Asia PR News

PARIS, Feb. 28 /PRNewswire-AsiaNet/ –

European Capital, S.A. SICAR announced today it has invested euro 22.5
million in the mezzanine facility of Alma Consulting Group ("Alma"), the
leading French provider of tax recovery and cost reduction services for
companies. European Capital’s investment represents 50% of the mezzanine
facility arranged by Royal Bank of Scotland, supporting Apax Partners’
acquisition of Alma. European Capital will be Agent of the mezzanine facility
and will have a Board observer seat. Alma management and employees retain
significant equity investments.

"European Capital is investing in the undisputed leader in a dynamic
market," said Ira Wagner, President of European Capital Financial Services
Limited ("European Capital Services"), the sub-investment manager of European
Capital. "In addition, we are very pleased to be working with Apax Partners,
one of the world’s leading private equity firms, and Royal Bank of Scotland,
one of the leading leveraged loan arrangers in Europe and the world."

European Capital has invested approximately euro 300 million ($356 million)
in 14 companies since its formation in August of 2005. For more information
about European Capital, go to http://www.EuropeanCapital.com

"Alma has developed a low cost, standardized approach to achieving cost
savings for its clients," said European Capital Managing Director Jean
Eichenlaub. "It has a widely diversified, loyal client base and operates in one
of the fastest growing segments of overall consulting services. Its strong
sales growth, high margins and extraordinarily high rate of contract renewals
make it a very attractive investment."

"We are supporting a strong, experienced and well incentivized management
team that has driven Alma’s growth and remarkable success," said European
Capital Vice President Stephane Legrand.

Alma generates clearly identified, measurable and secured savings for its
customers with respect to social charges, tax-related costs and G&A costs, as
well as obtaining Research and Development tax credits or subsidies. The
Company is paid on the basis of an agreed percentage of the savings achieved or
subsidies obtained. Operating from its two main offices in Paris and Lyon, Alma
has a customer base of 9,000 companies, including 60% of the top 200 largest
French companies. The Company has 585 employees, operates in France, Belgium,
Spain, Poland and Israel, and has seen annualized sales growth above 20% over
the past 10 years.

"We are pleased to work with European Capital and value our relationship
with them," said Apax Partners Director Simon Marc. "They bring a rare
combination of depth and speed to a transaction."

"European Capital immediately understood the investment thesis and acted
quickly to complete the transaction," said Royal Bank of Scotland Managing
Director Howard Sharp. "We are impressed with their flexibility and hard work."

ABOUT EUROPEAN CAPITAL
European Capital is a buyout and mezzanine fund with capital resources of
euro 750 million. European Capital invests in and sponsors management and
employee buyouts, invests in private equity buyouts and provides capital
directly to private and mid-sized public companies. European Capital invests
from euro 5 million to euro 125 million per transaction in equity, mezzanine
debt and senior debt to fund growth, acquisitions and recapitalizations.

Companies interested in learning more about European Capital’s flexible
financing should contact Jean Eichenlaub at + 33 (0)1 40 68 06 66 in Paris, or
Nathalie Faure Beaulieu or Simon Henderson at + 44 (0)207 539 7000 in London,
or visit our website at http://www.EuropeanCapital.com

ABOUT AMERICAN CAPITAL
American Capital Strategies Ltd. (Nasdaq: ACAS) is a publicly traded buyout
and mezzanine fund with capital resources of approximately $7 billion. American
Capital invests in and sponsors management and employee buyouts, invests in
private equity buyouts, provides capital directly to early stage and mature
private and small public companies and through its asset management business is
a manager of debt and equity investments in private companies and commercial
loan obligations. American Capital provides senior debt, mezzanine debt and
equity to fund growth, acquisitions, recapitalizations and securitizations.
American Capital invests up to $300 million per transaction.

About Apax Partners
Apax Partners is one of the world’s leading private equity investment
groups, operating across Europe, Israel and the United States. Apax Partners
has raised or advised approximately $20 billion around the world. With over 30
years of direct investing experience, Apax Partners’ Funds provide long-term
equity financing to entrepreneurs. Apax invests in late venture, growth capital
and buyouts. Apax Partners’ Funds invest in companies across its global sectors
of Tech & Telecoms, Retail & Consumer, Media, Healthcare and Financial and
Business Services. Other Apax investments include Travelex, the world’s largest
foreign exchange specialist; SULO Group, one of Germany’s largest waste
management companies; and UK consumer finance group Picture Financial.

This press release contains forward-looking statements. The statements
regarding expected results of American Capital Strategies are subject to
various factors and uncertainties, including the uncertainties associated with
the timing of transaction closings, changes in interest rates, availability of
transactions, changes in regional, national or international economic
conditions, or changes in the conditions of the industries in which American
Capital has made investments.

SOURCE: European Capital

CONTACT: Jean Eichenlaub,
Managing Director,
+ 33 (0)1 40 68 06 66,

Stephane Legrand,
Vice President,
+ 33 (0)1 40 68 06 66, or

Brian Maney,
Director,
Corporate Communications,
+1-301-951-6122,

all of European Capital

Web site: http://www.EuropeanCapital.com
http://www.americancapital.com

(ACAS)