd September, 2005Candover acquires Thales High Tech Optics for ¢â€š¬220 millionCandover*, a leading private equity house specialising in European buyouts,today announces that is has signed an agreement to acquire the High Tech Opticsdivision of Thales for ¢â€š¬220 million. Equity funding will be provided by fundsmanaged by Candover with debt and mezzanine financing provided by Royal Bank ofScotland. Management will also be investing in the transaction. Further detailsof the financing structure have not been disclosed. The deal is conditionalupon regulatory approval.High Tech Optics (HTO) is a world leader in the design and manufacture of highprecision optical components and modules for military and civil applications.HTO has principal operations in the UK and Singapore and various othermanufacturing or commercial activities in France, Germany, Hungary and the US.The company employs approximately 1,400 people and reported revenues of ¢â€š¬124million in 2004.In the UK the company specialises in the design and manufacture of complexoptical modules and components for applications in avionics, defence optics,night vision and space. Principal products include head up displays foraircraft jets, advanced optics modules for defence equipment and infra-redoptics programmes, night vision sites and coatings for satellites.In Singapore the company designs and manufactures high precision opticalcomponents and sub-assemblies for the defence night vision market as well asthe medical and instrumentation market.Candover is backing a management team with extensive industry experience, ledby CEO Benoit Bazire who commented:"We have ambitious plans for HTO and plan to create an unrivalled global playerable to offer customers a full range of products and services in the high techend of the optics value chain. Candover has indicated its full support for ourgrowth strategy and we welcome them as our new owner."Commenting on the announcement, Cyril Zivrƒ©, Director of Candover, said:"HTO fits Candover's investment criteria perfectly: It is a global leader inits field; it has a niche position in an industry with significant growthpotential; enjoys long established relationships with its large customer base;and is led by an experienced and well respected management team. HTO providesus with a strong platform for industry consolidation and we look forward toworking with management to identify acquisition and expansion opportunities."The investment in HTO will be the fifteenth investment made by the Candover2001 Fund. Following the completion of the transaction, the 2001 Fund will be86% drawn down.Candover's advisors on the transaction were ABN Amro (M&A), PricewaterhouseCoopers (accountancy), Weil Gotshal & Manges (legal) and Roland Berger(industry consultants).- Ends -* Candover means Candover Investments plc and/or one or more of itssubsidiaries, including Candover Partners Limited as General Partner of theCandover 1994,1997 and 2001 FundsFor further information please contact:Candover:Cyril Zivre/Cyrille Chevrillon/Jean-Michel Coulot, Paris +33 (0) 1 58 36 43 50Nils Stoesser, London +44 (0) 20 7489 9848Tulchan CommunicationsJulie Foster/ Peter Hewer +44 (0) 20 7353 4200 +44 (0) 20 7353 4200Note to Editors:Candover* is a leading provider of equity for large European buyouts. Since itsformation in 1980, it has invested in 124 buyouts worth over ¢â€š¬25 billion.Investment in deals by Candover is provided in two forms, from CandoverInvestments plc, a publicly quoted investment trust capitalised at around ¢â€š¬470m, and from funds managed by Candover Partners, a wholly owned subsidiary.Candover is currently raising the Candover 2005 Fund which has a target size of¢â€š¬3bn. A first close at ¢â€š¬2.3bn was held in August 2005, and brings Candover'stotal funds managed since inception to ¢â€š¬7.5bn to date.Prior to today's announcement, the Candover 2001 Fund had made 14 investments:the buyout of Wood Mackenzie, a leading provider of research and consultingservices, the ¢â€š¬465m acquisition of Thule, the world leader in sports utilitytransportation, the acquisition of Alcontrol, a leading European environmentaland food testing company; the buyout of Bureau van Dijk‚¸ one of Europe'sleading electronic publishers of business information; the ¢â€š¬320m acquisition ofUCB's Films business, now known as Innovia Films; the ¢â€š¬729m acquisition of Vetco International, a major global participant in the oilfield servicessector; the ¢â€š¬182.5m buyout of Equity Trust, a global provider of trust andfiduciary services; the ¢â€š¬1.65bn acquisition of academic publishersBertelsmannSpringer and Kluwer Academic Publishers to form a new company, Springer; the ¢â€š¬141m MBI of Wellstream, a manufacturer of flexible pipe for theoffshore oil and gas sector; the ¢â€š¬1.9bn buyout of Gala, the retail gamingcompany; the ¢â€š¬1bn buyout of Belgium-based Ontex, a leading European producer ofhygiene products for the babycare, feminine hygiene and adult care markets; the¢â€š¬709m formation of Aspen Insurance, one of the largest independent reinsurancevehicles in the UK market; and the ¢â€š¬393m buyout of Swissport, a global groundhandling business, from the former Swissair Group AG. The 2001 Fund alsoinvested in the ¢â€š¬3.1bn buyout of Kabel Deutschland GmbH, a German cable TVcompany.During the last 18 months Candover has realised almost ¢â€š¬2.3bn from a number offull and partial exits and several refinancings, most notably the sale of Swissport, the IPO of Aspen, the sale of an equity stake in Gala, and therecapitalisations of Gala, Springer, Vetco and KDG .The Candover Group has three offices in London, Paris and Dƒ¼sseldorf, and alocal advisor in Madrid. Candover Partners Limited is authorised and regulatedby the Financial Services Authority in the UK.www.candover.comENDCANDOVER INVESTMENTS PLCRelated Shares:
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