CD&R and its partners AXA Private Equity and Caisse de dépôt et placement du Québec complete SPIE acquisition

Clayton, Dubilier & Rice (CD&R) and its partners AXA Private Equity and Caisse de dépôt et placement du Québec today announced the closing of the acquisition of French based multi technical services company, SPIE, from PAI partners.

On May 31, 2011, it was announced that CD&R and its partners, had signed an exclusivity agreement with PAI partners to acquire SPIE for €2.1bn. CD&R-managed funds, including co-investment vehicles, invested approximately €510 million in the transaction. AXA Private Equity and Caisse de dépôt et placement du Québec each invested approximately €140 million.

SPIE is a European leader in multi-technical services. It specialises in electrical, mechanical, and HVAC contracting services, as well as oil & gas, nuclear and communications network services. With 28,600 employees working from nearly 400 locations in 31 countries, in 2010 SPIE generated operating profit on ordinary activities of €192.3 million on turnover of €3.75 billion.

The transaction represents a partnership between the management of SPIE and the investors to support the next phase of the company's growth. A broadly based employee share ownership scheme ensures broad alignment behind these objectives.

ABOUT CLAYTON, DUBILIER & RICE

Founded in 1978, Clayton, Dubilier & Rice is a private equity firm with an investment strategy predicated on producing superior financial returns through building stronger, more profitable businesses. The Firm’s partners and advisors include a combination of skilled investment decision-makers and seasoned corporate leaders from global businesses such as ABB, Allstate, BAE, BBA, BTR, Disney, Dow, Eaton Vance, Emerson Electric, Gap, GE, IBM, Procter & Gamble, Tesco, Unilever and Williams, among others. Since inception, CD&R has managed the investment of over $16 billion in 50U.S. and European businesses with an aggregate transaction value of more than $80 billion. For more information, please visit www.cdr-inc.com.

ABOUT AXA PRIVATE EQUITY

AXA Private Equity is a leading private equity firm with US$28 billion in managed assets and a global reach extending across Europe, North America and Asia. The firm offers investors the full spectrum of private equity services for every market segment: direct funds, infrastructure financing, mid cap and small cap buyouts, venture capital, co-investments, fund of funds as well as mezzanine financing.

With offices in Paris, Frankfurt, London, New York, Singapore, Milan, Zurich and Vienna, AXA Private Equity supports the development and long-term growth of its portfolio companies with sustainable growth strategies and by granting them access to the AXA international network. AXA Private Equity has earned the trust of its investors by regularly supplying them with transparent performance data on its funds and portfolio companies.

ABOUT CAISSE DE DÉPÔT ET PLACEMENT DU QUÉBEC

The Caisse de dépôt et placement du Québec is a financial institution that manages funds primarily for public and private pension and insurance plans. As at December 31, 2010, it held $151.7 billion in net assets. As one of Canada’s leading institutional fund managers, the Caisse invests in major financial markets, private equity and real estate. The Caisse’s Private Equity team posted net assets of $21.8 billion as of December 31, 2010 (including the Infrastructures portfolio). The Private Equity team’s investments target companies active in various industry sectors: manufacturing, distribution and services, media and telecommunications, natural resources, financial services, energy and infrastructures. The team also invests in specialized investment funds. For more information: www.cdpq.com.