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Introduction
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Activa Capital is an independent private equity firm dedicated to SMEs and characterised by a proactive strategy of build-ups
A team of 20 professionals whoshare an entrepreneurial spirit and commitment to growth strategies
More than 100 investments made since 2003
Backed by first-class Frenchand international investors
Owned and managed by its Partners to ensuretotally independent decision making and long term continuity
€700M raised since 2003
Co-founder of the Private Equity Network-PEN alongside 3 other leading mid-market European privateequity firms: ECM (Germany), Graphite Capital (UK) and MCH (Spain)
Activa Capital’s Investors
We are backed by first-class French and international investors
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More than
€500Munder
management
Sovereign Wealth Funds
8%
Financial Institutions
25%
InsuranceCompanies
21%
FamilyOffices
15%
Pension Funds
31%
USA & Asia
11%France
13%Europe
76%
A highly focused investment strategy
We invest in companies led by ambitious managers and with sustainable growth plans: we seek firmsin leading market positions, in niche sectors and with the ability to generate a steady cash-flow
Investment type Size of Companies Investment Amounts
■ Majority or significant minorityinvestments
■ MBO, MBI, Spin-offs, public-to-privates and growth capital investments
Our core sectors
Agri-food Consumer B2B ServicesPharma, Healthcare
& EducationIndustrial &Aeronautics
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■ Enterprise value between€20M and €200M
■ Average equity investment of €20M, which can vary between€10M and €50M
Working closely withmanagement teams
Involved and reactiveshareholder
Seeking external growth opportunities
Helping with international growth
Transparent decisionmaking
Our investment strategy
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Activa Capital team: Partners
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Charles Diehl■ Managing Partner
■ 30 years in French private equity
■ Co-founded Activa Capital in 2002
■ Co-founder of Barclays Private Equity France (Equistone)
■ Formerly with Pallas Venture and Paribas
■ University of Geneva, MBA at Wharton
Pierre Chabaud■ 9 years in private equity
■ Joined Activa Capital in 2009
■ 5 years in management consulting at Bain & Company and Arthur D. Little
■ Master of Strategy from HEC, MA in Engineering from Centrale Paris
Michael Diehl■ Responsible for Investor Relations and
co-investments
■ 18 years in French private equity
■ Co-founded Activa Capital in 2002
■ Former Director of French equities withUBS Warburg
■ University of Geneva, MBA at ESCP Europe
Philippe Latorre■ Responsible for portfolio management
■ 25 years in French private equity
■ Co-founded Activa Capital in 2002
■ Former Director of Paribas Affaires Industrielles (PAI)
■ HEC, IEP Paris
Christophe Parier■ Responsible for Investments
■ 19 years in French private equity
■ Joined Activa Capital in 2003
■ Formerly with 3i and Royal Bank of Scotland Private Equity
■ Graduate of Sciences-Po, ostgraduate in Finance
Benjamin Moreau■ 12 years in French private equity
■ Joined Activa Capital in 2006
■ 4 years in financial due diligence at PwC
■ Engineering degree at CPE Lyon, Master of Finance at ESCP Europe
Alexandre Masson■ 6 years in French private equity
■ Joined Activa Capital in 2012
■ 6 years at Alvarez & Marsal and 4 yearsin audit and due diligence at KPMG
■ ESC Reims and Master in Business Law at University Paris I Panthéon-Sorbonne
Activa Capital team (cont.)
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Investment Team
Xavier GovareChairman of the Industrial Committee■ Member of the Industrial Committee of
Activa Capital since 2017■ Former President of Labeyrie Fine Foods
David QuatrepointManager■ Joined Activa Capital in 2014
■ 2 years in M&A at Lincoln International
■ EM Lyon and Paris Dauphine
Mathilde SergentManager■ Joined Activa Capital in 2015
■ 5 years in M&A advisory at Nomura
■ HEC
Frédéric SingerManager■ Joined Activa Capital in 2014
■ 4 years in M&A at Leonardo & Co (Natixis Partners)
■ Paris Dauphine
Timothée HéronAssociate■ Joined Activa Capital in 2017
■ 2 years in M&A at DC Advisory
■ Paris Dauphine
Emma FranceAssociate – ESG & Digital Transformation■ Joined Activa Capital in 2017
■ Worked as freelance consultant in social innovation while studying, before internship at Enedis
■ Co-founded a start-up in 2015
■ HEC Paris
Industrial Committee
Activa Capital team (cont.)3
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Finance, marketing and administrative team
Sébastien PéruFinance Director■ Supervises Activa Capital’s accounting
function since 2011, Finance Director in 2017
■ Founder and President of P.&Partners, a financial accounting firm, since 2009
■ 15 years of experience in financialmanagement, project management and fund raising
■ Graduate of ICS Bégué, in Accounting and Statutory Audit
Mathieu SimonDeputy Finance Director■ Monitoring and supervising of Activa
Capital’s Finance department since 2017
■ 4 years at P.&Partners, a financial accounting firm, the last two years as Partner
■ 4 years at Conseils Associés, audit and accounting firm
■ Graduate of Toulouse Business School, Master in Banking &Corporate Finance
Christelle PiattoCommunications & Office Manager■ Joined Activa Capital in 2015
■ 7 years at Brunswick as Bilingual Executive Assistant
■ Graduate in Trilingual Assistantship
Tiana LeroyExecutive Assistant■ Joined Activa Capital in 2011
■ Worked for 2 years at SNCF
■ Studied French Language and Literature
Caroline BonardExecutive Assistant■ Joined Activa Capital in 2010
■ Worked as assistant for 6 years at Planet Hollywood Corporate Paris
Activa Capital’s Industrial Committee
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The expertise of our Industrial Committee allows us to better analyse investment opportunities and help our portfolio companies
Xavier Govare
Chairman of the IndustrialCommittee
Former CEO of Labeyrie Fine Foods
Philippe du Mesnil
Senior Advisor
Chairman of Financière Chopin(Ceva group)
Arnaud Bachelier
Managing Director of Materne-Montblanc
Jean-Louis de Bernardy
Co-founder of Activa Capital
Former chairman of AFICand Bridgepoint Capital France
Franklin Berrebi
Former Managing Directorof L’Oréal Europe
Philippe Dubouix
President of Agritubel
President of Distrifarm
Christian Duval
Former CEO of DBApparel
Didier Forget
Former CEO of Fläktwoods
Hubert François
CEO of Groupe Salins
Simone Halberstadt Harari
CEO of Effervescence
Former CEO of Télé Images
Michel Larroche
CEO of Materne-Montblanc
Marc Oursin
CEO of Shurgard Europe
Former Managing Director of Carrefour in various countries
Alain Poinssot
Former CEO of Geodis
Former Managing Director of SNCF
Anthony Pralle
Senior Partner Emeritus of TheBoston Consulting Group
Bruno Rambaud
President of FBR Conseil
Former Managing Directorof Thalès
Jean-Paul Vivier
Former Deputy Managing Directorof Louis Vuitton
Jean-François de Zitter
Former Managing Director of
Laureate Education France
Arnaud de Puyfontaine
CEO of Vivendi
Former CEO of NatMags (Hearst UK)
Our portfolio
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HR PathSpecialist in Information systems for human resources
Investment type: Growth CapitalTurnover: €60M
March 2017
Atlas For MenMail order and internet retailer of men’s outdoor clothing
Investment type: MBOTurnover: €160MJuly 2016
LOOK CycleIconic French sports brand in the design and manufacture of bikes and high-end accessories
Investment type: BIMBOTurnover: €43MJune 2016
Alliance EtiquettesPremium labels consolidation platform for the wine and foodindustries
Investment type: Growth Capital, OBO, build-upsTurnover: €50MJuly 2015
MecadaqConsolidation platform in the manufacturing and assembly of high-precision mechanical components for the aerospace industry
Investment type : OBO, build-upsTurnover : €50MDecember 2015
Be RelaxGlobal operator of well-being airportspas
Investment type: Growth Capital
May 2018
Active AssurancesInsurance broker specialised in the digital distribution of insurance products
Investment type: Growth CapitalTurnover: €11M
May 2018
Our portfolio
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Armatis-lcA leader in French contact centre outsourcing
Investment type: MBOTurnover: €227MMay 2012
Family ServiceLeader in direct marketing to youngparents
Investment type: MBOTurnover: €15MDecember 2012
Sport 2000No. 3 French sports retail chain
Investment type: Growth CapitalTurnover : €580MJune 2008
AlbarelleConsolidation platform in the privateeducation sector
Investment type: MBOTurnover: €20MDecember 2010
AbrisudLeading European manufacturer of swimming pool covers and shelters
Investment type: MBOTurnover: €60MMarch 2011
Groupe PrimavistaEuropean leader in maternityphotography
Investment type: MBOTurnover: €45MOctober 2011
Previous investments (fully realised)
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ProNaturaEuropean leader in organic fruit and vegetable distribution
Investment type: OBO2014 Turnover: €143MJuly 2005November 2014
FindisLeading French B2B distributor of home appliances and equipment
Investment type: MBOTurnover: €300MMarch 2011March 2017
La Maison BleueFrench child care nursery group
Investment type: Growth CapitalTurnover: €125MDecember 2012October 2016
Gaz EuropéenLeading French independent alternative gas distributor supplying the collective residential B2B marketInvestment type: Growth CapitalTurnover: €205MDecember 2013January 2017
NexeyaFrench engineering company whichdesigns, manufactures, tests and maintains critical electronics systemsInvestment type: PtoP/MBOTurnover: €126MSeptember 2013July 2017
Previous investments (fully realised)
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MalherbeA French leader in road haulage
Investment type: OBO2008 Turnover: €146MAugust 2004 March 2008
DelpharmPharmaceutical Contract ManufacturingOrganisation (CMO)
Investment type: MBI2007 Turnover: €94MApril 2004 June 2007
VivactisHealthcare marketing and communicaiton services
Investment type: MBO, Spin-off2007 Turnover: €30MJune 2003 February 2007
BFI OptilasLeading European specialist distributor of electronic and photonic products
Investment type: MBO, Spin-off2009 2009 Turnover: €129MApril 2006 December 2009
Françoise Saget / LinvosgesLeading French catalogue and Internet retailer of household linens
Investment type: MBI2010 Turnover: €134MOctober 2006 September 2010
Materne - Mont BlancFrench leader in longlife dairy cream and fruit compote desserts
Investment Type: BIMBO, Spin-off2010 Turnover: €186MJuly 2003 December 2010
LogitradeFrench outsourcing specialist focused on non-strategic industrial purchasing
Investment type: MBI2013 Turnover: €140MFebruary 2006 February 2013
ErgalisSpecialised platform dedicated to temporary staffing solutions and HR
Investment type: MBI2014 Turnover: €170MSeptember 2010 October 2014
Activa Capital has a highly successful track record in corporate spin-offs
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Corporate sellers
Activa Capital investments
Mont Blanc
Turnover: €38M2003
Nestlé Turnover: €83BN
DelpharmTurnover: €54M
2004
AguettantTurnover: €0.1BN
GloriaTurnover: €10M
2004
Nestlé Turnover: €83BN
Transport Lanoux
Turnover: €54M2008
TNTTurnover: €10.3BN
BFI Optilas
Turnover: €120M2006
Avnet Turnover: €12.7BN
GroupeVivactis
Turnover: €30M 2003
TeleperformanceTurnover: €2.0BN
Activa Capital has a highly successful track record in corporate spin-offs
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Corporate sellers
Activa Capital investments
UsineSchering
Turnover: €36M2006
Bayer HealthcareTurnover: €32.9BN
Françoise Saget
Turnover: €48M2006
Yves RocherTurnover: €2.0BN
SelproBuild-upErgalis
Turnover: €63M2010
RandstadTurnover: €12.4BN
LaserBuild-up Armatis
Turnover: €103M2011
BNP ParibasGaleries Lafayette
(joint venture)
Aura Build-up Ergalis
Turnover: €50M2013
SegulaTurnover: €500M
Atlas for Men
Turnover: €142M 2016
De AgostiniTurnover: €5.1BN
Acquisitions Mergers Build-ups Diversification Buyouts Financing
Build-ups are at the heart of our investment strategy, with 60+ add-on acquisitions completed in the last 10 years
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Some examples
Turnover 2015: €13M
Turnover 2016: €20M
Turnover 2011: €163M
Turnover 2016: €300M at exit
Turnover 2012: €193M
Turnover 2016: €227M
Turnover 2012: €40M
Turnover 2016: €125M at exit
Turnover 2010: €78M
Turnover 2014: €170M at exit
Turnover 2003: €38M
Turnover 2010: €186M at exit
Turnover 2004: €87M
Turnover 2008: €146M at exit
Turnover 2006: €48M
Turnover 2010: €134M at exit
3 build-ups 4 build-ups 5 build-ups 2 build-ups
Turnover 2015: €20M
Turnover 2016:€50M
2 build-ups
5 build-ups 2 build-ups 12 build-ups 1 build-up
Note: reported revenues are on a 12-month pro-forma basis.
Materne - Mont Blanc■ Spin-off from Nestlé of Mont Blanc, a
leading cream dessert brand (2003)
■ Build-up of Materne with the emblematic brand Pom’Potes (2006)
■ The group expands to the USA and reaches a €186M turnover: more than 4 times its turnover at the time of investment (2010)
Ergalis■ Spin-off from Randstad of Selpro, a
company offering temporary staffingsolutions (2010)
■ Acquisition of Plus RH, a specialistwithin services industries (2011)
■ A further 5 build-ups, including the acquisition of Aura RHR (2012)
■ Result: Group Ergalis controls 13 specialist brands across a network of 70 agencies in France
Case studies: build-upsat the heart of value creation
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Turnover 2010: €78MTurnover 2014: €170M
Turnover 2003: €38MTurnover 2010: €186M
Findis■ Findis doubled in size with the
Spin-off of Cocélec (2012)
■ Acquisions of Ronzier and David Ménager (appliances) (2013)
■ Diversification with the acquisitionof Désamais Distribution, a major player in the B2B market for DIY, hardware, house and garden (2015)
■ Result: a total of 6 brands thatmake Findis the leading B2B distributor to independent stores
Turnover 2011: €163MTurnover 2016: €300M
Electrical Appliances Temporary employment and recruitment Food and retail
■ Optimising environmental impact
■ Promoting responsible human resourcesmanagement
■ Sustainable recycling
■ Due diligence carried out by PwC’sspecialised ESG team
Activa Capital, fully engaged in implementing ESG
Internally With our portfolio companies Within the financial community
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ESG (Environmental, Social and Corporate Governance) criteria are integrated into Activa Capital’s
investment strategy. Our committment to ESG translates into concrete actions
Activa Capital is actively involved in the following charitable organisations:
■ Active member of the AFIC (French PE Association) ESG commission
■ Co-author, in 2010, of the AFIC SustainableDevelopment white paper for French Private Equity
■ One of the first signatories of the UN’sPrinciples for Responsible Investment (PRI)