ABN AMRO Capital today announced the leveraged buyout of STRIX Group Limited from current management and Montagu private Equity, subject to regulatory approval. The value of this transaction has not been disclosed.

STRIX is the world's leading manufacturer of kettle controls, the main means of switching a kettle on and off when the water boils. STRIX controls are used more than one billion times a day, by approximately 20% of the world's population. Their product range includes kettle controls, cordless interfaces, thermostats and water boiling elements. STRIX supplies all recognised kettle brands including Bosch Siemens, Braun, Kenwood, Morphy Richards, Philips, Rowenta, Russell Hobbs and Tefal.

STRIX's head office is located in Ronaldsway, Isle of Man. It operates four manufacturing facilities in Chester (UK), Malew and Ramsey (Isle of Man) and Guangzhou (China). Much of the assembly and some component manufacturing is carried out at the Guangzhou facility, where STRIX has operated for over eight years. In addition, the Group maintains a European manufacturing and assembly presence in order to service its customers and support new product development.

The Group was founded in 1979 by John Taylor, the original inventor of the integrated kettle control. Under the present Chairman, Edwin Davies OBE, the business grew during the 1980's and 1990's through development of its pioneering technology; with the first plastic kettles launched in 1985, the first cordless interfaces in 1987, and the first kettle control systems for underfloor water heating in 1996. STRIX has also since expanded its product range to include water filters for kettles.

The current Chief Executive, Brian Amey, was appointed in 1998.

The Royal Bank of Scotland Leveraged Finance and Mizuho Corporate Bank will provide senior debt and mezzanine to support the purchase. Paul Southwell and Jonathan Bourn from ABN AMRO Capital will join the board of STRIX Group Limited following the investment.

Ian Taylor, UK Head of ABN AMRO Capital, said:

"STRIX is a high-quality business, occupying a leading position in its market. We look forward to working with the management to build on its 20-year record of technical innovation, design, quality and safety and to realise its significant growth prospects."

Chief Executive, Brian Amey, commented:

"The LBO is great news for STRIX. With ABN AMRO Capital's support, we are in good stead to invest further in research and development, boost innovation, develop new products and take advantage of opportunities in emerging markets, whilst maintaining our usual high standards of safety and quality."

This is the second buy-out announced by ABN AMRO Capital this year. ABN AMRO Capital made thirteen investments in Europe last year (five in the UK) including the GBP 165 min buyout of Park Resorts, the GBP 105 min buyout of GB Holidays Parks, the GBP 29 min buy-out of Celotex, the GBP 122.5 min buy-out of Ethel Austin and the GBP 61 min buy-out of Dennis Eagle.

ABN AMRO Capital is the global private equity business of ABN AMRO, with teams operating in 11 countries world-wide including The Netherlands, UK, France, Spain, Italy, Sweden and Australia. It specialises in mid-market buy-outs, expansion capital and public-to-private deals. Total funds under management (as at end Dec 04) by ABN AMRO Capital are EUR 1.9 bin, of which EUR 140 min of capital is provided by international investors in ABN AMRO Capital managed funds in the UK and France. A fund is currently being raised in Australia.

Press enquiries:
ABN AMRO Capital
Ian Taylor, Chief Executive	020 7678 0076 (office), 07715 012016 (mobile)
Alex Evans, Media Relations	020 7678 5111
Financial Dynamics (for ABN AMRO Capital)
Emily Weston	020 7269 7231 (office), 07967 838205 (mobile)
Tulchan Communications (for Montagu Private Equity)
Alex Honnor	020 7353 4200
STRIX Group Ltd
Brian Amey, Chief Executive	01624 829829 (office)
Advisors
Advisers to ABN AMRO Capital:
Financial: Hawkpoint (Patrick Wilson/Jacques Callaghan) Financial DD: PricewaterhouseCoopers (John Ratcliffe) Legal: CMS Cameron McKenna (Andrew Sheach) Commercial: PricewaterhouseCoopers (Mark Parry/Bobby McClay)
Advisers to Management:
Legal; Decherts
Advisers to Vendor:
Corporate Finance: Deutsche Bank Financial DD: PricewaterhouseCoopers Commercial DD: Burlington Legal: DLA Piper Rudnick Gray Cary LLP (Bruce Westbrook) Insurance: AON Environment: Environ