Gelit SpA (Consilium Private Equity/Barilla)

May 3, 2007

      Compass Advisers, ("Compass") is pleased to announce the acquisition of Gelit S.p.A. ("Gelit") through a management buyout led by Consilium SGR ("Consilium"), an established private equity house with its focus on Italian middle-market buyouts.  Compass, Rondelli Advisers, the Italian partner of Compass Advisers, acted as financial advisor to Consilium in the transaction.

      Gelit, based in Cisterna di Latina, is the market leader in the production of frozen ready-to-heat meals and crêpes for the white label channel in Italy.  Gelit is the commercial partner of all the major Italian distribution chains and door-to-door players.  The company has a strong presence abroad with customers in the U.S., France, Spain, Austria and Japan.  Thanks to the investments and the know-how transferred by the Barilla group (of which the company had been part), Gelit has the most advanced state-of-the-art production facilities in Europe for the production of frozen ready-to-heat meals.  Moreover, its highly sophisticated R&D capabilities allow the company to add new recipes and to rapidly develop products specific for its customer base.

      The transaction enables Gelit to fully implement its growth strategy, including strengthening international expansion both organically as well as by acquisition, and further establish its position as the Italian leading manufacturer of frozen ready-to-heat meals.

      Compass assisted the client in performing due diligence, valuing assets and business entities, negotiating the price and transaction terms, providing strategic advice regarding bidding, coordinating activities required in the acquisition process, and developing integration and business plans.