Moeller on growth course with new shareholder – Advent International has sold the Moeller Group

• Acquisition by private equity company Doughty Hanson & Co
• Double digit sales growth in profitable core business
• Distinct debt reduction
• Long-term growth strategy

Bonn/ Frankfurt, July 20, 2005

Advent International, the global private equity firm, today announced the sale of Moeller Group, one of Europe's largest suppliers of low-voltage electrical distribution and automation components for industrial, commercial and residential use, to UK-based private equity firm Doughty Hanson & Co. The purchase price is €1.1bn including pension liabilities and financial debt. The transaction is subject to regulatory approval and is expected to close in August 2005.

Since its acquisition by Advent in December 2003, the Moeller Group, one of the world's leading suppliers of power distribution and automation components, has achieved the turnaround on the basis of a successful consolidation strategy. In the 2004/ 2005 financial year, it generated sales of approx. €870 million, with sales in core operations undergoing a year-on-year increase from €670 million to €760 million. During Advent's tenure, Moeller significantly paid down net financial debt to less than €50 million as of financial year-end April 2005 (30.04.2005).

Ralf Huep of Advent International states: "We are delighted with the progress Moeller has made in refining its strategic focus and returning to profitability. Thanks to a high quality management team and strong employee base, Moeller has overachieved on the plan to refocus the business on its core strengths, increase its market penetration and take advantage of global growth markets. The business is in great shape today, and we wish management and employees the very best in the next phase of their development. We are highly optimistic about Moeller's success in the future and Advent will consider reinvesting a portion of the proceeds from the sale post closing."

Moeller exemplifies one of Advent International's key buyout strategies - focusing on improving the performance of businesses through strategic restructuring. Post acquisition, Advent worked closely with management and two Advent operating partners (advisers from industry) to develop a value-creation plan centred on refocusing Moeller on its core components business.

Following the acquisition by Advent, Moeller concentrated on its core business as part of a consolidation strategy, and is currently registering double-digit revenue growth rates in this area.

Referring to the pending change in ownership, Theo Kubat, CEO of Moeller Holding GmbH, states: "The Moeller Group has come along extremely well since the takeover by Advent International. If you consider that we were faced with closing down two years ago, the fact that we are growing again by our own efforts and achieving above-average returns is absolutely unparalleled. This is thanks to a refinancing concept that will put the Moeller Group on a new financial basis. We will be using our extraordinarily good market position - together with our future owner Doughty Hanson & Co. - to pursue long-term growth. In the process, we will continue to concentrate on the growth markets in Eastern Europe and Asia, where we will soon be opening further production facilities and sales offices."

Claus Felder from Doughty Hanson, said: "High-quality engineering, strong brand names, a state-of-the-art product portfolio and leading market positions are some of the key features which make Moeller an excellent company. We look forward to working with management to further develop Moeller's key strengths and to take advantage of existing growth opportunities in Eastern Europe and Asia."

Advent International has been advised by the investment bank Morgan Stanley (Mergers & Acquisitions) on this transaction.

About the Moeller Group

The Moeller Group, which is based in Bonn, Germany, is one of the leading, globally active suppliers of systems and components concerned with power distribution and automation in industrial, infrastructure and residential building applications. The company focuses solely on core business areas, as evidenced by its five business units, namely Automation, Command & Control Devices, Motor Starters & Drives, Circuit Breakers and Building Automation.

The Moeller Group has a strong international alignment. Founded in 1899, the company has an efficient sales network in all relevant target markets, being represented in over 80 countries of the world by 27 national sales companies and over 350 sales offices and distribution partners. Thanks to its international production structure made up of 19 production facilities, it is able to utilize the advantages of the regional locations involved and capitalise on the opportunities offered by global growth markets.

The Moeller Group currently has around 8,000 employees, and in the 2004/2005 financial year generated consolidated sales of EUR870 million, with core business accounting for EUR760 million of this sum.

About Advent International

Advent International is one of the world's leading private equity firms, with $10 billion in cumulative capital raised and offices in 13 countries across North America, Western and Central Europe, Latin America and Asia Pacific. Since its founding in 1984, Advent has invested in over 500 companies and has helped businesses raise more than $10 billion through public equity and debt offerings. These include over 130 IPOs on major stock exchanges worldwide.

Advent International has been investing in the electronics and industrial technology sector for 18 years and has made over 40 investments worldwide. In addition to Moeller, these include: Delft Instruments, an international group of companies with leading positions in medical and industrial electronics; Panta, a group of Dutch industrial electronics companies acquired from Philips; Italtel, a telecoms equipment maker spun out of Telecom Italia; and LeCroy, the No 2 producer of digital oscilloscopes, listed on Nasdaq (US).

Recent German investments by Advent International include the acquisition of HT Troplast, a leading global diversified plastics manufacturer; the acquisition of Sportfive, Europe's leading sports rights agency and the world leader in football marketing and broadcasting rights; the €375m acquisition of Viatris, acquired from Degussa AG in one of the largest buyouts to date in the pharmaceuticals sector; and the management buyout of Vinnolit, Europe's fourth largest PVC producer.

Moeller Group, Bonn, Germany:

Advent International GmbH, Frankfurt, Germany

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