2017 ANNUAL REVIEW Investing in and building robust businesses across Western Europe - Equistone Partners Europe
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
2017 ANNUAL REVIEW Investing in and building robust businesses across Western Europe.
CONTENTS
2 FOREWORD
4 LOOKING BACK ON 2017
12 ACTIVE PORTFOLIO MANAGEMENT
16 ESG
18 2017 NEW INVESTMENTS
20 Willerby
22 DefShop
24 Inspired Thinking Group (ITG)
26 Bruneau
28 BFT Mastclimbing
30 Dugas
32 Hanse Haus and Bien-Zenker
34 2017 EXITS
36 EuroAvionics
38 Bretèche Industrie
40 OASE
42 ABOUT EQUISTONE
44 THE TEAM
PORTFOLIO INVESTMENTS
2 EQUISTONE 2017 ANNUAL REVIEW // FOREWORD EQUISTONE 2017 ANNUAL REVIEW // FOREWORD 3
Guillaume Jacqueau
Managing Partner
FOREWORD
2017 was very much business Our investment activity featured seven developing a growing exit pipeline. It is an opportunities throughout 2017. There will
new buyouts and 19 bolt-on acquisitions exciting time to be investing in the French undoubtedly be challenges ahead as 45
as usual for our firm. We
for our existing portfolio companies. A total buyout market. We anticipate this positive years of EU integration are renegotiated.
continued investing a significant of €357m was invested overall from Fund V outlook to continue during 2018. However, we remain optimistic about the
amount of capital from our fifth in 2017. This was lower than the €738m The DACH market as a whole was UK, in part due to the depth, breadth and
invested in 2016, but in our experience somewhat quieter in 2017, following a longevity of its buyout market. And, as
buyout fund before launching
activity levels often vary in this way from relatively busy few years. But this belies experienced investors, we are well placed
Fund VI in November 2017, year to year. We believe that a run rate the fact that we continue to find highly to spot the potential new investment
which closed at its €2.8bn of c. €500-750m of new investment per compelling investments with attractive opportunities that these challenges will
annum is sustainable for Equistone. deal dynamics. Our German team is adept inevitably create.
hard cap in March 2018.
As usual, the spread of investments at capitalising on these opportunities and We were joined by four new faces;
across our geographies was consistent. we were excited to complete a buyout of Sebastien Leusch and Edward Baker in
We completed two new buyouts in France a family business and a corporate spin off the UK, Edouard Fillon in Paris and Moritz
and this reflects the improving business as a result. Treude in Munich. Each brings substantial
confidence in this market. We have been The UK, despite the political and experience with them and adds a
able to buy interesting and competitively economic uncertainty wrought by different, and welcome, dimension to the
priced companies while at the same time Brexit, continued to produce interesting teams they have joined.
4 EQUISTONE 2017 ANNUAL REVIEW // LOOKING BACK ON 2017 EQUISTONE 2017 ANNUAL REVIEW // LOOKING BACK ON 2017 5
€357m*
INVESTED IN NEW INVESTMENTS AND ADD-ON ACQUISITIONS
€414m**
LOOKING BACK GENERATED PROCEEDS FROM THE SALE OF INVESTMENTS
ON 2017
* Figure relates to announced transactions to be consistent with prior year publication. Group of Butchers signed in December
2016 and completed in January 2017 is therefore excluded from this figure.
** Figure relates to announced transactions to be consistent with prior year publication. Three exits completed in Q1 2017 –
Unither, Meilleurtaux and Hornschuch – are therefore excluded from this figure.
Europe’s buyout markets got back into their stride in 2017, after INVESTMENT ACTIVITY to traditional scaffolding. Equistone’s
a depressed second half in 2016. In volume and value terms this investment will enable the company to
Equistone’s UK team invested in expand both its fleet and operations.
equated to 696 buyouts worth €97.9bn in 2017. This compares Willerby, Inspired Thinking Group and In Germany, the Equistone team
to 671 buyouts valued at €60.7bn in 2016 down from 705 BFT Mastclimbing in 2017. Willerby was kept busy with the acquisitions of
buyouts worth €90.7bn in 2015. manufactures static holiday homes. In DefShop and Bien-Zenker & Hanse Haus.
June, Equistone acquired the business Firstly, in August, came the investment
from Caird Capital. Equistone’s investment in DefShop, a German family business
The Brexit process, which signalled buyout investors as well as generating will support Willerby’s plans to expand retailing streetwear clothing. Equistone’s
the beginning of the end of the UK’s liquidity via secondary buyouts and through product development. Equistone investment in DefShop will be used
current relationship with the EU, has a refinancings. Trade purchasers also anticipates staycations and the growing to accelerate growth in the B2B area,
long way to travel. The event unsettled benefited from a benign lending strength of the grey pound will be key further internationalise the business
markets during H2 2016, but by early environment. Exits via IPOs had a more drivers of growth (See pages 16-17 and and strengthen the own-brand strategy.
2017, the initial shock had subsided and challenging time. A total of 473 buyout 20-21 for more on Willerby.) Strategic add-on acquisitions will also be
there was clarity on when Article 50 (the exits in 2017 raised €117.1bn. This In October, technology-led marketing under consideration.
UK’s official notice of leaving) would be compares to €100.5bn against 449 exits services provider Inspired Thinking Group Then, in December, Equistone’s
triggered. in 2016, when IPO markets became (ITG) joined the Equistone portfolio. The German team supported the spin-out
Pragmatism prevailed and, by the choppy, and €160.9bn raised by 522 exits business was acquired from Bridgepoint of market-leading prefabricated homes
end of H1 2017, it was clear European in 2015. Of 2015’s value €49.9bn came Development Capital. ITG supports global manufacturers, Bien-Zenker and
buyouts had bounced back. H1 recorded from 45 IPOs, illustrating the health of brands and retailers including Heineken, Hanse Haus, from the Munich-based
€42.8bn from 341 buyouts. This is the equity markets in 2015. Audi and Puma. Equistone invested in ITG industrial holding company ADCURAM
best start to a year in over a decade. Manufacturing dominated the to support the company’s international Group. Equistone was attracted to the
While Brexit has created economic market in 2017: 210 buyouts valued growth aspirations and its continued fast-developing prefabricated homes
and political uncertainty, market at €24.3bn. This is its greatest value in investment into digital marketing services. market and its highly fragmented nature.
conditions are favourable in other over a decade. Of Equistone’s seven In November, Equistone invested in Investments in Bruneau and Dugas
respects. Firms have vast amounts of dry new buyouts during 2017, two are in BFT Mastclimbing, a family business that provided the focus for the Paris office
powder and the debt markets remain manufacturing companies. And eight of maintains a fleet of over 650 motorised during 2017. The buyout of Bruneau
both liquid and sponsor-friendly. Equistone’s 19 add-on investments were access platforms to provide a cheaper, from Weinberg Capital was completed
Debt market buoyancy has benefited in manufacturing businesses in 2017. safer, and more flexible alternative in July. Bruneau is a leading French
6 EQUISTONE 2017 ANNUAL REVIEW // LOOKING BACK ON 2017 EQUISTONE 2017 ANNUAL REVIEW // LOOKING BACK ON 2017 7
2017 PE-BACKED BUYOUT INVESTMENTS 2017 PE-BACKED EXITS
VALUE VALUE
NO. €M NO. €M
France 102 15,025 France 64 14,136
Germany 105 18,632 Germany 49 15,516
UK 192 30,861 UK 179 39,366
European Total 696 97,918 European Total 473 117,065
Source: CMBOR / Equistone Partners Europe / Investec. Source: CMBOR / Equistone Partners Europe / Investec.
distributor of office furniture and again here. Unither Pharmaceuticals, a multipurpose airborne computer comparator and broker, in February,
supplies. Equistone funds will be used Meilleurtaux and Hornschuch eventually launched in 2015. EuroAvionics also the Paris team led the exit of Bretèche
to support further development of the completed in early 2017, with distributions entered the unmanned aircraft market Industrie. The company is a global
business, to investigate new potential being made to LPs soon after. with EuroAvionics Switzerland in 2016. manufacturer of industrial equipment for
market segments and to strengthen its The Munich and Paris offices were This was followed in early 2017 by the the production of food, pharmaceutical,
international presence through organic therefore kept busy by exits in 2017. In introduction of autopilots and avionics and cosmetic products. It was sold to IK
and acquisition-led growth. addition to Hornschuch, which closed in systems for multicopter drones. Investment Partners in October 2017.
In December, the Paris team March 2017, the Munich office oversaw OASE was sold to US private equity During Equistone’s stewardship Bretèche
completed a majority investment two other exits: these were the trade sale firm Argand Partners in October. developed new business lines and
in Dugas, a promoter and exclusive of EuroAvionics, a global manufacturer of Equistone acquired a majority share in pursued acquisitive growth. The latter
distributor of high-end spirits. Over the civil avionics systems, and the secondary OASE in June 2011. Since then revenue most notably included the purchase
past decade, Dugas has demonstrated buyout of OASE, the leading international has increased from €99m to €156m. of Shick, which operates in the field of
strong growth. Equistone’s investment specialist for water gardens, indoor Equistone supported OASE’s organic dosing equipment in the US.
and support will allow this growth to gain aquatics and fountain technology. and acquisitive growth. In 2013, EDEN,
momentum both in France and beyond. In August, EuroAvionics was sold to an Italian manufacturer of high-quality ADD-ON ACTIVITY
HENSOLDT, a spin-off from Airbus Group’s products for indoor aquatics and water
REALISATION ACTIVITY defence electronics business. Equistone gardens, was acquired. The following Equistone has a substantial portfolio
acquired a majority stake in EuroAvionics year, OASE acquired Geo Global Partners, and many of its companies have active
Equistone announced three exits from in July 2012 and had supported the a Florida-based company providing acquisition-led growth strategies. As such,
its portfolio in 2017. They were the trade growth of its annual turnover from innovative products for water gardens every year sees a large number of bolt-on
sale of EuroAvionics and the secondary c.€14m to over €20m by 2017. Equistone in North America. Then in 2016, biOrb, acquisitions being executed. 2017 was no
buyouts of Bretèche Industrie and OASE. oversaw the acquisitions of aerotech uk a brand with a strong position in the exception, with a total of 19 completed.
This is a smaller number than in a usual and US-based LCX Systems, which were design-focused premium segment of the Nearly half occurred in the manufacturing
“Equistone year” and appears to run consolidated into the EuroAvionics’ group. indoor aquatics market, was acquired. All sector. There were three in the French
counter to the exit performance of the In addition, there was significant three deals assisted OASE in penetrating market: Novares, the automotive plastic
wider European buyout market. However, expansion of EuroAvionics’ product new market segments and expanded the solutions provider previously known as
Equistone’s exit announcements in 2017 portfolio. This includes custom-made group’s geographic footprint. Mecaplast-Key Plastics; and Sicame, the
exclude three exits recorded in the 2016 solutions, such as its Enhanced Reality Following on from the sale of global supplier of electrical connectors
Annual Review, and hence not detailed system, launched in 2014, and EB1, Meilleurtaux, the financial products and accessories to transport networks
8 EQUISTONE 2017 ANNUAL REVIEW // LOOKING BACK ON 2017 EQUISTONE 2017 ANNUAL REVIEW // LOOKING BACK ON 2017 9
and electricity distributors. The third out of the Zurich office, Equistone in July 2014, acquired immuno-oncology the University of Edinburgh.
platform was by Mademoiselle Desserts, assisted ROTH, the fire protection, specialist Aquila BioMedical. Aquila is In Paris, Edouard Fillon joined as an
the frozen pastries specialist, which insulation and coatings specialist, through based in Edinburgh. In January 2018, investment manager. He came from
bought Ministry of Cake, a leading two Swiss-based acquisitions. They were Concept Life Sciences was sold to Spectris, Roland Berger, where he had spent four
UK-based producer of cakes, puddings Intum and Nyfeler + Keller. a UK trade buyer. Further details will be years consulting in Paris. Edouard is a
and desserts. Following this acquisition, Finally, the UK team was involved included in next year’s Annual Review. graduate of ESSEC Business School.
45% of Mademoiselle Desserts’ revenue in seven bolt-on acquisitions in 2017. In Munich, Moritz Treude joined
is now generated outside of France. Managed print services provider Apogee NEW FACES Equistone from The Boston Consulting
The German team oversaw seven acquired Danwood, the UK’s largest Group (BCG). Moritz was based in BCG’s
bolt-on acquisitions, five of which were independent provider of document The firm welcomed four new investment Zurich office, focusing on the industrial
in manufacturing companies. They technology and managed print services, professionals. In the UK, Sebastien Leusch goods sector. Moritz holds degrees in
involved two for Vivonio, the furniture and Kopiervertrieb Rhein-Ruhr, a print and Edward Baker joined the firm. Accounting and Finance (Master) and in
group acquired in 2012, and three for and IT service provider (See more details Sebastien takes on the role of Business Administration (Bachelor) from
Sportgroup, a manufacturer of artificial on pages 12-13). ChartCo, the supplier of investment director and is based in the University of St. Gallen.
turf, synthetic outdoor sports and digital navigation and voyage compliance the Manchester office. Sebastien was Supporting their colleagues from the
recreational surface systems, acquired services to the marine industry, joined previously at Montagu Private Equity for London office are Sara Roberts, Neal
in 2015. the portfolio in June 2016. In April 2017, nine years where he worked on a range Griffith and Amit Mistry, all of whom also
A further two bolt-on acquisitions it acquired Docmap®, a digital document of transactions in many sectors across joined Equistone in 2017. Sara holds the
were completed for Caseking, a European management at sea business in Norway, the UK and Europe. He is a qualified post of general counsel and previously
online retailer and distributor of gaming and in June ChartCo acquired Marine Chartered Accountant and graduated held posts including five years as a lawyer
and PC accessories. Having joined the Position, the Swedish environmental from Imperial College London with a at Doughty Hanson. Neal is Equistone’s
portfolio in March 2014, in November shipping technology expert. degree in Chemical Engineering. group financial controller. Previously, he
2017, it acquired Trigono, a Swedish B2B TOM Vehicle Rental, itself first acquired Edward joined the firm as an worked as a fund financial controller at
software and hardware distributor with a in December 2016, bought Transflex investment manager in the London office, BC Partners and is a qualified Chartered
subsidiary in Norway. It follows on from Vehicle Rental in August 2017. Finally, starting in January 2018. Previously, Accountant. Amit holds the post of UK
Caseking’s February 2017 purchase of Concept Life Sciences, the integrated Edward was with a mid-market private financial controller. He joined from 3i
Portugal’s Globaldata (See more details on drug discovery, development, analytical equity firm, MML Capital Partners, for four Group plc, where he was a director in the
pages 14-15). testing and environmental consulting years. Edward is a Chartered Accountant group reporting team. Amit qualified as a
Under the German team, but managed services company that joined the portfolio and has a degree in Pharmacology from Chartered Accountant with KPMG.
10 EQUISTONE 2017 ANNUAL REVIEW EQUISTONE 2017 ANNUAL REVIEW // LOOKING BACK ON 2017 11
» DefShop has grown impressively within
an extraordinarily exciting segment
of the fashion industry and is
regarded by teenagers and
young adults as an institution
and style authority for
streetwear clothing. «
Alexis Milkovic,
Partner, Equistone
12 EQUISTONE 2017 ANNUAL REVIEW // ACTIVE PORTFOLIO MANAGEMENT EQUISTONE 2017 ANNUAL REVIEW // ACTIVE PORTFOLIO MANAGEMENT 13
ACTIVE PORTFOLIO
MANAGEMENT
to provide high levels of service to SME, has added an attractive customer €58m, from €41m in December 2014.
corporate and public sector customers. base to which Apogee can market its Growth in the sector has been driven
Apogee specifies, configures and installs more sophisticated range of services. by trends in logistics and changing routes
printing infrastructures, and remotely Equistone provided a fund guarantee to to market, such as retailers needing
COUNTRY / INVESTMENT DATE monitors them, ensuring high availability support the Danwood transaction. new facilities to serve e-commerce
UK / Sep 2016 via remote-fix and its in-house team of In addition, Equistone is providing customers. Averys’ growth has also been
engineers, and supplies consumables support to Apogee as it continues to driven by greater efficiency, including the
Apogee is a provider of managed print including toner. For printing, customers build out its continental European integration of Stow, which was acquired
services (MPS) that joined the Equistone typically pay per page, which covers presence, with Germany and France in May 2013. This add-on made Averys
portfolio by way of a primary buyout both hardware and service elements. the focus, as this is likely to increase its the number two player in Europe in this
in September 2016. Apogee’s MPS When Apogee joined the Equistone strategic appeal. This has included the sector with 11 production sites across
offering encompasses an integrated portfolio it provided MPS to a base of acquisition of Kopiervertrieb Rhein-Ruhr, Europe and in Turkey.
range of document processes including 45,000 machines. based near Düsseldorf. An active Averys is a highly cash generative
printing, electronic storage, document Apogee has a strong track record search for further such acquisitions is business in a fragmented industry
flow, IT connectivity and outsourced of consolidating a fragmented market, underway. undergoing consolidation. This sector
services. It adds value to its clients and since investment Apogee has offers many opportunities for add-ons
during the sales process through acquired Direct Business Systems, with different strategic and operational
assessing their document workflows Hibernian Business Equipment and rationales. Equistone believes Averys has
and recommending solutions to CityDocs in 2016 and Clarke Office the potential to lead this consolidation.
improve efficiency and save costs. Solutions in 2017. To this end, Averys and Equistone are
Typically, Apogee provides five-year In March 2017, Equistone supported engaged in pursuing acquisition-led
holistic service and maintenance the company in acquiring a competitor, COUNTRY / INVESTMENT DATE growth opportunities. In fact, there are
contracts on the printing hardware it Danwood, which was a similar size in France / Jun 2015 several possible ways in which Averys
provides from the original equipment revenue terms. Now Apogee supports can grow via acquisition, ranging from
manufacturers (OEMs). These are typically over 100,000 machines and is much Averys is a leading manufacturer of targets in complementary products
Asian or North American suppliers that, larger than the next biggest independent industrial storage systems, racking and or geographies in its European core
for the most part, only directly support provider. The Danwood operations have metal furniture. It joined Equistone’s markets, providing rapid synergies and
their very largest customers. been effectively integrated with Apogee’s, portfolio in June 2015. By December 2017, savings, to more ambitious deals that
This has left an opening for Apogee driving efficiency savings. Danwood Averys’ EBITDA had grown organically to would enable the company to diversify
14 EQUISTONE 2017 ANNUAL REVIEW // ACTIVE PORTFOLIO MANAGEMENT EQUISTONE 2017 ANNUAL REVIEW // ACTIVE PORTFOLIO MANAGEMENT 15
corporate governance can prove elusive. transfer its growth strategy into other
In 2017, Caseking identified two markets. This has given the management
companies to acquire. Portuguese team confidence and it is now leading
Globaldata, bought in February, added the search for potential acquisitions.
Portuguese and Spanish sales and makes Going into 2018 the team will seek further
Caseking a more interesting reseller for channels in Europe and overseas as well
OEMs; Portugal is a good market, but too as rolling out the own brand portfolio.
small for an OEM to enter into directly. Integration of Kelly-tech, Globaldata
Second was Trigono, a Swedish and Trigono has been successful.
computer wholesale company with only Management was able to draw on prior
60% of its sales in Scandinavia. experience following its integration of
To date, Equistone has supported the Overclockers in 2012. This was a major
expansion of Caseking into the Nordics, step not only for increasing its size and
its macro-economic exposure and Southern Europe and, with the bolt-on of taking Caseking into the UK, but because
currency. Kelly-tech in July 2014, Eastern Europe. Overclockers significantly extended
Via a refinancing completed in July These acquisitions prove Caseking can Caseking’s product range and expertise.
2017, Equistone has improved both the COUNTRY / INVESTMENT DATE
financial and legal terms on Averys’ debt. Germany / Mar 2014
The company is now rated by Standard
& Poor’s and Moody’s, which gives it Caseking, an online distributor of high-end ADD-ON ACQUISITION ACTIVITY IN 2017
access to a more liquid debt financing PC gaming hardware and peripherals to
market. Less rigid legal provisions Europe’s enthusiasts and performance ACQUISITION PORTFOLIO ADD-ON ADD-ON
and more attractive financial terms gaming community, joined Equistone’s MONTH COMPANY LOCATION COMPANY LOCATION
January Mademoiselle Desserts France Ministry of Cake UK
give Averys greater flexibility for these portfolio in 2014. Caseking is not a simple
February Caseking Germany Globaldata Portugal
add-on acquisitions and will support the reseller, but seeks to develop its own
March Apogee UK Danwood UK
M&A process at the time of Equistone’s brand products in a way that makes them
March Vivonio Germany Noteborn Netherlands
eventual exit. special. Examples include producing a
March Novares France Arouplás Plásticos Técnicos Ltda Portugal
Equistone has also effected a smooth PC mouse with a carbon fibre base, so
April Sicame France Seifel-Claved Spain
transition to a new CEO. Jean-Dominique gamers can move their mouse quicker,
April ChartCo UK DocMap Norway
Perreaux, who was CEO when Equistone and bundling water-cooled graphics cards
acquired Averys, had planned to retire. with PCs. May ROTH Switzerland Intum Switzerland
The succession plan was to promote Jos Equistone envisaged building June Apogee UK Clarke Office Solutions UK
De Vuyst, the CEO of Stow. This plan was Caseking’s portfolio via the acquisition of June ChartCo UK Marine Position Sweden
underpinned by the strong performance brands. In reality, Caseking has introduced June Sportgroup Germany Prograss and New Turf Australia
of Stow and the personal track record of its own brands so successfully that the June Sportgroup Germany Sports Construction Management USA
Jos De Vuyst, who became CEO in June focus has shifted to developing new August TOM Vehicle Rental UK Transflex UK
2017. brands organically. Therefore, Caseking September ROTH Switzerland Nyfeler + Keller Switzerland
is seeking to strengthen its B2B and B2C October Sportgroup Germany Fairmont Industry SB Malaysia
sales channels through acquisitions to October Apogee UK Kopiervertrieb Rhein-Ruhr Germany
increase its buying power with OEMs. October Concept Life Sciences UK Aquila BioMedical UK
Acquisitions can prove difficult because, October Vivonio Germany Meyer Büromöbel Germany
aside from finding the correct fit, good November Caseking Germany Trigono Sweden
16 EQUISTONE 2017 ANNUAL REVIEW // ESG EQUISTONE 2017 ANNUAL REVIEW // ESG 17
ESG
Environmental, Social and Willerby, the UK’s leading manufacturer and sustainable purchasing policy for all Willerby employs around 900 people
of static holiday homes, was bought components in its manufacturing process. in its two manufacturing sites in Hull and
Governance (ESG) monitoring
by Equistone in June 2017. Willerby For example, all the wood used is sourced as such is a large local employer. To fully
is an important part of successfully passed the ESG assessments from FSC accredited stockholders. consolidate its move away from an inward
Equistone’s pre-acquisition during the investment phase. Post The whole of Willerby’s manufacturing focused silo mentality, some initiatives
buyout, Equistone’s ESG assessment process is guided by the need to improve have been introduced to bring the
due diligence.
tool was passed to Willerby’s finance the thermal and energy efficiency of its business closer to its employees and the
director Susan Allan, who joined Willerby static caravans. This ranges from class wider community.
In 2016, working in tandem with PwC, a in October 2015. She became part of A appliances in its integral kitchens to Working in the local community,
tool was developed for Equistone that the team tasked with ensuring that the retaining warmth. Caravan holidays Willerby has given bee-friendly seeds
enables us to understand inherent risks company resisted an emerging tendency are taken year-round so the thermal to local schools. It has also sponsored
embedded in our investee companies. to operate in silos. By the end of 2017, and energy efficiency of caravans are inmates from the local prison to make
We can assess early on if external this had been achieved. Giving Willerby increasingly important to customers. bee boxes that are distributed locally
specialist due diligence should be a platform for growth to benefit from Keenly aware of the plethora of around Hull. The bee is Willerby’s emblem
commissioned and in what areas. The operational efficiencies across design and misselling scandals across a range of because the business was originally set up
tool also functions as an ongoing ESG manufacture. businesses, Willerby has an ongoing to make beehives in the 1940s.
monitoring programme. Some of the work Susan undertakes is anti-bribery and corruption programme. Willerby’s work on ESG has to be
based around the core principles of ESG; This has been rolled out further across reactive as well. Susan and her team
health & safety and quality assurance. the business and includes an online have also spent much of 2017 getting
Following campaigns run across the digital register. Any gifts received by any ready for the introduction of GDPR in
factory floor, she is confident that a employees go onto the register, which has May. This is an EU initiative for General
stronger mindset around these issues is to be updated and authorised monthly. Data Protection Regulations. This involved
firmly embedded in Willerby’s culture. Willerby has published its Modern trawling every part of the business to find
Willerby’s ‘waste walks’ of the factory Slavery Statement on its website and where potentially sensitive data is held.
floor saw it recycle 92.6% of waste in continually works with its suppliers to be There is also now a reward recognition
2016. But the aim is to go higher still. The fully compliant. Most of the suppliers are scheme. This aims to reward individual
recycling programme relates to all waste large businesses well known to Willerby. outstanding efforts and demonstrates to
generated during the manufacturing However, Susan stresses that supply the workforce that the management is
process. Willerby also pursues an ethical chain monitoring remains important. keen to listen to new ideas and feedback.18 EQUISTONE 2017 ANNUAL REVIEW 19
NEW
INVESTMENTS
» I am excited to continue ITG’s
development with our new partners
at Equistone, who are a great fit to
support our continued ambition
to develop and lead this sector
and significantly expand our
international footprint. «
Simon Ward, CEO, ITG20 EQUISTONE 2017 ANNUAL REVIEW // NEW INVESTMENTS EQUISTONE 2017 ANNUAL REVIEW // NEW INVESTMENTS 21
Willerby
Equistone backed the The Willerby brand is well known within
the holiday home market, having been
secondary management
in business since 1946. Highly regarded
buyout of Willerby, the UK’s for its build quality and aftersales service,
leading manufacturer of static Willerby transitioned from manufacturing
mobile caravans to static holiday homes
holiday homes, in June.
in 1973.
More recently, Willerby has entered
From its two newly expanded production the smaller, but fast-growing, holiday
sites in Hull, Willerby offers over 70 lodge market, and in 2015 it launched its
different models of static caravans and Innovations division, which manufactures
lodges across its 23 product ranges and bespoke holiday accommodation and
is the largest manufacturer in the UK, modular housing units.
with a 35% market share. The business Through its Fund V, Equistone holds a
is supported by over 900 employees and majority stake alongside the management
generated an annual turnover of £162m team, following the exit of Caird Capital
and an EBITDA of £15m in 2017. and minority investor Carta Capital, who
The UK market size is predicted to backed a take-private management
grow by some 4% per annum over the buyout of Willerby in February 2004.
next three years, partly due to the rise Equistone’s investment will support the
in popularity of staycation holidays, but management team’s plans to increase
more significantly because static caravans Willerby’s market share by increasing
are seen as an attractive, low-cost holiday sales, developing new products, driving
option, particularly for families and the operational improvements and exploring
over 50s markets. adjacent markets.
INVESTMENT DATE COUNTRY BUSINESS DESCRIPTION
Jun 2017 UK Industrials
EQUISTONE TEAM REVENUE NO. OF EMPLOYEES INVESTMENT TYPE
Rob Myers, Andi Tomkinson and £162m 900 Secondary MBO
Richard Briault22 EQUISTONE 2017 ANNUAL REVIEW // NEW INVESTMENTS EQUISTONE 2017 ANNUAL REVIEW // NEW INVESTMENTS 23
DefShop
In September, Equistone Bangastic and licensed brands such as
Thug Life and Eckô, which are distributed
completed the management
through Roadmap1, a B2B platform which
buyout of German clothing also serves its network of third-party
retailer, DefShop. retailers including Amazon, eBay, Vaola,
and Rakuten.
Since it was founded in 2006, DefShop Future plans include the continued
has experienced rapid growth and development of its own-label brands,
developed a strong follower base among increasing DefShop’s presence in the
teenagers and young adults interested in DACH region, which is estimated to be
urban streetwear. Its customers currently worth over €3bn, and also the expansion
number some 935,000 across Europe, of its geographic footprint into adjacent
who can buy products through its multiple markets such as France, the Netherlands
online channels or by visiting one of and Scandinavia.
DefShop’s stores in Berlin. Equistone acquired a majority stake
DefShop has a market-leading range in DefShop, through its Fund V, having
of merchandise across 350 third-party built a strong relationship with the
brands including Adidas and Nike, offering founder, Alexander Büchler, who holds a
jackets, hoodies, sweat pants, jeans and minority holding along with the Büchler
shoes as well as caps, belts, jewellery and family and the management team. The
sunglasses. business currently employs around
The retailer has also designed and 180 people and is forecast to generate
developed its own range of “Herobrands” revenue of c. €64m for the financial year
including DNGRS, Just Rhyse and ending 2017.
INVESTMENT DATE COUNTRY BUSINESS DESCRIPTION
Sep 2017 Germany Retail
REVENUE NO. OF EMPLOYEES INVESTMENT TYPE EQUISTONE TEAM
€64m 180 Primary MBO Alexis Milkovic and
Maximilian Göppert24 EQUISTONE 2017 ANNUAL REVIEW // NEW INVESTMENTS EQUISTONE 2017 ANNUAL REVIEW // NEW INVESTMENTS 25
Inspired Thinking
Group
Equistone invested in Founded in 2009, the business has
grown rapidly, with over 550 employees
Birmingham-based Inspired
based at client sites and across its three
Thinking Group (ITG) in October. UK offices in Birmingham, London and
Dartford. ITG also has customer-facing
ITG is a leading technology-led provider offices in New York, Chicago, Amsterdam,
of outsourced marketing services, which Frankfurt and Paris. For the financial
include full digital services, eCRM, content year ending August 2017, ITG generated
creation, print management, strategic £89m revenue.
planning and creative. Equistone acquired a majority
ITG supports its customers, including stake in ITG, through its Fund V, from
global brands and retailers, such as Bridgepoint Development Capital (BDC),
Heineken, Audi and Puma, to deliver their which invested in the business in 2014.
multichannel marketing requirements During BDC’s investment period, ITG
efficiently and cost-effectively. Utilising has acquired planning and creative
ITG’s subscription-based proprietary consultancy, Vitamin, and Creator, later
software platform, “MediaCentre”, rebranded ITG Creator, a provider
customers are able to automate and of electronic customer relationship
consolidate all operations, internal management services.
client teams and data with both ITG Equistone will continue to explore
and third-party suppliers. The platform potential strategic acquisitions as
also acts as a centralised source of well as support ITG’s plans for further
brand assets, which can then be used international growth and its continued
digitally and in print, ensuring both brand development and investment in its range
consistency and compliance. of online and offline marketing services.
INVESTMENT DATE COUNTRY BUSINESS DESCRIPTION
Oct 2017 UK Support Services
EQUISTONE TEAM REVENUE NO. OF EMPLOYEES INVESTMENT TYPE
Paul Harper, Chris Candfield and £89m 550 Secondary MBO
Richard Briault26 EQUISTONE 2017 ANNUAL REVIEW // NEW INVESTMENTS EQUISTONE 2017 ANNUAL REVIEW // NEW INVESTMENTS 27
Bruneau
In October, Equistone led financial year ending 2017.
Positioning itself as a one-stop-shop
the secondary management
solution, Bruneau offers a comprehensive
buyout of online office supplies range of over 35,000 products including
retailer, Bruneau stationery, furniture, IT and electronic
equipment, general services and many
Founded over 60 years ago, Bruneau other office accessories. The business
has established a well-known brand and is able to offer a 24-hour delivery
successfully developed a multichannel service, with a same-day service in the
strategy that combines e-commerce Paris area, and delivers over six million
websites, email and printed marketing. packages each year.
As a result, the business has grown into Additionally, Bruneau offers value-add
one of the leading online retailers of office services, notably Bruneau “Aménagement”,
supplies in France and Belgium, backed for furniture and office space planning,
by a 750-strong workforce including sales and My Bruneau, a tailored service to
and call-centre staff. answer customers’ specific needs.
Equistone acquired its majority stake In recent years, Bruneau has
in Bruneau, through its Fund V, from implemented an ESG policy, which
Weinberg Capital Partners, which invested includes initiatives on product offering,
in the business in 2015. Bruneau has waste management, and local economic
demonstrated steady revenue growth, and social development. As a result,
having achieved 2.3% CAGR between the business currently recycles 83% of
2014 and 2016, and is forecast to its waste and was awarded the 2016
generate c. €320m of revenue for the “Sustainable Supplier Prize”.
INVESTMENT DATE COUNTRY BUSINESS DESCRIPTION
Oct 2017 France Support Services
EQUISTONE TEAM
REVENUE NO. OF EMPLOYEES INVESTMENT TYPE Guillaume Jacqueau, Grégoire Châtillon,
€317m 750 Secondary MBO Grégoire Schlumberger, Edouard Fillon
and Valérian Fleury28 EQUISTONE 2017 ANNUAL REVIEW // NEW INVESTMENTS EQUISTONE 2017 ANNUAL REVIEW // NEW INVESTMENTS 29
BFT Mastclimbing
Equistone invested in BFT since it was founded in 1997, and is
currently one of the largest players in
Mastclimbing alongside CEO
the UK with a 30% market share. The
and founder Robin Head in business maintains a fleet of over
November. 650 motorised MCWPs and offers
transportation, installation, disassembly,
BFT Mastclimbing (BFT) is a leading and training services to its customers,
independent provider of mast climbing who include main contractors,
work platforms (MCWPs) to the UK sub-contractors, facilities management
construction industry, based in Leighton businesses and public authorities.
Buzzard, Bedfordshire. It is estimated that the potential
MCWPs are often used as an addressable market for MCWPs in the
alternative to scaffolding or other UK is currently £335m, however market
powered access equipment and provide penetration of MCWPs is currently only
a work platform on a building’s exterior c. 6% due to a lack of awareness in the
during construction or refurbishment. industry of their wide-ranging applicability.
Commonly used in pairs, MCWPs move up Having acquired a majority stake
and down fixed masts using a motorised in BFT, through its Fund V, Equistone
power unit. MCWPs are typically less intends to support the management
expensive and quicker to install than team’s plans to grow its fleet of MCWPs
traditional scaffolding and these and to increase market penetration
advantages are particularly evident when through a proactive marketing strategy to
used on taller buildings. help educate market participants of their
BFT has experienced rapid growth potential benefits.
INVESTMENT DATE COUNTRY BUSINESS DESCRIPTION
Nov 2017 UK Support Services
EQUISTONE TEAM REVENUE NO. OF EMPLOYEES INVESTMENT TYPE
Dominic Geer and n/d 70 Primary MBO
Tristan Manuel30 EQUISTONE 2017 ANNUAL REVIEW // NEW INVESTMENTS EQUISTONE 2017 ANNUAL REVIEW // NEW INVESTMENTS 31
Dugas
In December, Equistone brands, including La Maison du Rhum
and VIP.
backed the secondary
Having built a reputation as a market
management buyout of Dugas, expert, Dugas offers extensive product
a leading wholesale distributor knowledge and opportunities to discover
new brands to its diverse network
of premium spirits.
of customers including c. 4,000 wine
merchants along with leading hotels,
Offering one of the widest ranges of restaurants, bars, cafes, cash & carry
exclusive and premium brand name stores, generalist wholesalers and mass
spirits in France, Dugas has actively market retailers.
contributed to the rising popularity of François-Xavier Dugas, who founded
rum and whisky. Its products are sourced the business in 1980, and Groupe
directly from distilleries around the world, Chevrillon acquired equity stakes in Dugas
and Dugas actively supports them with following a spin-off from Angostura in
branding, product and trade marketing, 2013. Equistone has acquired a majority
education and distribution services. stake, through its Fund V, alongside
With over 100 exclusive brands, Groupe Chevrillon, François-Xavier Dugas
Dugas has formed close partnerships and the management team.
with major international rum brands Equistone plans to support the next
such as Diplomatico, Angostura, Don stage of Dugas’ growth through the
Papa and Botran as well as leading expansion of its existing product range
brands of whisky, such as Springbank, and in identifying new brands, as well as
Bunnahabhain and Glengoyne. The increasing its presence in France and the
business has also launched its own-label rest of Europe.
INVESTMENT DATE COUNTRY BUSINESS DESCRIPTION
Dec 2017 France Support Services
REVENUE NO. OF EMPLOYEES INVESTMENT TYPE EQUISTONE TEAM
€55m 54 Secondary MBO Julie Lorin, Stanislas Gaillard,
Edouard Fillon and Valérian Fleury32 EQUISTONE 2017 ANNUAL REVIEW // NEW INVESTMENTS EQUISTONE 2017 ANNUAL REVIEW // NEW INVESTMENTS 33
Hanse Haus and
Bien-Zenker
Equistone announced its sustainability. Targeting the mid-price
range, approximately 30% of the houses it
agreement to acquire a
produces are turnkey solutions.
majority stake in Hanse Haus In 2015, Bien-Zenker has expanded its
and Bien-Zenker in December offering with the launch of the Living Haus
brand, which provides prefab homes
and the transaction completed
to price-sensitive yet quality-conscious
in January 2018. customers. Through Living Haus, new
homeowners receive a self-build kit, which
Hanse Haus and Bien-Zenker design, offers the flexibility to design and fully
manufacture, sell and construct customise their home’s interior.
prefabricated (prefab) houses in Germany, The demand for prefab houses has
Switzerland and the UK, offering houses grown in recent years and is forecast to
at all levels of completion from a shell to a continue, driven in part by the shorter
turnkey home. construction timeframe when compared
As one of the pioneers of prefab house to traditional house building, cost
construction in Germany, Hanse Haus has certainty, and also their energy efficiency.
grown into a turnkey provider of bespoke, Through its Fund V, Equistone acquired
high-quality housing solutions. Founded in Bien-Zenker and Hanse Haus from
1929, the business targets customers in ADCURAM, a private equity firm that has
the mid- to premium-price range. been invested since 2013 and future
Bien-Zenker has established a plans include exploring the potential
wide sales network and is one of to increase market share in adjacent
Germany's most well-known brands in countries including Austria, Switzerland
prefab housing, with a strong focus on and the UK.
INVESTMENT DATE COUNTRY BUSINESS DESCRIPTION
Jan 2018 * Germany Industrials
EQUISTONE TEAM REVENUE NO. OF EMPLOYEES INVESTMENT TYPE
Stefan Maser, David Zahnd and €310m **
1,000 Secondary MBO
Tanja Berg
* The transaction was announced in December 2017.
** Output revenue.34 EQUISTONE 2017 ANNUAL REVIEW EQUISTONE 2017 ANNUAL REVIEW // NEW INVESTMENTS 35
EXITS
» Equistone’s experience in securing
international growth for its investments,
together with its support for the
strategic expansion of our product
portfolio and the acquisition of
companies and brands, has
been a huge help for us. «
Ansgar Paul,
Chairman of OASE36 EQUISTONE 2017 ANNUAL REVIEW // EXITS EQUISTONE 2017 ANNUAL REVIEW // EXITS 37
EuroAvionics
In August, Equistone completed Värde Investments, which had invested in
the business in 2005.
the trade sale of EuroAvionics,
With Equistone’s support, EuroAvionics
a global manufacturer of civil has expanded its international presence
avionics systems. into the UK and US having successfully
acquired Aerotech and LCX Systems.
Equistone’s Fund IV investment in Aerotech, a UK accredited aviation
EuroAvionics was sold to HENSOLDT, a software solutions company, was
former Airbus aerospace and defence part-funded by Equistone Fund IV in
business. The transaction resulted in a August 2013 and has become the UK
money multiple of 3.5x and an IRR of 29%. centre for EuroAvionics product sales,
Founded by a former helicopter support and training. The following
pilot in 1993, EuroAvionics has grown year, the acquisition of Florida-based
into a leading supplier of customised reseller, LCX Systems, was fully funded
high-end civil avionics systems for aviation by EuroAvionics.
companies. The business designs, In recent years, EuroAvionics has
develops and manufactures systems developed its product offering with
for helicopters and aeroplanes, which more customised solutions including
are used predominantly in air rescue, its Enhanced Reality system and EB1, a
reconnaissance, firefighting and police multipurpose airborne computer. As a
services. result of Equistone supporting an add-on
Equistone led the secondary acquisition of IP assets, the business
management buyout of EuroAvionics also entered the unmanned aircraft
in July 2012, acquiring a majority stake, market, which focuses on drone and
alongside the management team, from drone autopilots.
HOLDING PERIOD COUNTRY RETURN
Jul 2012 - Aug 2017 Germany 3.5x
EQUISTONE TEAM BUSINESS DESCRIPTION REVENUE PROGRESSION
Alexis Milkovic and Industrial Engineering €14m / €24m
Maximilian Göppert38 EQUISTONE 2017 ANNUAL REVIEW // EXITS EQUISTONE 2017 ANNUAL REVIEW // EXITS 39
Bretèche Industrie
Equistone realised its Industrie in March 2013. Equistone
acquired a majority stake alongside
investment in Bretèche
existing investor, Cerea Capital, and the
Industrie in October. management team.
In the early life of the investment
Bretèche Industrie has specialised in period, Equistone supported significant
manufacturing industrial equipment for enhancements to the management
the production of food, pharmaceuticals team, which led to internal promotions
and cosmetic products since it was to the roles of CEO and CFO. Bretèche
founded in 1988. Industrie’s plans for geographic expansion
Today, the business has become were achieved through the consolidation
a leading global supplier, with eight of two build-up acquisitions: IsernHäger, a
production sites in France, Germany, specialist in liquid sourdough technologies
the Czech Republic and the US. It has for industrial and artisanal bakeries in
developed in-depth expertise in the Germany, and Shick, a US-based provider
design and production of equipment of ingredient automation systems.
ranging from kneading and mixing Since 2013, Bretèche Industrie has
machinery to automated production lines, seen its revenue grow from €165m
storage and dosing systems. Additionally, to €244m and its employee numbers
the business supplies equipment for increase to some 1,000 people.
the processing of pharmaceuticals, and The sale of Equistone’s investment
homogeniser and mixer equipment for in Bretèche Industrie to funds advised
the cosmetics industry. by IK Investment Partners resulted in
Equistone supported the secondary a money multiple of 4.5x Equistone’s
management buyout of Bretèche Fund IV investment.
HOLDING PERIOD COUNTRY RETURN
Mar 2013 - Oct 2017 France 4.5x
BUSINESS DESCRIPTION REVENUE PROGRESSION EQUISTONE TEAM
groupe
Engineering €165m / €244m Guillaume Jacqueau, Arnaud Thomas and
Grégoire Schlumberger40 EQUISTONE 2017 ANNUAL REVIEW // EXITS EQUISTONE 2017 ANNUAL REVIEW // EXITS 41
OASE
In October, Equistone sold many creative installation projects such as
“Crane Dance" in Singapore, the “Dancing
its majority stake in OASE to
Fountains” at the World Towers in India,
US private equity firm Argand and the multimedia fountain installation in
Partners. front of the Petronas Towers in Malaysia.
Founded in 1949, OASE started to
The transaction generated a money expand its operations across Europe
multiple of 2.3x Equistone’s Fund in the early 90s, followed by the USA
III investment and led to OASE’s and Asia. Throughout its tenure,
management team acquiring a stake in Equistone has supported OASE’s
the business. continued internationalisation through a
As a leading global supplier of “living buy-and-build strategy, with three build-up
water” solutions for water gardens and acquisitions completed in the period.
fountain technology, OASE serves both Italian aquarium products
consumers and commercial businesses. manufacturer, EDEN, was acquired in
OASE’s wide range of products, 2013, followed by Geo Global Partners,
including pumps, filters and other a US manufacturer of water garden and
accessories for garden ponds, swimming lake management products, in 2014, and
ponds and aquariums, are available to UK indoor aquatics brand, biOrb, which
consumers at specialist distributors, completed in 2016.
garden centres and the DIY stores. At the end of the holding period,
Its fountain technology and lake OASE employed around 750 people and
management solutions are targeted at revenue had increased to €156m for the
commercial customers and have led to financial year ending in 2017.
HOLDING PERIOD COUNTRY RETURN
Jun 2011 - Oct 2017 Germany 2.3x
EQUISTONE TEAM BUSINESS DESCRIPTION REVENUE PROGRESSION
Michael H. Bork and Industrial Engineering €99m / €156m
Stefan Maser42 EQUISTONE 2017 ANNUAL REVIEW // ABOUT EQUISTONE EQUISTONE 2017 ANNUAL REVIEW // ABOUT EQUISTONE 43
ABOUT
EQUISTONE
MANAGEMENT & GOVERNANCE Management Board are Michael Bork, new relationships in new geographies We maintain an ethos of partnership
Grégoire Châtillon, Steve O’Hare, such as Canada, Denmark, Finland and with the management teams of our
Equistone makes investment decisions Guillaume Jacqueau, Rob Myers Sweden. investments and do not impose an
through a multi-stage investment Oskar Schilcher, and Dirk Schekerka. onerous set of restrictions. We do,
committee process and makes strategic Christiian Marriott, who is responsible for FINANCIALS however, maintain an open dialogue with
and operational decisions through a fundraising and investor relations, and our portfolio companies around areas of
leadership team composed of senior Steven Whitaker, Chief Operating Officer Equistone is ultimately owned by its ESG risk.
members of the firm. and Chief Risk Officer, are directors investment executives and several Equistone continues to be a lower
The business interacts with its local of Equistone Partners Europe Limited senior operational professionals. mid-market private equity investor
market through three local country and attend the Management Board. Additionally, the executives invest and its UK portfolio investments all
teams. The French, German/Swiss and Owen Clarke, who served as CIO from their own money into the vehicles fall below £500m enterprise value. As
UK country teams are led by Guillaume 2011 to 2017, is Chairman of Equistone’s that invest alongside the funds and such, the firm’s activities fall outside
Jacqueau in Paris, Dirk Schekerka in Supervisory Board. which, subject to certain criteria, entitle the recommendations cited in Sir David
Munich and Rob Myers in London. In them to receive a carried interest in Walker’s 2007 report on disclosure.
addition to leading the French team, INVESTORS the profits generated. This closely However, we adhere to its ethos of
Guillaume Jacqueau is Equistone’s aligns the economic interests of transparency and therefore disclose
Managing Partner. He joined Equistone All of Equistone’s funds have been Equistone’s executives with its global our portfolio on our website and in
in 1995, having gained extensive raised from global institutional investors. institutional investors. this review.
private equity experience at Banexi Equistone has recently closed its sixth
and Euromezzanine. Rob Myers joined fund, which reached its hard cap of RESPONSIBLE INVESTING AIFMD
Equistone in 2000 from Close Brothers €2.8bn in March 2018.
Corporate Finance. Dirk Schekerka In 2011, as it was raising Fund IV, Equistone has developed robust Since July 2014, Equistone has been
joined in 2002 from Granville Baird. Equistone spun out of Barclays Capital. Environmental and Social Governance authorised under the Alternative
The European Investment Committee This followed Barclays’ strategic decision policies to ensure we are targeting a Investment Fund Managers Directive
is chaired by Oskar Schilcher as Chief to concentrate on its core investment level of industry best practice. These (AIFMD).
Investment Officer (CIO). He joined banking business. policies are bought together under
Equistone in 2004 having previously The investor base has gradually Equistone’s Responsible Investing
worked at DB Capital Partners and diversified and is now more global than Policy. This policy is detailed in full at
Apax Partners. The members of the ever. In Equistone VI, the firm has sourced www.equistonepe.com/about-us44 EQUISTONE 2017 ANNUAL REVIEW // THE TEAM EQUISTONE 2017 ANNUAL REVIEW // THE TEAM 45
Grégoire Châtillon Joyce Church Lea Clariond Owen Clarke
THE TEAM
Senior Partner // Paris Partner // London Personal Assistant // Paris Senior Partner // Chairman
of Supervisory Board //
London
Our European investment team comprises
40 experienced professionals supported by
administration, finance and investor relations Karen Fennessy Edouard Fillon Valérian Fleury Michael Friedland
Senior Fund and Tax Investment Manager // Analyst // Paris Fund Accountant // London
teams. The majority of the investment team Accountant // London Paris
members are equity partners in the business
and we are proud of our established culture
and strong tenure.
Stanislas Gaillard Dominic Geer Maximilian Göppert Phil Griesbach
Partner // Paris Partner // London Investment Director // Partner // Birmingham
Munich
Sandrine Aizoura Dr Marc Arens Andrew Backen Edward Baker Neal Griffith Michael Hachar Barbara Hand Paul Harper
Personal Assistant // Paris Partner // Munich Partner // London Investment Manager // Group Financial Controller Investor Relations Director Marketing and Design Partner // Birmingham
London // London // London Manager // London
Tanja Berg Michael H. Bork Richard Briault Chris Candfield Taha Hasan Roman E. Hegglin Daniela Herger Leander Heyken
Associate // Munich Senior Partner // Investment Manager // Investment Director // UK Head of Origination // Associate // Zurich Executive Assistant // Partner // Munich
Munich London London London Zurich46 EQUISTONE 2017 ANNUAL REVIEW // THE TEAM EQUISTONE 2017 ANNUAL REVIEW // THE TEAM 47
Guillaume Jacqueau Christine Johnstone Manuela Kiefner Stephan Köhler Sara Roberts Florent Rostaing Dirk Schekerka Oskar Schilcher
Managing Partner // Personal Assistant // Executive Assistant // Partner // CFO and Investor General Counsel // London Investment Manager // Senior Partner // Country Senior Partner // Chief
Country Head // Paris London Munich Relations, Germany & Paris Head // Munich Investment Officer //
Switzerland Munich
Deborah Lakis Thierry Lardinois Sebastien Leusch Julie Lorin Grégoire Pascale Sorba Philippe Stüdi Tim Swales
Executive Assistant // Partner // Paris Investment Director // Partner // Paris Schlumberger Head of Financial & Partner // Zurich Partner // London
London Manchester Support Operations // Paris
Partner // Paris
Nathalie Louis Tristan Manuel Christiian Marriott Stefan Maser Arnaud Thomas Stephanie Thurner Andi Tomkinson Moritz Treude
Tax and Accounting Investment Manager // Partner // Head of Investor Partner // Munich Partner // Paris Executive Assistant // Investment Director // Associate // Munich
Manager // Paris London Relations // London Munich Manchester
Jérémy Mathis Samantha Meredith Alexis Milkovic Amit Mistry Ilona Voigt Steven Whitaker Alison White David Zahnd
Investment Manager // Administrative Executive // Partner // Munich UK Financial Controller // Executive Assistant // Partner // Chief Operating Administrative Executive // Investment Director //
Paris Birmingham London Munich Officer // London Manchester Zurich
Dr Katja Mühlhäuser Rob Myers Steve O’Hare Annette Ractliffe
Investment Director // Senior Partner // Country Senior Partner // Executive Assistant //
Munich Head // London Manchester LondonPortfolio Investments
AS AT 31 DECEMBER 2017
INVESTMENT
COMPANY DATE AREA OF BUSINESS LOCATION
Bien-Zenker & Hanse Haus * Dec 17 Manufacturers of prefabricated homes Germany
Dugas Dec 17 Wholesale distributor of premium spirits France
BFT Mastclimbing Nov 17 Provider of mobile mast climbing work platforms UK
Bruneau Oct 17 Retailer of office supplies and equipment France
Inspired Thinking Group Oct 17 Technology-led provider of outsourced marketing services UK
DefShop Sep 17 Retailer of streetwear clothing Germany
Willerby Jun 17 Manufacturer of static holiday homes UK
Group of Butchers Jan 17 Producers of high-quality meat products Netherlands
TOM Vehicle Rental Dec 16 Multi-vehicle rental specialists UK
United Initiators Sep 16 Manufacturer of speciality chemical initiators Germany
ROTH Sep 16 Provider of passive fire protection, insulation and related services Switzerland
Camusat Sep 16 Designer and installer of telecom towers for mobile network operator France
Apogee Sep 16 Provider of print and document technology and services UK
Adista Jul 16 Provider of internet and IT managed services France
Sihl Jul 16 Specialist manufacturer of coatings for paper, film and fabric Switzerland
ChartCo Jun 16 Supplier of digital navigation and voyage compliance services to the marine industry UK
Novares Apr 16 Developer and manufacturer of plastic components for the automotive industry France
Sicame Feb 16 Manufacturer of specialised electrical equipment for transmission and distribution networks France
GALA Kerzen Feb 16 Manufacturer of candles Germany
Gaucho Jan 16 Restaurant group focused on Argentinian cuisine UK
UK Power Reserve Nov 15 Developer and operator of flexible power generation UK
TriStyle Group Sep 15 Fashion retailer aimed at women over 45 years of age Germany
WEALTH at Work Aug 15 Provider of financial education, advice and wealth management services UK
RHODIUS Jun 15 Manufacturer of airbag components and chemical filtration products Germany
Sportgroup Jun 15 Manufacturer of artificial turf and synthetic outdoor surface systems Germany
Averys Jun 15 Manufacturer of industrial storage systems, racking and metal furniture France
POLO Motorrad and Sportswear Feb 15 Retailer of motorcycle apparel, equipment and accessories Germany
Unlimited Footwear Group Dec 14 Specialists in the design, sourcing and distribution of mid-market footwear Netherlands
Travel Counsellors Oct 14 Leisure and corporate travel business UK
Concept Life Sciences Jul 14 Provider of integrated drug discovery, development, analytical testing and environmental consulting services UK
Munich Building Technologies May 14 Provider of heating, air conditioning and ventilation systems engineering Germany
Finaxy Group Apr 14 Multi-specialist insurance broker France
Performance Interactive Alliance Apr 14 Digital marketing services provider Germany
Appart’City Apr 14 Operators of apartment hotels France
Caseking Mar 14 Online distributor of high-performance gaming and PC components Germany
Mademoiselle Desserts Nov 13 Manufacturer of frozen industrial finished and semi-finished pastry France
Charles & Alice Sep 13 Manufacturer and distributor of fruit purées and fruit-based desserts France
Karl Eugen Fischer Aug 13 Supplier and manufacturer of cord cutting machines for the tyre industry Germany
OX Group Jul 13 Outsourcing services for federal and local governments and the tourism industry Switzerland
The Compleat Food Group Dec 12 Supplier of provenance-rich continental food to UK supermarket chains UK
Vivonio Furniture Group Oct 12 Manufacturers of bedroom and living room furniture Germany
Fircroft Engineering Services Jun 12 Global provider of recruitment solutions to specialist technical industries UK
E. Winkemann May 12 Specialist manufacturers of precision metal parts Germany
Bounty Jun 09 Direct marketing services to leading FMCG’s targeting new and expectant mothers UK
Compin Mar 09 Equipment provider for passenger trains France
Eschenbach Jul 07 Supplier of spectacle frames and sunglasses and manufacturer of vision aids, optical equipment Germany
* The investment was announced in December 2017 – completion was in January 2018.You can also read
