Annual Review 2017 2 Bridgepoint 2017 Annual Review Who we are Who we are Bridgepoint 2017 Annual Review 3

Contents

2 Who we are

4 What drives us

6 A message from our Managing Partner 14 Bridgepoint in numbers 16 Our investments in 2017 38 Our investment & sector expertise 64 Current investments 66 Investing responsibly 72 Bridgepoint Governance 74 Bridgepoint Giving 76 Offices

Who we are

Bridgepoint is an international fund management group focusing on private equity. Our aim is to deliver attractive returns to our investors by investing responsibly in companies and building stronger, broader-based businesses with greatly enhanced long-term growth potential. As a long-established, experienced and responsible private equity investor we help companies and management teams by investing in expansion, operational transformation or via consolidating acquisitions. Bridgepoint funds invest in well-managed companies, typically taking controlling or large minority stakes. We are attracted by opportunities in sectors and niches with strong underlying growth and global competitive advantage or in cash generative businesses with high visibility of earnings. 4 Bridgepoint 2017 Annual Review What drives us What drives us Bridgepoint 2017 Annual Review 5

What drives us Performance-driven Straightforward We settle for nothing We are straightforward, We are driven by a set of values about how we do less than superior open professionals who performance achieved by act without arrogance business and treat people, underscored by our duty entrepreneurship, initiative, and embrace the views of to invest responsibly. intelligent judgement and others without prejudice. teamwork. These are shared across our Firm and are fundamental to our professional and personal conduct. We believe Thoughtful We always seek to make a they define us and help us maintain the highest difference – for investors, levels of corporate governance and apply the highest companies or in our duty as a responsible investor within standards of professionalism across Bridgepoint. the broader community.

Left-hand image Shakira Adigun-Boaye, Senior Associate, Bridgepoint Growth, London Centre image Juan Arteche, Investment Director, Madrid with Carlos Sanz, Investment Director, Madrid & Ignacio Egea, Associate, Madrid Right-hand image Gwenaëlle Le Ho Daguzan, Director, Paris 6 Bridgepoint 2017 Annual Review A message from our Managing Partner A message from our Managing Partner Bridgepoint 2017 Annual Review 7

We’re always looking to buy well through high-quality origination, absolute clarity of investment case, transaction selectivity A message from our Managing Partner and a focus on relative value

I wrote 12 months ago that 2016 would go down as a pivotal moment in Europe’s relations not just with the UK but with its fellow member states and the rest of the

world. Looking back over 2017, I am struck by the fact The economic environment in Europe in investment has been based on a particular that whilst the last 12 months appear to have moved which Bridgepoint funds invest continued to thesis that we think will drive high-quality risk- improve, driven by uplifts in manufacturing adjusted returns in a specific area. very quickly, political decision-making hasn’t. output, rising employment and productivity In a highly priced market we’ve continued to be levels. This has undoubtedly helped to increase prepared to pay higher multiples – selectively – continental European business confidence to for higher growth companies, but we’ve made some of the strongest levels seen in the past sure that we have also made some great value five years. All of this is continuing to create a purchases. It’s been a year when we’ve very more favourable backdrop against which to often bought complexity and sold simplicity – invest capital and for our companies to deliver with our business transformation and value strong performance. creation doing the work in the middle. This said, the potential for volatility hung over There is regular commentary about PE funds 2017, especially in the UK, with the surprise lowering return targets as the search for deals outcome of the General Election resulting in continues. I have said before that history a febrile political environment and with Brexit suggests that doing so is high risk. Cycles turn, negotiations ongoing and as yet inconclusive. sometimes unexpectedly, and when they do, With this backdrop in mind our investment thinly priced investments simply destroy fund strategies continue to deliberately focus on performance. We will not jeopardise returns to those sectors and niches with the potential to our investors in such a way. deliver strong returns in volatile conditions as well as on those that will explicitly benefit from improving economic conditions in Continental Europe.

In other words, we’re always looking to buy well through high-quality origination, absolute clarity of investment case, transaction selectivity and a focus on relative value. It also meant that we’ve greatly limited our exposure to purely domestic UK businesses. Where we have invested in the UK, each individual 8 Bridgepoint 2017 Annual Review A message from our Managing Partner A message from our Managing Partner Bridgepoint 2017 Annual Review 9

So, at the end of 2017, I am pleased to record to achieve transformational growth in their Europe’s credit markets also remained Portfolio performance good progress across all our investing funds. end-markets. By the end of the year it had extremely robust throughout the year, Bridgepoint Europe V, our €4 billion middle committed 16% of its total capital to two supported by a benign macroeconomic market buyout fund, had made 13 platform investments. environment, accommodating monetary policy 12% assets and completed 21 add-on acquisitions and low or even negative interest rates. All of this resulted in us investing in some 2016 11% to date. At the year end the Fund was 82% In these circumstances, our Capital Markets 2017 exciting and diverse new businesses across 9% invested and we expect that it will complete its team took advantage of buoyant conditions all of our funds: Zenith, the UK vehicle fleet Top image 2015 new investment activity by the summer in the European leveraged loans market to management group; HKA, the international Anthony Rowland, Senior of 2018. arrange debt for our portfolio companies construction claims group; Primonial, the Associate, Bridgepoint Growth, Stockholm totalling circa €7 billion in the year. During the year BDC III, our £605m lower French wealth management group; Evac, the Bottom image middle market private equity fund targeting Nordic cleantech leader; Miller Homes, one of This allowed us to achieve borrower-friendly Neda Madzharova, smaller fast-growing businesses with enterprise the UK’s largest housebuilders; Séraphine, Director, Investor terms while maintaining prudent leverage values of £30m to £125m, committed 26% the fashionable maternity wear brand; and Services, London in the growth companies that characterise of total Fund capital to four completed Burger King in the UK, the global number two Bridgepoint’s portfolio. It also meant that investments. quick service burger restaurant brand. our investments continued to have access to meaningful liquidity, headroom and flexibility In 2017 we also raised a fund for a new strategy, In 2017 Bridgepoint Funds returned €878 to grow. Revenue growth the £105 million Bridgepoint Growth I Fund. million of capital to investors with major exits This targets smaller, fast-growing, businesses including the $929 million sale of Nordic In 2017 Bridgepoint’s fund investments with enterprise values of up to £30m. It Cinema Group to AMC Theatres, the sale of collectively generated 11% and 13% year-on- 14% focuses on the consumer, media, technology Leeds Bradford Airport to AMP, and that of the year average revenue and EBITDA growth – 2015 13% 12% 2017 and business services sectors and in particular Inspired Thinking Group. an indication of the resilience and skill in 2016 on companies utilising digital technologies driving long-term value creation in what still remains a relatively low-growth environment.

One standout feature of 2017 has been the amount of effort we put into strengthening our own investment platform. In addition to our move into the early stage fast growth segment with the launch of Bridgepoint Growth in 2017, we also opened a new office in Amsterdam to cover locally the wider Benelux region. The Benelux region is already familiar to us and is one of the most consistently active In 2017 we also raised buyout markets in Europe. The Netherlands EBITDA growth a fund for a new strategy, in particular is one of Europe’s stronger economies with strong industrial, food and the £105 million Bridgepoint chemical industrial bases. Our New York Growth I Fund. This targets portfolio office, opened in 2016, also made smaller, fast-growing, huge progress during the year and adds enormously to our ability to help our European businesses with enterprise companies grow internationally. values of up to £30m 10 Bridgepoint 2017 Annual Review A message from our Managing Partner A message from our Managing Partner Bridgepoint 2017 Annual Review 11

In 2017 we started the preparatory work for the public launch of Bridgepoint Credit, recognising that there is an opportunity to exploit Bridgepoint’s knowledge of companies and sectors

This new ‘on the ground’ resource is enhancing We never forget the responsibility we have to Bridgepoint’s deal flow and helping to the people that lie behind the capital managed accelerate value creation initiatives across the by each of our investors, many of whom are Bridgepoint portfolio, as well as driving add-on public servants: teachers, policemen, firemen acquisition activity. and union members. As we manage their money we’re always mindful of the kinds of In 2017 we started the preparatory work investments they would wish us to make with for the public launch of Bridgepoint Credit, their retirement funds and, in particular, the recognising that there is an opportunity to way in which they would expect us to support exploit Bridgepoint’s knowledge of companies over 81,000 colleagues in companies owned and sectors, its financing experience, by our funds. relationships and reputation to build a leading middle-market credit franchise. Bridgepoint Our ability to continue to develop the talent Credit is currently investing its first fund of our own team members as well as attract which is deploying capital from our own new people remains critical to Bridgepoint’s balance sheet. success. During the year we attracted 50 new team members – which means that Bridgepoint Towards the end of last year we also began Capital returned to investors is changing as we absorb their new viewpoints the process of raising a successor fund to and perspectives. Bridgepoint Europe V. Bridgepoint Europe VI, is a middle market buyout fund with a target One of Bridgepoint’s core values is being size of €5 billion. At the time of writing, the ‘straightforward’, which means acting without fundraising has exceeded that target to reach arrogance and embracing the views of others the fund’s hard cap of €5.7 billion, with the without prejudice. So I’m pleased that we have fund being substantially oversubscribed. been able to welcome people from different backgrounds with different points of view as I’m pleased to report that we’ve been fortunate experience tells us that when we work together to welcome a number of important new we create more value. investors to the Fund as Bridgepoint limited Left-hand image partners for the first time. However, the vast Diversity and Inclusion is very important to Teresa Pastor, Analyst, majority of the capital committed to the new Bridgepoint and our recruitment this year Bridgepoint Development Fund has come from our existing investors, continued to reflect this fact as we are putting Capital, London €2.0bn €1.8bn €1.6bn €878m 2014 2015 2016 2017 who we thank for their continued support and into action various initiatives to address our Right-hand image Edward Woods, Partner, trust. It is a privilege to manage this capital. own and our industry’s long-term issue of Operations and Investor gender balance in the investment stream Services, London through the way we hire, train and develop our people. 12 Bridgepoint 2017 Annual Review A message from our Managing Partner A message from our Managing Partner Bridgepoint 2017 Annual Review 13

Of particular note is our new International It’s a huge advantage. As a result, we enter Associate Programme, targeting recent 2018 better insulated from the immediate graduates and providing the foundation on potential negative consequences of Brexit which to establish a career in private equity while being positioned to take advantage of at Bridgepoint. new investment opportunities arising from Brexit dislocation across Europe. Each year the Bridgepoint Charitable Trust As the reality about the possible works with team members to identify new External factors will of course create shape of Brexit begins to emerge, charities for it to support financially but also challenges for everyone. But we operate in investment and employment in other ways through the skills we can share. what remains a very attractive and active part To date, the Trust has donated over £2 million of the private equity market and have the decisions will undoubtedly become to some great organisations in countries where experience, platform and people to maximise both challenging and exciting we operate. I would like to thank the Trust the opportunities ahead. and our colleagues who ensure that we find The ambition of the Bridgepoint team deserving causes where our donations can across Europe, the US and China remains make a difference. undiminished and I thank my colleagues for This difference was very much in evidence their continuing commitment and enthusiasm. when two team members visited United World 2017 has been a year of growth in the Schools, a UK charity we backed in 2016. Bridgepoint platform and the successful They saw first hand how our donation built a completion of the BE VI fund raise. As a result, school in Cambodia when they travelled to in productive partnership with our investors, Sdao. A timely reminder that we can all make our management teams and the people a difference if we choose. working in the companies that our funds own, we start 2018 very well positioned for 2018 has started with a mixture of improving the future. economic growth across Europe punctuated by moments of political and market volatility. As the reality about the possible shape of William Jackson Brexit begins to emerge, investment and Managing Partner employment decisions will undoubtedly become both challenging and exciting.

Bridgepoint benefits from having no country or sector specific allocations in our funds, so we are able to flex where we commit funds to react to changing market conditions. Top image Magnus Gottås, Director, Bridgepoint Development Capital, Stockholm & Johan Dahlfors, Partner, Bridgepoint Development Capital, Stockholm Bottom image Chris Busby, Partner, Head of Investments in the UK & Murdo Armstong, Associate, London Right-hand image Sebastian Kirwan, Senior Associate, New York & Whitney Hanson, Senior Associate, New York 14 Bridgepoint 2017 Annual Review Bridgepoint in numbers Bridgepoint in numbers Bridgepoint 2017 Annual Review 15

Bridgepoint in...

Bridgepoint in numbers 2017 Investors by type Bridgepoint has a blue chip investor base comprising public and private pension funds, asset managers, family offices, sovereign authorities and insurance companies around the world.

Pension funds – 59% Fund of funds – 12% Insurance – 11% Sovereign wealth fund – 7% Endowment – 5% Bridgepoint – 2% Bank – 2% Asset manager – 1% Family office – 1%

€18bn Asset under 10 €878m management New investments Returned made to investors

64% €28.2bn Americas Capital committed % % to date 11 13 + Revenue growth EBITDA growth 250 68 Investors by location 30% Investments made Europe in last 10 years Bridgepoint has investors across the globe, with over 250 46 investors from 30 countries. + Add-on 4% 300 acquisitions made 2% Australasia Add-on acquisitions Middle East made in last 10 years 16 Bridgepoint 2017 Annual Review Our investments in 2017 Our investments in 2017 Bridgepoint 2017 Annual Review 17

Our investments in 2017 Bridgepoint Europe Bridgepoint Development Capital Burger King 5àSec The three Bridgepoint funds investing in 2017 – Evac Groupe CIR Bridgepoint Europe, Bridgepoint Development Capital Miller Homes HKA Primonial and Bridgepoint Growth – continued to target a high- Bridgepoint Growth Zenith quality range of growth-focused businesses. Our Séraphine extensive in-country presence, boosted by the addition of Web Financial Group offices in New York and Amsterdam, and our operational resources were strongly positioned to exploit the opportunities provided in Europe as the home of world- leading domestic and exporting enterprises.

The depth of the Bridgepoint geographic We continued to target sectors with strong and operating platform combined with our underlying structural growth drivers long-term sector coverage continued to growing ahead of the broader economy or generate new investment opportunities. where Europe continues to have a global With a focus on six sectors, our teams advantage. Companies with opportunities have built an understanding of markets for international expansion were also the and built extensive industrial networks and focus of our efforts. Similarly, our funds relationships. This enabled our funds to were also able to capitalise on prior bring market insight to bear in accelerating investment strategies at similar businesses growth in our portfolio companies as well to execute strategic plans with confidence as generating investment opportunities and experience. outside intermediated processes. 18 Bridgepoint 2017 Annual Review Our investments in 2017 Our investments in 2017 Bridgepoint 2017 Annual Review 19

Bridgepoint Europe

A pre-eminent global consumer brand with a robust and growing presence in the UK market, well-liked by consumers

Antoine Froger, Director, Bridgepoint Burger King Quick service burger restaurants

Burger King is the global number two quick service burger Transaction size restaurant brand. In the UK (where it is the second largest Not disclosed ... quick service chain), Bridgepoint V has become the UK master Revenue franchisee as well as acquiring the 66 restaurant portfolio of the £74 million leading franchisee. ... Employees The new entity will enter into a 20 year master franchise 1,700 agreement giving it the right to be the custodian of the Burger ... King® brand in the UK, control over the brand’s proposition in Sector the UK and the right to roll out new stores across the country. Consumer ... This is an opportunity to work with a management buy-in team Location to reinvigorate an iconic global brand in the UK territory and to UK grow the UK business via new restaurant roll-out and operational ... improvement. Further potential exists to consolidate the Directors fragmented estate of restaurants through add-on acquisitions. Tim Doubleday Alasdair Murdoch Martin Robinson ... Bridgepoint representative Vince Gwilliam ... Website www.burgerking.co.uk 20 Bridgepoint 2017 Annual Review Our investments in 2017 Our investments in 2017 Bridgepoint 2017 Annual Review 21

Bridgepoint Europe

Backing a global technology leader that is benefitting in particular from the growth in the global cruise industry Evac Mika Herold, Partner, Bridgepoint Cleantech systems provider

Evac Group is a global market leader in the provision of Transaction size environmentally friendly waste, wastewater, and water Not disclosed ... management systems for the marine, offshore, and building Revenue industries. €105 million Products include vacuum collection systems such as vacuum ... toilets, wastewater treatment plants purifying black and grey Employees 225 water, fresh water generation systems turning seawater into ... process, service and drinking water, as well as dry and wet waste Sector systems used for managing food, mixed and recyclable waste. Manufacturing & Industrial Evac has executed over 20,000 marine, 2,000 offshore ... and 2,000 building projects worldwide and serves a large Location aftermarket. The company’s technology specialists support Finland customers in finding the optimal, most cost-effective solutions to ... address increasing environmental and regulatory requirements. Director Tomi Gardemeister To date, Evac has delivered over one million vacuum toilets for ... more than 12,000 vessels, including cruise liners, cargo ships, Bridgepoint naval vessels and yachts. Total wastewater treatment plants representatives exceed 1,000. Chris Bell Christopher Bley The Company operates from nine offices globally in Europe, Mika Herold North and South America and China and is supported by a ... network of exclusive agents and distributors giving it a presence Website www.evac.com in more than 40 countries around the world. 22 Bridgepoint 2017 Annual Review Our investments in 2017 Our investments in 2017 Bridgepoint 2017 Annual Review 23

Bridgepoint Europe

Miller Homes UK housebuilder

Miller Homes is one of the UK’s largest privately owned Transaction size housebuilders with a strong regional footprint in the £655 million ... Midlands, North and Scotland. Revenue Established in 1934 and the largest privately-owned £675 million housebuilder in the UK, the company focuses on ... sustainable developments on the edge of urban or Employees 830 suburban areas, typically within 45 minutes of the nearest ... largest town or city and is recognised for providing Sector outstanding levels of customer service. Manufacturing & Industrial The UK new build housing market is a £35 billion market ... and with an acknowledged long-term structural shortage Location of new housing, it is estimated that the UK needs c.1 million UK additional new homes. ... Directors It sold 2,775 houses in the year to December 2017. Chris Endsor Julie Jackson Ian Murdoch John White ... Bridgepoint representatives Patrick Fox Jamie Wyatt Well positioned to address future ... growth in the UK new build Website www.millerhomes.co.uk housing market where demand currently outstrips supply

Jamie Wyatt, Partner, Bridgepoint 24 Bridgepoint 2017 Annual Review Our investments in 2017 Our investments in 2017 Bridgepoint 2017 Annual Review 25

Bridgepoint Europe

Primonial French mass market wealth management company

Primonial is a French mass market wealth management Transaction size company whose €24 billion of funds under management Not disclosed ... invest in a range of asset classes, but with a particular focus Revenue on investing in commercial real estate. It is also developing a €360 million rapidly growing institutional client base. ... The company has benefitted from low historic fund outflows Employees 660 with its retail client portfolios mainly focused on ‘Assurance ... Vie’, a popular French savings product for retail investors Sector offering tax benefits historically and a guarantee on invested Financial Services capital. In addition, it is the leading independent real estate ... asset manager in France where the real estate sector has Location been one of the best performing asset classes over the last France ... four years, with real estate regulated funds generating 21% Directors compound annual growth in AUM. Valéry Bordes The French asset management industry has increased in size Laurent Flechet Christophe Mianné by more than 50% since 2006. Primonial is benefitting from Stéphane Vidal strong demographic market drivers such as the increase in ... A highly regarded investment the French savings market and a shift from traditional savings Bridgepoint management team, strong products to higher yielding assets. representatives investment performance to date Vincent-Gaël Baudet Gwenaëlle Le Ho Daguzan and a proven distribution network William Paul ... Vincent-Gaël Baudet, Partner, Bridgepoint Website www.primonial.com 26 Bridgepoint 2017 Annual Review Our investments in 2017 Our investments in 2017 Bridgepoint 2017 Annual Review 27

Bridgepoint Europe

A proven business model that has had an unbroken track record of growth over a long period

Emma Watford, Partner, Bridgepoint Zenith Vehicle leasing and fleet management provider

Zenith is the leading specialist independent UK leasing and fleet Transaction size management provider to some of the largest companies in the £750 million ... country. The business offers two primary products: Contract Revenue Hire and Leasing (‘CHL’), which leases fleets of vehicles to the £407 million corporate market, and Salary Sacrifice, through which employers ... offer vehicles as an optional benefit to their employees. Employees 650 In 2017 the company also acquired Contract Vehicles Limited ... (‘CVL’) to extend its reach into the adjacent HGV market. It is Sector the fastest growing player in its market which has grown as Business Services companies have started to outsource HGV fleet management ... and which is forecast to attain similar outsourcing levels (c.40%) Location as the car market. UK ... Zenith now oversees a fleet of over 100,000 vehicles, of which Directors over 50,000 are owned and funded by Zenith, and the balance Tim Buchan owned by corporates but serviced and administered through Mark Phillips ... Zenith. It has developed a value-led proposition based on Bridgepoint lowering the total cost of ownership and minimising maintenance representatives downtime for the customer. Emma Watford Guy Weldon The UK fleet services market, is a large and resilient market ... worth c.£14bn (c.5m vehicles) thanks to increased outsourcing Website and employment growth. Salary sacrifice has tripled in the last www.zenith.co.uk three years and is expected to continue to grow over the next five years. 28 Bridgepoint 2017 Annual Review Our investments in 2017 Our investments in 2017 Bridgepoint 2017 Annual Review 29

Bridgepoint Development Capital

An opportunity to acquire individual stores or local operators as well as international targets to expand into new territories and develop its global leadership

Olivier Nemsguern, Partner, Bridgepoint Development Capital 5àsec Textile care services operator

5àsec is a global leader in textile care services, providing a range Transaction size of traditional dry cleaning and laundry services predominantly Not disclosed ... to the B2C market. The group operates a worldwide network of Revenue around 1,700 stores (owned and franchised) across 30 countries, €80 million with a focus on five core geographies – France, Switzerland, ... Spain, Portugal and Luxembourg. Employees 1,100 5àsec offers a wide range of traditional dry cleaning and laundry ... services, as well as expert services (including finishing treatment, Sector waterproofing, stain protection, and carpet treatment). As part Consumer of its digital transformation, 5àsec also recently developed a ... multi-channel approach to address customers through concierge Location services (where the drop-off and collection points are located France ... within a company’s premises) and home delivery services Director (through a mobile app launched in 2017). Nicolas Boucault ... As a branded chain of significant scale with an expanded service Bridgepoint offering to consumers, 5àsec is well positioned to reinforce its representatives leading market position through further organic growth and Aymeric Marraud des Grottes consolidation of its sector. Olivier Nemsguern ... Website www.5asec.com

This investment was made by BDC, the Bridgepoint fund that invests in small and mid-cap companies. 30 Bridgepoint 2017 Annual Review Our investments in 2017 Our investments in 2017 Bridgepoint 2017 Annual Review 31

Bridgepoint Development Capital

A resilient real estate segment supported by structural growth drivers

Bertrand Demesse, Managing Director, Bridgepoint Development Capital Groupe CIR Real estate renovation and asset management business

Groupe CIR is a leading French real estate renovation and asset Transaction size management business. Its core business focuses on two distinct Not disclosed ... activities: the renovation and onward sale of premium real estate Revenue assets, and real estate-focused asset management services. €183 million It sources and acquires real estate in city centres, supervises ... the renovation works, and then sells renovated property through Employees 80 an extensive network of independent wealth managers and ... institutions. In asset management, it structures, raises and Sector manages real estate funds investing in high-quality renovated Business Services residential city centre buildings for individual private investors. ... Location The renovation market addressed by CIR has proven resilient France across economic cycles, generating growth of between 5% ... and 10% p.a. Valued at €900m, it is underpinned by structural Directors growth drivers such as growing demand for real estate backed François Larrère investments in a low yield environment as well as public sector Franck Temim ... investment to revitalise city centres. Bridgepoint The company is the market leader with c.20% share of a highly representatives fragmented market. It benefits from nationwide sourcing and Bertrand Demesse Oliver Nemsguern distribution networks and a strong track record of delivering Jean-Baptiste Salvin complex renovation projects. ... Website www.groupecir.com

This investment was made by BDC, the Bridgepoint fund that invests in small and mid-cap companies. 32 Bridgepoint 2017 Annual Review Our investments in 2017 Our investments in 2017 Bridgepoint 2017 Annual Review 33

Bridgepoint Development Capital

HKA Construction advisory, consulting and expert group business

HKA is the global leader in managing construction risk. With Transaction size teams of professionals in 41 offices worldwide, the company $140 million ... provides claims consulting, management consulting, litigation Revenue support, expert witness testimony, cost/damages assessment, $165 million delay/disruption analysis, adjudication, lender advisory, risk ... management, forensic accounting, fraud investigation, Project Employees Neutral and international arbitration services. 900 ... Formerly the Construction Claims Group of Hill International, Sector Inc. HKA today is the largest market participant thanks to its Business Services international footprint, scale, end-market diversification, technical ... expertise and track record. Its clients are typically international Location firms and contractors undertaking large, complex building and UK ... infrastructure projects. It helps contractors to prevent or resolve Directors disputes typically arising from delays, construction deficiencies, John Alexander unforeseen costs or changes in contract conditions. Renny Borhan Atul Patel The $1.2bn global construction claims market is forecast to ... grow at 7.5% per annum. Bridgepoint representatives Well positioned as an industry Stephen Bonnard Alan Payne consolidator for further ... international expansion Website www.hka.com and for the launch of new complementary service offerings

Alan Payne, Partner, Bridgepoint Development Capital

This investment was made by BDC, the Bridgepoint fund that invests in small and mid-cap companies. 34 Bridgepoint 2017 Annual Review Our investments in 2017 Our investments in 2017 Bridgepoint 2017 Annual Review 35

Bridgepoint Growth

Séraphine Maternity wear brand

Séraphine is a leading maternity wear brand which designs Transaction size fashionable maternity clothes that are sold online to Not disclosed ... customers across the globe, supported by stores in major Revenue international cities. £18 million The business’ deep design expertise and fashion credentials ... mean its products combine on-trend design with the more Employees 80 practical considerations unique to maternity wear. It operates ... in a niche distinct from both childcare product retailers and Sector high street fashion chains, and customers particularly value Consumer Séraphine’s combination of style and practicality. ... Location The company was early to embrace e-commerce, launching UK its first website in 2006 and now serving a global customer ... base through dedicated websites in the UK, France, Spain Directors Selling into the global and the US. John Bailey Cecile Reinaud marketplace by utilising digital Jim Sharp ... marketing techniques to engage Bridgepoint with its target consumers representatives Duncan Calam, Partner, Bridgepoint Growth Duncan Calam Anthony Rowland ... Website www.seraphine.com

This investment was made by Bridgepoint Growth, the Bridgepoint fund that targets fast-growing businesses with enterprise values of up to £30m. 36 Bridgepoint 2017 Annual Review Our investments in 2017 Our investments in 2017 Bridgepoint 2017 Annual Review 37

Bridgepoint Growth

A unique model giving it a differentiated position able to connect advertisers and end consumers through its network of owned and managed sites Web Financial Group Duncan Calam, Partner, Bridgepoint Growth Technology provider to wealth management sector

Web Financial Group is a financial technology company Transaction size providing software and services to the global wealth Not disclosed ... management sector. Revenue The company has two main divisions: a technology division €19 million providing data-driven software solutions for banks and asset ... managers undertaking a digital transformation; and a media Employees 110 division managing one of the largest networks of finance- ... focused websites in Europe. Sector Global financial institutions are spending an ever-increasing Technology & Media ... amount on the type of digital tools provided by the company Location as a way to differentiate themselves and win new business. Spain ... Bridgepoint’s growth equity investment has helped Directors the company to expand into the US market and make a Johanna Campion transformational acquisition that has doubled its business Andrew Gazitua in Europe. Jesus Chomón Noriega Julio Bueso Hidalgo Santa Cruz ... Bridgepoint representatives Duncan Calam Donal Smith ... Website www.webfinancialgroup.com

This investment was made by Bridgepoint Growth, the Bridgepoint fund that targets fast-growing businesses with enterprise values of up to £30m. 38 Bridgepoint 2017 Annual Review Our investment & sector expertise Our investment & sector expertise Bridgepoint 2017 Annual Review 39

Left-hand image Vincent-Gaël Baudet, Partner, Paris Right-hand image Kiran Kular, Head of Tax, London Bottom image Mayank Kanga, Director, Bridgepoint Our investment & sector expertise Growth, London & JJ Bowles, Analyst, Bridgepoint Growth, London Our aim is to invest in high-performing, market-leading, well-managed businesses that have the potential to grow through expansion, What we like to invest in £15 million, with a focus on companies We are attracted by market-leading growth utilising digital technologies to achieve operational transformation or via acquisition. companies with ‘buy and build’ and operational transformational growth in their end-markets. improvement potential and in businesses that Our investment teams are also able to call upon focus on sectors where Europe has global expertise from a range of specialists whose competitive advantages or where we can We focus on six core sectors: Business provides the framework for our investment skills include operational expertise to improve exploit expansion potential as much outside Services, Consumer, Financial Services, strategy and the approach we bring to business performance, growth prospects as in Europe. This is typically reflected in Healthcare, Manufacturing & Industrials and businesses we are interested in acquiring. and market position and an in-house Capital companies trading ahead of the broader Technology & Media. Each sector team is Markets team, based in London and Paris, As a result, we have been able to identify and economy or in businesses with high visibility organised on a pan-European basis but with specialising in debt finance and optimising acquire businesses where significant value of earnings and contracted income. a global outlook, with teams working across capital structures and terms. can be created under our ownership and offices and continents to build knowledge and Bridgepoint is especially known for helping to where in turn businesses are able to exploit Bridgepoint also pioneered the development ensure proper understanding of the dynamics create value through market consolidation by our reach and know-how to enhance their of in-house procurement expertise using the of the space as well as to identify new and identifying and arranging funding for add-on operational performance, growth prospects latest technology to drive best procurement add-on investments. This in-depth industry acquisitions for platform investments operating and market position. practice and achieve significant cost knowledge drives the Firm’s origination and in fragmented sectors or securing operational reductions for the companies we invest in. improvement to drive earnings growth. In 2017, Bridgepoint portfolio businesses made 46 add- Reflecting the increasingly global footprint on acquisitions. of Bridgepoint’s middle market companies, Investments by sector Bridgepoint’s operations in Shanghai and for the last 10 years New York ensure that we are able to accelerate Funding and resources the development of portfolio companies in these markets, leading due diligence on the Bridgepoint is currently investing three funds operations of proposed new European platform with distinct but complementary strategies: assets and identifying, reviewing and executing Bridgepoint Europe V, a €4 billion fund which add-on acquisitions, accelerating value is focused on investing in market-leading creation via revenue development initiatives businesses that are typically valued between and operational improvement in respective €200 million and €1 billion; BDC III, a £600 markets and supporting exit processes with million fund managed by our lower middle potential Chinese or US acquirers. market and growth capital fund (Bridgepoint Development Capital), focused on high- Our New York office also selectively originates growth companies valued up to €150m; and transactions in US-based businesses which Bridgepoint Growth I, a £100 million fund have substantial international activities, Business Services – €1.8bn making growth capital investments seeking particularly in Europe. Consumer – €1.9bn equity investment between £5 million and Financial Services – €0.6bn Healthcare – €1.2bn Manufacturing & Industrials – €1.6bn Technology & Media – €1.4bn 40 Bridgepoint 2017 Annual Review Business Services Business Services Bridgepoint 2017 Annual Review 41

Emma Watford Head of Business Services sector Business Services

When considering the business services developments can affect the products and sector, Bridgepoint focuses on companies that services that companies provide; the customer differentiate themselves through technology, experience they offer and the efficiency with intellectual property or exceptional know-how. which they operate. Within that universe, we seek out companies At an operational level, for example, process that serve growing markets or sectors, where automation can deliver significant efficiency the value of outsourcing is understood and gains, especially as it is no longer the preserve appreciated. of software engineers. Non-specialist operators These businesses are more likely to benefit can now download the relevant software and from pricing power; they are more able to automate functions and processes across their protect their margins and they are more likely business with relative ease. to add genuine value to their customers. Looking across our portfolio, virtually every Over the years, this approach has resulted business in our sector could benefit from in several successful investments, across elements of this wave of innovation and many sectors from drug development to specialist are considering how best to implement them, recruitment to property management. with our support.

Recently, technology and digitisation have Technology has material implications for become increasingly powerful forces within customer engagement too. Not that long ago, the business services sector. In recognition of customer portals were considered an optional this, we devoted considerable resource to a extra among many businesses. Now, portals systematic analysis of technology trends and that allow customers to track results or access what they might mean for current and future data in real time are an almost mandatory investments. element of the business services offer.

Completed during 2017, this work highlighted These portals clearly improve customer the extent to which technology can transform service. But they can generate extra revenue our sector, particularly when allied to advances too, facilitating cross-selling opportunities and in artificial intelligence (AI). Incorporated creating valuable data that can be collated and % with due care and expertise, these digital packaged into rewarding data analytics. €1.8bn 20 Invested in 15 deals in the 20% of our portfolio is Business Services sector currently invested in the in the last 10 years Business Services sector

Continued 42 Bridgepoint 2017 Annual Review Business Services Business Services Bridgepoint 2017 Annual Review 43

Zenith During 2017, we completed the acquisition of leading car leasing firm, Zenith Business Services

At our global testing business Element For example, a recent Bridgepoint Investment and portfolio performance Element Materials Technology completed a Materials Technology, for example, the Development Capital investment, HKA, is During 2017, we completed a number of transformational acquisition during the year, customer portal allows users to track test a consultancy firm specialising in complex significant investments and exits, including as well, acquiring London-listed Exova to results in real time and, coupled with the construction industry claims. Working closely the acquisition of leading car leasing firm, create a global product materials and testing provision of increased testing data, will with clients, its team of specialists generate Zenith. The company is one of the few business with a presence across Europe, hopefully become more of a differentiator in value from their IP and intellectual expertise. operators that is tied to neither an original the US and Asia. The transaction expands the future in Element’s fragmented markets. Element’s geographic reach and service Technology can also be a threat, particularly equipment manufacturer nor a financial offering, while also creating substantial cost Against this backdrop, digitisation as it is evolving so fast that what may seem services firm. As an independent specialist, saving opportunities. and technology have become central impossible today becomes routine tomorrow. it is growing fast and recognised for considerations when we view potential At Bridgepoint, we are developing increasingly outstanding customer service. Our exits included Leeds Bradford Airport opportunities. Quite simply, companies that sophisticated due diligence tools to ensure Since we invested in the business, it has and Bridgepoint Development Capital-backed have invested in this space can genuinely that, when we encounter investment acquired CVL, an HGV leasing specialist, a Inspired Thinking, which provides technology- outcompete those who lag behind. It is not just opportunities, we assess the likely impact of move that will broaden its offer and provide led marketing services to global brands and about financial investment either. The most technology with sufficient foresight and rigour. strong cross-selling opportunities. Zenith retailers. forward-thinking companies are those where has also developed a consumer car-leasing Looking ahead, we see considerable the culture embraces technological innovation offer, allowing individuals to choose a vehicle opportunities within business services. Our rather than fears it; firms growing at such a online within minutes without setting foot in a New York office offers on-the-ground support pace that automation is regarded as a benefit car dealership. It will initially operate through to European-based companies that are keen that frees employees from mundane tasks and white-label partnerships and plays to a number to globalise and we are also mindful of the allows them to take on more interesting and of highly relevant consumer trends such as possibilities that digitalisation may bring to strategic roles. the subscription economy and the increased companies that were previously off our radar. Not every business falls into this category propensity to buy online. however. We also have a strong track record of investing in specialist consultancy businesses where USPs are know-how and relationships.

Leeds Bradford Airport Our exits included Leeds Bradford Airport and Bridgepoint Development Capital-backed Inspired Thinking Group

HKA HKA is a consultancy firm specialising in complex construction industry claims 44 Bridgepoint 2017 Annual Review Consumer Consumer Bridgepoint 2017 Annual Review 45

Jason McGibbon Head of Consumer sector €1.9bn Invested in 16 deals in the Consumer sector in Consumer the last 10 years 27 % 27% of our portfolio is currently invested in the Consumer sector

There was a definitive shift in the macro- Value for money is another strong underlying environment during 2017, exemplified by theme. Price comparison is easier than renewed optimism in France, continued ever and if consumers feel they are being momentum in Germany and improving overcharged, they will simply go elsewhere. economic growth throughout the Eurozone. That does not mean cost is their overwhelming Consumer sentiment reflected this increased consideration: it does mean that the best confidence and expenditure picked up in businesses are those which offer the most many of the jurisdictions where Bridgepoint attractive outcomes for the price paid. This is invested. emphasis on value permeates all our consumer investments. The UK, by contrast, saw continued economic uncertainty, a situation that is likely to persist The most striking development of the past for some time. As we have seen over the years, decade is the growth of e-commerce and consumers do not stop spending in this type digital: a challenge for retailers with large of environment but they do become more legacy portfolios, a tremendous opportunity selective in how, where and why they shop. for nimble players in the consumer space. Bridgepoint investments delivered a robust WiggleCRC and one of our latest investments, performance against this backdrop, working Séraphine, exemplify the new breed of retailers hard and gaining market share. that can scale up and internationalise faster than would have been deemed possible just a This outcome reflects, at least in part, a few years ago. decision that we made some years back to identify the consumer mega-trends that would Many commentators suggest that, in the drive growth almost irrespective of macro- developed world at least, we have reached economic conditions. ‘peak stuff’. Debatable though this point may be, it is clear that consumers are increasingly First, changing lifestyles: as people cluster interested in experiences, prompting a steady in large cities and their lives become busier, expansion in leisure spend, as The Dining Club they seek out products and services that offer Group, which provides restaurant discounts, convenience, quality and proximity. Pret is a can testify. clear beneficiary of this cultural shift and it continues to enjoy strong growth.

Continued 46 Bridgepoint 2017 Annual Review Consumer Consumer Bridgepoint 2017 Annual Review 47

Smyk The leading retailer of children’s apparel, toys and accessories in Poland. Consumer It was acquired by Bridgepoint in 2016

Today’s consumer is also more aware than Allied to this, we seek out companies that Investment and portfolio performance Turkish dried fruit and snacks business, ever before of the link between diet, exercise occupy a leading position in their chosen area, In 2017, our consumer portfolio benefited from Peyman has expanded into new, related and wellbeing. As a recognised brand in having demonstrated a clear edge over their our disciplined investment approach as well as products and the company’s infrastructure has the functional drinks space, Vitamin Well is competitors. An ingrained service culture is the improving sentiment across the Eurozone. been strengthened to support future growth. ideally placed to benefit from this trend and is crucial too, in a world where the consumer is Our UK businesses have also continued to Bridgepoint Development Capital-backed expanding at pace. increasingly demanding. And finally, we look perform well, despite ongoing uncertainty at a Vitamin Well also benefitted from significant for companies with a genuine understanding Once, there were three segments within the macro-economic level. investment in international distribution, of the need to behave responsibly. consumer space – retail, leisure and consumer Our investments spanned Bridgepoint alongside consistent focus on brand building products. Now, the consumer services sector This emphasis on responsibility has become Europe, Bridgepoint Development Capital and digitally. The company has seen strong is an established category in its own right, as critically important, particularly as millennials Bridgepoint Growth. Our Bridgepoint Europe momentum across Europe, with a growing people become increasingly willing to spend and Generation Z become a growing fund acquired the UK master franchise of distribution footprint and increased brand their money on amenities that will make their component of the consumer space. Concerns Burger King, a transaction which has significant strength. lives easier. 5àsec, the leading French dry- about plastics and recycling were much in expansion and consolidation potential. Our portfolio is now well balanced across the cleaning chain that we acquired in 2017, is evidence during 2017 – behind the scenes Bridgepoint Development Capital invested in consumer space – retail, leisure, consumer testament to this behavioural shift, as is online however, businesses such as Pret and Azzurri leading French dry-cleaning chain, 5àsec, a products and consumer services. Importantly food delivery group Deliveroo. are also acutely aware of their environmental clear beneficiary of the growth in consumer too, we have a greater geographic footprint footprint, from menu selection and store As long-term investors in the consumer services and recovering sentiment in France. than in the past, with investments in Germany, operations to packaging. These choices do not industry, we know it is prone to cyclicality. Bridgepoint Growth also completed its first Poland, Sweden and Turkey, as well as the just confer environmental advantages; they Focusing on businesses that encompass consumer transaction – international maternity more traditional consumer strongholds of have cost benefits too, highlighting the way in one or more of these six broad trends opens wear specialist Séraphine, one of the new France and the UK. Our recently opened office which responsible business practices deliver up growth potential beyond the cyclical breed of digitally native retailers, with only a in Amsterdam should support our geographic both social and commercial gain. environment. select number of stores in strategic locations. expansion, as there is a rich seam of mid- market consumer opportunities in the We also look for certain core attributes Among our existing investments, online Benelux region. when we consider investment opportunities. cycling and tri-sports retailer WiggleCRC Strong brands have a natural edge over their completed a substantial add-on transaction, competitors and international brands are an acquiring German cycle accessories business increasing feature within the consumer Bike24, an investment that solidifies its sector, as travel becomes an integral part of international presence. people’s lives. Groups such as Pret and Burger King play well into this trend, and we believe it will remain a driver of growth over the coming years. WiggleCRC WiggleCRC completed a substantial add-on transaction, acquiring German cycle accessories business Bike24 Pret A Manger Businesses such as Pret are also acutely aware of their environmental footprint 48 Bridgepoint 2017 Annual Review Financial Services Financial Services Bridgepoint 2017 Annual Review 49

William Paul Head of Financial Services sector Financial Services

Financial services play a fundamental role Within insurance, technology can enhance in the economic fabric of society today. The distribution and expand the range of industry touches our everyday lives in a myriad outsourcing possibilities, both of which of ways and its contribution is likely only to drive growth while increasing efficiency. increase with the advance of fintech. Effective use of technology also opens up the boundaries of what can be done with data to For Bridgepoint, the sector is an increasingly support and deliver great customer service. important part of our investment strategy. We divide our coverage into services and For Bridgepoint, the insurance space has technology. In many ways, however, the two considerable potential. We look at personal, are more and more intertwined. corporate, online and physical broking, some underwriting, generally non-life, and aspects Financial services businesses have witnessed of outsourcing, such as administration, claims significant change over the past decade, management and insurance software. much of which has been geared towards strengthening internal processes and Asset and wealth management businesses enhancing customer outcomes. Technology are well placed to benefit from long-term can play a material part in this trend, allowing demographic trends, as well as government businesses to be smarter, quicker, more incentives to encourage private sector customer-focused and more profitable. saving. Within this sector, our track record and industry know-how provide access to Yet many businesses are still relatively old- diverse opportunities. In particular, we are able world in their approach and this is an area to leverage our experience in the UK, when where we can provide tangible support, sourcing investments across Europe. using our experience and expertise to turn companies from good to great, by accelerating Technology plays a significant role in the their growth and relevance in today’s world. asset management space too, facilitating product access, while enhancing transparency, Industries such as insurance and asset reporting and performance monitoring. management, both important sectors for % Bridgepoint, are particularly well placed to Across the broader financial services industry, €0.6bn 9 benefit from technological change. one key point stands out: individual customers Invested in five deals in 9% of our portfolio and corporate clients alike want to make smart, the Financial Services is currently invested well-informed decisions at the best possible sector in the last 10 in the Financial value with the minimum fuss. Technology, years Services sector

Continued 50 Bridgepoint 2017 Annual Review Financial Services Financial Services Bridgepoint 2017 Annual Review 51

Moneycorp One of the largest specialist foreign exchange providers in the UK market. It was acquired by Bridgepoint in 2014

Financial Services Trustly Swedish online payment services platform, Trustly, exemplifies our interest in the payment provider space

well designed and implemented, allows them Investment and portfolio performance Financial services is an inherently complex to do this. Primonial was a significant acquisition for and highly regulated industry but we have developed a deep and genuine expertise in the Pure fintech was once seen as almost esoteric. us during 2017. A leading asset and wealth sector over the years. Today, we have greater Today, it is embedded in our society, changing manager in France, the transaction builds on momentum than ever and a larger pipeline of behaviour among consumers and corporates our experience in this field, particularly our opportunities. alike. Given the sector’s rapid acceleration understanding of regulation and compliance, in recent years, businesses are often able to distribution and genuinely excellent customer We are focused on expanding our presence deliver double or triple-digit annual revenue service. in the industry, collaborating with colleagues gains. Such growth can generate exceptional Primonial is also an example of our ability across geographies and sectors to generate returns but it also creates challenges, around to expand and develop asset management value for all our stakeholders. As a mid-market motivation, focus, strategy, expansion and businesses through buy-and-build strategies. operator with a pan-European presence and fundamental management. Historically focused on real estate funds in offices in Shanghai and New York, we have a competitive platform, virtually unmatched in Bridgepoint is ideally placed to provide France, Primonial has now signed a strategic our area of the market. support in all these areas, providing fintech alliance with Germany-based AviaRent and businesses with the structure and flexibility bought a 40 per cent stake in La Financière de The New York office in particular is a source of to think strategically about growth and the l’Echiquier (LFDE), the leading wealth manager growing opportunities, particularly for US firms footprint and resource to allow them to turn in France. A transformational deal for Primonial, keen to expand into Europe. thoughts into action. LFDE allows the business to broaden and diversify its asset base, drive distribution and We focus on two particular areas: providers gain access to a wide range of new clients. of software for the financial services sector, and payments providers, including merchant acquirers, online payment service providers, processors and other related business models. On the software front, Bridgepoint Europe V-backed Calypso is a global leader in the Swedish payment services platform, Trustly, provision of capital markets technology, while exemplifies our interest in the payment eFront provides fund reporting services for the provider space. A minority deal within private equity industry. Bridgepoint Development Capital, Trustly has grown exponentially since we invested in the We are actively monitoring the fintech space business, expanding from a primarily Nordic but remain highly focused on areas and focus to a pan-European operator. transactions where we believe that we can add value.

Zenith Bridgepoint acquired car fleet specialist Zenith during the year. Essentially a business services transaction, Zenith derives significant revenues from fleet financing and administration 52 Bridgepoint 2017 Annual Review Healthcare Healthcare Bridgepoint 2017 Annual Review 53

Jamie Wyatt Head of Healthcare sector €1.2bn Invested in 12 deals in Healthcare the Healthcare sector in the last 10 years 8% 8% of our portfolio is currently invested in the Two overarching themes pervade the There is also a clear trend towards Healthcare sector healthcare sector: continued growth in consolidation in the services area. While it demand and persistent challenges for funding remains highly fragmented, there is a growing to keep pace with demand. recognition among many market participants of the benefits conferred by scale. Regulation Increased positive economic activity across is increasing and in a sector where recruitment much of Europe is clearly helpful, boosting tax is a persistent challenge, larger groups are income and, indirectly, funding for healthcare. better able to attract and retain good staff. Also helpful is the increased prevalence of private pay in the sector, which also boosts Behaviour patterns are changing too, as funding sources. However, imbalances remain consumers become more prepared to pay for as populations age across large parts of the high-quality care. Partly a response to funding globe. Innovation is a double-edged sword in constraints in the public sector, this trend this context, improving patient outcomes but also reflects a growing awareness of different also driving up costs. healthcare options, often through online research and/or social media. Funding mechanisms vary from country to country but the macro-overview is broadly Our investment in dental group Oasis, which similar and requires broadly similar responses. we exited in early 2017, exemplified both the consolidation trend and the desire for Against this backdrop, Bridgepoint continues high-quality care. It also highlighted the way to focus on three core areas: services, in which we can leverage the Bridgepoint medtech and pharmaceuticals. network – in this case our consumer team – As a long-time investor in healthcare services, to deliver pioneering best practice. notably elderly and specialist care, we see Internationalisation is another burgeoning opportunities across this space. An ageing theme within services and one where we can demographic creates clear demand for nursing play a real part. When we invested in renal homes, such as our Care UK business, but care business, Diaverum, for example, it had there is also a growing movement towards a predominantly European focus. Today, it is a stay-at-home care. Older people are keen to global operator, with real traction in the Middle remain at home for longer, costs are lower and East and China. advances in technology make such choices increasingly feasible.

Continued 54 Bridgepoint 2017 Annual Review Healthcare Healthcare Bridgepoint 2017 Annual Review 55

Care UK Care UK has gained considerably from our healthcare and consumer expertise. Having been in our portfolio Healthcare for several years, it has been transformed under our ownership

Such expansion is relatively rare in the services Outsourced manufacturing and research are Investment and portfolio performance Balt, a more recent acquisition, benefits from field but it highlights the support that our both areas where we have had success in the Having invested in more than 60 healthcare our international presence and our expertise international footprint can offer. This is even past and we continue to look for businesses businesses over the years, it is a category that in high-end manufacturing and industrials. more notable within pharma and medtech. where we can add significant value. we both like and understand, while recognising Headquartered in France, the company As truly global markets, both sectors offer designs and manufactures devices such as Some large pharmaceutical groups are also that it carries risks for the less experienced significant opportunities for smart European stents and catheters to prevent and treat selling off portfolios of drugs in sectors they practitioner. companies to expand both regionally and strokes and aneurysms. With our support, now consider to be non-core. This creates further afield. Regulation and funding constraints present Balt has strengthened management and opportunities on two levels. Some portfolios obvious challenges and these require expanded into the US, the largest medtech The medtech space is also characterised could see substantial growth with more experience and expertise to overcome. market by a significant margin. by very different pricing dynamics from the focused attention and marketing activity. The management teams we work with services sector. Services are often subject In other cases, drug portfolios from diverse recognise this. They also see the benefits of We believe our track record, our broad to government-imposed pricing tariffs, while pharmaceutical operators could be combined working with a firm that has both sectoral expertise and our international reach medtech products are sold directly to hospitals to create a stronger, more profitable entity. breadth and a broad geographic footprint. differentiate us within our chosen healthcare and negotiations are conducted on a more Such opportunities are within our sight but niches and will continue to do so over time. commercial basis. This offers clear potential only where we can see genuine potential for Care UK, for example, has gained considerably for growth, particularly for those companies growth. from our consumer expertise. Having been whose products make a measurable difference in our portfolio for several years, it has been Technology is a growing factor within to patients’ lives. transformed under our ownership, expanding healthcare too and there is real potential from 58 to more than 115 care homes and Our interest tends therefore towards to generate value and improve patient shifting its axis from predominantly public businesses involved in high-end, niche outcomes by greater use of smart software sector funded to predominantly private medtech, with a proven track record and a and digitalisation. Working closely with our funding. During that time, efficiency has culture of persistent innovation. technology team can help us to spot these improved, staffing has developed and opportunities in both new and existing The pharmaceutical sector remains a customer satisfaction has increased investments. fascinating space for Bridgepoint, as ‘Big substantially. Pharma’ continues to evolve and change, focusing on core business activities and generating multiple opportunities for smaller, more nimble players.

Diaverum When we invested in renal care Balt With our support, Balt has business, Diaverum it had a predominantly strengthened management and expanded European focus. Today, it is a global operator, into the US, the largest medtech market with real traction in the Middle East and China by a significant margin 56 Bridgepoint 2017 Annual Review Manufacturing & Industrials Manufacturing & Industrials Bridgepoint 2017 Annual Review 57

Chris Bell Head of Manufacturing & Industrials sector Manufacturing & Industrials

The manufacturing and industrials space is Against this background, we model the typically exposed to global trends and this has possibility of recession in every investment had an adverse impact on sentiment in recent that we make so we are comfortable with years. In 2017, the situation was very different. their return profile even during an economic downturn. This was the year when major economies worldwide experienced a synchronised We seek further insulation against any upswing in GDP growth for the first time since forthcoming headwinds by identifying long- the global financial crisis. Continental Europe term structural growth trends across the emerged from a decade of low or no growth. manufacturing and industrials space. These The Middle East, Russia, Africa and Australia trends lead us to believe that there is potential benefited from a recovery in the price of oil for exceptional growth in our sector, for those and other commodities. Fears of a hard landing who know where to look. in China receded and US GDP expanded at Asia plays a central role in this regard. more than 2.5 per cent year on year. Notwithstanding the possibility of slower Ongoing Brexit-related uncertainty dampened growth in China at some stage, major countries the UK economy and we have stepped away across Asia are reaching critical mass. They are from UK companies that export heavily to the building, they are travelling, they are Eurozone. However, we continue to believe urbanising – and in the process, demand for that the long-term impact of Brexit will be industrial goods is soaring. Activity in the US more measured than some of the more and Europe provides valuable clues about pessimistic commentators suggest. Indeed, future behaviour patterns and requirements in there are opportunities to acquire businesses Asia. Automotive usage in India, for example, at attractive prices in the current environment: is ten times lower than in Europe and 20 regional housebuilder Miller Homes being a times lower than in the US. That suggests case in point. sustainable, long-term vehicle demand in India and almost certainly elsewhere too. Elsewhere, we remain mindful of two great Air travel is bound to increase exponentially % uncertainties, despite the global recovery. as well, spurring consistent growth across €1.6bn 21 Will rising interest rates provoke a downturn that industry. in the US and elsewhere? And how will China Invested in nine deals 21% of our portfolio is manage persistently high levels of debt and a in the Manufacturing currently invested in potentially extensive period of deleveraging? & Industrials sector in the Manufacturing & the last 10 years Industrials sector

Continued 58 Bridgepoint 2017 Annual Review Manufacturing & Industrials Manufacturing & Industrials Bridgepoint 2017 Annual Review 59

Manufacturing & Industrials

Automation is another long-term trend in our and service agreements, enhanced by smart sector and again the comparison between data analysis. A significant shift, this trend Miller Homes Established in 1934 and the East and West provides important pointers. involves manufacturers taking responsibility for largest privately-owned housebuilder Germany uses ten times more robotics than goods over their entire life, a move that should in the UK, Miller Homes focuses on China as a proportion of GDP. Over time, benefit both supplier and customers. Still at an sustainable developments on the edge developed market usage will only increase and early stage, this development offers significant of urban or suburban areas the gap with developing geographies potential investment opportunities. will narrow. And across our sector, there are calls for ever- Automation is viewed with fear by many. greater efficiency and a growing focus on the We see it differently. Ever since the Industrial environmental footprint of industry. Again, this Revolution, machines have facilitated provides a rich seam of opportunity and our Investment and portfolio performance Evac is another excellent business, offering production, ultimately enhancing wealth and recent acquisition of Finland-based Evac is a We made two major investments during cruise ships and other vessels a complete allowing workers to find better, more value- case in point. 2017 – UK regional housebuilder Miller Homes clean-tech solution to their water and waste added employment. The pace of change is and maritime-focused water treatment management requirements. In the past, significantly faster today but the outcome – specialist Evac. shipping companies would have to deal with stronger economic growth and better several suppliers for their needs in this area. lifestyles – should be similar. Along the way, Operating largely outside the south-east of Now they can rely on one, Evac, and know we see many opportunities for investments England, Miller Homes specialises in high- that it has state-of-the-art environmental that blend industrial expertise with quality family homes. Having established credentials. Evac also benefits from the technological prowess. a reputation for excellence over the years, growing popularity of the cruise sector, the company has a large land bank and Industry itself is changing too, as the lines a niche we know well and are also invested in offers significant potential for growth. The between manufacturing, services and via cruise.co. UK housing deficit is well known but the technology become increasingly blurred. government is now taking steps to remedy Once, manufacturers sold products and the situation and Miller is a clear beneficiary. occasionally became involved in repair work A Bridgepoint Europe investment, we also too. Today, cutting-edge manufacturers obtained the asset at a highly attractive price, provide products and equipment at modest in the wake of Brexit-fuelled uncertainty. profit, generating returns from maintenance

Evac Evac is a global market leader in the provision of environmentally friendly waste, wastewater, and water management systems for the marine, offshore, and building industries. 60 Bridgepoint 2017 Annual Review Technology & Media Technology & Media Bridgepoint 2017 Annual Review 61

Xavier Robert Head of Technology & Media sector €1.4bn Invested in 11 deals in the Technology & Media Technology sector in the last 10 years & Media 15% 15% of our portfolio is currently invested in the Technology & Media sector It is almost a truism to say that technology is an As computer power expands and connectivity increasingly dominant feature of today’s world. becomes pervasive, data generation rises It touches every sector and every industry. exponentially too. Of all the data in the world, Within the B2C field, retail, financial services 90 per cent was created in the past two years. and healthcare have all been disrupted by At the same time, data storage capacity has technology and will continue to be so. And soared, storage costs have tumbled and in the B2B space, such as business services advances in artificial intelligence mean that or manufacturing and industrials, technology data can be analysed more effectively than plays a growing role and has the potential to ever before. deliver radical transformation. Taken together, these interlinked forces are We can no longer say, then, that our interest potent drivers of change and we believe they in technology is limited to tech investments have two major consequences. First, software per se. Instead, every sector in the Bridgepoint is an integral part of our social and economic universe and almost every investment that fabric. And second, data analytics is becoming we consider has to be viewed through a a crucial driver of business success. technology prism. We all use software all the time: from Looking across the entire industry, several clear consumers wedded to smart phones, tablets trends emerge. and laptops, to industry reliant on computer power to increase automation so as to improve First, computer power keeps increasing. efficiency and reduce risk. Moore’s Law dictates that processing power doubles every two years. So it has proved since The production of data takes on new validity the phrase was coined in 1965 and there is once it is analysed: retailers can use it to every chance that it will continue to hold good. understand and respond to customers; healthcare outlets can use it to deepen As power evolves, connectivity follows suit. their knowledge of medical conditions; Products as wide-ranging as cars, fridges and manufacturers can use it to ensure machinery production lines are already connected to is efficiently maintained. Indeed, almost every the internet. Looking to the future, that inter- business can leverage data to improve the way connectivity – the Internet of Things – will only they operate, the way they engage with staff increase. and the way they liaise with customers.

Continued 62 Bridgepoint 2017 Annual Review Technology & Media Technology & Media Bridgepoint 2017 Annual Review 63

Dorna Once predominantly European, MotoGP has gained a global footprint during Technology & Media our investment in the business, with 19 races a year across Asia Pacific, the US and the Middle East, as well as Europe

For Bridgepoint, these insights have two logical an opportunistic basis. Nonetheless, we are Investment and portfolio performance We are also reaping the benefits of our outcomes. We focus our investment efforts on confident that significant opportunities Bridgepoint has developed a deep and genuine New York office, which provides a useful software and data analytics. remain, particularly in those niches where technology expertise and we have made perspective on US technology and, by media meets entertainment, such as cinema, extension, likely developments in Europe. We believe that high-quality businesses in the several successful investments in this field in theatre and sport. data analytics space will deliver strong and recent years. During 2017, Bridgepoint Growth acquired Web sustained growth and we are actively pursuing Our highly successful investment in Nordic These include eFront, a global leader in Financial Group, which provides software and opportunities across the sector. Cinema Group, which we exited at the end of software solutions for private equity, and services to the wealth management sector. 2016, is testament to the value that can still Headquartered in Spain, its footprint spans Within the software field, application software BigHand, which provides voice productivity be generated in the media industry. Europe, North America and Latin America. is an area of ongoing interest, particularly if software for the legal, professional services And Dorna, which manages the MotoGP We intend to support this fast-growing it addresses verticals where we already have and healthcare markets. Our investments motorbike racing series, exemplifies the business as it expands in the US and develops some experience, such as retail or financial in payment solutions firm Trustly, as well as continued lure of sport among the viewing its European presence. services. Our sector expertise and international consumer-facing businesses Deliveroo and public. Once predominantly European, MotoGP footprint can deliver concrete benefits in such WiggleCRC, highlight the added value that has gained a global footprint during our cases, helping software companies both to Bridgepoint can bring when our teams work investment in the business, with 19 races a expand beyond their home market and deepen together to deliver collective expertise. To year across Asia Pacific, the US and the Middle their exposure within their given sector. that end, we completed a significant piece of East, as well as Europe. Calypso, which provides capital markets work in 2017, assessing the opportunities for software solutions to financial institutions, technology investments in healthcare. exemplifies this type of investment and has expanded significantly since we acquired the business in 2016.

The media industry has been subject to radical change over the past decade, with many sub- sectors permanently dislocated by technology. Bridgepoint has a strong heritage in the media space, particularly around content. Mindful of disruption in more traditional parts of the industry, we now consider media on

Calypso Calypso, which provides capital markets software solutions to financial institutions

Nordic Cinema Group Our highly successful investment in Nordic Cinema Group, which we exited at the end of 2016, is testament to the value that can still be generated in the media industry 64 Bridgepoint 2017 Annual Review Current investments Current investments Bridgepoint 2017 Annual Review 65

Current investments

Portfolio company Date acquired Transaction size Revenue Fund Portfolio company Date acquired Transaction size Revenue Fund

Business A-Katsastus Group 2006 Not disclosed €132m BE II Financial Estera 2015 Not disclosed $93m BE V Services Services Anaveo*1 2015 Not disclosed €54m BDC II Moneycorp 2014 £212m £135m BE IV

Cambridge Education Group 2013 £185m £125m BE IV Primonial 2017 Not disclosed €360m BE V

Groupe CIR*1 2017 Not disclosed €183m BDC III

Element Materials Technology 2016 Not disclosed $751m BE V Healthcare Acteon*1 2016 Not disclosed €161m BDC II

HKA*1 2017 $140m $165m BDC III Balt 2015 Not disclosed €85m BE V

Inspiring Learning*1 2016 Not disclosed £34m BDC II Care UK 2010 £414m £658m BE IV

KGH Customs Services*1 2013 Not disclosed SEK695m BDC I/II Diaverum 2007 Not disclosed €669m BE III

LOC Group*1 2013 Not disclosed £52m BDC II

TüvTurk 2009 Not disclosed TRY143m BE IV Manufacturing AHT Cooling Systems 2013 Not disclosed €481m BE IV & Industrials Zenith 2017 £750m £407m BE V DMC Power 2007 Not disclosed $30m BE III

Evac 2017 Not disclosed €105m BE V

Consumer 5àsec*1 2017 Not disclosed €80m BDC III Flexitallic 2013 €450m $168m BE IV

Azzurri 2015 £250m £270m BE V Miller Homes 2017 £655m £675m BE V

Burger King 2017 Not disclosed £74m BE V Sapec Agro 2016 €456m €233m BE V

Cruise.co*1 2016 £52m £206m BDC II

Dr Gerard 2013 Not disclosed PLN387m BE IV Technology BigHand*1 2012 £48m £33m BDC I/II & Media Fat Face 2007 £360m £240m BE III Calypso 2016 Not disclosed $202m BE V

Groupe Thom 2010 €599m €652m BE IV Dorna SBK 2013 Not disclosed €339m BE IV

Hobbycraft 2010 Not disclosed £167m BE IV eFront 2015 €300m $110m BE IV

Peyman 2016 Not disclosed TRY464m BE V MVF*1 2015 Not disclosed £71m BDC II

Pret A Manger 2008 £364m £880m BE III Web Financial Group*2 2017 Not disclosed €19m BG I

Séraphine*2 2017 Not disclosed £18m BG I

Smyk 2016 €247m PLN1,217m BE V

The Dining Club Group*1 2015 Not disclosed £17m BDC II

Vitamin Well*1 2016 Not disclosed SEK1.1bn BDC III

WiggleCRC 2011 £180m £479m BE IV

*1 Denotes a Bridgepoint Development Capital investment *2 Denotes a Bridgepoint Growth investment 66 Bridgepoint 2017 Annual Review Investing responsibly Investing responsibly Bridgepoint 2017 Annual Review 67

Our core ESG principles

Investing responsibly 1 To build long-term sustainable businesses, delivering attractive returns to investors We have built responsible investing principles diligence through to ownership monitoring. in a responsible manner into our work and business practices and It is built on industry-specific best practice recognise that being a responsible investor guidance and standards developed by 2 is good for business. That is why we have the internationally recognised Principles To ensure strong ESG principles adopted a rigorous framework to ESG by for Responsible Investment (‘PRI’). We are incorporated into the Firm’s adopting strong environmental, social and also endorse the recommendations of the investment disciplines for governance principles that we believe are Walker Guidelines on greater disclosure and acquiring new businesses and in the long-term interest of our investors, transparency in private equity. during the fund’s ownership employees and portfolio companies. This framework is overseen by our Audit & Risk The Bridgepoint ESG Framework enables us to Committee which comprises senior members systematically integrate ESG into investment of the team and is led by the chairman of our decision-making, from pre-acquisition due Advisory Board. 3 To apply rigorous governance standards to the operation of the Firm and portfolio, ensuring management structures 4 facilitate transparency and To encourage diversity and accountability equality throughout the Bridgepoint workforce and those of portfolio companies, and respect international standards on human rights

Left-hand image James Holley, Head of ESG, London Centre image Thomas Moussalieh, Investment Director, 5 Bridgepoint Development To provide adequate resources Capital, Paris to support the implementation Right-hand image of Bridgepoint’s Responsible Saranyah Sukumaran, Analyst, London Investment Policy 68 Bridgepoint 2017 Annual Review Investing responsibly Investing responsibly Bridgepoint 2017 Annual Review 69

Investing responsibly

Integrating ESG into our work practices, supply chain management, The Bridgepoint ESG Framework enables cyber-security and environmental compliance. Investment Teams to systematically integrate In every case, we strive to instil the highest ESG considerations into the entire investment corporate governance standards in our life cycle, from pre-acquisition through to portfolio companies and will make the ownership monitoring and exit. It also provides necessary changes required to ensure the structure to implement our high standards appropriate structures are in place that align of corporate governance at the funds’ portfolio with our requirements and those or our companies. investors. In 2017, ESG assessments were completed for all new acquisitions that we made. Before we make a new investment Investment Teams are responsible for appraising material ESG risks and opportunities After we have made an investment as part of the due diligence process. All All Bridgepoint portfolio companies are pre-investment proposals submitted to expected to have an ESG policy in place. Typically, an ESG roadmap, as part of a Updates on ESG matters are reported to our Investment Advisory Committee for A Bridgepoint representative will be 100-day plan, will be developed, comprising our Portfolio Management Committee as consideration include an assessment of ESG- assigned to the Board and is responsible for sector-relevant initiatives to help the company part of the Firm’s regular monitoring of related factors and of a company’s ESG risks ensuring that the portfolio company Board is address any gaps and enhance existing portfolio investments and annual portfolio- and opportunities to be managed. responsible for ESG and provides appropriate processes in line with good practice standards. wide ESG reviews. resources to support implementation We also have an ESG & Risk Committee which KPIs relevant to the company and sector it of the policy. The Board is expected to We are committed to continuously improving separately reviews every new investment operates in are established for each company regularly review ESG processes and monitor our ESG Framework and practices to ensure opportunity from a risk perspective and Left-hand image to track performance. Examples of KPIs that performance at Board meetings. they are practical, drive value and are provides views where relevant. A senior Jeannele M’Bembath, have been established include health and Senior Associate, aligned to our business strategy, stakeholder partner on this committee is responsible for Once a company has come into the safety, energy consumption, carbon emissions, Bridgepoint Development requirements and changes in relevant signing off each submission. External ESG Bridgepoint portfolio, our Investment supply chain audits, employee training and Capital, London legislation and international good practice advisers and our ESG team will support the Teams, with support from our ESG team or compliance with codes of conduct. These Right-hand image standards. investment teams in completing their analysis, external advisers, will work with management Ben Marten, Senior Legal are monitored by Bridgepoint and reviewed as necessary. to ensure the portfolio company has the Counsel, London annually. appropriate policies, risk management and Key areas of focus include anti-corruption Any material incidents are reported to the reporting procedures in place to address (‘ABC’) measures (a standalone ABC review Board and Bridgepoint. In 2017, no incidents material ESG matters. is conducted on all transactions by external occurred in the portfolio that could have legal advisers), health, safety and employment materially impacted the reputation or commercial position of our companies.

Bridgepoint is a signatory of the United Nations Principles for Responsible Investment 70 Bridgepoint 2017 Annual Review Investing responsibly Investing responsibly Bridgepoint 2017 Annual Review 71

Miller Homes Working with its supply chain to source sustainable timber

In 2018 Miller Homes expects to use Integrating responsible and sustainable investing into our portfolio around 20,000 tonnes of sustainable timber in the construction of residential houses.

Recognising the environmental and social impacts of logging, the company works with its supply chain to source timber from legal and sustainable sources and will only purchase timber from suppliers located within the EU, which comply Evac with the EU Timber Regulations and are certified by the Forest Stewardship Cleantech solutions to improve Council. Each supplier is also required sustainability performance to provide evidence of a Chain of Custody certificate, as part of a Evac’s cleantech solutions are scheme that provides assurances to helping cruise liners around the purchasers that the timber provided by world become more sustainable and a supplier is sourced from sustainably efficient. On a cruise vessel fitted Zenith managed forests and is legal with with Evac energy-efficient vacuum Tackling the skill shortage toilets a minimum daily saving of respect to Timber Regulations. in the automotive space 92,400 litres is achieved (assuming 3,300 passengers each flushing a Vehicle leasing and fleet management toilet at least 10 times per day). company Zenith is operating a highly In 2016/17, Evac vacuum toilets saved successful apprenticeship scheme to around 13 billion litres of water. boost the skills shortage in its sector. 2017 was a record year for the scheme with 100% of its apprentices being hired Care UK into permanent roles that will benefit the Changing employee behaviour local community and help address the to drive sustainability automotive industry’s skills shortage. Zenith was named in the Centrica Top In September 2017, Care UK’s residential 100 Apprenticeship Employer list at the homes launched a water saving campaign National Apprenticeship Awards held in targeting 116 kitchens/canteens and over January 2018. 450 employees. Its aim? To change employee behaviour to save water through simple, practical measures. ECO Ambassadors in each home communicated ‘Top Tips’ to staff, which resulted in a 3% saving in only two months. With the addition of smart water meters implemented across the portfolio of their homes, around 40,000,000 litres of water/ year (8% reduction) has now been saved. 72 Bridgepoint 2017 Annual Review Bridgepoint Governance Bridgepoint Governance Bridgepoint 2017 Annual Review 73

Bridgepoint Governance

How Bridgepoint is managed

Bridgepoint has a number of governance An experienced leadership team Investment decisions How we manage risk structures to ensure that it remains Current members of the Group Board, Investment decisions are reached through A partner-level General Counsel is responsible accountable and transparent and that there is who are drawn from the Partnership, are: an Investment Advisory Committee (for each for ensuring that the Firm respects and adheres complete alignment of interest between the John Barber, Benoît Bassi, Michael Black, of Bridgepoint Europe, BDC and Bridgepoint to internal policies and operating procedures. Firm and its investors. Chris Busby, Raoul Hughes, William Jackson, Growth) comprising members of the group Internal guidelines are also in place to eliminate A Group Board takes executive responsibility José María Maldonado, Frédéric Pescatori and board as well as other partners with specific conflicts of interest, taking into account the for the strategic direction of Bridgepoint. Guy Weldon. sector or operating experience. Firm’s obligations under its fund management agreements and fiduciary duties. In addressing It has executive responsibility for setting the Additionally, a list of partners and other The role of the Committee is to consider conflicts, it seeks to do so with integrity, Firm’s strategy and ensuring that the shared colleagues is profiled in full on the Bridgepoint advice from the various advisory companies professionalism and in the best interest of values and business objectives we have website (www.bridgepoint.eu). within the Bridgepoint Group and to assess its investors. set ourselves are upheld and met. It has a and recommend potential acquisitions, There are a number of committees with particular focus on: divestments, refinancings, restructurings, Each Bridgepoint fund also has an Investors’ responsibility for day-to-day operations within developments and financings of investments Committee drawn from representatives of • policies, standards and procedures the Firm: the Bridgepoint Europe and BDC and investee companies in relation to the funds investors in that fund to provide a forum for required to give effect to the Group’s Operating Committees, Portfolio Management managed by the Firm and to recommend the discussion of the fund’s investment strategy strategies and goals Committee, Bridgepoint Europe and expenditure of due diligence costs. or performance and any potential or actual Bridgepoint Development Capital Investment • control of Bridgepoint’s finances conflicts of interest. Advisory Committees and Bridgepoint • regulatory and risk management Development Capital Board. These report to Advisory Board • ESG matters and the setting of ESG policy the Group Board and Partners’ Group on a The Firm also benefits from the input of and targets regular basis. an Advisory Board which provides insight, • output of the Group’s key committees, knowledge and experience to allow including the Conflicts Committee, the Bridgepoint team members to make better Allocations Committee, the Audit and informed decisions about investments and Risk Committee and the Remuneration developments as a Firm. Committee. It comprises figures from different aspects of corporate and political life who are able to provide us with external perspectives on strategic, political, social and other matters

to supplement the expertise of the Left-hand image Bridgepoint team. Michael Black, Managing Partner, Bridgepoint Development Capital Top image Rachel Thompson, Assistant General Counsel & Head of Regulation, London Right-hand image Frédéric Pescatori, Partner, Head of Investment in France 74 Bridgepoint 2017 Annual Review Bridgepoint Giving Bridgepoint Giving Bridgepoint 2017 Annual Review 75

Empowering % Children Foundation 80 A Polish charity working with children to The ability of the children is protect them from abuse and violence monitored at the start and the end of the programme to Bridgepoint Giving ascertain the effectiveness of the clubs which currently enjoy an 80% success rate

Bridgepoint Charitable Trust Coup de Pouce Improving the literacy and Our charitable foundation – Bridgepoint numeracy of children in France Charitable Trust (‘BCT’) – was formed and is funded by the Firm and its employees. It provides support to charities nominated by In 2017 the Trust also supported a brand new The ability of the children is monitored at our teams across our network and considered charity in France – Coup de Pouce, which the start and the end of the programme to by trustees who are drawn from across the works to fight against early failure at school. ascertain the effectiveness of the clubs Firm. BCT also matches the fundraising efforts The charity aims to improve the literacy and which currently enjoy an 80% success rate. of individual team members and supports numeracy of children in France by running The charity currently supports 11,000 children the charities sponsored by colleagues or after-school clubs for small groups of per year and aims to increase this to 13,000 companies having a close relationship with children, predominantly in deprived areas. children in 2018. It also helps parents of affected children to the Firm. The BCT donation of €60k will help fund new become more involved in encouraging their clubs by paying the costs for use of premises, In 2017 the Trust donated £177,000 to charities, children to read and write. including continuing support for Contact the teachers and equipment. Elderly in the UK, and the Empowering Children It targets children aged 6–7 years by inviting them to attend 1.5 hour sessions in small Foundation in Poland. Both charities had been www.coupdepouceassociation.fr supported by the Trust the previous year. groups, 4 days per week. Typically, the children require additional help as French may not be their first language, or there is insufficient parental support at home.

Contact the Elderly A UK charity that is dedicated to tackling loneliness and social isolation among older people through face-to-face contact 76 Bridgepoint 2017 Annual Review Offices Offices Bridgepoint 2017 Annual Review 77

Offices

Amsterdam New York Bridgepoint Advisers Honthorststraat 16 H 10 East 53rd St. Limited, a subsidiary of Bridgepoint Advisers Group 1071 DE Amsterdam 28th Floor Limited, is authorised and The Netherlands New York, NY 10022 regulated by the Financial Conduct Authority Tel: +31 (0) 20 280 3100 USA +1 212 324 5200 Frankfurt Neue Mainzer Straße 28 Paris 60311 Frankfurt am Main 21 Avenue Kleber Germany 75116 Paris Tel: +49 (0) 69 210 877 0 France Tel: +33 (0) 1 70 22 53 00 Istanbul Vişnezade Mahallesi Shanghai Suleyman Seba Caddesi 21F Unit 2110-2111 BJK Plaza no:48 Shanghai One ICC A blok 9.kat D:93-94 999 Huaihai Road (Middle) Akaretler/Istanbul 200031 Shanghai Turkey China Tel: +90 212 310 8252 Tel: +86 21 6193 7688

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Madrid C/. Rafael Calvo 39A-4º 28010 Madrid Spain Tel: +34 91 702 24 90 www.bridgepoint.eu