Value Activators Introduction
Activa Capital is an independent private equity firm dedicated to SMEs and characterised by a proactive strategy of build-ups
A team of 20 professionals who Owned and managed by its Partners to ensure share an entrepreneurial totally independent decision making and spirit and commitment to long term continuity growth strategies
More than 100 €700M raised since 2003 investments made since 2003
Co-founder of the Private Equity Network-PEN Backed by first-class French alongside 3 other leading mid-market European private and international investors equity firms: ECM (Germany), Graphite Capital (UK) and MCH (Spain)
2 Activa Capital’s Investors
We are backed by first-class French and international investors
Sovereign USA & Asia France Europe Wealth Funds Family 8% Offices 11% 13% 76% 15%
More than Financial Institutions €500M under 25% management
Pension Funds Insurance Companies 31% 21%
3 A highly focused investment strategy
We invest in companies led by ambitious managers and with sustainable growth plans: we seek firms in leading market positions, in niche sectors and with the ability to generate a steady cash-flow
Investment type Size of Companies Investment Amounts
■ Majority or significant minority investments ■ Enterprise value between ■ Average equity investment of €20M and €100M €20M, which can vary between ■ MBO, MBI, Spin-offs, public-to- €10M and €50M privates and growth capital investments
Our core sectors
Pharma, Healthcare Industrial & Agri-food Consumer B2B Services & Education Aeronautics
4 Our investment strategy
Working closely with management teams
Transparent decision Involved and reactive making shareholder
Helping with Seeking external international growth growth opportunities
5 Activa Capital team
2 Managing Partners 1 Chairman
Alexandre Masson Christophe Parier Charles Diehl Managing Partner Managing Partner Non-Executive Chairman, Partner
2 Investment Directors 1 CFO
David Quatrepoint Frédéric Singer Alexandre Chollet Investment Director Investment Director CFO
4 Associates
Camille Emin Timothée Héron Elliot Thiéblin Charles de Lauriston Associate Associate Associate Associate - ESG & Digital
1 Finance Department Analyst 1 Office Manager 1 Executive Assistant
Amira Oueld-El Hachemi Christelle Piatto Caroline Bonard Finance Department Communications & Executive Assistant Analyst Office Manager
6 Activa Capital’s Industrial Committee 3
The expertise of our Industrial Committee allows us to better analyse investment opportunities and help our portfolio companies
Xavier Govare Philippe du Mesnil Arnaud Bachelier Jean-Louis de Bernardy Franklin Berrebi
Chairman of the Industrial Senior Advisor Managing Director of Co-founder of Activa Capital Former Managing Director Committee Materne-Montblanc of L’Oréal Europe Chairman of Financière Chopin Former chairman of AFIC Former CEO of Labeyrie Fine Foods (Ceva group) and Bridgepoint Capital France
Michael Diehl Philippe Dubouix Hubert François Simone Halberstadt Harari Michel Larroche
Senior Advisor President of Agritubel CEO of Groupe Salins CEO of Effervescence CEO of Materne-Montblanc
President of Distrifarm Former CEO of Télé Images
Philippe Latorre Marc Oursin Anthony Pralle Bruno Rambaud
Senior Advisor CEO of Shurgard Europe Senior Partner Emeritus of The President of FBR Conseil Boston Consulting Group Former Managing Director of Former Managing Director Carrefour in various countries of Thalès
7 Our portfolio
Ingeliance Medisys Explore Industrial engineering and technology Leading sofware publisher in the Leading player in the development of consulting services company home-care field and for institutions B2B business intelligence solutions specialized in dependent persons
Investment type: MBO Investment type: MBI Investment type: MBO Turnover: €53M Turnover: €10M Turnover: €12M March 2020 April 2019 January 2019
Active Assurances Be Relax LOOK Cycle Insurance broker specialised in the Global operator of well-being airport Iconic French sports brand in the digital distribution of insurance spas design and manufacture of bikes and products high-end accessories
Investment type: MBO Investment type: MBO Investment type: MBI Turnover: €11M Turnover: €21M Turnover: €39M May 2018 May 2018 June 2016
8 Our portfolio
Mecadaq Alliance Etiquettes Armatis-lc Family Service Consolidation platform in the Premium labels consolidation A leader in French contact centre Leader in direct marketing to young manufacturing and assembly of high- platform for the wine and food outsourcing parents precision mechanical components for industries the aerospace industry Investment type: Growth Capital, Investment type : OBO, build-ups OBO, build-ups Investment type: MBO Investment type: MBO Turnover : €59M Turnover: €56M Turnover: €224M Turnover: €13M December 2015 July 2015 May 2012 December 2012
9 Previous investments (fully realised)
Abrisud Atlas For Men HR Path Leading European manufacturer of Mail order and internet retailer of men’s Specialist in Information systems for swimming pool covers and shelters outdoor clothing human resources
Investment type: MBO Investment type: MBO Type d’investissement : MBO Turnover: €57M Turnover: €189M Chiffre d’affaires : 72 M€ March 2011 July 2016 Mars 2017 July 2020 May 2019 April 2019
Sport 2000 Nexeya Findis No. 3 French sports retail chain French engineering company which Leading French B2B distributor of home designs, manufactures, tests and appliances and equipment maintains critical electronics systems Investment type: Growth Capital Investment type: PtoP/MBO Investment type: MBO Turnover : €580M Turnover: €130M Turnover: €300M June 2008 September 2013 March 2011 December 2018 July 2017 March 2017
10 Previous investments (fully realised)
Gaz Européen La Maison Bleue ProNatura Leading French independent alternative French child care nursery group European leader in organic fruit and gas distributor supplying the collective vegetable distribution residential B2B market Investment type: Growth Capital Investment type: Growth Capital Investment type: OBO Turnover: €205M Turnover: €125M 2014 Turnover: €143M December 2013 December 2012 July 2005 January 2017 October 2016 November 2014
Ergalis Logitrade Materne - Mont Blanc Specialised platform dedicated to French outsourcing specialist focused on French leader in longlife dairy cream and temporary staffing solutions and HR non-strategic industrial purchasing fruit compote desserts
Investment type: MBI Investment type: MBI Investment Type: BIMBO, Spin-off 2014 Turnover: €170M 2013 Turnover: €140M 2010 Turnover: €186M September 2010 February 2006 July 2003 October 2014 February 2013 December 2010
11 Previous investments (fully realised)
Françoise Saget / Linvosges BFI Optilas Malherbe Leading French catalogue and Internet retailer Leading European specialist distributor of A French leader in road haulage of household linens electronic and photonic products
Investment type: MBI Investment type: MBO, Spin-off Investment type: OBO 2010 Turnover: €134M 2009 Turnover: €129M 2008 Turnover: €146M October 2006 April 2006 August 2004 September 2010 December 2009 March 2008
Delpharm Vivactis Pharmaceutical Contract Manufacturing Healthcare marketing and communicaiton Organisation (CMO) services
Investment type: MBI Investment type: MBO, Spin-off 2007 Turnover: €94M 2007 Turnover: €30M April 2004 June 2003 June 2007 February 2007
12 Activa Capital has a highly successful track record in corporate spin-offs
Corporate sellers
Teleperformance Nestlé Aguettant Nestlé TNT Avnet Turnover: €2.0BN Turnover: €83BN Turnover: €0.1BN Turnover: €83BN Turnover: €10.3BN Turnover: €12.7BN
Groupe Mont Delpharm Gloria Transport BFI Vivactis Blanc Turnover: €54M Turnover: €10M Lanoux Optilas Turnover: €30M Turnover: €38M 2004 2004 Turnover: €54M Turnover: €120M 2003 2003 2008 2006
Activa Capital investments
13 Activa Capital has a highly successful track record in corporate spin-offs
Corporate sellers
BNP Paribas Bayer Healthcare Yves Rocher Randstad Segula De Agostini Galeries Lafayette Turnover: €32.9BN Turnover: €2.0BN Turnover: €12.4BN Turnover: €500M Turnover: €5.1BN (joint venture)
Usine Françoise Selpro Laser Aura Atlas Schering Saget Build-up Build-up Build-up for Men Turnover: €36M Turnover: €48M Ergalis Armatis Ergalis Turnover: €142M 2006 2006 Turnover: €63M Turnover: €103M Turnover: €50M 2016 2010 2011 2013
Activa Capital investments
14 Build-ups are at the heart of our investment strategy, with 60+ add-on acquisitions completed in the last 10 years
Some examples
Turnover 2015: Turnover 2015: Turnover 2011: Turnover 2012: Turnover 2012: €20M €13M €163M €193M €40M Turnover 2018: Turnover 2018: Turnover 2016: Turnover 2018: Turnover 2016: €59M €56M €300M at exit €224M €125M at exit 3 build-ups 7 build-ups 4 build-ups 5 build-ups 2 build-ups
Acquisitions Mergers Build-ups Diversification Buyouts Financing
Turnover 2010: Turnover 2003: Turnover 2004: Turnover 2006: €78M €38M €87M €48M Turnover 2014: Turnover 2010: Turnover 2008: Turnover 2010: €170M at exit €186M at exit €146M at exit €134M at exit 5 build-ups 2 build-ups 12 build-ups 1 build-up
Note: reported revenues are on a 12-month pro-forma basis. 15 Case studies (1/2) External and international growth
Manufacturing and assembly of high-precision Mail order and internet selling of outdoor Premium labels for the wine & food industry mechanical coponents clothing for men Alliance Etiquettes Mecadaq Group Atlas For Men ■ Creation in 2015 of Alliance Etiquettes, a ■ Creation in 2015 of Mecadaq Group, a ■ Backed the management of Atlas For Men in consolidation platform in high-end labels for consolidation platform in aeronautical 2016 in the spin-off from the Italian family wines and foie gras, alongside the founder subcontracting, alongside the founder Julien group De Agostini Olivier Laulan Dubecq ■ Atlas For Men has opened 3 new markets ■ Acquisition of 6 companies between 2015 ■ 3 build-ups between 2016 and 2018, including the (Czech Republic, Slovakia and UK) between and 2018 USA 2016 and 2018 ■ The company is actively working on the group ■ In parallel, integration of the acquisitions and ■ 11 markets outside France now represent identity, including setting up a new group HQ development of support functions at group level: 55% of sales with 20 staff and groupwide support systems finance, HR and sales & marketing ■ Backed the company in its digital ■ Results: in 3 years, sales have been ■ Results: in 3 years, the platform has tripled in development strategy multiplied by 7x et Alliance Etiquettes has size, further internationalized and become one ■ Results: in 2,5 years, Atlas For Men has had become the market leader of the « strategic supplier » groups for Airbus an organic growth of 15% p.a. and is pursuing its pan European development Turnover 2015 : €8M Turnover 2015 : €19M Turnover 2016 : €142M Turnover 2018 : €56M Turnover 2018 : €59M Turnover 2018 : €189M
16 Case studies (2/2) External and international growth
Electrical Appliances Temporary employment and recruitment Food and retail Findis Ergalis Materne - Mont Blanc ■ Findis doubled in size with the ■ Spin-off from Randstad of Selpro, a ■ Spin-off from Nestlé of Mont Blanc, a Spin-off of Cocélec (2012) company offering temporary staffing leading cream dessert brand (2003) solutions (2010) ■ Acquisions of Ronzier and David ■ Build-up of Materne with the Ménager (appliances) (2013) ■ Acquisition of Plus RH, a specialist emblematic brand Pom’Potes (2006) within services industries (2011) ■ Diversification with the acquisition ■ The group expands to the USA and of Désamais Distribution, a major ■ A further 5 build-ups, including the reaches a €186M turnover: more than player in the B2B market for DIY, acquisition of Aura RHR (2012) 4 times its turnover at the time of hardware, house and garden (2015) investment (2010) ■ Result: Group Ergalis controls 13 ■ Result: a total of 6 brands that specialist brands across a network of make Findis the leading B2B 70 agencies in France distributor to independent stores
Turnover 2011: €163M Turnover 2010: €78M Turnover 2003: €38M Turnover 2016: €300M Turnover 2014: €170M Turnover 2010: €186M
17 Activa Capital, fully engaged in implementing ESG
ESG (Environmental, Social and Corporate Governance) criteria are integrated into Activa Capital’s investment strategy. Our committment to ESG translates into concrete actions
Internally With our portfolio companies Within the financial community
■ Optimising environmental impact ■ Active member of the AFIC (French PE Association) ESG commission ■ Promoting responsible human resources ■ Due diligence carried out by PwC’s management specialised ESG team ■ Co-author, in 2010, of the AFIC Sustainable Development white paper for French ■ Sustainable recycling Private Equity ■ One of the first signatories of the UN’s Principles for Responsible Investment (PRI)
Activa Capital is actively involved in the following charitable organisations:
18 1 boulevard de la Madeleine 75001 PARIS France
activacapital.com Tel. : + 33 1 43 12 50 12 Fax : + 33 1 43 12 50 13