N&W Global Vending SpA (Barclays PE & Investcorp)

November 14, 2008

      Compass Advisers, LLP ("Compass") is pleased to announce the acquisition of N&W Global Vending S.p.A. ("N&W"), the leading pan-European manufacturer of food and beverage vending machines, by a consortium of investors led by Barclays Private Equity ("BPE") and Investcorp ("IVC").  N&W was sold to these investors by Argan Capital and Merrill Lynch.  The terms of the transaction were not disclosed.

      Compass, Rondelli Advisers, the Italian partner of Compass Advisers, acted as exclusive financial advisor to the buyers in this tertiary leveraged buyout, currently considered the largest Italian buyout of the year.  The acquisition represents the largest Italian investment ever executed by BPE, and one of the largest executed in Italy by IVC.  The acquisition was successfully executed in some of the most challenging market conditions experienced in the last 30 years.

      BPE, founded in 1979, is one of Europe's leading mid-market private equity investors with more than 500 investments made to date.  BPE is the exclusive agent and advisor of Barclays Private Equity European Fund III (fund amounting to approximately €2.5 billion).

      IVC, founded in 1982, is one of the largest and most diverse alternative investment managers in terms of both product offerings and geography, with currently over $17 billion in invested assets under management and arranged investments, and approximately $38 billion since inception.

      Compass, Rondelli Advisers worked with BPE and IVC since the initial phase of this transaction, providing continuous support throughout the process, particularly during the long and difficult due diligence and negotiation phases.  The acquisition was extremely complex, due to the combined presence of negotiations among four parties and a debt market with constantly reducing liquidity and financing conditions that worsened on a day-by-day basis.

      BPE and IVC have acquired a leading company with a history of rapid growth and high profitability, success that has proved to be resilient in past economic downturns.  N&W is also the technology leader in its industry in Europe, and the company is poised to become a future global leader in this area.

       "Compass, Rondelli Advisers provided us with advice and counsel tailored to our specific needs and objectives.  Their hands-on approach, disciplined execution and process insights led to a positive outcome.  We have completed two transactions in the last 18 months in Italy, successfully supported by Compass, Rondelli Advisers, and we look forward to working with them again," said Emanuele Cairo, Managing Director at Barclays Private Equity.