présentation activa capital

ValueActivators

Introduction

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Activa Capital is an independent private equity firm dedicated to SMEs and characterised by a proactive strategy of build-ups

A team of 20 professionals whoshare an entrepreneurial spirit and commitment to growth strategies

More than 100 investments made since 2003

Backed by first-class Frenchand international investors

Owned and managed by its Partners to ensuretotally independent decision making and long term continuity

€700M raised since 2003

Co-founder of the Private Equity Network-PEN alongside 3 other leading mid-market European privateequity firms: ECM (Germany), Graphite Capital (UK) and MCH (Spain)

Activa Capital’s Investors

We are backed by first-class French and international investors

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More than

€500Munder

management

Sovereign Wealth Funds

8%

Financial Institutions

25%

InsuranceCompanies

21%

FamilyOffices

15%

Pension Funds

31%

USA & Asia

11%France

13%Europe

76%

A highly focused investment strategy

We invest in companies led by ambitious managers and with sustainable growth plans: we seek firmsin leading market positions, in niche sectors and with the ability to generate a steady cash-flow

Investment type Size of Companies Investment Amounts

■ Majority or significant minorityinvestments

■ MBO, MBI, Spin-offs, public-to-privates and growth capital investments

Our core sectors

Agri-food Consumer B2B ServicesPharma, Healthcare

& EducationIndustrial &Aeronautics

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■ Enterprise value between€20M and €200M

■ Average equity investment of €20M, which can vary between€10M and €50M

Working closely withmanagement teams

Involved and reactiveshareholder

Seeking external growth opportunities

Helping with international growth

Transparent decisionmaking

Our investment strategy

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Activa Capital team: Partners

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Charles Diehl■ Managing Partner

■ 30 years in French private equity

■ Co-founded Activa Capital in 2002

■ Co-founder of Barclays Private Equity France (Equistone)

■ Formerly with Pallas Venture and Paribas

■ University of Geneva, MBA at Wharton

Pierre Chabaud■ 8 years in private equity

■ Joined Activa Capital in 2009

■ 5 years in management consulting at Bain & Company and Arthur D. Little

■ Master of Strategy from HEC, MA in Engineering from Centrale Paris

Michael Diehl■ Responsible for Investor Relations and

co-investments



■ Former Director of French equities withUBS Warburg

■ University of Geneva, MBA at ESCP Europe

Philippe Latorre■ Responsible for portfolio management



■ Former Director of Paribas Affaires Industrielles (PAI)

■ HEC, IEP Paris

Christophe Parier■ Responsible for Investments



■ Formerly with 3i and Royal Bank of Scotland Private Equity

■ Graduate of Sciences-Po, ostgraduate in Finance

Benjamin Moreau■ 11 years in French private equity


■ 4 years in financial due diligence at PwC

■ Engineering degree at CPE Lyon, Master of Finance at ESCP Europe

Alexandre Masson■ 5 years in French private equity


■ 6 years at Alvarez & Marsal and 4 yearsin audit and due diligence at KPMG

■ ESC Reims and Master in Business Law at University Paris I Panthéon-Sorbonne

Activa Capital team (cont.)

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Industrial Committee

Investment Team

Xavier GovareChairman of the Industrial Committee

■ Member of the Industrial Committee of Activa Capital since 2017

■ Former President of Labeyrie Fine Foods

David QuatrepointManager■ Joined Activa Capital in 2014

■ 2 years in M&A at Lincoln International

■ EM Lyon and Paris Dauphine

Mathilde SergentManager■ Joined Activa Capital in 2015

■ 5 years in M&A advisory at Nomura

■ HEC

Frédéric SingerManager■ Joined Activa Capital in 2014

■ 4 years in M&A at Leonardo & Co (Natixis Partners)

■ Paris Dauphine

Timothée HéronAssociate■ Joined Activa Capital in 2017

■ 2 years in M&A at DC Advisory

■ Paris Dauphine

Activa Capital team (cont.)3

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Finance, marketing and administrative team

Mathieu SimonDeputy Finance Director■ Monitoring and supervising of Activa Capital’s Finance

department since 2017■ 4 years at P.&Partners, a financial accounting firm, the last

two years as Partner■ 4 years at Conseils Associés, audit and accounting firm■ Graduate of Toulouse Business School, Master in Banking

&Corporate Finance

Emma France ESG Analyst■ Joined Activa Capital in 2017

■ Worked as freelance consultant in social innovation while studying, before internship at Enedis

■ Co-founded a start-up in 2015

■ HEC Paris

Caroline BonardExecutive Assistant


■ Worked as assistant for 6 years at Planet Hollywood Corporate Paris

Tiana LeroyExecutive Assistant


■ Worked for 2 years at SNCF

■ Studied French Language and Literature

Christelle PiattoCommunications & Office Manager ■ Joined Activa Capital in 2015

■ 7 years at Brunswick as Bilingual Executive Assistant

■ Graduate in Trilingual Assistantship

Sébastien PéruFinance Director■ Supervises Activa Capital’s accounting function since 2011,

Finance Director in 2017

■ Founder and President of P.&Partners, a financialaccounting firm, since 2009

■ 15 years of experience in financial management, projectmanagement and fund raising

■ Graduate of ICS Bégué, in Accounting and Statutory Audit

Activa Capital’s Industrial Committee

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The expertise of our Industrial Committee allows us to better analyse investment opportunities and help our portfolio companies

Xavier Govare

Chairman of the IndustrialCommittee

Former CEO of Labeyrie Fine Foods

Philippe du Mesnil

Senior Advisor

Chairman of Financière Chopin(Ceva group)

Arnaud Bachelier

Managing Director of Materne-Montblanc

Jean-Louis de Bernardy

Co-founder of Activa Capital

Former chairman of AFICand Bridgepoint Capital France

Franklin Berrebi

Former Managing Directorof L’Oréal Europe

Philippe Dubouix

President of Agritubel

President of Distrifarm

Christian Duval

Former CEO of DBApparel

Pierre Fonlupt

President of Locarchives

Chairman of the Board of Plus SA

Didier Forget

Former CEO of Fläktwoods

Hubert François

CEO of Groupe Salins

Simone Halberstadt Harari

CEO of Effervescence

Former CEO of Télé Images

Michel Larroche

CEO of Materne-Montblanc

Marc Oursin

CEO of Shurgard Europe

Former Managing Director of Carrefour in various countries

Alain Poinssot

Former CEO of Geodis

Former Managing Director of SNCF

Arnaud de Puyfontaine

CEO of Vivendi

Former CEO of NatMags (Hearst UK)

Bruno Rambaud

President of FBR Conseil

Former Managing Directorof Thalès

Jean-Paul Vivier

Former Deputy Managing Directorof Louis Vuitton

Jean-François de Zitter

Former Managing Director of

Laureate Education France

Our portfolio

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HR PathSpecialist in Information systems for human resources

Investment type: Growth CapitalTurnover: €60M

March 2017

Atlas For MenMail order and internet retailer of men’s outdoor clothing

Investment type: MBOTurnover: €160MJuly 2016

LOOK CycleIconic French sports brand in the design and manufacture of bikes and high-end accessories

Investment type: BIMBOTurnover: €43MJune 2016

Alliance EtiquettesPremium labels consolidation platform for the wine and foodindustries

Investment type: Growth Capital, OBO, build-upsTurnover: €27MJuly 2015

MecadaqConsolidation platform in the manufacturing and assembly of high-precision mechanical components for the aerospace industry

Investment type : OBO, build-upsTurnover : €50MDecember 2015

Our portfolio

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Armatis-lcA leader in French contact centre outsourcing

Investment type: MBOTurnover: €227MMay 2012

Family ServiceLeader in direct marketing to youngparents

Investment type: MBOTurnover: €15MDecember 2012

Sport 2000No. 3 French sports retail chain

Investment type: Growth CapitalTurnover : €580MJune 2008

AlbarelleConsolidation platform in the privateeducation sector

Investment type: MBOTurnover: €20MDecember 2010

AbrisudLeading European manufacturer of swimming pool covers and shelters

Investment type: MBOTurnover: €60MMarch 2011

Groupe PrimavistaEuropean leader in maternityphotography

Investment type: MBOTurnover: €45MOctober 2011

Previous investments (fully realised)

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ProNaturaEuropean leader in organic fruit and vegetable distribution

Investment type: OBO2014 Turnover: €143MJuly 2005November 2014

FindisLeading French B2B distributor of home appliances and equipment

Investment type: MBOTurnover: €300MMarch 2011March 2017

La Maison BleueFrench child care nursery group

Investment type: Growth CapitalTurnover: €125MDecember 2012October 2016

Gaz EuropéenLeading French independent alternative gas distributor supplying the collective residential B2B marketInvestment type: Growth CapitalTurnover: €205MDecember 2013January 2017

NexeyaFrench engineering company whichdesigns, manufactures, tests and maintains critical electronics systemsInvestment type: PtoP/MBOTurnover: €126MSeptember 2013July 2017

Previous investments (fully realised)

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MalherbeA French leader in road haulage

Investment type: OBO2008 Turnover: €146MAugust 2004 March 2008

DelpharmPharmaceutical Contract ManufacturingOrganisation (CMO)

Investment type: MBI2007 Turnover: €94MApril 2004 June 2007

VivactisHealthcare marketing and communicaiton services

Investment type: MBO, Spin-off2007 Turnover: €30MJune 2003 February 2007

BFI OptilasLeading European specialist distributor of electronic and photonic products

Investment type: MBO, Spin-off2009 2009 Turnover: €129MApril 2006 December 2009

Françoise Saget / LinvosgesLeading French catalogue and Internet retailer of household linens

Investment type: MBI2010 Turnover: €134MOctober 2006 September 2010

Materne - Mont BlancFrench leader in longlife dairy cream and fruit compote desserts

Investment Type: BIMBO, Spin-off2010 Turnover: €186MJuly 2003 December 2010

LogitradeFrench outsourcing specialist focused on non-strategic industrial purchasing

Investment type: MBI2013 Turnover: €140MFebruary 2006 February 2013

ErgalisSpecialised platform dedicated to temporary staffing solutions and HR

Investment type: MBI2014 Turnover: €170MSeptember 2010 October 2014

Activa Capital has a highly successful track record in corporate spin-offs

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Corporate sellers

Activa Capital investments

Mont Blanc

Turnover: €38M2003

Nestlé Turnover: €83BN

DelpharmTurnover: €54M

2004

AguettantTurnover: €0.1BN

GloriaTurnover: €10M

2004

Nestlé Turnover: €83BN

Transport Lanoux


TNTTurnover: €10.3BN

BFI Optilas


Avnet Turnover: €12.7BN

GroupeVivactis

Turnover: €30M 2003

TeleperformanceTurnover: €2.0BN

Activa Capital has a highly successful track record in corporate spin-offs

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Corporate sellers

Activa Capital investments

UsineSchering


Bayer HealthcareTurnover: €32.9BN

Françoise Saget


Yves RocherTurnover: €2.0BN

SelproBuild-upErgalis


RandstadTurnover: €12.4BN

LaserBuild-up Armatis


BNP ParibasGaleries Lafayette

(joint venture)

Aura Build-up Ergalis


SegulaTurnover: €500M

Atlas for Men

Turnover: €142M 2016

De AgostiniTurnover: €5.1BN

Acquisitions Mergers Build-ups Diversification Buyouts Financing

Build-ups are at the heart of our investment strategy, with 60+ add-on acquisitions completed in the last 10 years

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Some examples

Turnover 2015: €13M



Turnover 2016: €300M at exit













3 build-ups 4 build-ups 5 build-ups 2 build-ups


Turnover 2016:€50M

2 build-ups

5 build-ups 2 build-ups 12 build-ups 1 build-up

Note: reported revenues are on a 12-month pro-forma basis.

Materne - Mont Blanc■ Spin-off from Nestlé of Mont Blanc, a

leading cream dessert brand (2003)

■ Build-up of Materne with the emblematic brand Pom’Potes (2006)

■ The group expands to the USA and reaches a €186M turnover: more than 4 times its turnover at the time of investment (2010)

Ergalis■ Spin-off from Randstad of Selpro, a

company offering temporary staffingsolutions (2010)

■ Acquisition of Plus RH, a specialistwithin services industries (2011)

■ A further 5 build-ups, including the acquisition of Aura RHR (2012)

■ Result: Group Ergalis controls 13 specialist brands across a network of 70 agencies in France

Case studies: build-upsat the heart of value creation

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Turnover 2010: €78MTurnover 2014: €170M


Findis■ Findis doubled in size with the

Spin-off of Cocélec (2012)

■ Acquisions of Ronzier and David Ménager (appliances) (2013)

■ Diversification with the acquisitionof Désamais Distribution, a major player in the B2B market for DIY, hardware, house and garden (2015)

■ Result: a total of 6 brands thatmake Findis the leading B2B distributor to independent stores


Electrical Appliances Temporary employment and recruitment Food and retail

■ Optimising environmental impact

■ Promoting responsible human resourcesmanagement

■ Sustainable recycling

■ Due diligence carried out by PwC’sspecialised ESG team

Activa Capital, fully engaged in implementing ESG

Internally With our portfolio companies Within the financial community

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ESG (Environmental, Social and Corporate Governance) criteria are integrated into Activa Capital’s

investment strategy. Our committment to ESG translates into concrete actions

Activa Capital is actively involved in the following charitable organisations:

■ Active member of the AFIC (French PE Association) ESG commission

■ Co-author, in 2010, of the AFIC SustainableDevelopment white paper for French Private Equity

■ One of the first signatories of the UN’sPrinciples for Responsible Investment (PRI)

203, rue du Faubourg Saint-Honoré

75008 PARISFrance

activacapital.com

Tel. : + 33 1 43 12 50 12Fax : + 33 1 43 12 50 13

présentation activa capital

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