| Vol.1 No.2 December 2006 |
| Capital Raising |
| New Investments |
| Exit Events |
| Corporate News |
| Cumulative Investments |
| Country Diversification |
| Industry Diversification |
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London 25 Bedford Street London WC2E 9ES Tel +44 (0)207 539 7000 Nathalie Faure Beaulieu Simon Henderson Giles Cheek Matthew Gordon Clark Alex Morey Jerry Tebbutt Paris 55 Avenue Hoche F-75008 Paris Tel +33 (0)1 40 68 06 66 Jean Eichenlaub Jacques Pancrazi Stephanié Legrand |
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| CAPITAL RAISING | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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In September, European Capital Limited and its subsidiaries, European Capital S.A. SICAR and ECAS S.à.r.l (collectively, "European Capital") announced an increase under its multi-currency revolving credit facility, denominated in Euros, Pounds Sterling and U.S. Dollars, from €400 million ($513 million*) to €900 million ($1.2 billion*). Wachovia Securities International Ltd. is the lead arranger and sole bookrunner of the facility. The lenders in European Capital's revolving credit facility are Wachovia Bank, N.A., London Branch, Bank of Montreal Ireland p.l.c., Citibank, N.A., London Branch, Alpine Securitization Corp., an affiliate of Credit Suisse, JP Morgan Chase Bank, N.A., London Branch and its affiliate Chariot Funding LLC. European Capital may request advances under the facility until August 2008 or through a later date if the facility is extended. Advances will incur interest at the applicable interest base rate for each currency plus 110 basis points. The facility is secured by certain debt investments made by European Capital and has a variable advance rate.
“This increase in European Capital’s credit facility provides it with additional capital availability to meet the demands of its robust pipeline of investment opportunities and also establishes new relationships with several premier financial institutions,” said Tom McHale, American Capital Senior Vice President, Finance. “The expansion also confirms the quality of the European Capital team and the portfolio.” “American Capital’s longstanding relationships with financial institutions and capital markets expertise have provided European Capital with financial resources typically not available to new funds or managers,” said John Hooker, American Capital Vice President, Debt Capital Markets. “European Capital is enjoying similar access to attractively priced and flexible capital as American Capital, which is a great competitive advantage.” *Exchange rate as of announcement date 1/9/2006.
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| NEW INVESTMENTS | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| EXIT EVENTS | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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In the fourth quarter of 2006, European Capital realized a gain of €1.3 million ($1.7 million) from the IPO and exit of its portfolio company SeLoger.com (SLG), formerly Poliris. SeLoger.com is the leading French online publisher of real estate housing listings for real estate agencies. European Capital recognized total proceeds of €15.1 million ($19.8 million) upon the exit, earning a 27.3% compounded annual rate of return on its investment, including interest, dividends and fees earned over the life of European Capital’s investment. The gain realized by European Capital was greater than the third quarter 2006 valuation of this investment by €955,000 ($1.2 million), or 245%.
In January 2006, European Capital invested €13 million ($16 million*) in the warranted mezzanine facility arranged by BNP Paribas to support 3i’s investment in SeLoger. For more information about the Groupe SeLoger investment, click here. *Exchange rate as of announcement date 24/1/2006.
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| CORPORATE NEWS | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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European Capital currently has 62 employees in its U.K. Buyout Team, Paris Buyout and Mezzanine Team, Pan European Mezzanine Team, Finance Team, Financial Analysis and Compliance Team and Information Technology Department.
Recent additions to European Capital include Alex Morey, Director, and Julian Masters, Investment Director, to its U.K. Buyout Team in its London office. Mr. Morey joined European Capital Services from Credit Suisse Private Equity, where he was a Director. Credit Suisse Private Equity, the global private equity arm of Credit Suisse, is one of the largest managers of alternative assets in the world with more than $29 billion in committed capital. Mr. Morey has served on the boards of numerous portfolio companies in the U.K., Europe and the U.S. ranging in size from start-ups to revenues of over $3 billion. Prior to his time at Credit Suisse Private Equity, he was with Arthur Andersen Corporate Finance, where he advised on U.K. buyouts. Previously, Mr. Morey worked with PricewaterhouseCoopers in the corporate finance team, where he qualified as a Chartered Accountant in 1991. Mr. Masters also joined European Capital Services from Credit Suisse Private Equity, where he was a Director. Mr. Masters represented Credit Suisse Private Equity on the boards of various portfolio companies including Grohe AG, Safilo SpA and Vistorm Ltd. Prior to Credit Suisse Private Equity, Mr. Masters was with PricewaterhouseCoopers Transaction Services Group, including a nine month secondment to Bridgepoint Capital in London. Julian is a Chartered Accountant having qualified with PricewaterhouseCoopers in 1998. For the complete press release highlighting the appointment of these Directors, click here. For more information about the European Capital staff, click here.
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*Based on portfolio company headquarter locations. As of 30/9/2006
*As of 30/9/2006
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