Release Date: 12th June 2002

UK's Largest Private Label Hosiery Supplier Purchased by
Amicus Partners

Belfast - Today (12th June 2002), Amicus Partners, a private equity group, announced its first major acquisition - a majority stake in Adria Ltd: the UK's largest private label hosiery manufacturer and makers of the prestigious Charnos brand hosiery.

This leading supplier of ladies' tights and stockings and children's socks to the UK's principal high street retailers reported total sales in excess of £40 million in the year ending 31st December 2001. Terms of the purchase from Charnos Plc were not disclosed.

New minority shareholders in Adria Ltd are Invest NI (Northern Ireland's new inward investment agency), Crystal SA of Columbia and Real SpA of Italy (both key suppliers to Adria), as well as senior managers of the business.

Carl Francis, the Amicus Partner who led the acquisition team and becomes CEO of Adria, said "This transaction is built upon a real mutuality of interests, and we welcome the involvement of these new equity partners."

Dr Terry McCartney, Amicus Partner and Chairman of Adria - a role that he will continue - commented that this transaction would provide stability to over a thousand employees and maintain Adria's position as one of Northern Ireland's largest employers. He said, "We are confident that - despite some difficulties in the UK textile manufacturing sector - we will not only maintain but significantly grow this already successful business".

Leslie Morrison, Chief Executive of Invest NI, added his commitment to the deal, commenting: "Invest NI are supporting this company's business plan by taking a significant stake in the new business because of the successful track record of the management team and their commitment to increase the capability of the company to add significant value to its operations."

Amicus Partners were advised on this transaction by IBI Corporate Finance.

Amicus Partners targets solid businesses in out-of-favour sectors (such as Adria), as well as start-ups and turn-around opportunities.