Candover exits investment in Baxi Group                    

Candover*, a leading provider of equity for large European buyouts, announces
today that it has sold its equity holding in Baxi Group, a leading European
heating company, to funds advised by BC Partners, as part of a refinancing to
support Baxi Group's future plans. The refinancing values the company at �662.5
million. The sale of Baxi Group means that the Candover 1991 and 1994 Fund
portfolios are now effectively fully realised.

Candover first invested in Baxi Group in 1996 when it led the �360 million
buyout of 15 businesses from Williams Holdings plc to create Newmond. In 2000,
Candover supported Newmond in its acquisition of Baxi Holdings, to create Baxi
Group, one of the leading European players in the heating and home comforts
markets. Baxi Group employs over 5,500 people throughout Europe with a turnover
of Euro1.0 billion (�657 million) in 2002.

Baxi Group produces equipment such as energy efficient central heating boilers,
hot water heating and storage units, space heaters, radiators, showers, and air
management systems, which are used to provide homes, workplaces and public
buildings with warmth, hot water supplies and clean, fresh air. The Group has
manufacturing operations in the UK, Italy, France, Germany, Denmark and the
Netherlands.

Commenting on the sale, Marek Gumienny, Managing Director of Candover, said:

"Baxi has been a successful and long-standing investment for Candover, and its
sale is the latest in a series of realisations made by Candover in the last
twelve months. This refinancing marks the beginning of a new chapter for Baxi,
and we wish the management team continued success."

In the last twelve months Candover has successfully exited, either fully or in
part, investments in Camden Motors and Detica from the 1994 Fund; Airtechnology
and Pandrol (final parts of the Charter investment), Bourne Leisure and Picard
from the 1997 Fund. At the end of 2003, Inveresk, a 1997 Fund investment also
completed a successful secondary share offering on Nasdaq, and Aspen Insurance,
a 2001 Fund investment, listed on the New York Stock Exchange.

                                     Ends.                                     

*Candover means Candover Investments plc and /or one or more of its
subsidiaries, including Candover Partners as General Partner of the Candover
1991 and 1994 Funds.


Contact details:

For Candover:

Marek Gumienny, Joint Managing Director 020 7489 9848

Julie Foster / William Davidson, Tulchan Communications 020 7353 4200

Notes to Editors:

Candover

Candover is a leading provider of equity for large European buyouts. Since its
formation in 1980, it has invested in 120 buyouts worth over Euro25 billion.
Investment in deals by Candover is provided in two forms, from Candover
Investments plc, a publicly quoted investment trust capitalised at Euro417
million, and from funds managed by Candover Partners, a wholly owned
subsidiary. Candover closed the Candover 2001 Fund in June 2002, raising Euro2.7
billion.

Recent deals announced by Candover in a lead or co-lead role include an
agreement to buy the upstream oil & gas business from Swiss-Swedish engineering
group ABB, the Euro182.5m buyout of Equity Trust, a global provider of trust and
fiduciary services, the Euro1.65bn acquisition of academic publishers 
BertelsmannSpringer and Kluwer Academic Publishers to form a new company, 
Springer, the Euro141 million MBI of Wellstream, a manufacturer of flexible pipe
for the offshore oil and gas sector, the Euro1.9 billion buyout of Gala, the
retail gaming company, the Euro1 billion buyout of Belgium-based Ontex, a leading
European producer of hygiene products for the babycare, feminine hygiene and
adult care markets, the Euro709 million formation of Aspen Re (formerly known as 
Wellington Re), one of the largest independent reinsurance vehicles in the UK
market, and the Euro393 million buyout of Swissport, a global ground handling
business, from former Swissair Group AG. Candover has also invested in Kabel
Deutschland, a German cable TV company, as part of an equity syndicate

The Candover Group has three offices in London, Paris and D�sseldorf, and a
local advisor in Madrid.

Candover Partners Limited is authorised and regulated by the Financial Services
Authority

For further information; please visit our website at www.candover.com



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