Paris, 10 December 2012

Press Release

Primavista creates the European leader in photography and direct marketing aimed at young families following the merger with Family Service

Primavista, the French leader for the target group of soon-to-be and young parents, via maternity and school photography, direct marketing services, announcements and the Etreenceinte.com website, has announced its merger with Family Service.

This is the second build-up acquisition this year for Primavista - which became an Activa Capital portfolio company in October 2011 - following the takeover in September 2012 of Secret de Polichinelle, the leader in birth and marriage announcements.

Family Service is the European leader in direct marketing aimed at soon-to-be and young parents via a range of solutions including maternity packs, practical guides, a TV channel in maternity wards and several websites. In 2011, the company achieved turnover of €17m, including €9m outside France.

This new operation makes Primavista the undisputed leader in Europe for the young parent target group and allows a rebalancing of its portfolio between BtoC (maternity and school photography and announcements) and BtoB activities (direct marketing with the largest database of young families in Europe).

Each year, Primavista covers over 600 000 out of the 927 000 births in France and Belgium and distributes 1.9 million maternity sample packs.

The merger enables Primavista to expand its range of services aimed at soon-to-be and young parents with a broader range of sample packs and giftboxes, websites and a TV channel entirely dedicated to young mothers.

Family Service also has presence in Poland, Czech Republic, Austria, Slovakia and Croatia.

Christophe Parier, Partner in Activa Capital, stated: "Through this new external growth project, Primavista continues the expansion of its range and accelerates the group's international development. We are very proud of the work accomplished over the last year and together with management, we will continue to study further acquisition opportunities."

Participants

Activa Capital: Christophe Parier, Grégory Fradelizi, Pierre Chabaud, Denis Houdet

LFPI: Fabien Bismuth, Guillaume Foillard

Buyer advisers

Financial advice: Olivier Dardel, Romain Petit - Bucéphale Finance

Legal advice: Emmanuel Vergnaud, Mickael Levi - Reed Smith

Management advice: Jennifer Hinge - Nabarro & Hinge  / Frédéric Jannin, Eric Lesieur - Oloryn

Financial and Accounting Due Diligence: David Willems, François-Xavier Bornet - PwC

Legal and Corporate Due Diligence: Emmanuel Vergnaud, Mickaël Levi, Indranee Dursun - Reed Smith

Tax Due Diligence: Jean-Philippe Brillet - Landwell 

Seller advisers

Degroof Corporate Finance: Henk Vivile, Antoni Slawecki

Financing

Senior Financing: Thierry Boistay, Houssam Seriani - BESV / Anastasia Ivanova, Adeline Ho Vi Lang- BNP Paribas

Senior Financing Advice: Colin Millar - Simmons & Simmons

Mezzanine Financing: Cesar Rodriguez Montes, Maïlys Dang-Ngoc - LFPI Gestion

Mezzanine Advice: Jonathan Nabarro - Nabarro & Hinge

About Activa Capital

Activa Capital is a leading French mid-market private equity firm. Activa Capital manages over €500m of private equity funds on behalf of a wide range of institutional investors. Its mission is to partner with ambitious mid-sized French companies, valued at €20 million to €200 million.

The current portfolio of Activa Capital includes investments across business services (Armatis-Laser Contact, Findis, Ergalis, Logitrade, ProNatura), consumer services (Primavista, Abrisud, BSH), retail (Sport 2000) and private education (Albarelle).

For more details, please visit our website: www.activacapital.com

Contacts

Christophe Parier (Partner): +33 (0)1 43 12 50 12

Sophie Cardoso (Marketing & Communications Manager): +33 (0)1 43 12 50 12

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