17th May 2006 10:00
For immediate release 17th May 2006Candover acquires EurotaxGlass's Group, a leading provider of automotive data and intelligence services, for an enterprise value of ¢â€š¬480 millionCandover*, a leading European buyout specialist, announces that it has signedan agreement to acquire EurotaxGlass's (ETG), an HM Capital Partners LLC(formerly Hicks, Muse, Tate & Furst Incorporated) company for an enterprisevalue of ¢â€š¬480 million, which includes an undisclosed cash element. This is thesecond investment to be made from the ¢â€š¬3.5 billion Candover 2005 Fund, whichhad its final closing in November 2005.ETG was formed by HM Capital following the acquisitions of Glass's InformationSystems Ltd in 1998 and Eurotax AG in 2000. The company collects a wide varietyof automotive data including new car pricing, used car valuations, technicalspecifications, repair and maintenance part lists and pricing, and technicalreference materials for more than 500,000 vehicle variants from 1,000manufacturers. ETG distils this data into commercially valuable analysis whichis sold in 28 countries across Europe to more than 150,000 customers. Thecompany is headquartered in Freienbach, Switzerland.Candover is backing an experienced management team led by Kevin Gaskell, CEO.Since joining ETG in 2001, Kevin and his team have integrated and restructuredthe business to deliver consistent profit growth during a period of significantmarket change. The business is now uniquely positioned to deliver growth in itscore European markets; the UK, Germany, Switzerland and Austria, offering newproducts for existing clients as well as rolling out across new Europeanterritories.Equity funding will be provided by the Candover 2005 Fund and management, withdebt and mezzanine financing arranged and underwritten by Bank of Scotland.Kevin Gaskell, CEO of ETG, commented:"Continuing to meet the expectations of an increasingly sophisticated customerbase will remain our priority, and the rolling out of new, high value digitalsolutions will be a key part of this strategy. Candover has a depth ofunderstanding of both the automotive and the intelligence sectors and theirbacking will be critical as we enter the next phase of our development. ETG hasidentified significant growth opportunities across existing and new territoriesand we are now well placed to continue to build on our strong position inEurope."Commenting on the transaction, Charlie Green, Managing Director of Candover,said:"ETG fits Candover's investment criteria well; we seek to back strongmanagement teams operating in sectors with attractive market dynamics and highbarriers to entry. ETG occupies a unique position as the only provider ofcomprehensive automotive intelligence on a pan-European basis, and it has astrong management team with an excellent track record of operationalimprovement. The business is well invested and cash generative and capable ofdelivering strong organic growth. We are very excited to be backing Kevin andhis team and look forward to working closely with them."The Candover team was led by Charlie Green and Marek Gumienny, ManagingDirectors, and Simon Holden and Emma Wilkinson, Investment Managers.HM Capital and management were advised by JPMorgan. Candover was advised byGoldman Sachs International and LongAcre Partners (advisory),PricewaterhouseCoopers (accountancy), Deloitte (tax) and Clifford Chance(legal).-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 Funds and as Manager of the Candover 2005 Fund.For further information, please contact:For Candover:Charlie Green / Simon Holden +44 (0) 207 489 9848Tulchan CommunicationsJulie Foster / Peter Hewer +44 (0) 20 7353 4200For EurotaxGlass:Peter Cox / Peter Haynes at Automotive PR Tel: +44 (0) 207 494 8050Mob: +44 (0) 7980 548794Email: [email protected] to EditorsCandover is a leading provider of private equity for large European buyouts.Founded in 1980, Candover has invested in 127 transactions with a value inexcess of ¢â€š¬37 billion. Investment in deals by Candover is provided in twoforms, from Candover Investments plc, a publicly quoted investment trust, andfrom funds managed by Candover Partners Limited, a wholly owned subsidiary.Candover has previous expertise in the data, solutions and businessintelligence market following investments in Bureau van Dijk ElectronicPublishing and Wood Mackenzie as well as experience of the automotive sectorvia its investments in Camden Motors and Thule. This will be Candover's secondinvestment of an international business headquartered in Switzerland, havinginvested in Swissport in 2002, the leading global ground-handling serviceprovider, and successfully exited in 2005.The Candover Group has three offices in London, Paris and Dƒ¼sseldorf, and alocal advisor in Madrid. Candover Partners is authorised and regulated by theFinancial Services Authority in the UK.www.candover.comCandover Partners Limited 20 Old Bailey London EC4M 7LN Telephone +44 (0)207489 9848 Fax +44 (0)20 7248 5483e-mail info@candover .com www.candover.com Authorised and regulated by theFinancial Services Authority.ENDCANDOVER INVESTMENTS PLCRelated Shares:
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