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FRANCE - European Capital buys motorcycle specialist

Fay
17 February 2006

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European Capital has today announced the completion of its one stop buyout of Action Sport Holding, a leading distributor of motorcycle and bicycle gear and accessories in France. The group’s investment takes the form of senior term loans, mezzanine debt, redeemable bonds and common equity. Action Sport’s management team is investing in common equity and warrants. Post close, European Capital owns approximately 88% of Action Sport, on a fully diluted basis.

Founded in 1971, Action Sport’s motorcycle and bicycle products are marketed through four different operating entities: Royal Moto France Accessories, a distributor of motorcycle gear and accessories; Royal Vélo France, a distributor of bicycle gear and accessories; PXP, a distributor of motorcycle performance/tuning parts; and Royal Outdoor, a distributor of branded outdoor accessories such as Fox sportswear and footwear and Camelbak bags. Company customers include motorcycle dealers, bicycle retailers, motorcycle accessories retailers and outdoor products retailers. The group is headquartered in Troyes, France and employs approximately 100 people.

According to Michaël Stelzhammer, CEO of Action Sport, the company will significantly expand its network of retailers in France, further strengthen its value-added services to retailers and enhance its sourcing capabilities.

European Capital’s Paris office opened eight months ago and has now completed its second One Stop Buyout. The group has invested approximately EUR 253m in 12 companies since its formation last year.