Calyon acted as Co-financial Adviser for the acquisition of 100% of Modamax by Cinven, for a total amount of circa EUR 1 000 million in equity value. Modamax holds a 64.6% stake in Camaïeu. On May 22nd 2007, Cinven, together with Camaïeu's management, acquired Modamax, the controlling holding of Camaïeu, from Axa Private Equity. Camaïeu is one of Europe's leading ready-to-wear retailers, with 557 stores in 2006, both in France (421 stores) and internationally (136 stores in 7 countries). In 2006, Camaïeu reported sales of EUR 551 million and EBITDA margin of 25.1%. This transaction is the 5th LBO transaction in France in terms of size since the beginning of the year 2007. As required by financial markets law, Cinven launched in June 2007 a mandatory Public Offer for the acquisition of all the remaining shares of Camaïeu held by the public. Calyon also acted as Co-presenting Bank and Sole guarantor for the Public Offer.