1 December 2004   

STAR Capital Partners acquires leading European Recycling Business

STAR Capital Partners (“STAR”), the European investment fund focused on investing in capital intensive businesses, announces its agreement to acquire the steel and stainless steel dust recycling businesses of AGOR AG. The agreement became effective on 1st December with completion expected on 3rd January 2005. The transaction is subject to approval by the German Federal Cartel office. STAR is acquiring BUS Steel Services GmbH (and its subsidiaries), Scandust AB and BUS Valera SAS (together "BUS").

BUS is the European market leader in recycling dust from steel and stainless steel production - recovering metal such as zinc, nickel and chromium. It operates five plants located in Germany (Duisburg and Freiberg), France (Gravelines and Lens) and Sweden (Landskrona). The company has approximately 330 employees and in the year to 31st December 2004 is forecast to have turnover of €120 million.

Stephen Wright, Managing Director of STAR, commented: “We are very pleased to announce this transaction which reflects our strategy to invest in strategic assets. BUS plays an essential role in the recycling process and is a key service provider to the streel industry. We look forward to working with the management team to develop the business.”

Oliver Jaeger, Chief Executive of BUS, commented:
“We are very excited to have STAR as a partner in BUS. Their support will allow us to continue to offer our clients a reliable long term solution to their recycling needs.”

Peter Kuehnle, Business Development Director of STAR in Germany, commented:
“With this investment, STAR again proves its commitment to investing in the outsourcing of capital intensive activities. We are looking forward to supporting BUS in its plans to expand the services it provides to the steel and other metals industries.”