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16^th December 2005 (Source: LDV )

LDV Group Limited (“LDV”) is pleased to announce today the completion of a major re-financing programme that secures the long-term future of LDV’s automotive production at Drews Lane (Birmingham) and underpins the future development of the award winning Maxus range.

Following the refinancing programme led, advised and structured by Sun European Partners, LLP (“Sun European”), LDV is now majority owned by an affiliate of Sun Capital Partners Inc. (“Sun Capital”). European Acquisition Capital have invested for a minority stake.

LDV and its new investing partners believe that the future of the business is through the continued growth and development of the award winning Maxus range of light commercial vehicles and have decided to phase out older product ranges. As a result production of Maxus will progressively re-commence next week while the Convoy and Pilot ranges will cease. The financing package will enable LDV to accelerate the new model development programme with a range of minibuses being introduced in 2006 and chassis cab derivatives to follow.

Sun European was advised by Tony Bugg and Richard Youle of Linklaters and Neville Kahn of Deloitte.

Allan Amey, chief executive of LDV, commented: “I am delighted to welcome Sun Capital’s affiliated company as new owners of LDV and am pleased to have reached an agreement with them to secure the long term funding of the business. With their extensive experience of the automotive and heavy manufacturing industries, the Sun Capital affiliate share our growth vision for the business and are the right partner to take the development of our best selling MAXUS range forward. I am confident that we now have the right platform in place to pursue a sustainable long term growth strategy for the business.”

Phil Dougall, managing director of Sun European, added: “We are excited to count LDV as one of our affiliated portfolio companies. With its strong brand recognition, exciting and award winning product range, loyal customer base and experienced management team, LDV fits our investment criteria and we look forward to accelerate its growth strategy through the roll out of the Maxus range and the development of derivative product lines.”

Paul Downes of EAC said: “EAC has maintained its commitment to LDV and will continue to support the business as it moves forward. Since we first invested in late 2003, the business has made great progress, not least the successful development and launch of Maxus which provides the core platform for future growth. We look forward to working with Sun Capital and management to build on the strong foundations that have been laid over recent years. “

Enquiries:

For LDV / EAC
Smithfield Tel: 020 7360 4900
Noémie de Andia

For Sun Capital
Maitland Tel: 020 7379 5151
Martin Leeburn

Notes to Editors:

About LDV Group Limited

LDV Group Limited design, manufacture and distribute the widest range of light commercial vehicles in Europe. LDV Group Limited produce three model ranges MAXUS, Convoy and Pilot.

About Sun European Partners, LLP

Sun European is the European adviser to Sun Capital Partners, Inc. , a leading investment firm focused on leveraged buyouts, equity, debt and other investments in market-leading companies that can benefit from its in-house operating professionals and experience. Sun Capital affiliates have invested and managed more than 100 companies worldwide since Sun Capital’s inception in 1995, with combined sales in excess of $22.0 billion.

About European Acquisition Capital Limited (“EAC”)
www.eacgroup.com

EAC is a London based independent private equity manager, owned by its investment professionals. Established in 1991, it currently employs 10 investment professionals. The business is authorised and regulated by the Financial Services Authority.

EAC’s existing investments include LDV Group Limited and The Eton Group (Threadneedles Hotel). Realisations have included Tom Cobleigh, Leapfrog Day Nurseries, Star Energy plc and MW Group Limited (Mappin & Webb / Watches of Switzerland).

EAC currently has total assets under management of over €400 million and has raised the following funds:

EAC Fund I closed at €83 million in October 1992
EAC Fund II closed at €205 million in March 1998
EAC Fund III closed at €224 million in August 2002.

EAC focuses on investments, which are often complex and management-intensive, in the following situations across the UK and western Continental Europe:

Management buy-ins.
Industry consolidations.
Development capital/roll outs,
Turnarounds

EAC’s typical transaction size is between €15-100 million. It only takes majority stakes in its portfolio companies and looks to invest €10-25 million per investment.

About EAC’s Investment Strategy

In line with EAC’s investment profile, it would typically expect to hold its investment in Interfloor for approximately 3-5 years

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