Cognetas Sells BWG to Management for EUR 390m.LONDON -- Cognetas, (formerly known as Electra Partners Europe), a leading independent mid-market pan-European private equity firm specialising in complex deals, today announces the sale of BWG BWG Bankwesengesetz (Federal Law on Banking, Austria) BWG Beam Waveguide (antenna) BWG Bundesamt für Wasser und Geologie (Federal Office for Water and Geology, Switzerland) to the Company's management for e1/4390m. Cognetas acquired the BWG operations from Pernod Ricard Pernod Ricard (Euronext: RI) is a French company producing alcoholic beverages. Their most famous product, Pernod Anise (40% alcoholic volume) and Ricard Pastis, are both pastis, and often referred to as simply Ricard or Pernod. in 2002 for e1/4220m along with a majority stake in Newhill, owner of a large number of Spar stores. BWG is the operator of the Spar franchise in Ireland and the West of England The West of England is a loose term given to the area surrounding the City and County of Bristol, England. It is increasingly used - e.g. by the West of England Partnership - as a synonym for the former Avon (county) area. . It serves 439 Spar and 130 Mace stores in Ireland and 327 Spar outlets in England as well as operating a Cash & Carry business in Ireland. The Spar stores are operated on a franchise basis. In 2006, revenues are expected to be e1/41.2bn. In 2002, Cognetas's early involvement was to strengthen the existing management, improve operating systems Operating systems can be categorized by technology, ownership, licensing, working state, usage, and by many other characteristics. In practice, many of these groupings may overlap. , grow the store portfolio - particularly in Ireland - and tighten working capital controls in order to enhance cash generation. Since then, the structure of the group was greatly simplified through a programme of disposal of non-core and other assets other assets Assets of relatively small value. For financial reporting purposes, firms frequently combine small assets into a single category rather than listing each item separately. as follows: * Between November 2002 and May 2003: disposal of three of BWG's UK Wholesale businesses. * November 2003: Sale of Scottish Cash and Carry business, Bellevue * December 2003: Sale of J&J Haslett, the owner of the Spar Northern Ireland Northern Ireland: see Ireland, Northern. Northern Ireland Part of the United Kingdom of Great Britain and Northern Ireland occupying the northeastern portion of the island of Ireland. Area: 5,461 sq mi (14,144 sq km). Population (2001): 1,685,267. franchise * Between March 2004 and March 2006: Sale of several BWG Foods' C&C sites * Jan 2006: Sale of Bargain Booze - the UK retailer of discounted alcohol Commenting on the sale of BWG to its management, Damien Lane, Partner at Cognetas LLP LLP - Lower Layer Protocol , said: "We are very proud of what we have helped the management of BWG achieve over the last four years. BWG is a much improved and more focused business and we wish them every success in the future. Cognetas buys complexity and sells simplicity. We have helped to rationalise and improve a major retail business whilst at the same time generate attractive returns for our investors." Cognetas were advised by IBI See Information Builders. Corporate Finance and Hawkpoint Partners. Notes to Editor Cognetas acquired BWG (for e1/4220 million) from Pernod Ricard and Newhill from other investors in August 2002. At that time, the business consisted of the Spar franchises in Ireland and SW England, the Mace franchise in Northern Ireland, around 115 retail properties, a chain of Cash & Carry's in Ireland, a delivered Wholesale business in the UK and Bargain Booze, the English alcohol symbol group. There were 502 Spar, Eurospar or Mace stores in BWG in Ireland at that time and 343 stores in the West of England. BWG's management team is headed by CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Leo Leo, in astronomy Leo [Lat.,=the lion], northern constellation lying S of Ursa Major and on the ecliptic (apparent path of the sun through the heavens) between Cancer and Virgo; it is one of the constellations of the zodiac. Crawford and FD John O'Donnell. Cognetas LLP Cognetas LLP is a European private equity specialist with offices in Frankfurt, London, Milan and Paris. The firm advises funds of e1/42.26bn. The investment team has a long track record of investment in the following sectors: business services, industrial, consumer related industries, financial services and healthcare services and equipment. Cognetas announced the closing of the Cognetas Fund II at e1/41.26bn in July 2005. Cognetas's most recent transactions include: [TABLE OMITTED] For further details on Cognetas please visit the website: www.cognetas.com Issued by Cognetas LLP. Cognetas LLP is authorised and regulated by the UK Financial Services Authority The Financial Services Authority ("FSA") is an independent non-departmental public body and quasi-judicial body that regulates the financial services industry in the United Kingdom. Its main office is based in Canary Wharf, London, with another office in Edinburgh. . Cognetas LLP acts as investment adviser to its client Electra Partners Limited which advises Cognetas Fund (GP) Limited which is the managing partner of Cognetas Fund LP and Cognetas Fund GmbH & Co KG. References in this release to Cognetas refer to Cognetas Fund LP and Cognetas Fund GmbH & Co. KG, and/or their managing partner Cognetas Fund (GP) Limited or, where the context requires, the various entities (including Cognetas LLP) which advise Cognetas Fund (GP) Limited or Electra Partners Limited. |
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