Eparcyl joins Eau Ecarlate within Spotless Group Paris June 12, 2007

18 months ago by buying the entire share capital of Eparcyl from the Bavavéas family. The transaction was carried out by Spotless France, the Group’s French subsidiary and parent company of Eau Ecarlate.

Following this transaction dated May 31, Spotless Group’s annual turnover now amounts to over €305m. This deal will bolster the group’s business in France, which operates in 5 European countries, while generating major synergies with Eau Ecarlate. Eau Ecarlate has been the distributor for the Eparcyl brand for several years. The acquisition will also complete the Group’s portfolio of brands and boost its presence on the niche market for septic tank activators.

On completion of the deal, AXA Private Equity will retain its controlling interest in the Group while the management team will increase their equity stake from 13% to 16%.

The bank funding required for this transaction comprising senior debt and mezzanine debt was provided by Barclays Bank and European Capital respectively, lead bankers for the deal.

BNP Paribas was the bank advising the vendors on the transaction.

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 active in all private equity activities including Buyout, expansion capital, Venture Capital, Co-Investment, Mezzanine, primary, early secondary and secondary Funds of Funds. AXA Private Equity manages over €11.3 billion while providing advisory services on behalf of leading European and international investors. Backed by offices in Paris, London, Frankfurt, Milan, New York and Singapore, AXA Private Equity is acknowledged for the expertise of its staff and their international reach while pursuing policies of transparency, performance and sustainable profitability on a daily basis.

Press contact

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

List of parties involved and advisors on the Eau Ecarlate transaction

Buyer

AXA Private Equity : Philippe Poletti, Yann Bak, Béatrice Beitmann,

AXA Private Equity advisors:

• Legal: Linklaters (Vincent Ponsonnaille, Peschard Agnes, Edouard Chapellier)
• Due-diligence:
•           Sales: Bain (Jean Marc Azoulay, Stanilas Cardon)
•           Legal: Linklaters
•           Financier: PwC (Charles Hamilton Jones, Abou chalbak Fiona)

Vendors

Bavavéas family

Vendor’s advisors :

• Legal: Cabinet Thesis (Alain Hollande)
• M&A: BNP Paribas (Dominique Leval, Muriel Petit, Anne Laure Cabasson)

Finance

• Barclays Bank: Bénédicte Leneveu, Vianney.Leclerc
• Legal advisor for the lead bank: Clifford Chance (Jennifer Hinge)
• Mezzanine finance: European Capital (Stéphane Legrand)
• Mezzanine legal advisor: CGSH (Fabrice Deperrois)