annual report 2017 Content Profile

1 9 16 here are many entrepreneurs in France and elsewhere Profile funds under  ESG in Europe aiming to make their companies champions of their industries, both at home and abroad. To succeed, management social report these entrepreneurs need the backing of a committed Tinvestor who can provide vital resources and support. We, at , are motivated by realising 2 the potential of these companies and developing them.  Interview 10 18 Our 45 years of experience and sector specialisation represent the key strengths that make us the right choice. They enable with Eddie Misrahi 2017 a positive portfolio us to identify the most promising companies in our specialist CEO and active year performance sectors, understand their growth drivers and Leading support their management as they work to achieve their ambitions. Our strong values and ethics also set us apart. 4 We pride ourselves on being a professional, 12 20 firm in Europe. respectful, exacting and bold partner. The team Fund performance By selecting Apax Partners, entrepreneurs are choosing a committed, supportive and stimulating investor who will share their vision, their strategy and their long-term development. 6 Our success is built on the close, trust-based relationships 13 22 that our teams have with our entrepreneurs and investors Business model Divestments Portfolio alike, and on our desire to succeed as a team. Apax Partners is an established, leading private equity firm companies both in France and in Europe. We assist entrepreneurs who have ambitious growth plans for their business. 7 14 our strategy 2017 28 2017 KEY FIGURES portfolio Value  Digital Creation communication € 3.3 bn €8 27 m € 317 m 8 FUNDS MANAGED PROCEEDS ACROSS INVESTMENTS ESG strategy AND ADVISED ALL FUNDS AND COMMITMENTS including… 24 € 110 m This report covers the activities of funds managed by Amboise Partners SA PORTFOLIO COMPANIES CO-INVESTED and Apax Partners SAS. AT 31 DECEMBER 2017 BY OUR INVESTORS

Annual report 2017 I APAX PARTNERS I 1 Interview with Eddie Misrahi CEO

In 2017, Apax Partners once again demonstrated its ability to create value in its portfolio.

Performance We invested €317m in three new companies and € 317 m follow-on investments in existing portfolio companies; we received €280m in proceeds. INVESTED Positive activity In 2017, our portfolio companies again demonstrated their ability to create value: their revenue grew on average by 16% and their EBITDA by 18%, and we carried out 19 build-ups. +16 % Seven of the nine mid-sized companies in our portfolio ranked among the 150 that outperformed in France, and four REVENUE GROWTH of them were in the top ten.

European expansion 2018 is set to be just as active as 2017. Our next challenges “2017 was are to complete the Development activity’s first fundraising and +18 % continue to grow in Europe. After recruiting a new Senior Advisor for the Benelux countries, we have our sights set on Italy and EBITDA GROWTH the opening of our new office in Milan and the recruitment of an especially a senior advisor. active year” 2017 FIRM OF THE YEAR IN FRANCE In March 2018, Apax Partners received the Private Equity International Award 2017 “Firm of the year in France”. Full video interview Organised since 2001, the prize is awarded by Private Equity professionals based available on Apax Talks on a list of nominees selected by the PEI revue. www.apax.fr/en/apaxtalks/

2 I APAX PARTNERS I Annual report 2017 Annual report 2017 I APAX PARTNERS I 3 the team

9

4 5 6

3 7 8 10

11 12 2 1

PARTNERS 1 Eddie Misrahi CEO 7 Olivier Le Gall Partner TMT and Consumer 2 Caroline Rémus President of Apax Partners Development 8 Isabelle Hermetet Partner TMT and Services 3 Damien de Bettignies Partner TMT 9 Bruno Candelier Partner Consumer 4 Guillaume Cousseran Partner Investor Relations 10 Gilles Rigal Partner TMT 5 Bertrand Pivin Partner Services and Healthcare, Head of ESG policy 11 Thomas de Villeneuve Partner TMT 6 Franck Hagège Partner Consumer 12 Monique Cohen Partner Services, Head of Business Development

4 I APAX PARTNERS I Annual report 2017 Annual report 2017 I APAX PARTNERS I 5 Business model our strategy

Investors RAISES FUNDS

Pension funds, listed PE, 7 pillars funds of funds, family offices, We take significant equity stakes in innovative, insurers and banks fast‑growing companies that we can help with our expertise.

Sector specialisation*

TMT CONSUMER HEALTHCARE SERVICES

PROVIDES LONG TERM EQUITY FINANCING 29 DEALS 25 DEALS 4 DEALS 14 DEALS

MIDMARKET DEVELOPMENT € 1,100 m € 682 m € 183 m € 889 m € 50/200 million tickets € 10/30 million tickets INVESTED INVESTED INVESTED INVESTED

*Since 1990

Value creation Collaboration Majority Apax Partners focuses the Apax Partners’ relationship or minority stakes growth strategy of its portfolio with the management teams Apax Partners typically companies on three specific is based on a shared enterprise takes majority or significant- TMT SERVICES areas: internationalisation, vision, strictly aligned minority stakes and has build-ups and digital financial interests, and clearly systematic representation transformation. defined respective roles. on the Boards of its portfolio companies. We also accept CONSUMER HEALTHCARE Focused on growth Small and mid-cap minority positions if the SUPPORTS Apax Partners invests Apax Partners targets transaction is based on a ENTREPRENEURS primarily in companies with investments in small and genuine partnership with the strong fundamentals and mid-size companies located management team, which a potential for accelerated in Europe. confers us certain rights. growth through strategic and CREATES VALUE operational change. Long-term Value Apax Partners typically Creation Model operates on a five-year horizon, though DIGITAL TRANSFORMATION this depends on the specific INTERNATIONALISATION business plans and value BUILD-UP creation objectives.

SELLS COMPANIES SUPPORTED

6 I APAX PARTNERS I Annual report 2017 Annual report 2017 I APAX PARTNERS I 7 esg strategy funds under management

Responsible investment process and monitoring.

Governance A contribution at every stage overN € 3 B under management The company is managed by committees at of the investment process The fundraising of Apax France IX was achieved thanks the strategic and investment levels. Prior to an acquisition, we: - conduct ESG due diligence; to renewed confidence from a vast majority of historical investors Compliance - integrate ESG principles into offers and and more than 20 new institutional investors. Apax Partners is a portfolio management shareholder agreements. company regulated by France's financial During the holding period, we: FUNDS UNDER MANAGEMENT AS OF 31 DECEMBER 2017 (in €m) regulatory authority (Autorité des Marchés - define a specific roadmap with management; Financiers, AMF). The firm manages regulated - encourage the appointment of a company funds (Fonds Professionnels de Capital project leader; 1,030 Investissement - FPCI) and complies with the - support implementation of the action plan; EU’s Alternative Investment Fund Managers 900 - follow through the implementation and results Directive (AIFMD). Apax Partners is also a via appropriate governance. member of France Invest, the French private Total investments 701 equity association. At exit, we: Raised - provide ESG vendor due diligence. Transparency Invested The company continuously provides detailed ESG initiatives 380 reporting to its investors on the performance - In 2016, Apax Partners completed two pilot of investment funds and portfolio companies. projects to measure ESG contribution to value creation. Both pilots confirmed a positive 99 A voluntary ESG approach impact and led us to extend the initiative Apax Partners decided, in 2011, to embrace to other portfolio companies. Apax EPF Apax Apax Co-investment a comprehensive environmental, social, and - In 2015, Apax Partners launched Initiative France VII IV France VIII France IX funds governance (ESG) strategy and joined the PRI, Climate 2020 with 4 other Private Equity the world's leading proponent of responsible 2006 2011 2011 2016 2011-2017 firms. This initiative is the first private investment. equity commitment to manage and reduce greenhouse gas emissions in portfolio ESG Team companies and comprises 17 signatories BREAKDOWN OF LPS – APAX FRANCE IX Apax Partners decided to allocate dedicated to date. Apax Partners contributes also to resources: a partner and an ESG Director to the PRI guide “Integrating ESG in private coordinate the ESG policy. For each company, equity” with a dedicated Apax Partners Apax Partners’ ESG team provides concrete Pension funds 32% case study. support to implement and follow through its Listed PE 30% France 49% tailor-made action plan. - Apax Partners is an active member of France Invest's ESG commission. Funds of funds 16% Rest of Europe 31% By type By geography Family offices14% North America 20%

Insurers 8% In 2017, Apax Partners was assessed by the PRI A+ in “Strategy & Governance” and A in “Private Equity”. Banks 0.5% In 2016, Apax Partners won the ESG Prize awarded by Private Equity Magazine. In 2012, Apax Partners was awarded from Pantheon the “GP Responsible Investing Award”.

8 I APAX PARTNERS I Annual report 2017 Annual report 2017 I APAX PARTNERS I 9 2017 a positive and active year Investments Divestments 3 investments in market 6 exits leading businesses Generated €278m proceeds across all funds. Compagny 2017 revenue Evolution Value creation Position €317m were invested and committed, including €72m of follow-on investments to develop existing portfolio companies ALTRAN TMT Activity: MidMarket € 2,282m + 40% From European Reference and €110m co-invested by our investors. Global leader in innovation and revenue since to Global leadership shareholder high-tech engineering consulting. acquisition 18 build-ups CIPRÉS ASSURANCES SQUAD RAUTUREAU GROUP in 2007 Sale of 8,4% of the share capital. SERVICES TMT CONSUMER 2017 revenue: €74m 2017 revenue: €27m 2017 revenue: €40m GFI INFORMATIQUE TMT Wholesale broker for life, Specialist in cyber-security Manufactures and distributes Activity: MidMarket € 1,132m X 2 Business model Minority* disability and health , which and digital transformation. high-end shoes, including iconic Major player in value-added revenue since transformation designs, underwrites and manages brands such as Free Lance and IT services and software in Europe. acquisition and international health and protection insurance OUR INVESTMENT PROJECT No Name, as well as Jean-Baptiste in 2007 expansion programs for self-employed workers, Accelerate Squad’s growth Rautureau, Schmoove, Armistice Sale of c. 12% of the share capital 20 build-ups managers and employees of SMEs. through organic development and Héroïne. and voting rights. or targeted acquisitions, to OUR INVESTMENT PROJECT strengthen the cyber security OUR INVESTMENT PROJECT L'ATELIER Position CIPRÉS Assurances cluster or to complete its Develop Free Lance’s DES COMPAGNONS SERVICES € 50m x 2.3 ADC Lab launching, Reference as the leading multi-products geographical coverage. brand potential, whose Activity: Development revenue since an innovative approach shareholder player addressing the fundamentals, product quality, French General construction investment around Digital Building Entrepreneurs insurance needs brand universe and reputation company. in 2011 services by digitalising all the processes, remain in a good dynamic. 2 build-ups expanding the brokers network, The group will also revitalise increasing the brokers activity its well-established network, GLOBE SERVICES rate and launching product implement a digital strategy Activity: Development € 40m + 60% From French Reference diversification. and accelerate export. French leader of revenue since to European leader shareholder shopper marketing. investment 2 build-ups INVESTMENTS ACROSS ALL FUNDS 2013-2017 (in €m) in 2012

369 TELLIGO CONSUMER Activity: Development € 34m + 60% 3 build-ups Reference Total investments 317 Thematic summer camp leader. revenue since shareholder Follow-on investments 238 investment in 2009 New investments 214

3 Number of investments THERMOCOMPACT TMT 90 Activity: Development € 78m + 40% Huge R&D investment Reference Innovative coatings and wires profitability in new very promising shareholder 2 31 2 3 for high tech industry. since investment products in 2012 1 build-up

2013 2014 2015 2016 2017 *Following Mannai acquistion.

12 I APAX PARTNERS I Annual report 2017 Annual report 2017 I APAX PARTNERS I 13 2017 portfolio value creation Internationalisation Digitalisation International activities now represent 50% of our portfolio MELITA launched a new TV platform offering all SANDAYA launched a new version of its internet companies’ annual revenue. services in OTT and set up its e-shop which now site to increase online reservations and serve represents c. 10% of all orders. as base for future digital developments. The company also strengthened its team with ALTRAN acquired US company Aricent, AFFLELOU GROUP continues its international VOCALCOM launched Videosign, the first 100% the arrival of a managing director in charge of a global digital leader in design and engineering development with the opening of 35 stores digital mobile one-to-one purchasing solution, sales, marketing and digital. services, creating the undisputed global leader bringing the company’s total number of stores via its subsidiary Opportunity. The company in ER&D services. outside France to more than 520. also received Telephony’s Labs Innovation 2017 THOM EUROPE continues its omnichannel  price for its cloud solutions dedicated to contact development. It has recruited an e-commerce MARLINK acquired OmniAccess, the Spanish The FDA approval opens the highly attractive centers. Vocalcom has also been positioned as manager to step up this business in Italy, pooled leader of satcom solutions in the high-end US market to AMPLITUDE SURGICAL. a Visionary in the Gartner 2017 Magic Quadrant inventory to slash order delivery lead times and yachting market, creating the worldwide leader for Contact Center as a Service. launched instore digital, whereby customers can in maritime VSAT services. order jewellery engravings instore via a tablet. INFOVISTA continues to digitalise its operations by providing fully digitalised performance and MARLINK won the Safety4Sea award for its compensation management to all employees. XChange Telemedecine which provides the 19 Build-ups ability for immediate diagnosis and online AFFLELOU GROUP launched its new website interaction with a doctor on shore with several €775m additional revenues and €205m additional EBITDA. with the objective of increasing online sales and medical examinations. qualified web-to-store traffic. Portfolio Company Buildp -u 2017 revenue Value Creation Position EUROPE SNACKS began to implement a fully ALTRAN TMT ARICENT € 2,282m + 40% Reference integrated Manufacturing Execution System Activity: MidMarket Global digital leader additional revenues shareholder monitoring production lines in real time to reach Global leader in in design and a factory 4.0 production mode. innovation and engineering services. high-tech engineering consulting.

* MARLINK SERVICES OMNIACCESS $ 423m Access to Yachting, Majority

Activity: MidMarket Leading specialised technology Barometer of the digital maturity of mid-sized BAROMETER OF THE DIGITAL MATURITY French companies Satellite communication maritime connectivity advanced maritime 2nd edition Primed to start and digital solutions. solutions provider. vertical February 2018 Apax Partners and EY, with the support of the Meti (Association of French mid-size companies) have published the second edition of the Barometer on the digital ** ** SANDAYA CONSUMER Acquisition € 47m + 85% Majority maturity of mid-size companies, based on a survey carried out on 151 companies Activity: MidMarket of 5 new campsites additional in October 2017 by the CSA institute. Outdoor for the 2018 season. revenues accommodation More on http://www.apax.fr/en/2018/02/07/barometre-digital-eti/

group with four and With the support of five-star campgrounds in France and Spain.

*Excluding OmniAccess. **Pro forma of the 5 new campsites.

14 I APAX PARTNERS I Annual report 2017 Annual report 2017 I APAX PARTNERS I 15 ESG social report

2017 SOCIAL REPORT 2017 esg initiatives 5,500 60,300 56,300 As of 31 December 2017, 24 fast-growing, innovative companies 3,600 in our sectors of specialisation, led by high-level entrepreneurs. -5,100

AMPLITUDE SURGICAL EUROPE SNACKS INFOVISTA Business ethical charter Investing in employee training Ensure we accompany our employees to prevent Olivier Jallabert Carole Guérin stress related difficulties 31/12/2016 2017 31/12/2017 2017 31/12/2017 CEO Human Resources Manager Total number Portfolio Total number Net employment Total number Philippe Ozanian Amplitude’s business Ethical Europe Snacks emphasises of employees perimeter change* of employees increase of employees CEO Charter intends to inspire employee training, with the (MidMarket (MidMarket (Development (MidMarket (MidMarket and employees' actions with design and implementation At Infovista, we believe that activity) activity) activity) activity) Development customers, partners and of workstation-related giving your best potential activities) *Exit of Unilabs, acquisition of CIPRÉS Assurances. suppliers aims and federating training courses for people in at work goes with a safe around values such as: world production jobs. These training and secure work place which of medical devices, conflicts of courses lead to Professional cares for employee’s welfare. INSEEC U. competence needs, training 200 people socially fragile, interests, working environment Qualification Certificates In several of our worldwide Promotion of the most programs and to maintain and including homeless, isolated and stock-market ethics. created and recognised by agri- locations, we have set up deserving students develop our employees and elders and children who are in food industry professionals. Health & Safety Committees performance excellence. vulnerable social and economic Sylvie Faucheux CIPRÉS ASSURANCES which oversee everything situation. One of the greatest CSR Commission President Attract and retain best talents GFI INFORMATIQUE from employee’s personal MELITA human tragedies in the cities is with diverse backgrounds Partner of "Tous HanScène" ergonomics to psychosocial INSEEC U.’s “Innovation & Reducing carbon footprint exclusion, we felt that together health, and conduct regular Diversity” endowment fund of Datacenter we can help to launch bridges so Laurent Ouazana Nicolas Juvin-Piron prevention inspections. We is committed to supporting nobody feels excluded. President Director of Social Affairs Simon Montanaro work closely with healthcare deserving students whose and Operational Management CTO Diversity among its employees partners or social assistants, personal or family situation SANDAYA of Human Resources is a key driver to tap into the to prevent any physical or jeopardises their pursuit of Melita will progressively build "Eco Attitude" best talent pools and retain For the first time, Gfi moral stress related issues. academic excellence. The first out solar energy to power our Eric Grivet its workforce. 69% of CIPRÉS’ Informatique became 17 students from business and data center, the largest and Environment and Energy Manager employees and 50% of top a partner of the “Tous engineering schools have been most advanced facility of its management are women. HanScène” operation with the recipients of this scholarship of kind in Malta. The final goal is to On a day-to-day basis, CIPRÉS also puts a strong focus aim of mobilising its employees excellence for 2017-2018. produce all our energy without our teams are involved in in continuously improving around disability. “We are emitting CO2 in the atmosphere. the analysis, prevention work environment quality and determined to encourage MARLINK and improvement of fluids continuing education policy. students from our partner Commitment to Our People NOWO & ONI management. In 2018, we schools to participate in this Partner with "Serve-the-city" launched the implementation Birgit Sandin Vildalen competition, through trainees building bridges for the socially of an industrial analysis system, Head of Q&HSE and alternates currently on excluded followed by detections of our assignment at our home, but Marlink has rolled out the potable water networks. The Miguel Venâncio also that our collaborators HR management system sizing of our ESG investments CEO participate in the game and “People@marlink” to create is built on preservation of our vote for their favorite video.” a common culture across the A group of 55 employees natural and economic resources group and a direct dialogue volunteered to serve a for an environmental future, with employees, to identify community dinner to around shared, stable and realistic.

16 I APAX PARTNERS I Annual report 2017 Annual report 2017 I APAX PARTNERS I 17 Portfolio performance

Debt ratios strong operating The debt multiple of the portfolio is represented by the ratio of total net debt to EBITDA. MidMarket Development The average debt multiple of the portfolio The average debt multiple of the portfolio performance decreased at 4.2x at the end of 2017, against decreased from 2.4x in 2015 to 2x in 2017. 4.7x at the end of 2016. This decrease of the This decrease is mainly due to (i) two exits Operating performance total net debt is mainly due to the exit of Unilabs in 2016 and 2017 with 4.2x leverage ratio in Portfolio companies posted a 18% increase in their aggregate (which had a total gross debt of nearly €900m) average and (ii) cash flow generation, partially EBITDA. This performance can be benchmarked against the partially compensated by the new transaction compensated by the new transactions achieved aggregate EBITDA of the 35 non-financial companies included in achieved in 2017, CIPRÉS Assurances. in 2016 (Silvya Terrade Group, JVS Group and the CAC 40, which posted a 5% increase in their aggregate EBITDA. Nelite) and 2017 (Rautureau Group and Squad) The LBO debt multiple averages 2.9x, while the with 3.7x net debt in average at the closing date. 81% average operating debt multiple is 1.3x. 70% Regarding the repayment schedule, amortising 50% debt (tranche A) represents 4.3% of the total LBO debt, while the remaining 95.7% is bullet 30% 20% 18% debt. The portion of LBO debt with maturity -5% 11% 10% -1% 9% 3% 6% 2% 5% 4% dates prior to December 2019 represents 5.7% of the total. -10% 2013 vs. 2012 2014 vs. 2013 2015 vs. 2014 2016 vs. 2015 2017 vs. 2016 5 years combined

Apax Partners’ portfolio companies DEBT RATIOS (net debt/last 12 months EBITDA) CAC 40 companies (excluding financial institutions)

4.4 4.7 4.2 Gross portfolio return In 2017, although EBITDA grew by 18% in 3.8 3.7 Gross portfolio return (GPR) measures the portfolio companies, Apax Partners generated a 2.5 2 2.4 2 2 change over the year in portfolio valuation, GPR of 4% across all its funds, mainly due to the including both realised and unrealised value. decrease in comparable companies’ valuation It is calculated on a mark-to-market basis and multiples in certain sectors. December December December December December is expressed as a percentage of the opening 2013 2014 2015 2016 2017 portfolio value.

MidMarket 23% 25% 20% Development 17%

4%*

2013 2014 2015 2016 2017

*Combination of MidMarket and Development activities.

18 I APAX PARTNERS I Annual report 2017 Annual report 2017 I APAX PARTNERS I 19 fund performance

Performance by fund strong outperformance Apax France VII Apax France VIII EPF IV Apax France VII (€900m) closed Apax France VIII (€701m) EPF IV (€99m) closed in 2011 in 2006 and is fully invested. closed in 2011. By the end of and is fully invested. By the of apax funds By the end of 2017, nine 2017, 97% of the fund was end of 2017, six out of the investments had been sold invested and two investments fourteen investments of Our growth and sector-focused strategy has proven successful across (Buy Way Personal Finance, have been sold: Codilink and the fund have been sold (La the fully-invested funds managed by Apax Partners. Equalliance, Faceo, Infopro TEXA. The fund is still invested Maison Bleue, ADC, Findis, Digital, Maisons du Monde, in eight companies: Amplitude AGS, ThermoTechnologies Prosodie, U10, Unilabs, and Surgical, Europe Snacks, and Globe) and 69% of the Global performance to investments in each stock IRR of 19% (since 2000) and Capio) and 129% of drawdown INSEEC U., Marlink, Melita, drawdown capital has been The performance is measured market index, based on the 13.5% (since 2006) shows the capital has been returned to Nowo & ONI, SK FireSafety returned to investors. The as the IRR (internal rate of premise that the same amounts strong outperformance of investors. The fund is still Group and Vocalcom. fund is still invested in return) of all investing and had been invested and divested. Apax funds compared to stock invested in five companies: eight companies: Consort divesting cash-flows, using the markets. Apax France IX The chart below presents the Altran, Gfi Informatique, NT, Teknimed, Sylpa, Silvya portfolio value at the end of Apax France IX (€1,030m) performance of Apax funds AFFLELOU Group, Royer Group Terrade Group, JVS Group, December 2017 as the terminal started investing in 2016. during two different periods: and THOM Europe. Nelite, Rautureau Group and value. The IRR is compared to By the end of 2017, 37% - 2000–2017, 2000 being the Squad. the performance of various of the fund was invested date at which Apax France VI indices applying the same in four companies: CIPRÉS started investing; stream of cash-flows over time. Assurances, InfoVista, - 2006–2017, 2006 being the This allows the performance Marlink and Sandaya. date at which Apax France VII of Apax Funds to be compared started investing.

Launched Fund size Net Net Net IRR PERFORMANCE OF APAX FUNDS COMPARED TO STOCK MARKETS 2000-2017(1) Multiple Distribution

(excluding Apax Partners Development) Apax France VII 2006 € 900m 1.6x 1.3x 7.5% 19.0% Benchmark median 1.4x 1.1x 6.7% 13.5% Apax France VIII 2011 € 701m 1.4x 0.4x 11.9% 2000-2017 7.0% Benchmark median 1.3x 0.3x 10.7% 5.9% 2006-2017 4.7% 3.2% 2.5% 1.4% 1.9% EPF IV 2011 € 99m 1.2x 0.7x 6.4%

negative negative negative Apax funds(2) CAC 40 (1) MSCI Europe S&P 500 (1) FTSE 100 MSCI World

Sources Apax France VII and VIII: Apax Partners / Cambridge & Associates, - Global ex. US, Q3 2017. (1) Source: Euronext, MSCI, Yahoo! Finance. Note: return figures for public indices generated using (2) Gross IRRs do not reflect management fees, carried gross cash flows for Apax funds. The analysis assumes that interest, taxes or transaction costs and other expenses borne by investors that reduce net returns. Excluding cumulative drawdowns are invested in and distributions are Development activities. withdrawn from the index. negative Negative IRR.

20 I APAX PARTNERS I Annual report 2017 Annual report 2017 I APAX PARTNERS I 21 24 fast-growing, innovative companies in our sectors of specialisation, portfolio led by high-level entrepreneurs. companIES 60,300 € 7.4 bn 16 % PEOPLE EMPLOYED TOTAL REVENUE AVERAGE REVENUE as of 31 december 2017 GROWTH 18% 19 AVERAGE EBITDA GROWTH BUILD-UPS ACQUISITIONS

TMT CONSUMER HEALTHCARE SERVICES

MIDMARKET MIDMARKET MIDMARKET MIDMARKET ALTRAN AFFLELOU GROUP AMPLITUDE SURGICAL CIPRÉS ASSURANCES GFI INFORMATIQUE EUROPE SNACKS INSEEC U. INFOVISTA ROYER GROUP DEVELOPMENT MARLINK MELITA SANDAYA TEKNIMED SK FIRESAFETY NOWO & ONI THOM EUROPE VOCALCOM DEVELOPMENT DEVELOPMENT SYLPA DEVELOPMENT GARELLA GROUP JVS GROUP RAUTUREAU GROUP NELITE SYLVA TERRADE GROUP SQUAD

22 I APAX PARTNERS I Annual report 2017 Annual report 2017 I APAX PARTNERS I 23 Portfolio companies MIDMARKET

services to consumers and now insurance programs for self- mobile services. ONI is one of the employed workers, managers and leading telecoms operators in employees of SMEs. Portugal offering services dedicated to corporate customers.

TMT TMT CONSUMER CONSUMER ALTRAN INFOVISTA EUROPE SNACKS THOM EUROPE Dominique Cerutti CEO Philippe Ozanian CEO Christophe Fenart CEO Eric Belmonte Executive Chairman Romain Peninque CEO 2017 revenue €2,282m 2017 revenue c.$200m 2017 revenue €267m SERVICES

2017 revenue €644m INSEEC U. As a global leader in Engineering Network Performance Market leader in Europe for savoury TMT Catherine Lespine CEO and R&D services (ER&D), Altran Orchestration solutions for snacks sold under private labels. Leading jewellery retailer in Europe. VOCALCOM offers its clients a new way IT-intensive enterprises and 2017-2018 budget €220m Anthony Dinis Founder to innovate by developing the communication service providers. Carlo Costanzia CEO Leading private education Group products and services of tomorrow. in France. 2017 revenue €33m

Omnichannel contact center and inside sales platform helping businesses drive a more effective sales team, and create effortless CONSUMER HEALTHCARE customer experiences, journeys, ROYER GROUP AMPLITUDE SURGICAL and relationships. TMT Jacques Royer CEO Olivier Jallabert CEO and founder TMT MELITA 2017 revenue €278m 2017 revenue €93m SERVICES GFI INFORMATIQUE Harald Rösch CEO MARLINK Vincent Rouaix CEO Designs, sources, markets Leading French player on the global 2017 revenue €67m Erik Ceuppens CEO and distributes branded and surgical technology market for 2017 revenue €1,132m Converged unbranded footwear products lower-limb orthopedics. 2017 revenue $423m Major player in value-added IT operator in Malta offering internet, for the massmarket. The largest technology-independent services and software in Europe television, fixed telephony and satellite communication provider. with a strategic position in its mobile services. CONSUMER differentiated approach to global AFFLELOU GROUP firms and niche entities. Didier Pascual CEO

2017 revenue €373m

Europe’s leading network of franchise SERVICES optical and hearing-aid stores. CONSUMER CIPRÉS ASSURANCES SANDAYA Laurent Ouazana Chairman SERVICES TMT François Georges Co-Founder Sylvie Langlois CEO SK FIRESAFETY NOWO & ONI Ewald Draaijer CEO 2017 revenue €47m 2017 revenue €74m Miguel Venâncio CEO 2017 revenue €109m Outdoor accommodation Wholesale broker for life, 2017 revenue €117m group with four and five-star disability and health insurance, Fire safety company with Nowo is the second-largest cable campgrounds in France and Spain. which designs, underwrites and innovative solutions and services operator in Portugal. It offers pay manages health and protection rooted in deep sector knowledge. TV, internet access, fixed telephony

24 I APAX PARTNERS I Annual report 2017 Annual report 2017 I APAX PARTNERS I 25 Portfolio companies DEVELOPMENT

In 2017, Apax Partners launched Apax Partners Development, its small-cap TMT TMT CONSUMER CONSUMER HEALTHCARE JVS GROUP SQUAD GARELLA GROUP SILVYA TERRADE GROUP TEKNIMED activities. Nebojsa Jankovic Eric Guillerm and Marc Brua CEO Jean-Brice Garella Grégory Declercq Carole Léonard CEO Executive Chairman Executive Chairman Executive Chairman 2017 revenue €27m 2017 revenue €10m

2017 revenue €27m 2017 revenue €17m 2017 revenue €20m Specialist in cyber-security European leader in the design, Management and and digital transformation. Designs collections of women's French leader in beauty and hair- manufacturing and distribution e-administration software for ready-to-wear brands. styling training. of bone cements and substitutes, small- and medium-size local biodegradable implants and related communities and water services. instruments for orthopaedic and spine surgery.

CONSUMER RAUTUREAU GROUP TMT Véronique Makarian NELITE Executive Chairman SERVICES Arnaud Berrebi Executive Chairman SYLPA 2017 revenue €40m Maxence Censier CEO Pascal Fournet-Fayard Manufactures and distributes Executive Chairman 2017 revenue €15m high-end shoes, including iconic 2017 revenue €50m Consulting, integration and brands such as Free Lance and outsourced IT services firm No Name, as well as Jean-Baptiste Recognised specialist in electrical with main expertise in Microsoft Rautureau, Schmoove, Armistice engineering, installation and infrastructure, especially and Héroïne. maintenance. cloud, cybersecurity and digital technologies.

26 I APAX PARTNERS I Annual report 2017 Annual report 2017 I APAX PARTNERS I 27 Digital communication CONTACTS

Don’t forget every month to read Apax Talks, Chairman and CEO Business Development with more than 50 interviews of CEO, experts and Apax team. Eddie Misrahi Aida Ben Lamine [email protected] [email protected]

Partners Communication

Damien de Bettignies Coralie Cornet [email protected] [email protected]

Bruno Candelier [email protected]

Monique Cohen [email protected]

Guillaume Cousseran [email protected]

Franck Hagège [email protected]

Isabelle Hermetet [email protected]

Olivier Le Gall [email protected]

Bertrand Pivin [email protected]

Caroline Rémus [email protected]

Gilles Rigal [email protected]

Thomas de Villeneuve [email protected]

Editorial Director: Coralie Cornet Twitter @ApaxPartners_FR T Photo credits: Serge Verglas, Getty images, DR For this annual report, Eddie Misrahi, Partners and Coralie Cornet would like to thank all the portfolio companies’ teams for their participation, availability and enthusiasm. LinkedIn Apax Partners sas l 1 rue Paul Cézanne - 75008 Paris - France +33 (0)1 53 65 01 00 [email protected] www.apax.fr

Youtube Apax Partners Certifié PEFC. Ce produit est issu de forêts gérées durablement et de sources contrôlées. 10-31-2711 pefc-france.org. This document is printed in France by an Imprim’Vert certified printer on PEFC certified paper produced from sustainably managed forest.

28 I APAX PARTNERS I Annual report 2017 Annual report 2017 I APAX PARTNERS I 29 1 rue Paul Cézanne – 75008 Paris France +33 (0)1 53 65 01 00 [email protected] apax.fr apax.fr/apaxtalks T l