Maillefer Extrusion (Switzerland) - Dec 2007

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01 December 2007

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Investors

Apart from the price, Alpha Group established a harmonic relationship with the management, who received a positive reference from third parties who had previously been in the Alpha portfolio. The investor was attracted by the above average growth potential of the company, as the markets of energy and telecommunications continue to boom in regions such as Russia, the Middle East and China. These regions see vast investments in infrastructure, and Maillefer is benefiting from these developments. This is further supported by a large amount of orders which are well ahead of forecast. Alpha Group plans to, together with the management, increase efficiency, in particular with suppliers to decrease delivery times. Furthermore, the investor may consider acquisitions in the most active regions in a buy-and-build strategy.

Debt

The acquisition debt was fully underwritten by Italy-based Mediobanca (MLA and sole books), represented by Thomas Dorbert, Head of Leverage Finance in the bank´s newly opened Frankfurt office, responsible for the German speaking region. Mediobanca has supported Alpha on an exclusive basis right from the start. Total facilities are CHF 221, structured as 50A, 40B, 31C and 25 mezzanine with 75 working capital facility. Nordea joined as sub-underwriter on senior debt level while Nomura came into the deal as mezzanine provider. General syndication will be launched in February 2008.

Company

Maillefer is a technology driven engineering company with global leadership in providing plastics extrusion and winding solutions to the wire, cable, and pipe manufacturing industries. Maillefer forecasts a turnover of CHF 270m in 2007, compared to a turnover of CHF 100m in 2001 when it was acquired by Argos. The company is based in Ecublens, Switzerland, and employs around 280 employees.

People

Guy Semmens led the exit for Argos Soditic, with Alpha Group represented by Thomas Schlytter-Henrichsen and Katrin Cihlar.

Advisers

Equity - AMR International Ltd, (Commercial Due Diligence)Equity - Borenius & Kemppinen, (Legal)Equity - Ernst & Young, (Financial Due Diligence)Equity - Ernst & Young, (Tax)Equity - Heymann & Partner, (Legal)Equity - Homburger Zurich, (Legal)Vendor - Ernst & Young, Chris Tattersall, Stephan Haagmans (Financial Due Diligence)Vendor - Lenz & Staehelin, Andreas Rötheli, Cecile Berger (Legal)Vendor - Nordea, Pekka Kautto, Pentti Mansukoski (Corporate Finance)