Strategic Agreement Between Vaughan Systems and Ahorro Corporacion

Ahorro Corporacion Acquires 55% in Vaughan Systems Through its Private Equity Fund

MADRID, July 15 /CNW/ - Vaughan Systems, Spain's leading on-site and multimedia English language training company, announced today that Ahorro Corporacion has acquired a 55% stake through its private equity fund, AC Capital Premier II, managed by AC Desarrollo. The current shareholders will retain 45%.

The Ahorro Corporacion stake will allow Vaughan Systems to take a "qualitative growth leap", enabling it to capture a larger share of the Spanish market and enter new markets. Vaughan Systems has developed a unique business model that has led it to become the reference benchmark in the English language training industry and the unquestioned market leader in Spain. The four pillars of the business model include (i) presence in TV and radio, (ii) R & D, (iii) proprietary methodology and training and (iv) the industry's highest quality faculty network. Vaughan Systems has three principal lines of business: on-site training, media and publishing, which cater traditionally to corporate and individual clients. In parallel with the entry of a strategic partner, the bases have been set for a new stage in the Company's growth, with a new 4,000 m2 corporate headquarters in Madrid, the selection and incorporation of a new CEO, and the expansion of radio coverage.

Richard Vaughan, U.S. citizen, resident of Spain and Chairman of Vaughan Systems, stated that, "Ahorro Corporacion is the ideal partner for our corporate development. This step will allow us to strengthen and accelerate our 2010-2014 business plan, which includes greater geographical expansion throughout Spain and in several key Latin American cities."

Rafael Perez Benayas, General Manager of AC Desarrollo, asserted that, "This transaction is an exciting opportunity for Ahorro Corporacion, as the English language training market has enormous potential. With our stake, we want to contribute to the development of an ambitious growth plan for all lines of business that may position Vaughan Systems as the leader in other markets as well."

The advisors of the transaction were Matlin Associates for Vaughan Systems and on the legal side Garrigues advised Ahorro Corporacion and DLA Piper and KPMG counseled the Company.

Vaughan Systems: http://www.grupovaughan.com

AC Desarrollo: http://www.acdesarrollo.com.

Ahorro Corporacion: http://www.ahorrocorporacion.com

SOURCE AHORRO CORPORACION

For further information: For further information: Jaime de Pinies, Pinies & Aguilar Asociados, +34-91-183-21-01, jdepinies@pinies-aguilar.com; Esther Tribaldos, Ahorro Corporacion, +34-91-586-93-19, etribaldos@ahorro.com

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AHORRO CORPORACION

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VAUGHAN SYSTEMS

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