22nd Aug 2005 06:32
For immediate release on 22 August, 2005Candover sells Swissport for CHF 1.0 billionCandover*, a leading European private equity house, has today announced thesale of its investment in Swissport International, the world's leading aviationservice group, to Ferrovial, one of the world's largest infrastructure andservices companies, for an enterprise value of CHF1.0 billion (¢â€š¬646.0 million).Completion of the deal, expected in September 2005, is subject to competitionand regulatory approval.Candover led the ¢â€š¬393.0 million buyout of Swissport from the former SAirGroupin February 2002, backing the management team led by Joseph In Albon, Presidentand CEO, in the wake of the events of 9/11 and the administration of Swiss Air.Since then, Swissport has made a number of significant acquisitions, includingCSC, the world's largest independent cargo handler, and Groundstar, the UK'sleading handler of low cost airlines.Swissport is now active at more than 170 airports in 40 countries, handlingmore than 70 million passengers annually and 3.2 million tonnes of cargo for650 customers. The company employs 21,000 employees and generated turnover ofCHF 1.3 billion in 2004.Commenting on the sale, Charlie Green, Director of Candover, said:"Swissport has been an excellent investment for the Candover 2001 Fund,generating a return of 2.6 times the original cost. Under our ownership, thecompany has played a leading role in the consolidation of the global aviationservices industry and has grown sales by 25%. I have every confidence that thebusiness will continue its growth and development under Ferrovial's ownership.We wish the management team and the Swissport staff every success for thefuture and thank them for their contribution over the last three and a halfyears."The lead advisers on the sale process were Barons Financial Services, AlphaCorporate and Rothschild.The sale of Swissport, together with the recent partial realisation of Gala,will result in an increase of 77p per share (unaudited) in the net asset valueof Candover Investments plc as at 30th June, 2005.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:Charlie Green, Director +44 (0) 20 7489 9848Tulchan CommunicationsJulie Foster / Peter Hewer +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 ‚£415.3 million, and from funds managed by Candover Partners, a wholly ownedsubsidiary.During the last 18 months Candover has realised almost ¢â€š¬2.3 billion from anumber of full and partial exits and several refinancings. The sale ofSwissport follows other recent realisations from the Candover 2001 Fundincluding the IPO of Aspen, the partial realisation of Gala, and therecapitalisations of Gala, Springer, Vetco and KDG. Following completion of thesale of Swissport and the partial realisation of Gala, the Candover 2001 Fund,which is currently 82% drawn down, will have realised over ¢â€š¬1.2 billion, 57% ofthe amounts drawn down.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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