AXA Private Equity invests in Lowendal group Paris, Thursday September 16, 2004

Lowendal group, one of the global leaders in operating consulting, has opened its capital to AXA Private Equity in order to pursue its strong growth momentum. The operation has also provided an exit for the Astorg fund.

Lowendal group remains majority-held by Pierre Lasry, the 32 year-old founder and CEO of the group, alongside AXA Private Equity (with approximately 29%) and the group’s principal managers (approximately 20%).

Lowendal group helps companies identify corporate cost reduction opportunities and subsequently generate savings in payroll, taxation, purchasing and G&A costs. With 215 employees, a geographical profile that covers France (head office), Spain, England, Italy, and recently the US, and consolidated FY sales as of 31 March 2004 of € 24.4 million, Lowendal group has posted average annual sales growth of 28% over the last five years.

The group has an excellent growth outlook on the back of the launch of new services designed to allow clients to exploit additional sources of cost savings. It is also entering new markets abroad and cross-selling its services among its five different domains of expertise. In addition, the group plans to pursue external growth opportunities similar to the acquisitions it made in 2001 and 2002 involving Point de Mire and Cesam respectively. AXA Private Equity’s investment in Lowendal group will consolidate the company’s leader position in the operating consulting segment.

Astorg Partners held one-third of the capital alongside the group’s management and successfully backed the development of Lowendal from 2001 up until this deal. The senior debt has been arranged by Société Générale.

About Lowendal group

Lowendal group is a leading consulting firm in the field of operating cost reductions. Lowendal is dedicated to helping businesses generate cost savings in a number of areas such as payroll, taxation and G&A costs. The group is developing its offer within five specialist business services: Social Costs, VAT, Local Taxes, Overhead Cost Control, and Innovation Financing. The group's services are remunerated exclusively on the basis of "success fees".

Deal participants

AXA Private Equity: Arnaud Dufer et Baudouin d’Hérouville

AXA Private Equity's advisors:

• Legal & fiscal due diligence: Latham & Watkins(Olivier du Mottay & Emmanuelle Clidière).
• Accounting & financial due-diligence: Constantin (Cécile Rémy, David Soly et Nicolas Mestchersky).

Lowendal group's advisors:

• Financial advisors: CCF Entreprise (Pierre Baelen et Jérôme Lefevre).
• Legal advisors: Clifford Chance (Dominique Bompoint, François Kopf et Sun Lee).

Astorg's advisors:

• Astorg Partners: Xavier Moreno & Christophe Ambrosi
• Astorg legal advisors: SJ Berwin (Thomas Maîtrejean)

For further information, please contact:
Alexandra Tomassi - Lowendal group
E.mail: atomassi@lowendalgroup.com
Xavier Moreno – Astorg
Tel.: +33 (0)1 53 05 40 30
E.mail: xmoreno@astorg-partners.com