AXA Private Equity, a major European private equity player, has today sold to Financière Saint- Germain its controlling interest in Cristallerie Daum it has held since 2000.

The Works Council was consulted on 6 May and issued a favourable recommendation on the strategic programme that was put to it. Financière Saint-Germain is controlled by the Prosper Amouyal family and already has stakes in Porcelaines Haviland, Cristalleries Royales de Champagne, the silversmiths Félix and, recently, nearly half the share capital of Cristallerie Lalique.

This acquisition is a key step to boost growth for Daum.

Daum is one of the most prestigious players in the crystal glass industry and was founded over 130 years ago. Sophie Le Tanneur, who came to Daum 4 years ago, has since spearheaded a revival of the brand with the support of AXA Private Equity and Daum recently realigned its strategy to focus on works of art calling upon some of the greatest contemporary artists. Backed by its management team well versed in the luxury goods industry, the brand has not only returned to financial stability but has been able to demonstrate that “art is the ultimate luxury”.

Birth of a new €100 million luxury lifestyle group

The buyer is looking to create a luxury group that brings together complementary brands that all have a common denominator: a strong heritage and unique know-how. Sophie Le Tanneur, who will continue to run Daum, commented: “the success of a luxury brand
depends and will always depend on full control of your distribution networks. Commercial synergies for the whole brand portfolio can be significant”.

In terms of jobs, Financière Saint-Germain has undertaken to keep the Vannes le Châtel plant in operation, near Nancy, and make investments there during 2009/2010.

Prosper Amouyal, owner of the Financière Saint Germain holding company and well known for having
revamped the Haviland porcelain brand, states that he is “absolutely convinced that luxury comes from being ‘made in France’ with French know-how combining tradition and innovation that we must uphold and modernise. Each manufacturing plant has its own distinctive know-how and high quality craftsmen. We must now build a distribution network in order to offer our whole brand portfolio under one single roof just as we have already begun with our first Haviland-Lalique boutique in London and the one that will open shortly in New York”.

Olivier Berment and François Jerphagnon, Managing Directors at AXA Private Equity, also said: “we have been supporting Daum and its management team in their strategic decision-making since 2000
and are pleased to be able to pass on the baton to an industry shareholder with expertise in the sector so as to give a new boost to this magnificent organisation”.

About AXA Private Equity

AXA Private Equity (www.axaprivateequity.com), an AXA Investment Managers company, is a leading private equity house with $26bn of assets under management and international reach across Europe, North America and Asia.
The firm provides investors with funds across the full range of private equity offerings: direct funds -
infrastructure; LBO mid cap and small cap; venture capital; co-investments; funds of funds - primary,
early secondary and secondary and finally mezzanine.

With offices in Paris, Frankfurt, London, New York, Singapore, Milan, Zurich and Vienna, AXA Private Equity offers company management commitment to long-term growth by providing access to its international offices. Investors rely on the firm’s regular, comprehensive feedback on performance and portfolio companies.

AXA Private Equity, Global Investments The European Way

AXA Private Equity consultants:
- Financial consultants: Compagnie Financière Edmond de Rothschild (Laurence Danon and
  Philippe Flament);

- Legal consultants: Serge Cohen.

FSG consultants:
- Legal consultants: Veil Jourde (François de Navailles and Géraud Saint Guilhem).

AXA Private Equity press contacts

The HeadLand Consultancy

Mr Daniel Kahn – dkahn@headlandconsultancy.co.uk
Tel.: +44(0)207 367 5247

Ms Maria Shum – mshum@headlandconsultancy.co.uk
Tel.: +44 (0)207 367 5227