présentation activa capitalintroduction 2 activa capital is an independent private equity firm...

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 €100M

■ 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

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Managing Partners

1

Chairman

1

CFO

2

Investment Directors

4

Associates

1 Finance Department

Analyst

1 Office Manager

1 Executive Assistant

Charles de LauristonAssociate - ESG & Digital

Alexandre MassonManaging Partner

Caroline BonardExecutive Assistant

Charles DiehlChairman

Christophe ParierManaging Partner

Christelle PiattoCommunications &

Office Manager

David QuatrepointInvestment Director

Frédéric SingerInvestment Director

Elliot ThiéblinAssociate

Timothée HéronAssociate

Alexandre CholletCFO

Amira Oueld-El HachemiFinance Department

Analyst

Camille EminAssociate

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

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

Anthony Pralle

Senior Partner Emeritus of TheBoston Consulting Group

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

Arnaud de Puyfontaine

CEO of Vivendi

Former CEO of NatMags (Hearst UK)

Our portfolio

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

Investment type: MBITurnover: €39MJune 2016

Active AssurancesInsurance broker specialised in the digital distribution of insurance products

Investment type: MBOTurnover: €11M

May 2018

Be RelaxGlobal operator of well-being airportspas

Investment type: MBOTurnover: €21M

May 2018

ExploreLeading player in the development of B2B business intelligence solutions

Investment type: MBOTurnover: €12MJanuary 2019

MedisysLeading sofware publisher in the home-care field and for institutions specialized in dependent persons

Investment type: MBITurnover: €10MApril 2019

Our portfolio

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Armatis-lcA leader in French contact centre outsourcing

Investment type: MBOTurnover: €224MMay 2012

AbrisudLeading European manufacturer of swimming pool covers and shelters

Investment type: MBOTurnover: €57MMarch 2011

Family ServiceLeader in direct marketing to youngparents

Investment type: MBOTurnover: €13MDecember 2012

Alliance EtiquettesPremium labels consolidation platform for the wine and foodindustriesInvestment type: Growth Capital, OBO, build-upsTurnover: €56MJuly 2015

MecadaqConsolidation platform in the manufacturing and assembly of high-precision mechanical components for the aerospace industryInvestment type : OBO, build-upsTurnover : €59MDecember 2015

Previous investments (fully realised)

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HR PathSpecialist in Information systems for human resources

Type d’investissement : MBOChiffre d’affaires : 72 M€Mars 2017April 2019

Sport 2000No. 3 French sports retail chain

Investment type: Growth CapitalTurnover : €580MJune 2008December 2018

NexeyaFrench engineering company which designs, manufactures, tests and maintains critical electronics systemsInvestment type: PtoP/MBOTurnover: €130MSeptember 2013July 2017

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

Investment type: MBOTurnover: €189MJuly 2016May 2019

FindisLeading French B2B distributor of home appliances and equipment

Investment type: MBOTurnover: €300MMarch 2011March 2017

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

La Maison BleueFrench child care nursery group

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

ProNaturaEuropean leader in organic fruit and vegetable distribution

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

Previous investments (fully realised)

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ErgalisSpecialised platform dedicated to temporary staffing solutions and HR

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

LogitradeFrench outsourcing specialist focused on non-strategic industrial purchasing

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

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

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

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

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

BFI OptilasLeading European specialist distributor of electronic and photonic products

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

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

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













6 build-ups 4 build-ups 5 build-ups 2 build-ups


Turnover 2018:€59M

3 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.

Case studies (1/2)

External and international growth

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Mecadaq Group■ Creation in 2015 of Mecadaq Group, a

consolidation platform in aeronauticalsubcontracting, alongside the founder JulienDubecq

■ 3 build-ups between 2016 and 2018, including theUSA

■ In parallel, integration of the acquisitions anddevelopment of support functions at group level:finance, HR and sales & marketing

■ Results: in 3 years, the platform has tripled insize, further internationalized and become oneof the « strategic supplier » groups for Airbus

Turnover 2015 : €19M Turnover 2018 : €59M

Manufacturing and assembly of high-precisionmechanical coponents

Atlas For Men■ Backed the management of Atlas For Men in

2016 in the spin-off from the Italian familygroup De Agostini

■ Atlas For Men has opened 3 new markets(Czech Republic, Slovakia and UK) between2016 and 2018

■ 11 markets outside France now represent55% of sales

■ Backed the company in its digitaldevelopment strategy

■ Results: in 2,5 years, Atlas For Men has hadan organic growth of 15% p.a. and ispursuing its pan European development


Mail order and internet selling of outdoor clothing for men

Alliance Etiquettes■ Creation in 2015 of Alliance Etiquettes, a

consolidation platform in high-end labels forwines and foie gras, alongside the founderOlivier Laulan

■ Acquisition of 6 companies between 2015and 2018

■ The company is actively working on the groupidentity, including setting up a new group HQwith 20 staff and groupwide support systems

■ Results: in 3 years, sales have beenmultiplied by 7x et Alliance Etiquettes hasbecome the market leader


Premium labels for the wine & food industry

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 (2/2)

External and international growth

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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)

1 boulevard de la Madeleine

75001 PARISFrance

activacapital.com

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

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