QEP :: Qualitas Equity Partners ::



			Alcasa is one of the leading European companies in the production and sale of recycled aluminium. The Company closed 2006 with €110M of turnover and forecasts more than €115M in 2007. Alcasa is a recognized provider of recycled aluminium for the transportation, construction and engineering sectors. At present, Alcasa exports 55% of its production, mainly to Italy, France, Portugal and Asia. The worldwide aluminium market is experiencing sustained growth, replacing other materials in sectors such as automobiles, construction, engineering and packaging. The advantages of recycled aluminium stem from its lightness, malleability, resistance, attractive price and the ability to be recycled ad infinitum without losing its properties or metal content. Type of Transaction: LBO.



			With annual growth rates in revenues in excess of 20% in the last three years, Grupo Garnica Plywood is the undisputable leader in the European market of high value added poplar plywood. The Group has three production facilities in Spain with a combined capacity in excess of 100.000 m3 of board, and exports more than 75% of its production, mainly to Germany, Italy and the UK.Grupo Garnica Plywood has based its strategy in the manufacturing of high value added products for niches that required a high technological component and that allow attractive returns, with significant barriers to entry and low competitive pressure. European production of plywood board reached approximately 4 million m3 in 2005. One fourth of that production was from poplar plywood, a product that has been growing in the last years due to the important advantages of poplar wood relative to other materials, mainly based on its light weight, ease of molding, and dying, as well as its resistance.The main uses for high value added poplar are the caravan industry, and the parquet sector, where the penetration of poplar is still very limited and has great growth potential. Type of Transaction: LBO.



			Forte, S.L., is one of the leading prefabricated concrete manufacturer in Spain, with turnover of close to 45 million euro in 2005. The Company operates from six production floors, mainly in Levante. Forte has a broad range of products which cover the civil works, residential housing and the construction of industrial warehouses. The prefabricated concrete sector is growing very rapidly because of important cost and quality advantages than if provides relative to concrete in-situ and greater security compared to metal structures. The prefabricated concrete sector has a large national size, greater than 3.250 millones euro. Type of Transaction: LOB, Buy-and-build. Qualitas co-invested with Lombard-Odier.



			Azuvi S.A. With turnover in excess of €69 million in 2005 is one of the leading manufacturers of ceramic tiles in Spain. The company operates production facilities of more than 100.000 m2 with a manufacturing capacity greater than 9 millions m2 of tiles per year. Azuvi has been characterized for its advanced and state of the art designs, positioning the company as a reference for the rest of the tile manufacturers. Tile manufacturing has experienced strong growth in Spain, and has achieved the number two world-wide ranking, with more than 650 million of m2 produced annually, even ahead of countries with a larger tradition in the sector, such as Italy. The total sector turnover amounts to more than 3.600 million euros of which more than 50% is exported. Type of Transaction: LBO, BIMBO. Qualitas co-invested with Lombard-Odier.



			Bellsolá S.A. is one of the leading national producers of pre-cooked frozen bread and rolls. With 15 production lines and more than 500 different products, Bellsolá is a point of reference in the sector in Spain. Its high quality and wide product assortment have contributed to Bellsola´s leading position, enabling it to generate over €45 million in 2005. The market for frozen bread, is currently experiencing strong growth and it consists in the production of bread and rolls that are frozen and then reheated on-site, allowing the consumer to consume fresh bread. Bellsola enables supermarkets, restaurants and petrol stations to provide bread with the consistency of freshly-baked bread, but at a lower cost and with greater storage flexibility. The market for pre-cooked frozen bread is currently estimated at €500 million. Type of Transaction: LBO, MBI. Qualitas co-invested with Landon Investments.