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FOR IMMEDIATE RELEASE:
10 November 2011

Contact:
European Capital Financial Services Limited      Tel: + 33 1 40 68 06 66
Stéphane Legrand, Director

Olivier Méline, Investment Director

EUROPEAN CAPITAL RECEIVES PROCEEDS OF €35 MILLION EUROS THROUGH ITS INVESTMENT IN THE DEVGLASS GROUP

St. Peter Port, Guernsey – 10 November 2011 – European Capital Limited and its affiliates (“European Capital”) announced today that the Devglass Group, a leading French independent manufacturer and distributor of insulating glass, has refinanced its bank debt and repaid €35 million of senior and junior mezzanine bonds held by European Capital. European Capital will continue to hold 40% of the equity alongside Olivier Rambeau, CEO and majority shareholder of the Devglass Group.

“We are very pleased with our investment in Devglass. The group has been able to create value ever since 2007,” declared Ira Wagner, President of European Capital Financial Services Limited (“European Capital Services“). “This refinancing shows that French banks are still prepared to back the most dynamic and best-performing regional middle-market companies even in this challenging environment“.

“In today's choppy credit markets, we believe more than ever that our ability to provide flexible financing solutions ranging from mezzanine and uni-tranche to minority or majority equity investments, multi-currency funding capabilities, and commitment to growing portfolio companies, make European Capital a desirable investment partner,” stated Tristan Parisot, Managing Director of European Capital Services.

“We are extremely pleased with our relationship with Olivier Rambeau and his highly experienced team,” said Stéphane Legrand, Director of European Capital Services. “Devglass has navigated through this crisis remarkably well - the group has been able to increase volumes and market share year after year”.

“Following substantial business plan outperformance, Devglass has been able to reduce its cost of debt and accelerate its growth,” said Olivier Rambeau, CEO of Devglass. “In 2012 the group will continue to grow in the French market, both organically and through acquisitions.”

Since its inception, European Capital has invested €1.1 billion ($1.5 billion) in France in 27 different companies. European Capital will consider mezzanine, unirate and equity investment opportunities from €10 million to €100 million.

ABOUT EUROPEAN CAPITAL
European Capital is an investment company for pan-European equity, mezzanine and senior debt investments with euro 1.2 billion in assets under management.  European Capital is wholly-owned affiliate of American Capital, Ltd ("American Capital").  It is managed by European Capital Financial Services (Guernsey) Limited ("ECFSG" or the "Investment Manager"), a wholly-owned affiliate of American Capital.  The Investment Manager's subsidiary has offices in London and Paris.  As of 30 September 2011 the Investment Manager had 5 investment teams with 18 investment professionals and employed 28 support staff.  European Capital and its affiliates will consider senior and mezzanine debt investment opportunities from 10 million to 40 million in either euros or sterling and up to 100 million for One Stop Buyout®. For further information, please refer to www.EuropeanCapital.com.