European Capital SA SICAR, a wholly-owned subsidiary of European Capital Ltd, announced 2/10/07 that it has invested in Devglass, a leading independent French manufacturer & 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 & its subsidiary ECAS Sarl, & takes the form of senior bonds, senior & junior mezzanine bonds, convertible bonds & common equity. European Capital now holds 40% of the equity in Devglass alongside Olivier Rambeau, Devglass' Chairman & CEO, who continues to hold a majority equity stake. Devglass produces insulated glass in a process that includes glass cutting, preparing spacers & 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 & security double-glass panes; & newly-introduced triple-glass. Headquartered in Vendee, France, Devglass has manufacturing plants in Saint-Laurent-sur-Sevre, Vendee & in Alencon, Orne. The company has nearly 300 employees & is expected to achieve over Euros 60M sales in 2007, equating to a 20% compound average growth rate over the past five years.
