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Stirling Square Capital Partners Takes Control of Schoeller Wavin Systems

September 2003

London, 29 September 2003, Stirling Square Capital Partners ("Stirling Square"), the pan-European private equity firm, is pleased to announce that it has taken control of Netherlands-based Schoeller Wavin Systems N.V. ("SWS") in a €145 million leveraged recapitalisation.

SWS is Europe’s leading designer and manufacturer’ of returnable plastic packaging solutions for enhanced logistics in storage, transport and display.. Typical products include crates, boxes, pallets and dollies for the food, beverage, chemical and retail industries. The company, formed from the merger of German I Swiss Schoeller Plast Group and the Dutch Wavin Trepak Group in 1999, is a clear market leader with a truly global client base including Heineken, Beck’s, Coca Cola, Pepsi Cola, Metro, Deutsche Post, Exxon and Dupont.. SWS has a turnover of c.. €200 million, 13 production facilities in Europe and the United States, and own subsidiaries and licensed partners in 36 countries around the world.

The transaction originated as a result of the Schoeller family’s desire to monetize a portion of their investment in SWS and provide an exit for JP Morgan Partners, a minority investor in the company. By selling a controlling interest to Stirling Square, the Schoeller family achieved their objective of retaining an interest in SWS, releasing funds for other entrepreneurial activities and involving, a partner that could support its ongoing expansion.

On the back of the equity investment of Stirling Square, the company has been able to raise a new long-term debt package, partially utilized to refinance existing debt. This was placed by Augusta Finance acting as advisor to Stirling Square, with NIB Capital Bank N.V. as underwriter and lead mandated arranger.

Stefano Bonfiglio, a partner of Stirling Square, said: "Schoeller Wavin Systems has a very strong business model and leading market position and will benefit from the growth and consolidation of the European packaging industry. We look forward to working with the management team and founding family in identifying and. capitalising on future opportunities." Jakob Farschner, another partner of Stirling Square, added "the deal is a good example of the investments we aim for, working with family owners in Europe to buy into companies with strong market positions and capable management teams, adding value by supporting the expansion of their successful businesses on a pan-European basis."

Martin Schoeller, Chairman of SWS, said: "Stirling Square’s backing and the new debt finance will help us continue to build on the class-leading logistics packaging market positions we currently hold and enable us to expand into targeted niche positions in other material handling and recycling services applications. The deal has been a great solution for all parties involved."

Enquiries

Stefano Bonfiglio I Jakob Farschner Stirling Square Capital Partners 44 20 7808 4130

Ilias Catsaros Cubitt Consulting 44 20 7367 5100
ilias.catsaros@cubitt.com

Notes to editors

Stirling Square Capital Partners is a pan-European mid-market private equity firm with $250 million of committed capital from Citigroup. Stirling Square Capital Partners provides private equity investment to European companies with enterprise values in the C50 million - €500 million range, operating across a broad range of sectors and industries. Target companies are sector leaders with international aspirations, defensible competitive advantages, and talented management teams capable of executing a clearly defined value creation strategy,

Schoeller Wavin Systems develops and manufactures innovative packaging systems made of synthetic material for beer, soft drinks, mineral water, letter and parcel post, vegetables, fruit, car components, chemical fluids and several other products. The Schoeller Wavin Systems Group has its own subsidiaries and licensed partners in 36 countries around the world and 13 production facilities in Europe and the USA. Its head offices are located in Vilsteren, the Netherlands.