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Date:Tuesday 30 October 2007
Title:CVC Completes Buyout of World’s Largest Window Shutter Company

CVC Completes Buyout of World’s Largest Window Shutter Company

Hong Kong, October 30, 2007 – CVC, in partnership with the founding family and management, has successfully completed the joint buyout of Nien Made Enterprise. In doing so, CVC has acquired the world’s number one window shutters and number three blinds player in a transaction valued at US$750 million. It is a transaction that also exemplifies the growing cross-straits economic ties.

The Nien Made acquisition represents the second largest public-to-private buyout by a private equity firm in Taiwan. The transaction was conducted on an exclusive basis with the founding family. The transaction also demonstrates CVC’s proprietary deal flow, its strong execution capability and its ability to utilize its global experience and expertise to support the growth of the business. This is CVC’s sixth investment in Greater China.

Nien Made is a global leader and Asia’s largest branded manufacturer of window shutters and blinds. Headquartered in Taichung, Taiwan, and with manufacturing facilities in Guangdong and Shandong province, China, Nien Made has successfully established itself as a fully integrated Greater China enterprise, with over 12,000 employees and revenues of US$365 million in 2006. Its combination of mainland Chinese manufacturing expertise and strong Taiwanese R&D capabilities is an excellent example of successful cross-straits economic linkages.

Nien Made exports its products globally. Its Norman Shutters brand is the global market leader in premium custom wood shutters. It also manufactures wood, PVC, faux wood and aluminum blinds which are sold in leading DIY retailers around the world in standard and customized formats. With its high quality production, premium brand name, innovative product development, and entrenched distribution channels, Nien Made is well-positioned to capitalize and further build on its position as the global leader in this space.

CVC has extensive investment experience in the home furnishing and DIY retail sector globally and intends to leverage its sector-related experience and network to support Nien Made’s growth and geographic expansion. CVC investments in this sector include Partners in Lighting (lighting fixtures), Wavin (plastic pipes), DT Group (DIY retail chain), Amatek (building products), Hozelock (garden equipment), and Betafence (fencing systems). CVC will utilize its global network of senior industry advisors to augment Nien Made’s management team and assist in penetrating new markets in Asia and Europe.

Commenting on the transaction, Norman Nien, Chairman of Nien Made, said: “We are delighted to bring in a global partner such as CVC to support our future growth. We are excited about leveraging CVC’s extensive international experience in the home furnishing and retail sector to grow into a global industry leader.”

Hans Wang, Director at CVC, said: “Nien Made is a world-class manufacturing company in Greater China with a strong US franchise. We look forward to working with the management to support Nien Made’s expansion into new markets in Europe and Asia, and to help realize the company’s long-term potential of becoming a global leader.”

CVC, the founding family, and management were advised by Citigroup, Lexcel Partners, Lee & Li, Clifford Chance, and PwC. Debt financing was led by Citigroup and JPMorgan.

About CVC

CVC Capital Partners is a leading global private equity firm with over US$29 billion in funds focused on management buyouts. CVC was founded in 1981 and today has a network of 18 offices throughout Europe, Asia and the United States. Since 1981, CVC has completed over 250 investments across a wide range of industries and countries.

CVC Asia Pacific has been one of the most active private equity investors in the region and has completed 29 management buyouts, with an enterprise value of US$17.5 billion, covering Southeast Asia, Korea, Japan, Australia, China, and Taiwan.

CVC's current Asia Pacific portfolio includes:

  • Zhongfu Enterprise Company Limited
  • PBL Media: Australia's largest diversified media group (including Channel Nine, ACP Magazines and ineMSN)
  • DCA: the largest diagnostic imaging center operator in Australia;
  • Amtek: Singapore's largest precision metal stamping company;
  • GS Paper and Packaging: Malaysia's largest paper and packaging company;
  • Plantation Timber Products: a leading manufacturer of wood fibreboards and laminated flooring in China; and
  • Magnachip: a leading semiconductor company in Korea.

CVC's current European portfolio includes:

  • Formula One: the world's leading motor sport management business;
  • Samsonite: the global luggage company;
  • AA: the leading automotive rescue service provider in the UK;
  • Cortefiel: one of the largest apparel retailers in Spain;
  • Debenhams: Britain's leading department store group;
  • Seat Pagine Gialle: the leading directories business in Italy;
  • De la Poste: the Belgian postal services operator; and
  • Post Danmark: the Danish postal services operator.