Eau Ecarlate acquired by AXA Private Equity through a leverage buy-out Paris, November 21, 2005.

AXA Private Equity, along with the management team led by Pierre Le Tanneur, signed a Sale and Purchase Agreement with Natexis Industrie and Barclays Private Equity for the acquisition of 100% of Eau Ecarlate’s share capital. Eau Ecarlate is the French market leader in the supply of household cleaners. The company supplies high recognition products in the following fields: stain removers, surface cleaners, laundry aids, bleach tablets and optical cleaners.

Natexis Industrie had acquired, in a secondary buy-out a majority stake of Eau Ecarlate from Barclays Private Equity in 2003. In the last five years, the company has demonstrated its ability to source, launch and develop new and existing products and to re-launch add-on French consumer brands on the French market.

The development strategy for Eau Ecarlate for the next five years, set out by the management team and fully supported by AXA Private Equity, is to transform this French company into a pan European group through targeted acquisitions to present in 2010 a European scale manager of top household brands.

AXA Private Equity, via its AXA LBO Fund III fund, together with the Eau Ecarlate management team, will hold 100% of the acquisition Holding. Barclays Leveraged Finance for the senior debt facilities and European Capital for the Mezzanine will arrange the financing for the operation.

The closing of this transaction remains subject to the authorisation of the French anti-trust Authorities (DGCCRF).

About Natexis Industrie:

Natexis Industrie is an investment company specialised in majority private equity investments. It is wholly financed by the Natexis Private Equity group – one of France’s largest players in the field (2,5 billion Euros under management). In France, Natexis Industrie has been developing its LBO business in middle-market LBOs since 1998 and has closed numerous deals in various sectors as consumer goods and retail (Maisons du Monde, Eau Ecarlate), design and marketing of real estate-backed saving products (Actif +), manufacture of PVC floor coverings (Gerflor).

For further information on Natexis Industrie: www.natexis-industrie.com

About Barclays Private Equity:

Barclays Private Equity is a leading European investment firm specialising in private equity deals, in particular MBOs. With more than 300 completed deals in Europe and over 80 in France, the team has 11 members dedicated to operations in French-speaking countries. In France, Barclays Private Equity has accumulated strong experience in the food industry (Saveur, Bénédicta), catering (Courtepaille, La Croissanterie), health (Gibaud, Saime, Medi Partenaires), consumer products (Eau Ecarlate, Interflora, SP Métal), construction (Spie Batignolles, MI SA – Maisons Phénix, Frans Bonhomme), and engineering (Fives-Lille, Alstom Power Conversion).

For further information on Barclays Private Equity: www.barclays-private-equity.fr

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