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Advent exits Cybercity

London, 23 May 2005 - Advent International, the global private equity group, today announced the sale of Cybercity, Denmark’s leading independent provider of internet and broadband services, to Telenor for DKK 1.385 billion. The only outstanding condition in order to finalise the acquisition is the approval of the acquisition from the Danish competition authorities.

Advent acquired Cybercity in March 2000, with the aim of significantly growing Cybercity’s share of the rapidly expanding Danish broadband market. When deciding where in Europe to make an investment in broadband services, Advent targeted Denmark because it was at the forefront of deregulation and because it enjoys very high internet and PC penetration. Advent pro-actively identified Cybercity as a vehicle for rolling out DSL (digital subscriber line) over unbundled local loops and recruited a new management team including CEO, CFO and Chairman to execute the strategy.

Under this management team, Cybercity has successfully transitioned from being a dial-up ISP to becoming Denmark’s leading independent and fastest growing broadband service provider, with an overall DSL market share of 12%. It has consistently been at the forefront of market developments, utilising new technologies to provide enhanced customer services such as voice over DSL and bandwidth on demand.

Despite adverse market conditions in the early phase of its development Cybercity was one of the first European broadband companies to turn EBITDA positive, in Q4 2001, and has been free cash flow positive since Q4 2003. In 2004, the company grew revenue by 34% and EDITDA by 72%.

John Bernstein, an Advent Director who together with James Brocklebank led the Cybercity investment, said: “In 2000 we recognised that Cybercity was a highly attractive investment opportunity, representing a platform for the development of advanced broadband services and a strong strategic asset in one of the most exciting broadband markets in Europe. This fitted perfectly with one of Advent’s key buyout strategies, targeting companies operating in high-growth sub-sectors.

We are delighted to have delivered on our growth strategy and our investment thesis despite difficult market conditions – something which has been made possible by significant investment by Advent and our co-investors and outstanding execution by management and employees, led by the CEO, Henrik Clausen, and CFO, Roland Andersen. We wish them and the company every success in the future.”

About Advent International
Advent International is a leading investor in communications in Europe. In addition to Cybercity, notable communications investments include MACH, the leading GSM clearing house that acquired Dan Net in 2004; Bulgarian Telecommunications Company, Bulgaria’s formerly state-owned national telecoms provider; and EUnet International, Europe’s first pan-European ISP.

Advent International is one of the world’s leading private equity firms, with offices in 13 countries across North America, Western and Central Europe, Latin America and Asia Pacific. Since its inception in 1984, Advent has invested in more than 500 companies and has helped businesses raise over $10 billion through public equity and debt offerings. These include over 130 IPOs on major stock exchanges worldwide.

About Cybercity
Cybercity develops Internet and Telecommunications solutions to the consumer and business markets in Denmark. Cybercity has approximately 95,000 customers and is the fastest growing DSL provider in Denmark. Cybercity is based in Copenhagen and has 300 employees.

Publisher Contact Information:

Advent International plc
+44 20 7333 5554

Company profile of Advent International plc
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