OFI Private Equity Capital : Results for the half year ended June 30, 2007


§ Pro forma NAV* of €18.12 per share

§ Consolidated net profit of €3.8 million

Investment resources to date of €80.0 million

*including July capital increase

OFI Private Equity Capital (code: OPEC)’s Supervisory Board met on September 28, 2007 and examined the Company’s consolidated financial statements.

Olivier Millet, Chairman of the Management board of OFI Private Equity said:

"The first half of 2007 was extremely active for OFI Private Equity Capital, the companies in our portfolio are performing in-line with expectations and three transactions were completed. In addition, the successful capital increase and corporate credit facility give us the resources to implement our investment strategy and take advantage of opportunities in the French "small cap" market in good conditions."

Significant investment activity during the half year

OFI Private Equity Capital realized three transactions during the half year ended June 30 2007:

· Auto Escape (specialized car rental broker): OFI Private Equity Capital recovered its entire investment in Auto Escape during its initial public offering on Alternext on January 29 2007, while maintaining a 15.12% shareholding in the company.

Groupe Japack (distribution of packaging machinery for the food industry): OFI Private Equity Capital invested €1.8 million on February 15 to acquire 28.3% of the share capital of Groupe Japack. The company had turnover of €27.3 million for the financial year ended December 31, 2006.

IMV Technologies (world leader in the design, production and distribution of products used in the artificial insemination of animals): As a result of the successful completion of the public tender offer on September 7, 2007, Société Financière Aigle 2 representing the investment vehicles managed by OFI Private Equity, of which principally OFI Private Equity Capital, acquired 96.45 % of the share capital of IMV Technologies, and subsequently de-listed IMV Technologies’ shares on September 13, 2007. The total amount invested was €17.3 million. IMV Technologies had turnover of €38.4 million for the financial year ended June 30, 2007.

Investment resources of € 80.0 million

OFI Private Equity Capital successfully completed a share capital increase of €53.7 million (net of placement fees) on July 3 2007. The Company welcomes new institutional and retail investors from France, Germany, Luxembourg, Switzerland and th[1]e United Kingdom. The Company’s free float has been significantly increased

[1] Including July capital increase

from 0.2% to 44.4% as a result of the capital increase. Group MACIF remains a significant shareholder with 51.8% of the total share capital.[1]

In addition, on September, 7, OFI Private Equity Capital agreed a corporate credit facility of €15.0 million with Société Générale in order to increase its investment capacity.

OFI Private Equity Capital sold its interests in the historical investments Crescendo III and Crescendo IV on September, 28 for €1.1 million as these investments are not part of the Company’s investment strategy.

Taken together, these events bring OFI Private Equity Capital’s total investment capacity to €80.0 million at September 28, 2007.

Strong turnover growth in the first half

OFI Private Equity Capital realised a consolidated turnover of €11.9 million in the six month period ended June 30 2007, a significant increase compared to the turnover of €2.0 million realised in the six month period ended June 30 2006. The increase in turnover was principally from realised gains from the sale of cash equivalents to finance new private equity investments, unrealised gains in two particular private equity investments and the consolidation of IMV Technologies’ turnover in the Group’s financial statements.

Group net profit was €3.8 million for the first half ended June 30 2007, compared to €0.6 million for the first half to June 30 2006. Attributable company net profit was €6.2 million for the first half.

Net Asset Value (pro forma to include the capital increase) of €18.12 per share

Net Asset Value is calculated on the basis of the Company’s financial statements and that of its FCPR (French investment vehicle) OFI PEC 1, for a NAV of € 51.0 million at June 30, 2007. The Company’s investments are held at fair market value in OFI PEC 1.

Taking into consideration the capital increase completed July 3, pro forma NAV at June 30 was €107.2 million, split as follows:


(€ million)

Per share

Private Equity portfolio at fair market value



Cash & cash equivalents



Historical investments, other assets and other liabilities






Outlook: continuing to pursuit of excellent investment opportunities

Credit markets were significantly disrupted during July, and as a result lending institutions are more demanding regarding financing terms and conditions. Nevertheless, OFI Private Equity Capital remains confident in its strategy and its model:

· The companies in our portfolio are performing in-line with our expectations

· In a buyer’s market, our additional financial resources and the strategic positioning of the companies in our portfolio puts us in an excellent position to take advantage of current market conditions

For all new investments, we remain prudent and selective

Financial calendar: OFI Private Equity Capital will release its turnover for the third quarter on November 13 2007, along with its Net Asset Value at September 30 2007.

For more information, please consult our web site at: www.ofi-pecapital.com

About OFI Private Equity Capital

OFI Private Equity Capital is the main investment company of OFI Private Equity, which invests in both equity and mezzanine in secondary buy-outs of French companies with enterprise values of between €15 and €75 million that have been the subject of a previous LBO.

About OFI Private Equity

OFI Private Equity is the investment management company of Group OFI dedicated to private equity investments in Secondary buy-out transactions. OFI Private Equity manages more than €150 million through different listed and un-listed investment companies and invests in both equity and mezzanine in French companies with enterprise values of between €15 and € 75 million. OFI Private Equity is a dynamic actor of the LBO market in France.



OFI PRIVATE EQUITY : Olivier Millet - +33 (0) 1 40 68 17 50 - omillet@ofi-privateequity.fr

GROUPE OFI : Anne-Françoise Lacoste - +33 (0) 1 40 68 17 66 - alacoste@ofi-am.fr

BRUNSWICK : Agnès Catineau/Olivier Armengaud - +33 (0) 1 53 96 83 83

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