CORPORATE PRESENTATION

2017

CedarBridge invests in solid and promising MENA companies and management teams. We then support them both financially and operationally to achieve

exceptional growth

CedarBridge High Growth 1

Invested $1 to $10mn in operating

companies in MENA that combine both

growth and cash flow generation

Co-investment Vehicles

Customized and flexible co-investment

vehicles for our investors and partners to

invest in selected opportunities alongside

CedarBridge

INVESTMENT VEHICLES

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CedarBridge High Growth 2- $50mn

Currently investing $2 to $20mn per

transaction in Education, Healthcare, and

Retail Service operating companies in

MENA, Cyprus, and Turkey

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Education

All businesses engaged in the delivery of learning and knowledge, in any form and to all ages, such as preschool,

primary school, secondary school, college, university, apprenticeships, adult education, and training

Examples: chain of nurseries, K-12 schools, universities, training academies, testing centers, content developers

mainly in the digital word

Healthcare

All businesses engaged in the delivery of medical services, production and delivery of pharmaceutical products,

production, delivery and maintenance of medical products and equipment, and any related supporting services

Examples: diagnosis laboratories, radiology centers, clinics, cosmetic centers, day surgery centers, pharmaceutical

distributors, equipment maintenance

Retail and Consumer

Food and non-food retailing, as well as industries that benefit from the increasing consumerism in MENA

Examples: chains of restaurants, cosmetic products, pharmacies, sports shops, healthy food centers, beauty salons,

dry cleaning

SECTOR FOCUS

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CedarBridge team has demonstrated ability to grow businesses across the GCC, Egypt and the Levant while having significant investment knowledge of

Turkey, Cyprus, East Africa, Morocco, Tunisia, Kuwait, Bahrain and Oman

QATAR

UGANDA

RWANDA

BURUNDI KENYA

MOZAMBIQUE

MADAGASCAR

MAURITIUS

CYPRUS

SOMALIA

OMAN

YEMEN

KUWAITBAHRAIN

UAE

MOROCCO

TUNISIA

LEBANON IRAQ

SYRIATURKEY

ALGERIA LIBYA

SUDAN

ETHIOPIA

TANZANIA

EGYPTSAUDI ARABIA

GEOGRAPHICAL FOCUS

INVESTED

VERY FAMILIAR

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INVESTMENT STYLE

Proprietary deal flow

Deep networks in focus sectors across

the MENA region allows access to

proprietary deals

Focus on returns, not size

Focus on investors returns, and prefer

long term buy and build strategy of small

promising companies

Operationally savvy and resourceful

The investment team and advisory board deep sector

knowledge and practical operational expertise translate

investments into financial returns

Innovative and independent thinkers

Follow a strict investment discipline and implement the

best global practices, yet always challenging the

traditional private equity model and adapted it to the

realities of MENA region and the demands of investors

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Cash

Grow

Buy

Buy solid businesses

at reasonable multiples

Expand business lines or

geographic footprint while

controlling cost and capital

expenditure

Maintain positive operating cash

flow from the businesses

Distributionsin the short-term and Capital gainsin the long-term

UNIQUE STRATEGY

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SENIOR TEAM

>10 years of workingtogether

20+deals done

>1$bnof cumulativeAUM in priorexperience

40+ yearscumulativeexperiencein investing

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Well-rounded, experienced team in

• Private Equity and Venture Capital

• SME / Entrepreneurial

• IT

• Consulting

• Industrial

• Multinationals

• Family businesses

Flat structure:

• 3 Managing Directors: hands-on, covering all aspects of the deal from sourcing, to due diligence, to closure, and post-acquisition monitoring and value creation

Committed to the region:

• All Managing Directors based and served in the MENA for the last 10+ years

IMADGHANDOURCo-Founder and Managing Director

Imad co-founded CedarBridge Partners and is a member of the Investment Committee. He is a

regionally recognized Private Equity investor.

Imad is also a board member of the MENA Private Equity Association (MPEA), and the editor-in-

chief since 2006 of MPEA’s annual Report on Private Equity and Venture Capital activity in the

region.

Imad represents CedarBridge in Advanced Laboratory Services (now exited), a leading provider of

isometric medical testing in Saudi Arabia; CIRA, the largest education company in Egypt, and Kids

First Group, the largest chain of nurseries in GCC

• He co-leads on all these transactions, and continues to monitor these investments. He also

leads the acquisition program of Kids First Group which has closed 5 acquisitions to date.

Prior to CedarBridge, Imad was an Executive Director - Private Equity at Gulf Capital based in the

UAE.

Imad successfully invested more than $220mn throughout the MENA region in strategic sectors

including healthcare, education, and utilities.

Imad also held directorship positions in Maarif Education and Training Holding, the largest

educational group in Saudi Arabia, Metito Holding Ltd, the leading water engineering company in

Middle East, and TechnoScan Investment Holding, a leading healthcare provider in Middle East.

Before joining Gulf Capital, Imad was an Independent Consultant for 12 years. He worked with

several regional and international organizations on investment and market research assignments.

Imad holds a BS in Computer Engineering from American University of Beirut, and an MBA from

University of Wisconsin.

Imad was awarded with the prestigious Private Equity Man of the Year Merit Award in 2011.

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MAGELLAN MAKHLOUFCo-Founder and Managing Director

Magellan is a seasoned Business and Private Equity leader. His international experience has

developed through multiple postings, board positions and leadership roles, across numerous

industries.

Prior to CedarBridge Partners, Magellan was Managing Director for Gulf Capital Private Equity,

based in the United Arab Emirates (UAE).

Magellan has extensive Board experience, which includes:

• Board Director and Chairman Audit Committee for Ma’arif (The leading education “K-12”

provider in Saudi Arabia);

• Board Director and Chairman Audit Committee for Metito Holdings (The largest privately held

water engineering and concessions company based in the GCC);

• Board Director and Chairman Remuneration Committee for Gulf Marine Services (The leading

assembler and operator of jack-up barges and off-shore support vessels in the UAE), as well as

for Techno Group (The largest chain of diagnostic imaging services in Egypt).

Prior to working in the UAE, Magellan was at the European head office of Johnson Controls in

Brussels, Belgium for 5 years, most recently as Director of Marketing, Service and Solutions - EMEA.

Prior to Johnson Controls, Magellan was at General Electric (GE) for 8 years in a variety of roles in

North America and Europe

• He worked in various business units and leadership roles including: Business Development, e-

Business, Finance, Logistics and Manufacturing on both the industrial and financial services

(GE Capital) side of the business. During his time at GE, and in addition to his business roles,

Magellan won numerous management leadership awards and taught GE’s Executive Training

Program

Magellan graduated with a BSBA from the University of Windsor in Ontario, Canada from GE’s

Executive Financial Management Program and is a certified six-sigma black belt.

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MOHAMED SHARARA Managing Director

Prior to joining CedarBridge Partners, Mohamed was Managing Director - Investments at the

Bahamdan Group where he was responsible for strategy formulation, investment assessment and

execution, M&A and international business development.

Mohamed served on the senior management committee and as board director and executive

committee member for a number of company holdings, including Tas’helat for Marketing, Sahl

Retail, Sahl Transport and Sara Business Solutions, and closely advised on Aluminum Products

Company, Health Water Bottling, Farabi Petrochemicals and the Economic Cities of Saudi Arabia.

Prior to Bahamdan Group, Mohamed served for five years as Executive Director - Private Equity at

Gulf Capital, a regional alternative investment group in the UAE, where he focused on proprietary

sourcing, origination and execution of Private Equity transactions, with particular emphasis on F&B

industrial and retail, as well as on fund raising and investor relations.

Before moving to the UAE, Mohamed was Vice President at JPMorgan where he worked for many

years in investment banking M&A as well as in wealth management out of JPMorgan’s London and

Geneva offices. Mohamed was a member of the JPMorgan team advising Saudi Aramco on the

Natural Gas Initiative.

He was previously based with the BV Group (Safanad) in Boston and Washington DC where he

assessed and closed VC transactions in the United States and led work on international business

development. In addition to his focus on the United States, Mohamed contributed to acquisitions

/post-acquisition work in Saudi Arabia including for Tas’helat, Aluminum Products Company, Health

Water Bottling, etc.

Mohamed holds a Bachelor of Science degree (Summa Cum Laude, Dean’s List) and a Master of

Science degree in Manufacturing Engineering with a concentration in Operations Management

from Boston University and a Master of Business Administration from INSEAD in France.

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RECOGNIZED THOUGHT LEADERS IN PRIVATE EQUITY

The firm was currently positive on businesses correlated to government budget spending, which included infrastructure, education and healthcare, said Magellan Makhlouf,

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FINANCIAL ADVISORY BOARD Our Financial Advisory Board is an integral part of our investment and structuring decision making processes

Member of the Board of Directors of Mrs. Fields Famous Brands, and Neways

Holdings, Ltd.

(Prior) Founder, President and Managing Partner and 50% equity owner of Black

Diamond Capital Management and a member of the board of directors of Automotive

Aftermarket Group, Bayou Steel Corp. Smarte Carte Corp. and Sun World

International

JAMES ZENNIFounder, Z Capital

and Black Diamond Capital, USA

Amaury holds a PhD from MIT in Engineering and Applied Mathematics and an MSc

and BSc from PUC Rio.

(Prior) Founding Partner and CIO of Capitania Asset and Risk Management; MD, Head

Trader, and Treasurer for Bank of America in Brazil; Head of Brazilian FX and

Derivatives Market Making and Head of Brazilian Fixed Income at JP Morgan Brazil

AMAURY JUNIORFounding Partner Vision Brazil Investments, Brazil

(Prior) Portfolio Manager of NONA Buyouts, Head of Global Fund Investments and

Asian Direct Investments, and Senior Manager at Teachers' Private Capital, served as

a Director of Almatis GmbH, Yellow Media Limited and Yellow Pages Group Limited

DAVID LINManaging Director of Goldstone Investment Co. China

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OPERATING ADVISORY BOARD…(1/2)Our Operating Advisory Board is an integral part of our sourcing, post-acquisition decision making and operating processes

Chairman and Founder of BlackBoxIntelligence and Executive Chairman and CEO of

ESP Systems

(Prior) Chairman and CEO of Buca, Inc., CEO and Board Member of LaMadeleine

French Bakery Cafes, CEO of Carlson Restaurants Worldwide

CEO/President of TGI Friday’s and built Carlson Restaurants Worldwide

WALLACE DOOLINEx-CEO, TGI Fridays

Owner and Chairman, BBD Education

(Prior) COO of Gems and Director General of Schools, UK

Professor Tabberer CB was PM Tony Blair's head of schools in the UK, overseeing a

budget of $50bn and 22,000 schools. Ran GEMS operations in the Middle East and

India before launching his own consultancy and HR businesses for educators in the

region

RALPH TABBERERCB MA D.Ed FRSA

Dr. Hamad Al-Omar, Ph.D is the Co-Founder of Jeddah BioCity LLC, Healthcare

Experts, and Enmaa House Capital. He is also a part of the National Blood and Cancer

Center and SAMT Medical Education. He is also the Founder of mHealth Company. Dr.

Al-Omar has vast experience in the medical world. He serves as a Member of the

Board of Advisors at Khazaen Financial, Investment Arm

DR HAMAD AL-OMARFounder mHealth Company

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OPERATING ADVISORY BOARD…(2/2)

(Prior) Greece Carrefour Group, Chief Operating Officer (Champion) and Executive

Board Member

Hong Kong Carrefour Group, Executive Board Member

IKEA Group, Operating Officer (HABITAT)

Executive Board Member MAXOR Supermarket and Auchan

GUY SAUVAGEChief Executive Officer, Al Meera

(Prior) Launched and ex COO Starcom Mediavest Group in MENA and Turkey, MD

Hariri Media Group and responsible for $1.5bn in media investments

TAREK ANTRAZIFounder Mars Media Services, Ex COO Starcom Mediavest Europe

(Chief Executive Officer for Agility Middle East and Africa region (covering 11

countries and a total workforce of more than 9,000 people)

(Prior) worked with Airlink International for almost 17 years

ELIAS MONEMCEO, Agility MENA

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ALS is the leader in Saudi Arabia in advanced medical

diagnostic, including genetics, pathology, and other advanced

diagnostic disciplines, with 70% market share with offices in

Riyadh, Jeddah and Dammam. ALS clients include 60 of the top

hospitals in Saudi, including IMC, King Fahad Medical City, and

others

ALS has a strategic alliance and agency agreement with

Bioscientia, the leading reference laboratory in Europe

In 2011, CB acquired 51% of ALS and played a major role in its

separation from its previous owners

CedarBridge exited the investment in December 2012,

achieving 35% IRR

INVESTMENTS: ADVANCED LABORATORY SERVICES – ALS

Saudi Arabia

THE COMPANY

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Primary Girls Schools opened in 1993, and was CIRAs first school. It

operates under Future Schools, which remains CIRA’s leading

brand

INVESTMENTS: CAIRO FOR INVESTMENT & REAL ESTATE – CIRA

Egypt

CIRA is the largest operator of K-12 schools in Egypt with 21

operating schools all around Egypt and 17,000 enrolled

students. It also owns and operates Badr University in Cairo

CIRA was established in 1992, and was a listed company on

the Cairo Stock Exchange until early 2015

CedarBridge invested into a minority equity stake since 2012

in a coordinated effort with the International Finance Corp.,

and was represented on the board of directors. In 2015,

CedarBridge sold its equity stake to a financial investor

achieving a 28% IRR in US dollars and 46% IRR in Egyptian

Pounds

THE COMPANY

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INVESTMENTS: KIDS FIRST GROUP – KFG

UAE and Qatar

KFG is a “platform” to acquire, merge and build nurseries in

the MENA region

CedarBridge co-founded KFG in 2011 along with Kamil Najjar,

co-founder and CEO. Together, they grew KFG into a regional

leader in the early childhood sector, and one of the largest

operators of nurseries in the MENA region

KFG currently operates nine nurseries in Dubai, Abu Dhabi and

Doha, enrolling approximately 1,000 students, and offering

English, French, and Montessori curriculums

CedarBridge owns a large minority of KFG, and is represented

on the board of directors and executive committee. It plays a

critical role in developing the business and supporting the CEO

THE COMPANY

www.kidsfirstgroup.com

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INVESTMENTS: DREAMWORKS SPA – DWS

UAE and Qatar

DWS was established in 2007 and is the largest chain of

wellness centers in Dubai, operating 14 centers in standalone

locations, inside hotels, and in shopping centers

In 2013, CedarBridge acquired 75% of DWS, and the founder

continued to own a minority share with board and executive

committee representation

DWS plans to maintain its leadership in the wellness sector

and to expand its footprint outside Dubai and into new

attractive services

THE COMPANY

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www.dreamwork.ae

INVESTMENTS: ZEN YOGA – ZY

UAE

Zen Yoga was founded in 2006 to spread awareness of yoga

and its benefits, and is the first yoga center in Dubai

Zen Yoga now operates three studies and is one of the best

known yoga chains in Dubai. It also offers corporate yoga

services, yoga excursions, and other yoga related services

In 2014, CedarBridge acquired 100% of Zen Yoga and installed

a new general manager. Its focus is to enhance operational

efficiency and expand the network

THE COMPANY

www.yoga.ae

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www.shedul.comwww.fresha.com

INVESTMENTS: Surge Ventures Inc. - Shedul

UAE

Launched in Dubai in 2015, Surge Ventures Inc. provides cloud

software solutions targeting the Wellness and Beauty industry

Through its main offerings Schedul and Fresha, it provides

venue management software and an integrated booking

platform connecting Spa and Salon businesses with consumers

online

The Company has been experiencing fast exponential organic

growth with currently thousands of businesses using its

services globally and millions of online appointment bookings

since inception

In 2015, CedarBridge acquired a minority stake in Surge

Ventures and increased its investment in 2016

THE COMPANY

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INVESTMENTS: SISTERS BEAUTY LOUNGE – SBL

UAE

www.sistersbeautylounge.com/

Founded in 2004, SBL is currently positioned as a premium

female beauty lounge, providing full range of hair, nail and

body treatments

SBL operates through its 6 owned centers in Dubai and Abu

Dhabi and 1 franchised center in Kazakhstan

SBL is present in all the large malls of Dubai including The

Dubai Mall, Mall of the Emirates, and Mirdif City Center. It is

considered the second largest chain of female grooming

services in UAE

In 2014, CedarBridge acquired 100% of SBL along with the CEO

Mona Faraj. CedarBridge is supporting the CEO in her

expansion plans by providing M&A, strategic, financial and

operational support

THE COMPANY

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INVESTMENTS: The Grooming Company - TGC

UAE

www.thegroomingcompany.comwww.1847uae.comwww.jetsetuae.comwww.nbaruae.com

Founded in 2001 in Dubai, TGC is the parent company of three

grooming/beauty brands

The Company started as a nail bar in Jumeirah area called

N.Bar, followed by male grooming lounge “1847” in 2004, and

wash and blow dry concept hair care lounge “JetSet” in 2005

TGC branches are located mostly in community centers in

high-end areas in Dubai like Jumeirah, Marina, and Jumeirah

Islands

In 2015, CedarBridge acquired 51% of TGC and is actively

supporting the Company in its strategic expansion plans

THE COMPANY

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INVESTMENTS: SAE ARABIA – SAE

UAE

dubai.sae.edu

SAE Dubai was founded in 2005 as a branch campus of the

world's largest media education provider SAE Institute

($130+mn revenues, 58 institutes in 27 countries, part of

Navitas Group). SAE has a unique offering with no direct

competitor in the UAE

SAE offers bachelor degrees in film, audio, gaming,

multimedia, and animation, in addition to short-term courses

under the same topics. SAE degree graduates receive

accredited Australian degrees

CedarBridge acquired 76% of SAE Dubai in late 2014. It kept

the old management and is supporting them in expanding SAE

business and operation

THE COMPANY

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INVESTMENTS: AL SHAMS LABORATORIES – SHAMS

Egypt

www.alshamslabs.com

Shams was founded in 2012 by Dr. Ahmed Al Safi, founder of

Al Borg Lab and other partners

Shams has successfully opened 62 branches throughout Egypt

in a short span of 3 years, making it the second largest branch

network in Egypt. Shams operates 3 highly accredited central

laboratories to service its network

CedarBridge acquired a minority stake in Shams in 2015, and is

supporting the owners in strategic decisions, international

linkages, and financial organization

THE COMPANY

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F O R M O R E I N F O R M A T I O N

I N F O @ C E D A R - B R I D G E . C O M

W W W . C E D A R - B R I D G E . C O M

Founding Member of

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