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September 2007

M. Goldschmidt Capital taking a stake in Imerco

Danish investment company M. Goldschmidt Capital has taken a 40% ownership interest in Imerco Holding A/S, the new Danish capital chain. The remaining 60% of the shares are held by former cooperative members/store owners.

The Imerco group is Denmark’s largest nation-wide hardware chain, with 137 stores. The group generates revenue of about DKK 1.3 billion and has roughly 800 employees.

Investing in small and medium-sized businesses with good growth and consolidation potential, M. Goldschmidt Capital is a subsidiary of the M. Goldschmidt Holding Group, which invests mainly in real property and securities.

The investment in Imerco Holding, parent company of the new Imerco group, coincides with Imerco’s conversion from a voluntary hardware chain into a capital chain, which took effect on 3 September 2007. The board of directors of Imerco Holding has elected Søren Bjørn Hansen, partner and CEO of M. Goldschmidt Capital, as its chairman and Erik Madsen, owner of an Imerco store, as its deputy chairman. The other board members are Claus Holberg, an attorney with Copenhagen-based law firm Lett Advokater; Jens Peter Toft, a former executive of Danske Markets, Corporate Finance; and Erik Schou, formerly a vice president of the Silvan chain.

“We are, of course, very pleased that we have completed this very complex transaction within the deadlines we had promised Imerco. From very early on, negotiations were marked by a very high degree of mutual confidence and respect, and that has certainly been a key factor in the successful outcome. The next step will be to capitalise on the substantial economies of scale that operating a capital chain allows, such as leveraging the major synergies in shared procurement services with a view to strengthening our relations with suppliers, exploiting a number of administrative advantages and developing new business concepts in order to strengthen Imerco’s position and profile in the Danish market,” said M. Goldschmidt Capital CEO Søren Bjørn Hansen.

Imerco’s conversion into a capital chain occurred when the new company Imerco Holding A/S took over the Imerco stores effective 3 September 2007. Imerco has already come a long way in capitalising on the opportunities for efficiency improvements that come with conversion to a capital chain.

“Backed by the partnership model and M. Goldschmidt Capital’s substantial financial and management involvement, the Imerco group is extremely well-consolidated, with equity of more than DKK 400 million, making it the most well-consolidated player in the industry today. In addition, Imerco is now in a position to establish or acquire new stores, as well as to renovate existing ones,” said Søren Bjørn Hansen.

“We will be strongly focused on the upcoming Christmas season while also launching the many initiatives in concept development, store layout and logistics that we plan to implement in 2008. We will also be focused on enabling the rapid growth of the Imerco group with the 30 or so new stores we plan to establish in Denmark,” said Imerco’s CEO Ib Berntsen.

About Imerco

The Imerco group is Denmark’s largest nation-wide hardware chain, with 137 stores. The group generates revenue of about DKK 1.3 billion and has roughly 800 employees.
www.imerco.dk/

About M. Goldschmidt Capital A/S

M. Goldschmidt Capital is a subsidiary of the M. Goldschmidt Holding Group. The company executes and manages the Group’s direct investments in small and medium-sized Danish businesses with promising growth and consolidation potential, for example within the fields of medico technology, trade, distribution and services. http://www.mgh.dk/

For additional information please contact:

Søren Bjørn Hansen, CEO,
M. Goldschmidt Capital A/S, tel. +45 33 63 09 00

Ib Berntsen, CEO, Imerco Holding A/S, tel. +45 43 20 10 00

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