UNQUOTE

FRANCE - Alpha and Apax make major loss on Créatifs sale

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Sources close to the deal have confirmed that Alpha Associés Conseil and Apax Partners have sold Créatifs to Developpement & Partenariat and Prado Finance, for EUR 500,000. The buyout houses had originally bought the conference visual designer in a EUR 67m take-private in 2002.

The acquirers have also bought IKB's senior debt, valued in 2002 at EUR 53m, for a symbolic EUR 1. The turnaround auction, organised by Aforge Finance, attracted about 10 financial bidders.

The departure of key staff and unfavourable market conditions are said to have contributed to the drop in the company's turnover from EUR 94 in 2001 to EUR 60m in 2005.

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