AXA Private Equity sells Larivière to SIG Plc for around €300m Paris May 23, 2007

AXA Private Equity sells Larivière to SIG Plc for around €300m

AXA Private Equity has decided to sell Larivière, the leading distributor of roofing products in France, to SIG Plc, one of the leading European supplier in insulation, roofing, commercial interiors and specialist construction and safety products. SIG’s market capitalisation stands at over £1,700m.

Since AXA Private Equity’s purchase of Larivière from Imerys group in April 2005, it has assisted the company in its in-depth strategic transformation that included recruiting a new CEO, refocusing on its core business, reorganising and motivating the sales force and network and setting up a central development organisation focusing on opening new branches.

This transaction crowns the success of the initial challenge to turn Larivière into a major national business to become the unrivalled number 1 in the roofing products distribution sector.

Philippe Poletti, Director of AXA Private Equity, commented: “Backed by €340m in turnover, €23m in EBITDA and 86 branches throughout France at the end of June 2007, Larivière has taken a major step forward in its development. Belonging to SIG group will enable it to pursue its specialist strategy in the future while boosting growth”.

AXA Private Equity was advised by Calyon and SIG by Lazard.

The transaction is subject to approval from the anti-trust authorities.

About AXA Private Equity

AXA Private Equity, a subsidiary of AXA Investment Managers, is one of the premier world investors in private equity. The company is present in all private equity businesses including Buyout, Expansion Capital, Venture Capital, Co-Investment, Mezzanine, primary, early secondary and secondary funds of funds. AXA Private Equity manages over €10 billion while providing advisory services on behalf of some of the largest European and international investors. With offices in Paris, London, Frankfurt, Milan, New York and Singapore, AXA Private Equity is distinguished by the expertise of its staff and its international reach. We pursue a policy of transparency, high performance and long-term returns on a daily basis.

List of parties involved and advisors on the Larivière transaction

Vendor

• AXA Private Equity : Philippe Poletti, Eric Neuplanche, Yann Bak

AXA Private Equity advisors :

• M&A : Calyon (Bertrand Peyrelongue, François Vigne, Kristelle Kerforn)
• Legal: Linklaters (David Swinburne, Marion Henriet)
• Financial due diligence : Deloitte (Vincent Battle, Emmanuel Conjard)

Buyer

• SIG : David Williams, Chris Davies

Buyer advisors :

• M&A : Lazard (Alexandra Soto, Vasco Lichtfield)
• Legal : Pinsent Masons (UK); Granrut Avocats (Frédéric Cohen - France)
• Financial auditors : KPMG

Contact Presse :

AXA Private Equity
Jérémie Delecourt
Tel : +33 1 44 45 60 73
jeremie.delecourt@axa-im.com