Devglass makes EUR 10 million bond repayment

European Capital Limited and its subsidiaries announced 18 December 2008 that they have received a repayment of EUR 10 million of junior mezzanine bonds from Newglass, the parent company of portfolio …

European Capital Limited and its subsidiaries announced 18 December 2008 that they have received a repayment of EUR 10 million of junior mezzanine bonds from Newglass, the parent company of portfolio company Devglass, the leading independent French manufacturer and distributor of dual-pane insulated glass for windows. “We are very happy with our investment in Devglass and our working relationship with the company“s highly experienced management team”, said Stephane Legrand, director, European Capital Financial Services Limited. “Devglass has grown by 20% in 2008, in line with its average annual growth rate over the past five years. The group also increased its staff by more than 50 employees during the year”. “Devglass benefits from the development of the regulatory framework and the strengthening of government incentives aimed at reducing energy consumption”, said Olivia Reveilliez, manager, European Capital Services. “In addition, Devglass has continued to increase its market share due to its highly customer oriented business model”. “Following substantial business plan outperformance, Devglass is able to reduce its financing cost and accelerate its development”, said Olivier Rambeau, chairman of Devglass. “In 2009, the group will pursue domestic development through organic growth, as well as acquisitions”.