White & Case Advises Ali on its £260 Million Acquisition of Aga Foodservice Equipment

Trade Buyers Take Advantage of Improved Market Conditions

London, October 23, 2007 ... White & Case is advising Ali SpA ("Ali"), the major Italian commercial foodservice equipment maker, on its acquisition of Aga Foodservice Group's ("Aga") commercial foodservice equipment and bakery equipment business, Aga Foodservice Equipment, for a cash consideration, subject to adjustment, of £260 million. The acquisition of Aga's commercial assets in the UK, France, Germany, Italy, US, Australia and China makes Ali one of the leading commercial foodservice equipment manufacturers in the world. The transaction is conditional upon the approval of various competition authorities.

"Although the M&A market remains somewhat uncertain in light of the recent credit crunch, there are still deals to be done. Trade buyers, as expected, are finding themselves in an enhanced bidding position with respect to their private equity counterparts, who generally speaking currently don't have access to the debt financing multiples that were previously available," commented White & Case partner Ashley Ballard. "Our role on this deal enabled us to play to our strengths, advising on cross-border transactions, using our global network of offices."

The White & Case team advising Ali was led by partner Ashley Ballard and counsel Massimo Galli, working closely with partners Oliver Brettle, Peita Menon and Lorraine Ufland, counsel John Runeckles, associates Laura Clement, Nicholas Greenacre, Jonathan Langley, Emma Mailer, James Meakin, Kellie Morton and Fahim Rahman in London, partner Mark Powell and associates Suzanne Innes-Stubb and Grant McKelvey in Brussels, associates David Ernst and Kyle Chorba in New York, associates Michele Cicchetti and Cristian Cazzani in Milan, counsel Juliette Goyer and associate Lauriane Lépine in Paris and associates Justus Herrlinger and Thorsten Winkler in Hamburg.

"One interesting aspect of the transaction is that the financing was governed by Italian law and entirely arranged by Italian banks, making it one of the largest leveraged financings in Italy this year," commented White & Case counsel Massimo Galli.

This is the latest in a string of European M&A transactions that White & Case has advised on. Recent deals include: acting for Intergum, the largest manufacturer of chewing gum in Turkey, in its sale to confectionary giant Cadbury Schweppes for $450 million; acting for Allianz Capital Partners GmbH, the private equity arm of German insurance giant Allianz, in its £772.5 million acquisition of pan-European vending business Selecta from Compass Group PLC, the world's largest catering group; and acting for airport operator BAA plc on the sale of its 75 percent minus one share stake in Budapest Airport to a consortium led by Hochtief AirPort GmbH for £1.309 billion.

About White & Case
White & Case LLP is a leading global law firm with more than 2,100 lawyers in 35 offices in 23 countries. Our clients value the breadth and depth of our US, English and local law capabilities and rely on us for their complex cross-border commercial and financial transactions and for international arbitration and litigation. Whether in established or emerging markets, the hallmark of White & Case is our complete dedication to the business priorities and legal needs of our clients.

Contact:
James Martin
Media Relations Mgr EMEA, White & Case
44 0 20 7532 2853/ 44 0 7939 012 011


Alexandra Henderson
Media Relations Executive, White & Case
44 0 20 7532 2848