Acquisition

HG Capital Trust PLC
05 March 2007


The following is the text of a press release issued by HgCapital, which manages
the investment portfolio of HgCapital Trust plc alongside those of other
institutional clients. The Trust, which is a listed investment trust giving
investors the opportunity to participate in all of HgCapital's investments, will
invest approximately £4.8 million in Americana International Limited.


       HgCapital acquires leading urban streetwear brands Bench and Hooch

                            •Growth in UK and Germany
                                        
          •Will work with management to drive international expansion

London 5 March 2007: HgCapital, the European sector-focused private equity
investor, today announced that together with existing management it is acquiring
Americana International Ltd, owner of the brands Bench and Hooch. Originally
known for its strong graphic-based t-shirts and tops, Bench has now developed
into a broader urban lifestyle clothing range, while Hooch is targeted at the
younger female fashion market.

In a deal with a value of £190 million (including debt, equity and rollover),
HgCapital is investing alongside existing management to support Americana's
plans for growth. This will build on success in the UK market, where Bench has
increased sales at a rate of over 20% per annum over the past five years. ISIS
Equity Partners, investor since August 2003, is selling its stake in the
business.

International growth is key to HgCapital's strategy for Bench and Hooch. Sales
through its German subsidiary have quadrupled over the past two years and, in
November 2006, it opened its flagship concept store in Berlin. The plan is to
build on this success in the German market by expanding the brands' presence
across Europe. They are currently sold in over 20 countries world-wide,
including the US, Canada and Japan.

HgCapital is looking forward to working with Americana's existing management
team, led by David Brock, the Chairman. David is also Chairman of Phase Eight
and Jane Norman, both private equity-backed fashion retailers. In addition,
HgCapital is in talks with a number of potential candidates for the position of
Group Chief Executive to lead the next phase of Americana's growth.

This is HgCapital's second Consumer and Leisure transaction in three months,
following the acquisition of Schleich, the global manufacturer of toy figurines,
in December 2006. It demonstrates the company's appetite to invest in leading
brands with significant growth potential, particularly in international markets.
HgCapital's other investments in branded consumer businesses include The
Sanctuary Spa (Spa and Spa beauty products) and Sporting Index (world market
leader in sports spread-betting).

Richard Mathews, Director at HgCapital, said, 'We are delighted to be investing
in these brands. Americana's management has delivered tremendous growth over the
last five years and Bench is now a brand that has real authority with its
customer base. It is a great platform to grow from. We are really excited about
working with the team to build on the momentum. This is HgCapital's second
Consumer and Leisure deal in three months and fits perfectly with our strategy
of investing in great brands and great management.'

David Brock, Chairman of Americana, added, 'We had a great deal of interest on
this occasion but chose HgCapital because of its experience and focus on
international markets that offer us such great potential. We are looking forward
to working closely with the team as Americana enters its next exciting phase of
growth'.

Andy Gregory of ISIS said, 'Americana has been extremely successful in
delivering strong organic growth in the UK, Europe and North America; and during
our investment both Bench and Hooch have become core brands in their markets.
Significant investment has been made in developing a strong operating platform
capable of supporting the growth in all trading territories going forward. This
is an excellent business and we wish the team well for the future'.

For further details:

HgCapital
Richard Mathews                     [phone]

Maitland
Peter Ogden                         [phone]


About HgCapital

HgCapital makes private equity investments in the European mid-market. We focus
on buyout investments in businesses with enterprise values ranging between EUR
50 and EUR 500 million. Our business model combines sector specialization with
dedicated, pro-active support to our portfolio companies and the application of
significant human resource to each phase of the investment process. We manage
more than EUR 2.7 billion for some of the world's most respected institutional
and private investors. We exist to generate superior outcomes for our clients,
management teams, vendors and intermediaries.

For more information on HgCapital please visit www.hgcapital.com.

About Americana

Americana International Ltd, owner of the brands Bench and Hooch, was founded in
1990 and is a leading branded apparel business. Bench, launched in 1995, takes
its inspiration from the Manchester skateboarding and street culture, and is
aimed at both men and women in the 16-25 year age group. Hooch is a fashion
clothing brand targeted at the young female market. The business has both
wholesale and retail operations throughout the UK and Europe and a
market-leading sourcing business in the Far East. Based in Manchester, Americana
also has significant operations in London, Munich and Shanghai.








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