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Annualreview2016.Pdf 2016 Annual Review 2 INTRODUCTION INTRODUCTION 3 Contents 2 Introduction 4 Bridgepoint at a glance 8 What drives us 10 Locations 12 Our investments in 2016 30 Managing Partner’s overview 38 Investment and sector expertise Our aim is to deliver attractive returns to our 52 Current investments investors by investing in companies and building 54 Responsible Investing 61 Bridgepoint Charitable Trust stronger, broader-based businesses with greatly 64 Offices enhanced long-term growth potential. As a long-established, experienced and Chris Busby responsible private equity investor we help Partner, Head of investment in the UK companies and management teams by investing in expansion, operational transformation or via consolidating acquisitions. Bridgepoint funds typically take controlling stakes in well-managed companies valued up to €1 billion. 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. 2016 Bridgepoint Annual Review 2016 Bridgepoint Annual Review 4 BRIDGEPOINT at A GlaNCE BRIDGEPOINT at A GlaNCE 5 Investors by type* 3% 7% Bridgepoint has a blue chip investor base Bridgepoint comprising public and private pension 5% funds, asset managers, family offices, sovereign authorities and insurance 6% at a glance companies around the world. Non-corporate pension 4% Financial institutions and Family offices 52% Asset Manager Corporate Pension Sovereign entity Endowment and Foundation 20% Insurance Bridgepoint 3% €12.4bn 323 Investors by location* 5% 5% assets under management add-on acquisitions made Bridgepoint has investors across the globe with over 250 investors in last 10 years from 30 countries. Americas Europe Asia Pacific Middle East & Africa 33% €21.6bn €1bn 57% of committed capital raised to date committed to eight investments by Bridgepoint funds in 2016 €1.6bn 64 75,000 *BE V, IV and BDC III only returned to investors in 2016 Investments made in over 75,000 employees in last 10 years current portfolio 2016 Bridgepoint Annual Review 2016 Bridgepoint Annual Review 6 BRIDGEPOINT at A GlaNCE BRIDGEPOINT at A GlaNCE 7 Issa Hassan Associate, London Portfolio growth in 2016 12% Revenue 12% EBITDA 2016 Bridgepoint Annual Review 2016 Bridgepoint Annual Review 8 What DRIVES US What DRIVES US 9 What drives us We are driven by a set of values about how we do business, 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 professionalism across Bridgepoint. 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 of others without prejudice. 2016 Bridgepoint Annual Review 2016 Bridgepoint Annual Review 10 locatioNS locatioNS 11 Frankfurt Istanbul London Luxembourg Madrid New York Paris Shanghai Stockholm Warsaw Local ambition, global reach We have a local presence in every major European private equity market. With a network of eight European bases and offices in New York and Shanghai, we can deploy resources effectively when identifying and completing transactions as well as manage value creation in the businesses we support. 2016 Bridgepoint Annual Review 2016 Bridgepoint Annual Review 12 OUR INVESTMENTS IN 2016 OUR INVESTMENTS IN 2016 13 Identifying value Business growth Returning proceeds “ Bridgepoint and the management In 2016 we invested Fund investments Bridgepoint investments €1 billion in eight new collectively generated returned over €1.6 billion teams in which our funds are invested businesses with a total 12% and 12% year-on- of capital to investors are excited by the opportunities enterprise value of year average revenue with 13 realisations €1.9 billion EBITDA growth presented by the times.” Guy Weldon Chief Investment Officer Our investments in 2016 In 2016 our Bridgepoint Europe and Bridgepoint Development Capital funds performed strongly thanks to our team’s skill in exploiting our investment and operational resources. With a focus on six sectors, our teams With a long-standing track record of not only have in-depth understanding acquiring sector leaders operating in of markets and extensive industrial fragmented markets, Bridgepoint worked networks and relationships, but are with management teams to transform also able to bring market knowledge these investments into platforms for to bear in accelerating growth in our consolidation and value creation. portfolio companies. Generating ‘internal growth’ through During the year we targeted sectors operational improvement was also an with strong underlying structural growth important driver of earnings growth drivers growing ahead of the broader in 2016. Bridgepoint is well resourced economy or where Europe had a global to deliver far-reaching business competitive advantage. In addition, an transformation thanks to an extensive intentional tilt towards greater diversity team that includes operational support, of trading revenue in these times of portfolio development (especially in volatility can also be detected in our China and the US) and procurement. new investment activity this year. 2016 Bridgepoint Annual Review 2016 Bridgepoint Annual Review 14 NEW INVESTMENTS NEW INVESTMENTS 15 Revenues Employees Transaction size French dental and medical technology company €145m 800 Not disclosed Acteon Sector Location Directors Bridgepoint Website Acteon is a leading global player in the equipment and imaging technologies Healthcare France Olivier Balouka representatives www.acteongroup.com design, manufacture and distribution of with No 1 market positions across a Marie-Laure Pochon Olivier Nemsguern dental equipment, imaging technologies number of products including ultrasonic Jean-Baptiste Salvin and consumables. instruments and intra-oral cameras. Its product portfolio includes a As healthcare spending and access complete range of dental equipment to dental care worldwide grow, so too including ultrasonics and polishers, does the market for dental equipment imaging equipment including intra-oral which historically has always shown cameras and x-ray systems, and dental resilient growth rates. There will also consumables ranging from anaesthetic be opportunities for the company to to hygiene products. Medical equipment accelerate its growth plans by targeting includes endoscopes and surgical add-on acquisitions in under-exploited equipment sold under its COMEG brand. yet highly profitable geographies and by continuing to develop market leading Its products are sold in over 50 countries technologies. and 80% of revenues are generated outside France. The group operates This investment was made by BDC, the four manufacturing facilities across Bridgepoint fund that invests in small Europe with the majority of products and mid-cap companies. assembled or manufactured in-house. The company is a global leader in dental “ A true market leader in a fragmented dental products sector acquired at a time when spending on dental care worldwide is on the increase.” Olivier Nemsguern Partner, Bridgepoint Development Capital, France 2016 Bridgepoint Annual Review 2016 Bridgepoint Annual Review 16 NEW INVESTMENTS NEW INVESTMENTS 17 Revenues Employees Transaction size Global provider of capital markets software for banks and asset managers $200m 700 Not disclosed Calypso Sector Location Directors Bridgepoint Website Founded in 1997, Calypso has a global while at the same time managing Media & Technology London / San Francisco Scott Collins representatives www.calypso.com footprint with 22 offices in 19 countries margins and increased regulation, C.J. Fitzgerald David Nicault and a worldwide client base of nearly have created the need for integrated Thomas Gavin Xavier Robert 35,000 professionals at more than solutions able to reduce operating Pascal Xatart Denis Villafranca 160 financial institutions in over 60 costs, improve capital allocation and countries. Over 50% of the company’s comply with regulations; and the move employees are engaged in R&D across to outsource software requirements five global development centres. to those third party vendors with the requisite technological advantage. Calypso’s software has a reputation for ease of use, innovation and an ability Consequently, the global market for to meet increasing rigorous regulatory capital markets software is estimated at real-time data reporting and is widely over $3 billion, with long-term growth recognised as a leader in its field, potential of more than 6% per annum especially in mid-sized institutions. and Calypso’s addressable new contract Its products provide solutions for growth is even greater. trading, risk management, regulatory With Calypso’s products benchmarking reporting, controlling and accounting as the best technology available in within capital markets, investment its segment, the company is well management, clearing and liquidity positioned to gain market share from management functions. the replacement of legacy systems in The company operates in a market with institutions as they outsource and from favourable trends: constant
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