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Purpose Performance Bridgepoint 2018 Annual2018 Review PURPOSE PERFORMANCE 2018 Annual Review Contents Who we are 1 Our investments in 2018 3 Understanding our business 5 Bridgepoint in numbers 6 Geographic reach 7 Our investors 8 A message from our Managing Partner 10 Our investment & sector expertise 32 Current investments 46 Understanding our responsibilities 48 CREATIVE How we manage our business 58 Offices 60 THOUGHTFUL Who we are Bridgepoint is an international fund management group. Our aim is to deliver attractive returns to our investors by investing in well-managed middle-market companies and to build stronger, broader-based businesses with greatly enhanced long-term growth potential. As a long-established, experienced and responsible private equity investor, we help businesses and management teams by investing in expansion and operational transformation or by funding consolidating acquisitions. We are attracted by opportunities in sectors and niches with strong underlying growth. Underscoring our duty to invest responsibly, all of us at Bridgepoint are driven by a set of values and beliefs about how we should do business. These are shared across our Firm and are fundamental to our professional and personal conduct. They help us maintain the highest levels of corporate governance and apply the highest standards of professionalism across the Firm. Johan Gustaffson, Director & Martin Janson, Investment Director, Bridgepoint Development Capital, Stockholm Bridgepoint 2018 Annual Review 1 DEPTH Our investments REACH in 2018 The three Bridgepoint private equity funds investing in 2017 – Bridgepoint Europe, Bridgepoint Development Capital and Bridgepoint Growth – continued to target a high-quality range of growth-focused businesses. Our extensive in-country presence, boosted by the addition of offices in Amsterdam and San Francisco, 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 We continued to target geographic and operating sectors with strong platform combined with underlying structural drivers our long-term sector growing ahead of the broader coverage continued to economy or where Europe generate new investment continues to have a global opportunities. With a focus advantage. Companies on six sectors, our teams with opportunities for have a deep understanding international expansion were of markets and extensive also the focus of our efforts. industrial networks and Similarly, our funds were relationships. This enabled also able to capitalise on our funds to bring market prior investment strategies insight to bear in accelerating at similar businesses to growth in our portfolio execute strategic plans with companies as well as confidence and experience. generating investment opportunities outside intermediated processes. Jonathan Zhou, Partner & Faye Wang, Executive Assistant, Shanghai 2 Bridgepoint 2018 Annual Review Bridgepoint 2018 Annual Review 3 Understanding our business We are driven by a set of values about how we do business and treat people, underscored by our duty to invest responsibly. These are shared across our Firm and are fundamental to our professional and personal conduct. We believe they define us and help us maintain the highest levels of corporate governance and apply the highest standards of DRIVEN RESPONSIBLE professionalism across Bridgepoint. Our values Performance-driven We settle for nothing less than superior performance achieved by entrepreneurship, initiative, intelligent judgement and teamwork. Thoughtful We always seek to make a difference – for investors, companies or in our duty as a responsible investor within the broader community. Straightforward We are straightforward, open professionals who act without arrogance and embrace the views Antoine Froger, Director, of others without prejudice. Emma Watford, Partner & Benoît Alteirac, Director, London 4 Bridgepoint 2018 Annual Review Bridgepoint 2018 Annual Review 5 Bridgepoint in numbers Geographic reach Operations in 12 global cities to serve investors in more than 30 countries €29.2bn 72 Funds raised to date Investments made in last 10 years €19.7bn 300+ Funds under management Add-on acquisitions made in last 10 years 14% 20 Revenue growth in 2018 Add-on acquisitions made in 2018 13% 79,000 EBITDA growth in 2018 People employed by Bridgepoint portfolio companies €1.7bn Amsterdam London New York Shanghai Frankfurt Luxembourg Paris Stockholm Returned to investors in 2018 Istanbul Madrid San Francisco Warsaw 6 Bridgepoint 2018 Annual Review Bridgepoint 2018 Annual Review 7 Our investors 2% 1% Bank Asset manager 1% 2% Family oce Bridgepoint 5% employees Endowment 7% Sovereign Pension funds wealth fund OPPORTUNITY Investors by type 11% Bridgepoint has a blue chip investor base comprising 62% Insurance public and private pension funds, asset managers, Pension funds AMBITION family offices, sovereign authorities and insurance companies around the world. Bridgepoint focuses on investing in middle market businesses via four distinct fund strategies: our Bridgepoint Europe funds – our largest funds – invest in companies valued between €200 million and €1 billion, BDC, 9% our lower mid-cap buyout and growth Fund of funds capital business focusses on acquisitions in companies valued between €50 million and €150 million; Bridgepoint Growth, which makes growth capital investments in the consumer, media, technology and business services sectors in companies using digital technologies to achieve transformational growth in their end markets; and Bridgepoint Credit, which specialises in private debt lending to European Investors by location middle-market companies. Bridgepoint has investors across the globe, with over 250 investors from 30 countries. 61% 31% 4%4% Mi A E A u u m d r s o e t d r p r l a i e c e l asi a E s a a s t Thomas Moussallieh, Investment Director, Bridgepoint Development Capital, Paris 8 Bridgepoint 2018 Annual Review Bridgepoint 2018 Annual Review 9 Inevitably, the shadow of Brexit has €4 billion Fund raised in 2014, made Bridgepoint focuses on investing A message from our also continued to weigh heavily on its 16th and final platform investment in middle-market businesses with the UK economic outlook in 2018 with the acquisition of HTL four distinct fund strategies: throughout the year, especially the in France. To give you a sense of the uncertainty regarding the final shape scale of the Fund’s investment, its — Bridgepoint Europe funds – our of the UK’s relationship with the companies currently employ over largest funds – invest in Managing Partner European Union. Over the past three 28,000 people, and it committed companies valued between years we’ve worked hard to mitigate €3.8 billion of capital with a total €200 million and €1 billion, the potential negative effects of this enterprise value of €9.7 billion. Its — BDC, our lower mid-cap buyout and have been very selective in our successor fund, Bridgepoint Europe acquisition of UK assets, focusing on VI, raised in 2018 is a €5.7 billion and and growth capital business focusses on acquisitions in I am pleased to report that Investing in the current more challenging macro conditions, companies that are likely to benefit at the time of writing had committed companies valued between environment the private equity industry from any Brexit dislocation or which 25% of its capital to four investments. Bridgepoint enjoyed a operate in areas of resilience. The economic environment in performed strongly in the last €50 million and €150 million; strong year of Bridgepoint Europe IV, a fully Europe in which Bridgepoint funds 12 months. One consequence of — Bridgepoint Growth, which Within the context of this macro invested Fund which has performance during 2018. invest improved in 2018 despite the these conditions, however, is that makes growth capital environment, our investment committed 96% of its capital in The last 12 months have continued rise of populism and we’ve continued to face unwelcome strategies have continued to 24 middle-market growth assets, investments in the consumer, political uncertainty in several key price pressure on the acquisition been about using the full deliberately focus on those sectors completed its investment activity in media, technology and business markets. This economic “tail breeze” of new assets in a competitive depth of business and niches with the potential to 2014. By the end of 2018 the Fund services sectors in companies was notable in the improvements in landscape. This made finding the deliver strong returns in changing had sold 14 of those investments at experience that we enjoy manufacturing output, and rising right assets for our Funds more using digital technologies to conditions as well as on those that an average money multiple of 2.34x, in our own team, and in employment and productivity levels, difficult although ironically these achieve transformational will specifically benefit from having realised €2 billion of capital the management teams and helped to increase continental very conditions made for a growth in their end markets; improving economic conditions in in the 12 months to April 2019. European business confidence to favourable market in which to and that lead our portfolio Continental Europe. We’re always Bridgepoint Europe IV now has a full create a benign backdrop against sell assets. looking to buy well through exit pipeline in place to drive further — Bridgepoint Credit, which businesses,
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