January 23, 2007

Englefield Capital raises €1 billion second fund

Fund will target European mid-market development capital and buy-out opportunities

Englefield Capital, the independent private equity firm targeting the European middle market, today announced the closing of its second fund with commitments of €1.060 billion. The new fund, Englefield Capital II, will focus on equity investments in Europe of between €30 million and €150 million. As was the case with its first fund, Englefield Capital II has been raised principally from Bregal, the investment vehicle of the Brenninkmeijer family, Axa and Delta Lloyd. Alongside the institutional investors, additional capital has been sourced from more than 120 business people known to the partners.

Englefield was formed in 2002 and its first fund of €706 million has now been substantially invested in ten businesses across a range of sectors. Two of these investments have already been successfully realized.

The Management Board of Englefield consists of Managing Partner Dominic Shorthouse, and Adam Barron, Edmund Lazarus, Peter Mead and Eric Walters. They are supported by a team of 14 investment professionals with extensive European investment experience.

In addition, Englefield benefits from the insights of its Advisory Board, a group of distinguished leaders in public life drawn from its Affiliate investors, which includes Tim Congdon, Sir David Frost, Ronald Frohne, Ed Mckinley, Paul Myners, Sir Hayden Philips, Sir John Rose, Lord Robertson and Brian Wilson.

Englefield will continue to invest in sectors where the experience and expertise of its partners allows it to understand comprehensively the commercial issues, the valuation and the appropriate direction for the businesses in which it invests. In addition, it will focus on situations where the investment environment creates strongly supportive macroeconomic and/or sectoral forces. Current areas of interest include business services, particularly outsourcing and recruitment, education, energy, financial services and healthcare.

Englefield believes that a fundamental part of its activity and a necessary part of its value creation is to collaborate with the management of the portfolio companies in the areas of strategy, operations, finance and management, and to help them make the changes necessary to achieve optimal performance. The partners also believe that middle market companies benefit most directly from this interaction.

Dominic Shorthouse commented "I am grateful for the renewed support of our investors and delighted that we have raised this second, substantial fund. We believe it reflects confidence in our team, our strategy and particularly the way we have invested our first fund."

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