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Sale of Deloro Stellite February 2006

Vision Capital announces the sale of Deloro Stellite

Vision Capital today announces it has agreed the sale of its holding in Deloro Stellite to funds managed by Duke Street Capital for an undisclosed sum. Deloro Stellite is a leading global provider of engineered metal-based wear solutions. For the year to December 2005, the company had revenues in excess of $200m.

Vision Capital acquired Deloro Stellite as part of a portfolio acquisition from Deutsche Bank’s Morgan Grenfell Private Equity in 2003. Following the acquisition, Vision Capital worked closely with Mark Aldridge, Executive Chairman, and his team to achieve strong organic sales and profit growth supported by selective acquisitions to reinforce the company’s market leading positions in its core markets.

Commenting on the transaction, Tim Wright, Managing Director of Vision Capital, said: “When we acquired Deloro Stellite we saw the opportunity to invest in a strong business that needed a supportive partner to move on to the next stage of its development. This transaction crystallises a successful investment for Vision Capital and we wish the management team all future success under its new ownership.” Mark Aldridge, Chairman and CEO of Deloro Stellite, said: “Deloro has enjoyed unprecedented growth under Vision Capital’s ownership, extending its global reach and reputation for excellence whilst continuing to deliver high quality products and services to its customers. We look forward to working with Duke Street Capital and to maximising organic and acquisition growth opportunities.”

Vision Capital is a limited liability partnership | Registered in England number: OC336240 | Authorised and regulated by the Financial Conduct Authority