FOR IMMEDIATE RELEASE:

October 31, 2006

Contact
Simon Henderson, Managing Director, European Capital Services +44 (0)20 7539 7000
Alex Morey, Director, European Capital Services +44 (0)20 7539 7000
Brian Maney, Director, Corporate Communications +1 (301) 951-6122

European Capital Acquires Whitworths in One Stop Buyout™

London — October 31, 2006 — European Capital S.A. SICAR announced today that it has acquired Whitworths Limited in a One Stop Buyout™.  Whitworths is the leading UK supplier of branded and private label dried fruit and nut based products used for healthy snacking and home cooking and baking.  European Capital’s investment takes the form of senior facilities, subordinated debt and equity.  European Capital is also providing a revolving credit facility.  Will Carter, who will be the Chief Executive of Whitworths under European Capital’s ownership, members of Whitworths’ current management team and other private investors are also investing in the Company’s equity.      

“This is European Capital’s fifth One Stop Buyout™ and the third to have been completed by the London office,” said Ira Wagner, President of European Capital Financial Services Limited ("European Capital Services"), the sub-investment manager of European Capital.  “Whitworths is an exciting opportunity for European Capital to support a leading company in the growing healthy foods sector.  Our access to capital and ability to conduct rapid in house due diligence enabled us to quickly and solely complete this buyout.”  

European Capital has invested approximately €1.1 billion ($1.4 billion) in the last twelve months, €1 billion ($1.3 billion) year to date and €224 million ($286 million) quarter to date.  For more information about European Capital’s portfolio, click here. 

“The Whitworths transaction has demonstrated the power of the one stop capability, which makes European Capital able to deliver more to vendors at the critical stages of a sale process," said Simon Henderson, European Capital Head of UK Buyouts and Managing Director.

“Whitworths’ leading position affords it tremendous growth opportunities in a market driven by the ongoing shift of consumer behavior toward healthier food products, especially snacks,” said Alex Morey, European Capital Director.  “Whitworths is well placed to enhance growth and value significantly through the introduction of additional branded healthy snacking products.”

“I am delighted to be joining Whitworths at a hugely exciting time for the Company,” said Will Carter, Whitworths’ Chief Executive. “The combination of Whitworths’ leading position in several growing categories of healthier foods and the evident expertise of the Whitworths management team adds up to a tremendous platform for the future.  I’m also looking forward to working closely with Whitworths’ new investment partner European Capital.”

Founded in 1886, Whitworths’ product range covers a variety of snacking, baking and cooking food products, including dried tree fruits such as apricots and figs, vine fruits such as raisins and sultans, nuts, beans and cereals.  Whitworths’ products are sold under both Whitworths’ and retailers’ own private brands.  In addition to selling to the retail channel, the Company supplies a range of blue-chip industrial customers.  Whitworths is headquartered in Northants, UK and employs over 400 people. 

ABOUT EUROPEAN CAPITAL

European Capital is a buyout and mezzanine fund with capital resources of €1.7 billion ($2.2 billion). European Capital invests in and sponsors management and employee buyouts, invests in private equity buyouts and provides capital directly to private and mid-sized public companies.   European Capital generally invests from €5 million to €200 million per transaction in equity, mezzanine debt and senior debt to fund growth, acquisitions and recapitalizations.

Companies interested in learning more about European Capital's flexible financing should contact Simon Henderson or Nathalie Faure Beaulieu at + 44 (0)20 7539 7000 in London, or Jean Eichenlaub at + 33 (0)1 40 68 06 66 in Paris, or visit the website at www.EuropeanCapital.com.

ABOUT AMERICAN CAPITAL

American Capital Strategies Ltd. (Nasdaq: ACAS), an affiliate of European Capital, is a publicly traded buyout and mezzanine fund with $11.5 billion in capital resources under management.   American Capital invests in and sponsors management and employee buyouts, invests in private equity buyouts, provides capital directly to early stage and mature private and small public companies and through its asset management business is a manager of debt and equity investments in private companies.   American Capital provides senior debt, mezzanine debt and equity to fund growth, acquisitions, recapitalizations and securitizations.   American Capital invests from $5 million to $500 million per company.

This press release contains forward-looking statements.   The statements regarding expected results of American Capital Strategies are subject to various factors and uncertainties, including the uncertainties associated with the timing of transaction closings, changes in interest rates, availability of transactions, changes in regional, national or international economic conditions, or changes in the conditions of the industries in which American Capital has made investments.