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8 th February 2005


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8 th February 2005

  1. 1. 8th February 2005 Henderson Private Capital adds to buy-and-build strategy for Vacant Property Services Limited with acquisition of Safe Estates Henderson Private Capital’s managed European private equity fund, Henderson European Fund Partners I, LP has added to its buy-and-build strategy for Vacant Property Services (“VPS”) with the acquisition of Safe Estates Services Limited (“Safe Estates”). The combined business will create a new force in the growing market for vacant property protection services. The fund first invested in VPS when it backed an MBI team in the acquisition of VPS in September 2003. Safe Estates Services Limited is Henderson Private Capital’s twelfth European investment and follows rapidly on from its investment in Homann Feinkost, Germany’s leading chilled food manufacturer. Safe Estates is one of the UK’s fastest growing companies, offering a one-stop shop for securing and managing properties that are temporarily vacant awaiting disposal or demolition, or vacant while being refurbished or between tenancies. It offers customers a private website through which they can monitor their properties at any time and has provided security for over 35,000 properties since launch in 2001. The main services Safe Estates provides include alarm installation and the provision of other security measures such as perimeter protection, steel protection for windows and doors, mobile patrols, resident caretakers and periodic inspections. In addition Safe Estates remove potential hazards and disconnect services, and will carry out essential maintenance to deal with damage to a property due to attack or weather
  2. 2. damage. The business operates from 15 regional depots throughout the UK and employs 150 people. VPS is a leading void management business providing protection services for vacant properties. The business has grown significantly since it was founded in 1996 and is now the most widely used void protection system in the USA, with operations in Chicago, Washington, Philadelphia, Cleveland and Detroit as well as in London, The Midlands, Paris, Nice and Marseilles. It specialises in patented security features such as an emergency release security screen that can be removed from the inside and an alarm system that is concealed within a steel door and is permanently connected by GSM to a secure, fully automated 24/7 monitoring station without the need for mains power or telephone lines. Its integrated alarm system has already been successfully installed in over 2,000 locations. The founders of Safe Estates, Gideon Israel and Paul Strasburger will remain and work with VPS management to continue to grow the combined group. Ian Quinlan the CEO of VPS will remain as CEO of the enlarged group. Ian Quinlan comments: “VPS is one of the UK’s leading vacant property protection companies. With the addition of Safe Estates, which is a perfect strategic fit, we have a management team with a wealth of industry knowledge and a business with the potential to become the UK’s number one player in a fast-growing market.” Gideon Israel, Chief Executive of Safe Estates comments: “VPS and Henderson Private Capital have acquired a great business. We were impressed with the professionalism and strategic input of everyone we dealt with throughout the acquisition process, and I’m looking forward to supporting the combined management as they work towards achieving their business objectives.” Roger Greville, Head of Henderson Private Capital comments: “This, our fifth twelfth European investment, is a high quality asset that is a perfect strategic fit for VPS and demonstrates our committed approach to managing our portfolio companies. VPS was a perfect candidate for a buy-and- build strategy and this acquisition will take the business into a new league. Our
  3. 3. European fund is now 67% invested across the UK, Germany and Italy and our Asia fund has recently concluded a series of deals that we anticipate will generate good returns. Our highly experienced European team are continuing to invest at a measured pace and will continue to generate value both by investing well and by active management of the portfolio. We anticipate that 2005 will be an active year for all of our funds.” -ends- Press enquiries to Equus: Piers Hooper/Corinne Daniels +44 7223 1100 (photographs available on request) Notes to Editors Henderson Global Investors is a leading investment manager, providing a wide range of investment products and services to institutions and individuals in Asia, Europe and North America. Henderson manages €102 billion (as at 30 June 2004) in assets and employs more than 950 people around the world. Henderson Private Capital is the private equity operation of Henderson Global Investors and has €1 billion under management (as at 30 June 2004). Henderson Private Capital is well placed to take advantage of attractive investment opportunities in private capital through its dedicated teams: • European Private Equity • Asia Pacific Private Equity • Infrastructure • Fund of Funds Other investments of Henderson Private Capital’s European Private Equity team include Leisure Link (the UK’s largest manager of public space gaming and entertainment machines), TopGolf (the world’s first high tech driving range operator), Vacant Property Security (providing protection services for vacant properties in the
  4. 4. UK, France and the US), Redecam (Italy’s leading cement filtration business) and Homann (German Chilled Food Producer). Henderson Private Capital Limited is authorised and regulated in the UK by the Financial Services Authority. Advisors to the transaction included: Dickson Minto was legal adviser to Henderson Private Capital and VPS. British Linen advised on Corporate Finance and KPMG advised on financial and tax due diligence and structuring. The Parthenon Group was the industry consultant, Marsh advised on insurance matters and Enviros advised on environmental matters.