AB FENETRES Groupe : Signing of letters of intent for two strategic operations of external growth in the Czech Republic

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AB Fenêtres Groupe has today announced the signing of two letters of intent under conditions precedent with a view to acquiring at least 51% of VEKRA's capital and a stake of 20% in ACTU OKNA, two reputed players in the manufacture and distribution of joinery fittings in the Czech Republic market. VEKRA is a local leader in the manufacture and distribution of joinery to the retail market whilst AQ OKNA is well established in public contracts.
The group will also acquire optimised and integrated production facilities, so as to meet strong demand in the French market. It will markedly reduce production costs and will mechanically improve the Group's operating margin. These two external growth operations will enable the group to establish itself in the Czech Republic, a market characterised by 5% annual GDP growth and a rapidly expanding property sector.

Acquisition of at least 51% of VEKRA's capital
VEKRA is the leader in the manufacture and distribution of aluminium, wood and PVC joinery fittings in the Czech Republic. The company employs more than 600 people, has three production plants and 48 shops, both wholly owned and as concessions. The company also has recognised expertise in BtoB distribution networks.
For 2007, VEKRA forecasts sales of ¤40m for an after-tax net income of ¤4m. Professional networks accounts for 50% of its sales; points of sale account for 20% and public procurement contracts 20%.

Acquisition of a 20% stake in ACTU OKNA's capital
AB Fenêtres Groupe has also signed an agreement to take a 20% share in the capital of AQ OKNA, a subsidiary of Novy Fund, an investment fund specialising in Central Europe. This acquisition will be done by an exchange of shares.
A trusted partner of Czech Republic institutions, ACTU OKNA forecasts sales, in 2007, in excess of ¤35m, with 70% stemming from public procurement contracts.

These two operations will enable Groupe AB Fenêtres to establish itself firmly in the Czech Republic market, which is especially characterised by its dynamic property sector. In a strong position because of its optimised production facilities, senior management intend to develop quickly commercial and production synergies between the Czech and French businesses, before making a permanent move into European markets.

AB Fenêtres Groupe has commissioned Amsterdams Effectenkantoor BV (AEK) to raise funds of ¤30m, required to finance these two operations, which remain under the usual conditions precedent within the dual diligence procedure that has just started.

Partner in the operation:

AEK Amsterdams Effectenkantoor
Investment Services


About AB Fenêtres Groupe (www.abfenetres.fr) :

Founded in 2000 by Willy Bernard, Chairman and CEO, AB FENETRES Groupe specialises in the manufacture, distribution and assembly of interior and exterior joinery fittings, doors, windows and other openings (shutters, windows, garage doors, roller blinds, blinds, entrance doors, etc.). The Group's main activity centres on PVC joinery fittings. With a unique business model, spanning the entire length of the value chain (manufacturing, distribution and installation of joinery fittings), the company employs 340 people.
AB Fenêtres Groupe achieved sales of ¤11.9 million over the last fiscal year, closed on 30 June 2006, compared with ¤6.3 million on June 2005, meaning a growth rate of nearly 100% per year.

AB FENETRES Groupe was admitted to the Alternext market of Euronext Paris via direct listing on 2nd November 2006.
Mnemonic: ALABF / ISIN Code: FR0010385690


Contacts

AB Fenêtres Groupe

H. & Associés

News Invest

Willy Bernard
Président Directeur Général
willybernard@abfenetres.fr

Nicolas Déhais / Philippe Azevedo
01 55 04 05 53 / 01 55 04 05 52
nicolas.dehais@h-associes.com
www.h-associes.com

Sébastien Berret / Agnès Gilbert
01 53 67 36 36
sberret@actus.fr /agilbert@actus.fr
www.newsinvest.fr

AEK

Willem van der Meer / Jeroen Willard
+ 31 20 530 6121
meer@aek.ws / j.willard@aek.ws

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