European Capital S.A. SICAR, a wholly-owned subsidiary of European Capital Limited, announced 2 October 2007 that it has invested in Devglass, the leading independent French manufacturer and distribut…
European Capital S.A. SICAR, a wholly-owned subsidiary of European Capital Limited, announced 2 October 2007 that it has invested in Devglass, the leading independent French manufacturer and distributor of dual-pane insulated glass for windows. The investment was led by the Paris office of European Capital Financial Services Limited, the sub-investment manager of European Capital. The investment was made by European Capital S.A. SICAR and its subsidiary ECAS S.a.r.l, and takes the form of senior bonds, senior and junior mezzanine bonds, convertible bonds and common equity. European Capital now holds 40% of the equity in Devglass alongside Olivier Rambeau, Devglass“ Chairman and CEO, who continues to hold a majority equity stake. Devglass produces insulated glass in a process that includes glass cutting, preparing spacers and assembling glass/pane spacers. Devglass has four main product groups: standard double-glass; superior double-glass with improved heating and/or sound insulation; laminated safety and security double-glass panes; and newly-introduced triple-glass. Headquartered in Vendee, France, Devglass has manufacturing plants in Saint-Laurent-sur-Sevre, Vendee and in Alencon, Orne. The company has nearly 300 employees and is expected to achieve more than 60 million EUR of sales in 2007, equating to a 20% compound average growth rate over the past five years. “We are delighted that European Capital is investing in Devglass”, said Olivier Rambeau, Devglass Founder, Chairman and CEO. “Its strong one stop financing package, flexibility and capacity in assisting us in developing the group provides invaluable support for our expansion plans”. “We are pleased to be investing in Devglass and partnering with an exceptional management team that has an impressive entrepreneurial track record”, said Jean Eichenlaub, managing director of European Capital Services. “European Capital will support Devglass“ further development”. “Aided by the evolution of the regulatory framework and the development of government incentives aiming at reducing energy consumption, as well as the increasing demand from consumers, the market for insulated double-glass windows should keep experiencing sustainable growth”, said Stephane Legrand, European Capital Services director. “Led by a proven and committed management team, Devglass commands a significant market edge, having been at the forefront of guaranteeing short lead times facilitated by its strategic plant locations, highly automated production process and efficient logistics chain”.