GERMANY / France - Taros Capital sells Zarges Tubesca to Granville Baird Funds.

The management of Zarges Tubesca has significantly reinvested in the company. The sale is subject to regulatory approvals with closing expected to take place in the first quarter of 2007.

Zarges Tubesca, with headquarters in Weilheim, Germany and Ailly, France, is the European market leader for aluminium based access and storage solutions, e.g. ladders, fixed and mobile scaffoldings and boxes. The company expects 2006 sales in excess of EUR 230m.

Since acquiring the company in 2001, Taros Capital has supported a strategic acquisition in France and turned around the German activities by installing new senior management.

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