Hicks, Muse, Tate & Furst to Acquire Daehnfeldt, Leading Danish Horticultural Seed Company, From Booker.

DALLAS and ODENSE, Denmark--(BUSINESS WIRE)--Oct. 8, 1998--Hicks, Muse, Tate & Furst Incorporated, of Dallas, Texas, a leading U.S.-based private investment firm, today announced a definitive agreement under which it will acquire L. Daehnfeldt A/S, of Odense, Denmark, a leading Northern European horticultural seed company, from Booker plc. Emergent Genetics, Inc., a management affiliate of Hicks Muse for transactions in the hybrid seed industry, will co-invest in the transaction alongside Hicks Muse. The transaction is valued at DKK 305 million (approximately US$48.9 million) and is expected to be completed on November 2.

Daehnfeldt, which currently operates as a stand-alone, independently managed subsidiary of Booker plc, is a horticultural seed company with a strong germplasm base and a high level of knowledge and experience in flower and vegetable breeding, seed production and marketing. It is a market leader in both the flower seed and vegetable seed sectors, The company sells both internally-bred varieties and exclusively licensed products to professional growers.

In the packet seed sector, Daehnfeldt has established a dominant position in its domestic market and has also rapidly achieved a leading position in the Norwegian market. The company's best-known brand names include "Daehnfeldt," "Ohlsens Enke" and "Hurst."

For the year ended December 31, 1997, Daehnfeldt achieved sales of DKK 295 million (approximately US$47.3 million).

Charles W. Tate, President of Hicks Muse, said: "We are pleased to add Daehnfeldt to our growing investment portfolio of high-quality European companies. With its excellent market positions, distribution network and breeding programs, along with the financial backing of Hicks Muse and strategic guidance of Emergent Genetics, Daehnfeldt has a bright future as a platform for significant growth."

Mark W. Wong, Managing Director of Emergent Genetics, said: "Daehnfeldt represents a significant step in the creation of an affiliation of global seed companies committed to enhancing the value of seeds in the agricultural process through the application of biotechnology. We look forward to working with the employees of Daehnfeldt to realize a growing and profitable future for the company."

Booker plc is selling Daehnfeldt as part of a previously announced strategy to exit its agribusiness activities in order to focus on its core "cash and carry" and food service businesses.

Since its formation in 1989, Hicks, Muse, Tate & Furst Incorporated has completed or currently has pending more than 230 transactions with a total capital value in excess of $30 billion. Headquartered in Dallas, the firm also has offices in New York, St. Louis, Mexico City and Buenos Aires.