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Cinven Annual Review 2018 Annual Review 2018 Focused. European. Integrated. World-class. 011 Contents 02 About Cinven Cinven Annual Review 2018 03 Foreword from Stuart McAlpine 05 2018 at a glance 07 Cinven’s investment approach 08 Business Services 14 Consumer 18 Financial Services 23 Healthcare 27 Industrials 30 TMT 34 Cinven’s investors 35 Cinven’s governance 36 Responsible investment 37 Contacts ‘Cinven’ means, as the context requires, Cinven Group Limited, Cinven Partners LLP, Cinven (Luxco1) S.A. and their respective Associates (as defined in the Companies Act 2006) and/or funds managed or advised by any of the foregoing. 02 About Cinven With a track record spanning more than Cinven Annual Review 2018 30 years, the Cinven funds’ focus is on delivering attractive returns to their investors by driving value creation in the companies in which they invest. Cinven achieves this by identifying compelling opportunities and partnering with management to grow Cinven is a leading international Number of people and transform good quality companies into private equity firm with more than employed in the domestic, regional or international leaders 80 investment professionals and portfolio globally that are highly attractive to potential buyers. more than 160 staff across offices Cinven’s fully integrated model, which in London, Paris, Madrid, Frankfurt, Luxembourg, Milan, Guernsey, draws on sector, regional, portfolio and Hong Kong and New York. capital markets expertise, ensures that the approach is consistent, creative and collaborative throughout the Number of companies investment lifecycle. Cinven funds have invested in > 13 0 Total funds raised Amount realised since the start of 2011 Number of nationalities in Cinven’s Investment team €37bn €25 bn Realised proceeds Assets under management 60,000 €40bn c. € 11b n 17 033 Market backdrop Organisational and Cinven Annual Review 2018 Foreword from While, at the time of this report, European strategic developments and US equity valuations remain at historic We continue to invest in the team Stuart McAlpine highs and financing markets continue to be across our international office footprint. supportive, sentiment suggests we are late In particular, the Portfolio team has been in the cycle. Against this market backdrop, significantly strengthened with the addition Cinven is targeting high-growth investment of two senior hires and now comprises opportunities in companies with resilient seven team members globally. In addition, business models that are well positioned Cinven has continued to grow the 2018 was another very successful year for Cinven, to outperform their respective markets in Investment team, with 10 new investment a slower economic growth environment. Associates joining in the year across in which we made significant progress developing London, Frankfurt, Madrid and New York. Over the course of our 30 year track our team, investing in our core sectors, exiting Cinven also continued to promote record, we have consistently demonstrated internally, including three Partner investments, realising value for Cinven’s investors, our ability to ‘pivot’ Cinven’s investment promotions at year end. and raising the Seventh Cinven Fund. focus and adapt our approach to navigate the prevailing economic cycle. As is Given the continued investment in evident from the success of the Fifth our people across different geographies, Continued successful investment Cinven Fund, Cinven has proven its ability the Cinven team has grown to more and realisation activity to capitalise on the opportunities arising than 160 professionals today. Going On the investing side, we closed from economic dislocations. Cinven forward, we will continue to grow and out seven new compelling investment typically focuses on large, high-quality, invest in the team, both on the investment opportunities that our Sector and often international assets with world class, side and more broadly across all Regional teams had been cultivating industry-leading management teams corporate functions. for many months. As a result, in the that can both be financed or refinanced Over the course of 2018, we continued Sixth Cinven Fund (2016 vintage), with limited reliance on local or domestic to build on a number of growth and Cinven has built a diverse portfolio markets. Our dedicated Capital Markets operational initiatives that were launched of investments by sector, geography, team has worked hard to ensure that in the prior year, including our continued currency and strategy. Each of Cinven’s Cinven’s portfolio companies have the investment in technology, data and six core sectors are represented in the most appropriate capital structures to innovation, which recently included a portfolio today. All of the investments support not only the growth of these firm-wide transition to a cloud-based are based on strategies and insights businesses, but also to protect them investment platform. Cinven has identified to drive growth. in a potential downturn. We continued to capitalise on the strong performance of investments in the Fifth Stuart McAlpine Cinven Fund (2012 vintage). To date, of the Managing Partner original 17 investments in the Fifth Cinven Fund, nine are now fully realised, with a further five investments partially realised. The Fourth Cinven Fund (2006 vintage) was wound down after realising the remaining material value; a notable achievement for a fund of its vintage. 044 Foreword from The Seventh Cinven Fund Cinven Annual Review 2018 Stuart McAlpine Having successfully built an attractive continued portfolio of investments in the Sixth Cinven Fund over the last few years, in the autumn of 2018 we focused our attention on the significant investment opportunity set we see ahead for the Seventh Cinven Fund. We formally launched the fundraise for the Seventh Cinven Fund at the beginning Culture, values and diversity of 2019, and reached our hard cap of Our values As a people-centric, team-oriented firm, €10 billion in less than four months, we believe that driving best-in-class with material oversubscription. performance for Cinven’s investors is It is a significant milestone for Cinven predicated on us recruiting, developing to have successfully concluded another and retaining the best talent. Cinven’s fundraise in record time, and a testament values centre on fostering an inclusive to Cinven’s longstanding investment culture where all team members are performance through economic cycles, valued, respected, supported and the strength of the Cinven team and the positioned to succeed. long term relationships we have with Over the last two years, we have made Cinven’s investors. Collaboration Achieve distinction significant progress and begin to Looking ahead, we believe that in the Set the highest of standards is at our core without ego implement an Inclusion and Diversity Seventh Cinven Fund we have raised We are driven, rigorous and We believe in teams not We are considerate (I&D) programme, that aims to sustainably continuously strive to improve. individuals, and invest in and socially responsible. a fund that is right-sized for the market relationships for the long term. We value diversity improve the firm’s diversity and create a and transparency. opportunity. Through Cinven’s Sector and more inclusive workplace. The initiatives Regional teams, we will continue to identify are grouped under four core headings: attractive investment opportunities that we inclusive behaviours, recruitment, can target to define angles and strategies development and retention. to step-change growth. Cinven also continues to promote I&D across the industry including our involvement in industry-wide I&D initiatives and our recent sponsorship of the BVCA’s Minorities Breakfast. Test the art of the possible Develop talent We are bold, decisive We give people the opportunity In 2018, we introduced mandatory and entrepreneurial. to succeed and help them We stay agile and keep fulfil their potential. KPI tracking for gender diversity ahead of the market. for all of Cinven’s portfolio companies. 05 2018 at a glance For more than 30 years, Cinven has generated Cinven Annual Review 2018 exceptional returns. Cinven uses a matrix of sector and local country expertise to target companies where it can strategically drive revenue growth and operational improvement, both in Europe and globally. New investments AXA Life Europe Acquired Acquired Signed Signed July 2018 August 2018 December 2018 August 2018 Acquired Acquired Signed July 2018 September 2018 July 2018 In 2018, Cinven saw the continued All investment opportunities are based deployment of the Sixth Cinven Fund on strategies and insights Cinven has and strong realisations from the Fifth identified to drive growth, and each of Cinven Fund. As at year end, Cinven Cinven’s six core sectors are represented had a portfolio of 20 investments with the in the portfolio today. Cinven team squarely focused on growing and realising the portfolio, while continuing to invest in attractive new opportunities. Cinven has built a diverse portfolio by sector, geography, currency and strategy. 066 2018 at a glance Cinven Annual Review 2018 continued Significant add-on acquisitions Significant exits signed four add-on acquisitions acquired acquired the acquisition of Ruredil, Chemtec, Scanclimber Nizoral, Bioceuticals eBilet Euromodal and Ladival and BMC signed acquired the acquisition of acquired BvT HolidayTaxis Raet 077 Cinven’s investment Cinven Annual Review 2018 approach Our fully integrated model, which draws In many cases, Cinven
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