mARCH 2012 www.lawyer-monthly.com DEAL REPORT

STANDARD CHARTERED BANK'S PRIVATE EQUITY DIVISION INVESTS US$74 MILLION TO ACQUIRE A MINORITY STAKE IN ETC GROUP MAURITIUS

Standard Chartered Bank's Private Equity division has invested US$74 million to acquire a minority stake in ETC Group Mauritius (ETG) in a deal that values the company at over US$500 million. ETG is a leading integrated agricultural supply chain manager in East and Southern Africa. This is further demonstration of the Bank's commitment to the sustainable development of Africa's agricultural sector, leveraging the Bank's private equity capabilities and expertise. ETG originates, processes and distributes soft commodities primarily in Sub-Saharan

Africa, India and China. ETG will use the funds to boost its leading positions in core markets as well as expand into new geographies. Ronald Tamale, Director in Standard Chartered's Africa Private Equity team, commented: "Given that over 60% of the world's arable land is in Africa, the African agri-sector holds considerable growth potential. ETG, with its East African origins, is a long-standing client of the Bank. We look forward to enhancing our support of the group's management team, promoting their robust growth strategy and vision." ketan Patel, managing Director at ETG said: "Standard Chartered has been a valuable

financial partner for us over many years. This investment is testament to the Bank's deep understanding of our business, proactive recognition of and commitment to our growth potential. ETG has predominantly funded its growth from internal sources for the last 30 years. This capital investment enables us to take our business to the next level." LM

DEAL REPORT KENDRION NV ACQUIRES FAS CONTROLS

strengthening its global position, also in the United States. FAS Controls will be acquired specifically in order to further strengthen the operations of kendrion's business unit Passenger Car Systems. This business unit has shown rapid growth in recent years and now has subsidiaries in Germany, the Czech Republic, Austria and China. Its operations will grow further in the coming years, partly as a result of projects that have been acquired last year (including electromagnetic valves for common-rail systems for gasoline engines and valves for gasoline direct injection) for American car manufacturers and system suppliers. These projects will start in 2013 and are expected to generate total revenue in 2014 of approximately USD 25-30 million. The acquisition allows kendrion to manufacture locally and gives it an excellent opportunity to win new high-value projects for the US car industry. The deal moreover offers potential for expanding kendrion's position in the truck market. LM

Kendrion N.V. has reached an agreement with Industrial Opportunity Partners regarding the acquisition of FAS Controls, Inc. FAS Controls is located in Shelby, North Carolina, United States, generates revenue of approximately USD 35 million and employs around 200 people. FAS Controls is active in the automotive and truck market and supplies high-quality electromagnetic valves, in addition to pressure switches and lighting modules. The company is a true niche player, technologically advanced and profitable. The acquisition of FAS Controls is an ideal fit with kendrion's strategy of

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