strictly confidential · synergy generation between portfolio companies ... internal competences...
TRANSCRIPT
1Strictly Confidential
2
6
successful public-to-private deals
€1.5bn+
invested
31
professionals
72
transactions
€8.0bn+
transaction value
140
build-ups
2018
Lower midcaps
Private Equity Fund of the year (France)
A long established mid-market player
Abénex is present on the French Private Equity and LBO market since 1992 and manages
third-party funds since 1998
In 2008, the Managing Partners of ABN AMRO Capital France achieved their own LBO
In 2009, Abénex became the first mid-market player to set up a dedicated Operational Team
Since 2015, Abénex is accredited by the AMF as real-estate investor (“OPCI”)
Paris office
Lyon office
3
A broad and flexible investment strategy
Abénex Croissance
A proven ability to build together the right transaction, understand the company’s environment and
adapt to the seller’s objectives (families, founders, managers, large corporates)
Companies based out of
France, Switzerland or
Benelux
Leaders in sectors with high
barriers to entry
Growth potential (in France
and internationally)
Opportunities for market
consolidation and growth
through acquisitions
Potential for operational
improvement
Target companies Investment criteria
Equity investment
Target enterprise value
Investment horizon
Shareholding
Transaction types
Abénex Midcaps
Up to 7 years depending on the target and managers’ project
Ability to perform both buy-out and buy-in transactions
From €5m to €20m From €20m to €100m
50% / 50%
Majority / minority
From €10m to €300m
4
A proven industry expertise
Selection of past and current investments
AGRIBUSINESS &CONSUMER GOODS
SERVICES
INDUSTRY& BUILDING MATERIALS
TECHNOLOGY
HEALTHCARE
5
An operational mindset
No interference in day-to-day management
Involvement in strategic decisions
Active Board member
Limited number of investments followed by each professional
A PARTNERSHIP BASED ON TRUST
A DEDICATED OPERATIONAL TEAM
At the management request, Abénex’s resources are 100% dedicated to our portfolio companies
Support ranging from diagnoses and project management to longer term transformation plans
Value-added projects: Executive Committee support, build-ups execution and integration, commercial development, reporting, organizational optimization, digital transformation, etc.
Development of digital diagnosis / transformation solutions for portfolio companies (in partnership with )
A DEVELOPMENT ENABLER
Strong willingness to develop turnover and profitability through internal or external growth
Expertise provided to managers to support their build-ups
Proven support to international expansion
Synergy generation between portfolio companies (pooled purchases, etc.)
6
Abénex REIM – A dedicated real-estate team
ABÉNEX REIM
Internal competences and know-how available for our portfolio companies
Support on real-estate issues: building outsourcing, sites opening, structuration and financing of operations, etc.
SYNERGIES WITH THE PRIVATE EQUITY ACTIVITY
A team of 3 professionals led by Vincent Brunswick (15 years of experience, €140m+ completed acquisitions as Managing Partner of a family office)
Two major transactions realized by Abénex in 2014 and 2016 representing a total asset value in excess of €200m (OPCI)
Continue opportunistic off market deals with a deal by deal approach in businesses where Abénex has a recognized experience and operational know-how:
Retail / distribution
Student or senior residences
Education
Logistic
TWO BUSINESSES
Discretionary fund including possible co-investment and aiming to create value:
Direct investment in all real estate assets’ classes (office, residential, light industrial…)
Special situations: distressed assets, structuring issues, portfolio / unlisted REIT, share deals
Assets located in Paris and first ring
Value-Add Fund Core+ Deals
€10m - €60m
Investment size
€50m - €150m
Investment size
7
A complementary team of 31 professionals
Note: team ages calculated as of September 2019
ABÉNEX MIDCAPS
MANAGING PARTNERS
Hervé ClaquinFounding Partner70 yoOlivier Moatti
Managing Partner50 yo
Patrice VerrierManaging Partner51 yo
OPERATIONAL & MONITORING ABÉNEX REIM
SUPPORT
Emilie LhommeauSupport/Communication33 yo
Carole OzilleChief accountant42 yo
ABÉNEX CROISSANCE
Alexis LebaillyAssociate30 yo
Jérôme VandermarcqPartner – Lyon40 yo
Emmanuel HerbinetPartnerStrategy, Industry47 yo
Paul BertrandDirector – Paris & Lyon40 yo
Antoine HouëlPartner41 yo
Antoine SchoumanPartner44 yo
Johann DupontPartnerConsulting, Services44 yo
Vincent BrunswickPartner38 yo
Christian DorléacPartner57 yo
Caroline SprietAnalyst28 yo
Edouard JeandeyAssociate – Lyon30 yo
Antoine BouvatierGeneral Counsel48 yo
Julien KeignartDirector37 yo
Mathieu MauhouratDirector39 yo
Sofiane TouhamiDirectorConsulting, Industry33 yo
Karim HoebanxManager32 yo
Matthieu BalaÿManager32 yo
Vincent GouedardManagerPrivate Equity30 yo
Laurent ChevreauCFO, ESG officer 47 yo
Noémie ThorezProperty Accountant35 yo
Thomas PerettiDirector38 yo
Albin CrosnierAnalyst24 yo
Apolline ClaudonAnalyst25 yo
A. Bettas-RégalinAssociate29 yo
Grégory WagemansDirector49 yo
Foucault CrombezAnalyst23 yo
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Our current portfolio
April 2017
€100m sales
Professional conference
organization and medical
publishing
April 2017
€35m sales
Funeral products and services
April 2017
€250m sales
Real-estate development services
June 2006
€35m sales
Formworks and services for the construction industry
November 2017
€60m sales
Banking brokerage for individuals
April 2017
€1,500m sales
Fresh products retail
April 2018
€55m sales
Real-estate diagnosis
September 2018
€400m sales
Engineering, integration and maintenance solutions for
industrial clients
October 2018
€60m sales
Engineering and technology consulting, specialty in the railway and energy sectors
April 2018
€35m sales
Private education
December 2018
€40m sales
Fresh cake and pastry manufacturing
November 2017
€120m sales
Management consulting
July 2019
n.d.
Manufacturing of woodcare products
September 2013
€15m sales
Spare parts manufacturingfor vintage vehicles
October 2014
€70m sales
Ophthalmologicalmedical centres
October 2016
€15m sales
Healthy foodsupplements
Abénex Croissance
Abénex Midcaps
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Details of our portfolio (1/4)
September 2018
OBO
GROUPE ADF, with 3,300 employees in 14 countries on 4 continents, is a leading provider of engineering and maintenance services structured around three activities: engineering & expertise, integration & equipment and production services & maintenance.
The group operates in the energy, aerospace, oil and chemicals sectors.
GROUPE ADF completed the acquisition of Latécoère Services (Latesys) in 2016.
Engineering, integration and maintenance solutions for
industrial clients
€400m sales
October 2018
MBO
ikos is an engineering and technology consulting group specialized in the railway and energy sectors.
ikos benefits from 800 engineers working on projects worldwide, thanks to 15 offices in France, Spain, Belgium, Germany, Switzerland, USA, UK and more recently in Italy and Canada.
ikos group’s R&D center ikos Lab positions the group on the frontline of innovation in the railway and energy industries. For instance, ikos collaborates closely with the Canadian company TransPod on the conception of the Hyperloop project, the ultra-high speed train of the future.
Engineering and technology consulting, specialty in therailway and energy sectors
€60m sales
December 2018
MBI
NATURELLEMENT GOURMAND is the French leader in the creation and production of high-quality long-life fresh pastries and cakes.
The group mainly sells its references via the retail market.
NATURELLEMENT GOURMANDleads a clean label policy towards 100% natural product reflecting the quality and the innovation of its offer.
The group is also developing its presence on the catering market and especially on the public sector (e.g. school canteens).
Fresh cake and pastry manufacturing
€40m sales
July 2019
MBO
BLANCHON is a leading European manufacturer of wood care products for professionals and individuals.
The group has more than 7,000 references commercialized under the brand Blanchon for B2B customers and Syntilor for DIY stores.
BLANCHON also manufactures varnishes for PVC flooring which are sold to floor covering leaders worldwide.
With a strong presence in Europe and beyond, the group realizes 30% of its activity outside France thanks to the strong reputation of its brands and its high-quality products.
Manufacturing of woodcare products
n.d.
10
Details of our portfolio (2/4)
April 2018
MBO
AC ENVIRONNEMENT is the French leader in real-estate diagnosis.
It offers a complete range of diagnosis including: asbestos, energy, gas, electricity, lead, termites, radon, etc.
The group is also involved in 3D real-estate modelling with Building Information Modelling (BIM).
AC ENVIRONNEMENT incorporates 3 self-owned laboratories, 28 branches covering the entirety of France as well as 1 training centre.
Real-estate diagnosis
€55m sales
November 2017
OBO
SQUARE is a management consulting company with 800+ consultants operating in France, Belgium, Luxemburg and Switzerland.
The company is active on 3 segments:
(i) Digital and marketing
(ii) Process, operations and risk management (regulations, compliance)
(iii) Strategy and organization
SQUARE’s target customers operate in Banking, Insurance, Energy, Transport and Services.
Management consulting
€120m sales
November 2017
OBO
PREMISTA, created in February 2016 by the merger of Central Finances and Végalis, is involved in banking brokerage. The company is the French leader in debt consolidation for individuals.
PREMISTA relies on two distribution channels:
(i) A direct channel with clients identified by bank agencies or sourced via internet
(ii) An indirect channel through franchise networks
PREMISTA also manages a network of 80 branches in real-estate loans brokerage.
Banking brokerage for individuals
€60m sales
April 2018
MBO
EUREKA EDUCATION is a leading private education group focused on student professionalization through its two verticals, training 7,000 students annually in 50 schools in France and Switzerland.
GROUPE SILVYA TERRADEmanages a large network of beauty and hairstyling schools with 3,000 professional partners - including brands, institutes and salons - and draws on the skills of 500 educators.
EURIDIS BUSINESS SCHOOL is specialized in training student for complex B2B negotiation and sales, notably for the IT industry.
Private education
€35m sales
11
Details of our portfolio (3/4)
March 2011 / April 2017
OBO
PROSOL GESTION is specialized in dairy, fish, fruits and vegetables retail, within GRAND FRAIS stores, which also include butchers and grocers.
Based near Lyon, PROSOL created the GRAND FRAIS concept and acts as its main operator.
GRAND FRAIS consists of more than 210 stores in France, Belgium and Italy.
Fresh products retail
€1,500m sales
April 2017
MBO
LP PROMOTION is a residential real-estate developer, leader in the regions of Toulouse and Bordeaux (2 000 lots marketed in 2018).
The company primarily addresses buy-to-let investors, owner-occupiers and social sales in bulk.
Home units are distributed through a multi-channel approach including external sales (~20 national and regional selling networks, 500 additional independent CGPs, banking agencies) and an in houseteams addressing local customers.
LP PROMOTION is a family Group created in 1996. It employs 140 people.
Real-estate development services
€250m sales
April 2017
MBO
Founded in 1887, HYGECO is aB2B equipment and services provider on the funeral market.
The group is structured around 2 main activities:
(i) Production and distribution of tailor-made post-mortem equipment and consumables for the funeral and medical growing markets
(ii) Post-mortem services (incl. embalming, washing and transportation), being the undisputed leader in France
HYGECO addresses funeral homes, mortuaries, hospitals and post-mortem medical laboratories, in France, Europe and the Middle-East (c. 40% of sales internationally).
The group has 340 employees.
Funeral products and services
€35m sales
April 2017
OBO
EUROPA GROUP is a Professional Conference Organizer (PCO) focused on the medical segment.
EUROPA GROUP organizes c. 200 congresses p.a. and offers a large panel of related services incl. hotel booking, publishing and digital services.
Based in Toulouse, EUROPA GROUP has offices in Paris, Singapore, Johannesburg and Rotterdam and gathers 270 people.
In June 2017, EUROPA GROUP acquired Phili@, the French leader in specialized medical publishing.
Professional conference organization and medical publishing
€100m sales
12
Details of our portfolio (4/4)
October 2016
MBI
Founded in 1994, LABORATOIRE LESCUYER is a key player of the health-oriented food supplements market.
The company acquires more than 75% of its new clients through a prescriber network of c. 2,500 health professionals.
LABORATOIRE LESCUYER is recognized for its high quality products and its ability to innovate. The company has notably developed Limicol®, which has obtained, thanks to 3 clinical studies, a positive opinion from the European Food Safety Authority (EFSA).
Healthy foodsupplements
€15m sales
October 2014
Development
POINT VISION has a state-of-the-art network of ophthalmological centres, with the most recent instrumentation.
The concept relies on the delegation of part of the ophthalmologists tasks to paramedical practitioners, enabling to address the lack of ophthalmology healthcare in France.
Incepted in 2011, POINT VISIONhas today 29 centers with 300 employees and welcomes c. 1 million patients per year.
Ophthalmologicalmedical centers
€70m sales
September 2013
MBI
MEHARI CLUB DE CASSIS is the leading player of the vintage car spare parts market. The group benefits from a recognized know-how on Méharis and 2CV vehicles.
The company has notably developed its activity with the acquisition of an old engines renovation business.
Moreover, MEHARI CLUB DE CASSIS is now producing and selling the EDEN, an all-electric version of the original Méhari.
Spare parts manufacturingfor vintage vehicles
€15m sales
June 2006
MBO
OUTINORD is the worldwide leader in steel formworks for the building industry.
OUTINORD is the historical leader in France.
It is active in the US, Latin America, Middle East and Asia, and also in Western European countries.
Formworks and services forthe construction industry
€35m sales
13
Julien KeignartEdouard Jeandey
Karim Hoebanx Antoine Houël
Jérôme Vandermarcq
Sofiane TouhamiCaroline Spriet Noémie Thorez
Patrice Verrier
Alexis LebaillyEmilie
Lhommeau
Olivier MoattiAntoine
SchoumanThomas Peretti
Antoine Bouvatier
Carole OzilleVincent
BrunswickPaul Bertrand
Laurent Chevreau
Matthieu BalaÿAurélien
Bettas-Régalin
Standard: +33 1 53 93 69 00Fax: +33 1 53 93 69 25
Johann DupontVincent
GouédardChristian Dorléac
Hervé Claquin Apolline Claudon Albin Crosnier
PARIS: 9, Avenue Matignon – 75008
LYON: 63, Rue de la République – 69002
Grégory Wagemans
Foucault Crombez
Emmanuel Herbinet
Mathieu Mauhourat