2018 annual report“2018 was an especially active year” full video interview available on apax...

2018 ANNUAL REPORT

// ANNUAL REPORT 2018_APAX PARTNERS

CO

NTE

NT

This report covers the activities of funds managed by Amboise Partners SA, Apax Partners Development and Apax Partners SAS.

01Profile

04 Business Model

06Funds under management

08The team

122018 investments

142018 portfolio value creation

18Portfolio

performance

22Portfolio companies

29Contacts

02Interview with CEO,Eddie Misrahi

05Our strategy

07Responsability

112018 Key figures

132018 divestments

162018 ESG initiatives

20Funds performance

27Digital communication

There are many entrepreneurs in France and elsewhere in Europe aiming to make their companies champions of their industries, both at home and abroad. To succeed, these entrepreneurs need the backing of a committed investor who can provide vital resources and support. We, at Apax Partners, are motivated by realising the potential of these companies and developing them. Our 45 years of experience and sector specialisation represent the key strengths that make us the right choice. They enable us to identify the most promising companies in our specialist sectors, understand their growth drivers and support their management as they work to achieve their ambitions. Our strong values and ethics also set us apart. We pride ourselves on being a professional, respectful, exacting and bold partner.By selecting Apax Partners, entrepreneurs are choosing a committed, supportive and stimulating investor who will share their vision, their strategy and their long-term development. Our success is built on the close, trust-based relationships that our teams have with our entrepreneurs and investors alike, and on our desire to succeed as a team.Apax Partners is an established, leading private equity fi rm both in France and in Europe. We assist entrepreneurs who have ambitious growth plans for their business.

Leading private equity fi rm in Europe

€3, 450bnfunds managed

and advised

€165mproceeds ac ross

all funds

€509minvestments and

commitments including €90m co-invested

by our investors

24portfolio companies at 31 December 2018

2018 KEY FIGURES

PROFILE

ANNUAL REPORT 2018_APAX PARTNERS // 01

“2018 was an especially active year”

Full video interview available on Apax Talks

INTERVIEW WITH CEO , EDDIE MISRAHI

More than

€ 500 minvested

17.1 %average revenue growth

27.4 %average EBITDA growth

02 // ANNUAL REPORT 2018_APAX PARTNERS

“Our next steps for 2019? Raising Apax France X fund dedicated to midcap, raising the fi rst Comitium fund

and closing small-cap’s fi rst fund.”

More than €500m invested in four new companies, including two in Italy and one in the Netherlands, geographies where we recruited two Senior Advisors . An offi ce was also opened in Italy.

Our portfolio companies grew on average their revenues by 17.1% and their EBITDA by 27.4 %, also realising 13 build-ups. In 2018, digital has become one of our pillars of value creation with concrete results.

We launched Comitium, our third off er for CEOs of listed companies, and reached 71% deployment of our Apax France IX fund.

The next steps? Raising Apax France X fund dedicated to midcap, raising the fi rst Comitium fund and closing small-cap’s fi rst fund.

INVESTMENTS GROWTH DEVELOPMENT

2018, A YEAR SYNONYMOUS OF:


BUSINESS MODEL

SERVICES

CONSUMER HEALTHCARE

TMT

Investors

Pension funds, listed PE, funds of funds, family offices,

insurers and banks

Value Creation Model

DIGITAL TRANSFORMATION

INTERNATIONALISATION

BUILD-UP

ESG

RAISES FUNDS

SUPPORTS ENTREPRENEURS

CREATES VALUE

PROVIDES LONG TERM EQUITY FINANCING

SELLS C OMPANIES SUPPORTED

MIDMARKET

European mid-cap€50/150m per deal

DEVELOPMENT

European small-cap€10/30m per deal

COMITIUM

European listed small-cap


OUR STRATEGY

We take signifi cant equity stakes in innovative, fast-growing companies that we can help with our expertise.

SECTOR SPECIAL ISATION

7 PILLARS OF OUR STRATEGY

*Since 1990.**Since 1996.

MidMarket

30 deals€1,310m

invested*

Development

21 deals€86m

invested**

TMTMidMarket

4 deals€183m

invested*

Development

9 deals€36m

invested**

HEALTHCAREMidMarket

25 deals€692m

invested*

Development

21 deals€112m

invested**

CONSUMERMidMarket

16 deals€1,151m

invested*

Development

17 deals€76m

invested**

SERVICES

VALUE CREATIONApax Partners focuses the growth strategy of its portfolio companies on four specifc areas: internationalisation, build-ups, digital transformation and ESG.

FOCUSED ON GROWTHApax Partners invests primarily in companies with strong fundamentals and a potential for accelerated growth through strategic and operational change.

COLLABORATIONApax Partners’ relationship with the management teams is based on a shared enterprise vision, strictly aligned fi nancial interests, and clearly defi ned respective roles.

SMALL AND MID-CAPApax Partners targets investments in small and mid-size companies located in Europe, listed or not.

MAJORITY OR MINORITY STAKESApax Partners typically takes majority or signifi cant-minority stakes and has systematic representation on the Boards of its portfolio companies. We also accept minority positions if the transaction is based on a genuine partnership with the management team, which confers us certain rights.

LONG-TERMApax Partners typically operates on a fi ve -year investment horizon, though this depends on the specifc business plans and value creation objectives.


FUNDS UNDER MANAGEMENT

Raised

Invested

TOTAL

INVESTMENTS

FUNDS UNDER MANAGEMENT AS OF 31 DECEMBER 2018 (IN €M)

ApaxFrance VII

900

2006

EPFIV

99

2011

Co-investment

funds

465

2011−2018

ApaxFrance VIII

701

2011

ApaxFrance IX

1.030

2016

Apax Development

fund

225

(target size)

We take signifi cant equity stakes in innovative, fast-growing companies that we can help with our expertise.

OVER € 3 BN UNDER

MANAGEMENT


RESPONSABILITY

GOVERNANCEThe company is managed by committees

at the strategic and investment levels.

COMPLIANCEApax Partners is a portfolio management

company regulated by the Autorité des Marchés Financiers (AMF), France fi nancial regulatory

authority. The fi rm manages regulated funds (Fonds Professionnels de Capital Investissement

– FPCI) and complies with the EU’s Alternative Investment Fund Managers Directive (AIFMD).

Apax Partners is also a member of France Invest , the French private equity investors association.

TRANSPARENCYThe company continuously provides detailed

reporting to its investors on the performance of investment funds and portfolio companies.

A VOLUNTARY ESG APPROACHApax Partners decided, in 2011, to embrace a comprehensive environmental, social, and

governance (ESG) strategy and joined the PRI, the world’s leading proponent of responsible

investment.

IN 2017 AND 2018, APAX PARTNERS WAS ASSESSED BY THE PRI A+ IN “STRATEGY & GOVERNANCE” AND A IN “PRIVATE EQUITY”.

IN 2016, APAX PARTNERS WON THE ESG PRIZE AWARDED BY PRIVATE EQUITY MAGAZINE.IN 2012, APAX PARTNERS WAS AWARDED FROM PANTHEON THE “GP RESPONSIBLE INVESTING AWARD”.

ESG TEAMApax Partners decided to allocate dedicated resources: a partner and an ESG Director to coordinate the ESG policy. For each company, Apax Partners’ ESG team provides concrete support to implement and follow through its tailor-made action plan.

ESG INITIATIVES - In 2018, Apax Partners contribute to the ESG

Guide, published by France Invest assisted by PWC.

- In 2016, Apax Partners completed two pilot projects to measure ESG contribution to value creation. Both pilots confi rmed a positive impact and encourage to extend the initiative to other portfolio companies.

- In 2015, Apax Partners launched Initiative Carbone 2020 with 4 other Private Equity fi rms. This initiative is the fi rst private equity commitment to manage and reduce greenhouse gas emissions in portfolio companies and comprises 22 signatories to date. Apax Partners contributes also to PRI guide “Integrating ESG in private equity” with a dedicated Apax Partners case study.

- Apax Partners is an active member of France Invest’s ESG commission.

A CONTRIBUTION AT EVERY STAGE OF THE INVESTMENT PROCESS:

Phase 1 Phase 2 Phase 3Prior to acquisition During the holding period At exit

- Conduct ESG Due Diligence- Integrate ESG principles

into off ers and shareholder agreements

- Defi ne a specifi c roadmap and KPIs with management, formalised in the minutes of a Board Meeting

- Appoint an ESG project leader in the company

- Support implementation of the action plan

- Regularly follow up the implementation and results via appropriate governance and at least, once a year, update during a Board meeting

- Provide ESG Vendor Due Diligence

Three-phased approach


THE TEAM

THE APAX PARTNERS INVESTMENT TEAM

From left to right

Isabelle Hermetet Partner TMT and Services, Laurent Ducoin Partner Comitium, Damien de Bettignies Partner TMT, Bruno Candelier Partner Consumer, Marc Benatar Partner Healthcare, Caroline Rémus President of Apax Partners Development, Bertrand Pivin Partner Services and Healthcare, Head of ESG policy


Caroline Gauthier Partner Comitium, Eddie Misrahi CEO, Gilles Rigal Partner TMT, Thomas Simon Partner Services, Olivier Le Gall Partner TMT and Consumer, Guillaume Cousseran Partner Investor Relations, Monique Cohen Partner Services, Head of Business Development, Thomas de Villeneuve Partner TMT


2018MOVING FORWARD


€3, 450bnfunds managed and advised

€509minvestments and commitments including €90m co-invested

by our investors

Portfolio companies

17.1% average revenue growth

27.4% average EBITDA growth

Apax Partners

64,400 people employed

€6.1bntotal revenues

13build-ups acquisitions

€165mproceeds across all funds

2018 KEY FIGURES


ÉRIC BOMPARDMust-have European retailer of cashmere for women, men and children

Consumer Position: MajorityActivity: Development2018 revenue: €72m

Our investment projectAccelerate Eric Bompard’s development by capitalising on the brand’s position as the undisputed expert in cashmere. The growth strategy will focus on three areas: signifi cant work on the collection and user experience, strengthening the group’s international presence and, fi nally, important investments in digitalisation and online sales.

BIPInternational consulting company

TMTPosition: MajorityActivity: MidMarket2018 revenue: €205m

Our investment projectEstablish Bip as an undisputed global player in the market by pursuing both organic and external growth and accelerating its international development and industry diversifi cation.

EXPEREOInternet Connectivity Provider

TMTPosition: MajorityActivity: MidMarket2018 revenue: €102m

Our investment projectAccelerate Expereo’s growth by enhancing its product portfolio, realising complementary acquisitions, and delivering ever higher standards of excellence in its global go-to-market execution and service.

AEBWorldwide leader in biotechnological ingredients and related services for wine, beer and food

ServicesPosition: MajorityActivity: MidMarket2018 revenue: €100m

Our investment projectPursue AEB’s international expansion by leveraging the existing worldwide sales and agents’ network and conduct an ambitious buy and build strategy.

2018 INVESTMENTS

€509m were invested and committed, including €35m of follow-on investments to develop existing portfolio companies and €90m co-invested by our investors.

Number of investments

Follow-on investments

New investments

INVESTMENTS ACROSS ALL FUNDS 2014 – 2018 (IN €M)

2014

90

1

2015

238

3

2016

369

2

2017

291

3

2018

509

4 4

4 INVESTMENTS IN MARKET LEADING BUSINESSES


2018 DIVESTMENTS

Company Value creation 2018 revenues Evolution

GFI

TMT

Position: Minority*Activity: MidMarket

Major player in value-added IT services and soft ware in EuropeSale of remaining share capital and voting rights

Business model transformation

and international expansion

20 build-ups

€1.132m** X2revenue since

acquisition in 2007

SILVYA TERRADE

Services

Position: Reference shareholderActivity: Development

French leader in beauty and hair-styling training

Becoming the French leader through

acquisitions, school openings and the

implementation of digital strategy

14 build-ups in 2 years

€25m X2revenue since

acquisition in 2016

RC CONCEPT

Services


Merchandising experts

Business model evolution and build-up

strategy6 build-ups

€51m X4revenue since

acquisition in 2011

CONSORT NT

TMT


Digital services company operating IT infrastructure and solutions

Organic growth though international

expansion and build-up strategy

2 build-ups

€150m +40%revenue since

acquisition in 2012

*Following Mannai acquisition.**2017.

Generated €165m proceeds across all funds.

4 EXITS


2018 PORTFOLIO VALUE CREATION

International activities* now represent 60% of our portfolio companies’ annual revenue.

€138m additional revenues and €30m additional EBITDA.

INTERNATIONALISATION

13 BUILD-UPS

Sandaya’s portfolio of international destinations has been developed, particularly in Spain, Belgium and Italy. The company is also focusing on recruiting new international customers by increasing its communication and branding eff ort in selected European countries and by signing a new Dutch distribution partnership to increase Dutch bookings.

Europe Snacks’ build-up program signifi cantly accelerated the company’s expansion into adjacent European countries. Europe Snacks continued to push sales in Southern Europe, notably in Italy with a co-manufacturing contract for a leading local branded player.

Amp litude Surgical implanted its fi rst Anatomic knee prosthesis in the United States, the world’s largest market for lower-limb prosthetic reconstruction, representing a major milestone for Amplitude and the fi rst step in its development on this market.

MAIN BU ILD-UPS

*Outside France

Company Build-up 2018 revenues Value Creation

CIPRÉ S ASSURANCES

Services

Position: MajorityActivity: MidMarket

L eading wholesale broker in Health and Protection insurance for self-employed workers

AxellianceExperts in Health

and Protection and Property and Casualty

insurance focused on small and very small

groups as well as self-employed workers

€147m +76% additional revenues

EUROPE SNACKS

Consumer


Leading pan-European private-label player in the savoury snacks

IbersnacksPreferred

private label supplier on the savoury

snacks category to Mercadona, Spain’s

leading food retailer

€350m +29% additional revenues

Broader geographi-cal footprint

Addition of corn-based snacks

as a new product category

SANDAYA

Consumer


Integrated premium campsite operator

Acquisition of 5 additional campsites for the 2019 season

€66 m 44% additional revenues*

JVS

TMT

Position: MinorityActivity: Development

Local authorities management soft ware

Start ABILocal authorities

management soft ware

€27m Integration of 250 new local communities

*Proforma of additional campsites.


50% of our portfolio companies now have credible digital transformation plans in place c. 100% of our portfolio companies have launched digital initiatives.

DIGITALISATION

CIPRÉ S Assurances launched an extranet to help its network of 5,000+ brokers to better manage their commercial activity.

Europe Snacks improved its manufacturing yield thanks to the use of “big data” on its production lines.

Infovista implemented a data driven digital marketing approach to support sales.

Marlink developed innovative new services through partnerships with start-ups, thereby becoming more than a pure connectivity player.

Melita used digital tools to overhaul its aft er-sales service and went from a -26 to a +50 NPS, a measure of customer satisfaction, in just 18 months.

Sandaya signifi cantly grew its on line reservations by improving the online customer experience and better integrating its social media strategy.

THOM Europe launched digital ventures to develop new sales through e-commerce platforms.

February 2018 - Apax Partners and EY, with the support of METI, have published the third barometer of the digital maturity of mid-sized companies. Based on a survey carried out on 100 mid-sized French companies, the barometer assesses their status regarding digitalising their customer experience.

Key takeaways:

- 64% believe they are at an intermediate stage of digital maturity; only 8% consider themselves to be at an advanced stage.

- 89% believe that digital will transform their business model; this is six points more than in 2017.

- 82% plan to step up investment to support their strategy over the next 12 months.

- 57% want to invest specifi cally in improving the customer experience, and in collecting and analysing data.

- 54% estimate that their digital marketing budget has increased faster than other marketing expenses.

- 64% have a unifi ed customer database, but no procedure for analysing and exploiting the data.


2018 ESG INITIATIVES

THOM EUROPE HAS AN AMBITIOUS ESG APPROACHRomain Peninque, CEO

Responsible sourcing, human resources and safety are central to THOM Europe’s principles.

2018 was rich in initiatives for the Group in its principal areas of ESG value creation. The following were among its noteworthy achievements:

- environmental responsibility and RJC (Responsible Jewellery Council) good practices clauses have been inserted in 100% of its charters;

- the Group’s harassment unit has been strengthened and its members trained;

- store personnel have received 25,017 hours of training;

- all store employees have been trained in workplace safety via an internet training module;

- all jewellery suppliers use ethical diamonds.

THOM Europe does not plan to stop there and is fi nalising the creation of an internal commission that will address all of the Group’s ESG issues.

INSEEC U.’S ESG STRATEGY IS RECOGNISED IN FRANCE AND ABROADCatherine Lespine, CEO

Since 2014, all of the higher education group’s stakeholders have signed on to its ESG projects. This ambitious strategy is paying off .

In 2018 and for the third consecutive year, INSEEC U. has been rated by the worldwide GreenMetric Ranking as one of the highest performing universities in terms of ESG, and the Group was the fi rst French institution of higher education in the ranking. Two of the Group’s Grandes Écoles received sustainable development and social responsibility (SD&SR) certifi cation in the Education and Research category. These awards consecrate a serie of responsible initiatives INSEEC U. has taken in its organisation, in its schools and among its teaching faculty:

- a disability policy has been created;

- need-based scholarships have been granted;

- full male-female parity has been achieved in management;

- conferences have been held on ESG issues;

- eco-mobility solutions have been implemented and all schools participate in recycling.

EXAMPLES OF ESG INITIATIVES

“For the third consecutive year, INSEEC U. has been rated by the worldwide GreenMetric Ranking as one

of the highest performing universities in terms of ESG ”Catherine Lespine, CEO INSEEC U.


MARLINK HAS ACHIEVED ALL THE ESG OBJECTIVES SET IN 2018Erik Ceuppens, CEO

A few months aft er its acquisition by Apax Partners, Marlink’s management took ownership of its ESG programme and implemented it throughout the company.

In barely a year, all the objectives set in 2018 have been met. Awareness has been raised throughout the Group on ESG issues, including in the six companies acquired since Apax Partners invested. Marlink has paid particular attention to achieving the social and corporate governance objectives and to ensuring that corporate values are shared by all:

- a code of conduct has been implemented for all employees and suppliers;

- HR KPI reporting has been created and annual performance reviews are carried out for all employees;

- communication on Marlink’s Corporate Social Responsibility commitments and initiatives has been improved;

- a Data Protection Offi cer has been recruited and a GDPR compliance programme created.

2018 SOCIAL REPORT

* Exits and acquisitions.

Total number of employees

Portfolio perimeter change*

Net employment

increase

Total number of employees

60 ,300

-13 ,400

17,500 64 ,4 00

31/12/2017 2018 2018 31/12/2018

“In barely a year, all the objectives set in 2018 have

been met.”Erik Ceuppens, CEO Marlink

Full video interviews available on Apax Talks


PORTFOLIO PERFORMANCE

STRONG OPERATING PERFO RMANCE

OPERATING PERFORMANCE

Portfolio companies posted a 27.4% increase in their aggregate EBITDA. This performance can be benchmarked against the aggregate EBITDA of the 35 non-fi nancial companies included in the CAC 40, which posted a 11% increase in their aggregate EBITDA.

CAC 40 companies (excluding fi nancial institutions)

Apax Partners’ portfolio companies

2014 vs. 2013

-1%

9%

2015 vs. 2014

3% 6%

2016 vs. 2015

2%

20%

2017 vs. 2016

5%

18%

2018 vs. 2017

11%

27%

5 years combined

21%

108%

-10%

25%

50%

75%

100%


DEBT RATIOS

The debt multiple of the portfolio is represented by the ratio of total net debt to EBITDA.

GROSS PORTFOLIO RETURN

Gross portfolio return (GPR) meas ures the change over the year in portfolio valuation, including both realised and unrealised value. It is calculated on a mark-to-market basis and is expressed as a percentage of the opening portfolio value.

In 2018, although EBITDA grew by 27% in portfolio companies, Apax Partners generated a GPR of 8.7% across all its funds, mainly due to a decrease in Altran’s share price.

MidMarket

December 2014

3.7x

December 2015

4.4x

December 2016

4.7x

December 2017

4.2x

December 2018

5.3x

Development

December 2014

2x

December 2015

2.4x

December 2016

2x

December 2017

2x

December 2018

1.3x

MidMarket

The average debt multiple of the portfolio increased at 5.3x at the end of 2018, against 4.2x at the end of 2017. This increase is mainly due to i) the acquisition of Aricent by Altran ii) 3 new transactions achieved in 2018 (AEB, Expereo and Bip) and iii) the acquisitions of Axelliance by CIPRÉ S Assurances and OmniAccess by Marlink.

The LBO debt multiple averages 3.2x, while the average operating debt multiple is 2.1x.

Regarding the repayment schedule, amortising debt (tranche A) represents 2.3% of the total LBO debt, while the remaining 97.7% is bullet debt. The portion of LBO debt with maturity dates prior to December 2020 represents 1.3% of the total.

Development

The average debt multiple of the portfolio decreased from 2.0x in 2017 to 0.9x in 2018. This decrease is mainly due to i) two exits in 2018 with 3.0x leverage ratio in average and ii) cash fl ow generation.

DEBT RATIOS (NET DEBT/LAST 12 MONTHS EBITDA)

Gross portfolio return

2014

17%

2015

25%

2016

20%

2017

4%

2018

9%


FUNDS PERFORMANCE

Our growth and sector-focused strategy has proven successful across the fully-invested funds managed by Apax Partners.

In this section, funds performance is fi rst presented globally for all funds invested since August 2000 and then individually for each fund managed by the fi rm since 1990.

STRONG OUTPERFORMANCE OF APAX FUNDS

GLOBAL PERFORMANCE

The performance is measured as the IRR (internal rate of return) of all investing and divesting cash-fl ows, using the portfolio value at the end of December 2018 as the terminal value. The IRR is compared to the performance of various indices applying the same stream of cash-fl ows over time. This allows the performance of Apax f unds to be compared to investments in each stock market index, based on the premise that the same amounts had been invested and divested.

The chart below presents the performance of Apax f unds during two diff erent periods:

- 2000-2018 , 2000 being the date at which Apax France VI started investing

- 2006-2018 , 2006 being the date at which Apax France VII started investing

IRR of 18.7% (since 2000) and 13.3% (since 2006) shows the strong outperformance of Apax f unds compared to stock markets.

2000-2018

2006-2018

Apax funds

18.7%

0.8%

13.3%

CAC 40

1.8 %

MSCI Europ

1.8 %

7.3 %

2.3 %

S&P 500

5.2 %

FTSE 100

5.1 % 3.8%7.3 %

MSCI World

4.5 %

PERFORMANCE OF APAX FUNDS COMPARED TO STOCK MARKETS 2000-2018(1)

(excluding Apax Partners Development)

Sources: Apax Partners SAS, Bloomberg.

Note:- Gross IRRs for Apax funds do not refl ect management fees, carried interest, taxes or transaction costs and other expenses borne

by investors that reduce net returns.Excluding Development activities.- Indexes are calculated dividends reinvested and expressed in dollar terms for S&P 500 and MSCI world. They do not replicate gross cash

fl ows from Apax funds.


PERFORMANCE BY FUND

Apax France VII

Apax France VII (€900m) closed in 2006 and is fully invested. By the end of 2018, eleven investments have been realised (Buy Way Personal Finance, Equalliance, Faceo, Gfi Informatique, Groupe Royer, Infopro Digital, Maisons du Monde, Prosodie, U10, Unilabs, and Capio) and 129% of drawdown capital has been returned to investors. The fund is still invested in three companies: Altran, Groupe AFFLELOU and THOM Europe.

Apax France VIII

Apax France VIII (€701m) closed in 2011. By the end of 2018, 97% of the fund was invested and three investments have been realised: Codilink, Nowo & Oni and TEXA. The fund is still invested in seven companies: Amplitude Surgical, Europe Snacks, INSEEC U., Marlink, Melita, SK FireSafety Group and Vocalcom.

Apax France IX

Apax France IX (€1,030m) started investing in 2016. By the end of 2018, 71% of the fund was invested in seven companies: AEB, Bip, CIPRÉ S Assurances, Expereo, InfoVista, Marlink and Sandaya.

EPF IV

EPF IV (€99m) closed in 2011 and is fully invested. By t he end of 2018, eight out of the fourteen investments of the fund have been sold (ADC, AGS, Consort NT, Findis, Globe, La Maison Bleue, Silvya Terrade Group and ThermoTechnologies) and 97% of the drawdown capital has been returned to investors. The fund is still invested in six companies: JVS Group, Nelite, Rautureau Group, Squad, Sylpa and Teknimed.

Fund sizeLaunchedNet

MultipleNet

Net IRRDistribution

Apax France VII €900m2006 1.6x 1.3x 6.8%

Benchmark median 1.4x 1.2x 6.2%

Apax France VIII €701m2011 1.6x 13.2%0.5x

Benchmark median 1.4x 0.6x 9.6%

Apax France IX €1,030m2016 1.1x 11.9%0

Benchmark median 1.1x 0 4.7%

EPF IV €99m2011 1.4x 1.0x 10.0%

Sources Apax France VII and VIII: Apax Partners / Cambridge & Associates, Buyouts – Global ex. US, Q3 2018.


PORTFOLIO COMPANIESAs of 31 December 2018


64,400 people employed

€6.1bntotal revenues

17.1%average revenue growth

27.4%average EBITDA growth

13build-ups acquisitions

24 fast-growing, innovative companies in our sectors of specialisation, led by high-level entrepreneurs.


PORTFOLIO COMPANIESMID MARKET

Dominique Cerutti CEO

Reference shareholder

2008*

Global leader in Engineering

and R&D services.

TMT ALTRAN 2018 REVENUE €2,916m

Irwin Fouwels CEO


2018*

Internet Connectivity Provider.

TMT EXPEREO 2018 REVENUE €102m

José Duarte CEO

Majority

2016*

Network Performance Orchestration solutions

for IT-intensive enterprises and communication

service providers.

TMT INFOVISTA 2018 REVENUE c.€ 150m

Carlo Maria Capè, Nino Lo Bianco, Fabio Troiani Founders


2018*

International consulting company.

TMT BIP 2018 REVENUE €205m

Harald Roesch CEO

Majority

2016*

Converged telecommunications operator in Malta off ering internet, television, fi xed telephony and mobile services.

TMT MELITA 2018 REVENUE €74m

Anthony Dinis FounderCarlo Costanzia CEO

Majority

2011*

Omnichannel contact center and inside sales platform helping businesses drive a more eff ective sales team, and create eff ortless customer experiences, journeys, and relationships.

TMT VOCALCOM 2018 REVENUE €34m

Didier Pascual CEO

Minority

2012*

Europe’s leading network of franchise optical and hearing-aid stores.

CONSUMER GROUPE AFFLELOU

2018 REVENUE €380m

Christophe Fenart CEO

Majority

2013*

Leading pan-European private-label player in the savoury snacks.

CONSUMEREUROPE SNACKS


*Investment date


François Georges Co-founder

Majority

2016*

Integrated premium campsite operator.

CONSUMER SANDAYA

2018 REVENUE €66m

Romain Peninque CEOEric Belmonte Executive Chairman

Minority

2010*

Leading jewellery retailer in Europe.

CONSUMER THOM EUROPE


Olivier Jallabert CEO and founder

Majority

2011*

Leading French player on the global surgical technology

market for lower-limb orthopedics.

HEALTHCAREAMPLITUDE SURGICAL


Mario Tomasoni CEO


2018*

Worldwide leader in biotechnological

ingredients and related services for wine,

beer and food.

SERVICES AEB 2018 REVENUE €100m

Laurent Ouazana ChairmanSylvie Langlois CEO

Majority

2017*

Leading wholesale broker in Health and Protection insurance for self-employed workers.

SERVICESCIPRÉ S Assurances


Catherine Lespine CEO

Majority

2013 *

Leading private education Group in France.

SERVICES INSEEC U. 2018-2019 BUDGET €240m

Erik Ceuppens CEO

Majority

2016*

The largest technology-independent satellite communication provider.

SERVICES MARLINK 2018 REVENUE $481m

Ewald Draaijer CEO

Majority

2014*

Fire safety company with innovative solutions and services rooted in deep sector knowledge.

SERVICESSK FIRESAFETY GROUP



PORTFOLIO COMPANIESDEVELOPMENT

Xavier Marie President

Majority

2018*

Must-have European retailer of cashmere

for women, men and children.

CONSUMERÉRIC BOMPARD

2018 REVENUE €72m

Jean-Brice Garella Executive Chairman

Minority

2006*

Designs collections of women’s

ready-to-wear brands.

CONSUMERGARELLA GROUP

2018 REVENUE €15m

Arnaud Berrebi Executive ChairmanMaxence Censier CEO


2016*

Consulting, integration and outsourced IT

services fi rm with main expertise in Microsoft

infrastructure, especially cloud, cybersecurity and

digital technologies.

TMT NELITE 2018 REVENUE €19m

Nebojsa Jankovic Executive Chaiman


2016*

Management and e-administration

soft ware for small- and medium-size local

communities and water services.

TMT JVS GROUP 2018 REVENUE €27mPascal Fournet-Fayard Chairman


2015*

Recognised specialist in electrical engineering, installation and maintenance.

SERVICES SYLPA 2018 REVENUE €52m

Carole Léonard CEO


2015*

European leader in the design, manufacturing and distribution of bone cements and substitutes, biodegradable implants and related instruments for orthopaedic and spine surgery.

HEALTHCARETEKNIMED

2018 REVENUE €10m

Camilla Schiavone CEO


2017*

Manufactures and distributes high-end shoes, including iconic brands such as Free Lance and No Name, as well as Jean-Baptiste Rautureau, Schmoove, Armistice and Héroïne.

CONSUMERRAUTUREAU GROUP

2018 REVENUE €37m

Eric Guillerm CEO Marc Brua CEO


2017*

Specialist in cyber-security and digital transformation.

TMT SQUAD 2018 REVENUE €35m

*Investment date


DIGITAL COMMUNICATION

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CONTACTS

CEOEddie [email protected]

Partners

MidMarket

Marc Benatarm [email protected]

Damien de [email protected]

Bruno [email protected]

Monique [email protected]

Guillaume [email protected]

Bertrand [email protected]

Gilles [email protected]

Thomas [email protected]

Thomas de [email protected]

Development

Isabelle [email protected]

Olivier Le [email protected]

Caroline Ré[email protected]

Comitium

Laurent [email protected]

Caroline [email protected]

Investor Relations

Guillaume [email protected]

Business Development

Aida Ben [email protected]

Communication

Coralie [email protected]

Editorial Director: Coralie Cornet

Photo credits: Serge Verglas, Getty images.

For this annual report, Eddie Misrahi, Partners and Coralie Cornet would like to thank all the portfolio companies’ teams for their participation, availability and enthusiasm.

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