CONNECT TO PERMIRA CONNECT TO GROWTH
ANNUAL REVIEW 2015 BUYING WELL SELLING WELL
2015 NEW INVESTMENTS 2015 DIVESTMENTS €1.5bn €5.0bn1 Invested Divested
A fast-growing better-for-you snacks business One of the world’s largest agrochemical businesses
A leading provider of carrier-neutral Global retailer delivering fast fashion for datacentre services in Sub-Saharan Africa women, men and teens
Leading receivables management businesses A branded pan-European frozen in Germany, the UK, Austria and Switzerland food company
A leading European player in outdoor holidays One of the worlds leading aquatic health groups focused on the fast-growing aquaculture industry
A leading independent provider of data A global leader in embedded processing integration software solutions for the automotive, consumer, industrial and networking markets
Enterprise e-commerce software and platform One of the world’s leading companies in the premium and luxury segment of the apparel market
Find out more about our funds’ investments Find out more about our funds’ recent divestments on page 5 on page 6
1 Proceeds received during 2015 including proceeds from the sale of Creganna which completed in April 2016. Permira at a glance
During our 30-year history, the Permira funds have partnered with more than 200 ambitious businesses. We work closely with exceptional management teams to help them solve complex issues. By providing patient capital, board support and access to our global networks, we help transform great businesses into global leaders.
MORE THAN 30 YEARS’ PARTNERING WITH TO DRIVE EXPERIENCE MANAGEMENT GROWTH
Permira was a pioneer in European private We partner with world-class We are purely focused on companies with equity. Since 1985, the Permira funds have management teams to unlock the signifi cant potential to grow and become made over 200 investments. full potential of the companies in which global industry leaders. We focus on the Permira funds invest. growth as the core driver of returns, rather than fi nancial engineering.
30+ Years Long term Average 5-year investment period 3.8x 22% 200+ Average leverage1 Year-on-year Investments portfolio valuation growth Shared vision Mutually agreed business plan & 12% 8% fi nancial targets P5 portfolio P5 portfolio €31bn EBITDA growth sales growth Funds raised
Partnership Strategic partner for 170+ management Constructive board Divestments members to support key decisions
1 At entry in Permira V (“P5”). PERMIRA ANNUAL REVIEW 2015
PERMIRA AT A GLANCE
IN FIVE ACROSS OUR PRODUCING STRONG RETURNS SECTORS GLOBAL PLATFORM FOR INVESTORS
The Permira funds invest in large We have more than 200 people in 14 Throughout our history the Permira companies across fi ve sectors. offi ces across Europe, the US and Asia. funds have delivered strong returns Our teams look beyond the macro to Our teams help companies realise their for our investors and the millions of identify sub-sectors with signifi cant global growth ambitions, fi nd acquisition individuals that invest through them, underlying growth potential. Equity targets, attract new management and who are the ultimate benefi ciaries invested since inception: develop strategic relationships. of this outperformance.
P5 INVESTORS BY TYPE
Consumer €7.7bn1
Financial Services 14 Pension funds (56%) 2 Offi ces €1.8bn Other fi nancial institutions (29%)
27 Investment managers (15%) Partners Healthcare PERMIRA FUNDS’ NET IRR VS TOP €0.8bn3 200+ QUARTILE BENCHMARK & PMES5 23% Employees 21% 21% 16%
9% Industrials 7% 6% 5%
€4.0bn All funds since 1985 PE1-P5
Permira funds PME (S&P 500) Technology €7.3bn4 Top quartile PME (FTSE World Europe)
1 As at 31 March 2016. Excludes Sisal, the divestment of which completed in May 2016. Includes Arcaplanet, which completed in May 2016 and John Masters Organics, which signed in May 2016. 2 As at 31 March 2016. Excludes Saga (Acromas), the divestment of which completed in April 2016. 3 As at 31 March 2016. Excludes Creganna, the divestment of which completed in April 2016. 4 As at 31 March 2016. Excludes Ancestry, the partial divestment of which completed in May 2016. 5 Permira funds returns shown as at 31 December 2015 and with respect to P4 include Continuing Limited Partners (“CLPs”) only. Top quartile and Public Market Equivalent (“PME”) analysis from Thomson Eikon as at 24 May 2016. For industry benchmark net IRRs, “All funds since 1985” are benchmarked against Global buy-out funds (available data for 1985-95,1997, 2000, 2003, 2006 and 2014) and PE1-P5 funds are benchmarked against ”Medium”, “Large” and “Mega” buy-out funds (available data for 1997, 2000, 2003, 2006 and 2014) to 31 December 2015 (latest available). PERMIRA ANNUAL REVIEW 2015 1 INTRODUCTION
Contents
SECTION 1 OVERVIEW 1. COMPANY A year of notable successes for Permira COMPANY OVERVIEW Permira at a glance 1 Our long-term strategy of partnering with world-class management to accelerate growth has been working well. The Permira funds deployed £1.5bn in six investments across our fi ve sectors and a record €5bn1 was returned to our funds’ investors. The remaining portfolio continues to perform well, SECTION RESPONSIBLY INVESTING 6. 2 & TEAM ORGANISATION 5. CREDIT PRIVATE 4. STRATEGY INVESTMENT 3. REVIEW ACTIVITY 2. delivering EBITDA growth of 8% in 2015 and outperforming ACTIVITY REVIEW public market and private equity benchmarks. We believe that Informatica case study 2 our sector-focused investment strategy, our long-term partnership Investing well 4 New investments 5 approach and our large global team, will enable us to drive Selling well 6 growth, and produce strong returns for our blue-chip investor base. Our private credit business, Permira Debt Managers, also had a strong year with Permira Credit Solutions II committing SECTION 3 €553 million to 16 investments in 2015. OUR INVESTMENT STRATEGY Hugo Boss case study 8 Investment strategy 10 Sector focus Consumer 12 Financial Services 16 Healthcare 20 Industrials 24 Technology 28
SECTION 4 PRIVATE CREDIT David Brown case study 32 Permira Debt Managers 34
SECTION 5 ORGANISATION & TEAM GFKL Lowell case study 38 Organisation & team 40
SECTION 6 INVESTING RESPONSIBLY Pharmaq case study 42 Investing responsibly 44 Netafi m case study 47
1 Proceeds received during 2015 including proceeds from the sale of Creganna which completed in April 2016.
AT A GLANCE Cover image: ABS satellite launch, March 2015. 2
TECHNOLOGY
Informatica is one of the world’s leading independent providers of data integration software.
WHY WE BACKED INFORMATICA THE INVESTMENT STRATEGY Informatica operates at the To bring to bear Permira’s nexus of major technology Technology Team Silicon trends including big data, Valley network – including the on-premise-to-cloud the co-investors in this transition and data security investment: Microsoft and Salesforce It operates in a multi-billion dollar total addressable To build on the company’s market (TAM) that is driven leading position in its four by compelling structural core billion-dollar+ markets growth trends (markets and invest heavily in its growing c. +10% p.a.) leading big data and cloud integration capabilities In that TAM, it is a leading solutions provider within all To transition more revenue of its four segments of streams to subscription activity; data integration, based models master data management, To leverage best practices in data quality and data security areas such as go-to-market Highly defensible business strategy, product innovation model with over 50% of and customer support, recurring revenue and built from successful fantastic customer loyalty software investments represented by top-decile renewal rates and NPS
Informatica is ideally positioned to benefi t from technology trends in cloud, big data, master data management and data security. We are focused on building the company into a multi-billion dollar category leader in data management.
ANIL CHAKRAVARTHY CEO
See more on our sectors p12 PERMIRA ANNUAL REVIEW 2015 3 ACTIVITY REVIEW 1. COMPANY OVERVIEW 1. COMPANY 2 ACTIVITY
REVIEW 2. ACTIVITY REVIEW
In this section Informatica case study 2 Investing well 4 New investments 5 Selling well 6 3. INVESTMENT STRATEGY 4. PRIVATE CREDIT 5. ORGANISATION & TEAM 6. INVESTING RESPONSIBLY INVESTING 6. & TEAM ORGANISATION 5. CREDIT PRIVATE 4. STRATEGY INVESTMENT 3. 4
Investing well
Permira’s strategy is designed to pro-actively identify investment opportunities in sectors that have the potential for long-term growth irrespective of trends in the wider economy.
WHAT WE LOOK FOR: The DNA of a Permira funds’ investment. Our sector teams identify attractive sub-sectors that benefi t from strong underlying growth trends and then begin detailed analysis of the most attractive companies operating in that space. At a micro level we then undertake detailed due diligence on the company, its management and its potential for signifi cant expansion.
GROWTH SUB-SECTOR
PRIOR ACCESS OPPORTUNITY TO THE FOR RAPID OPPORTUNITY EXPANSION
MULTIPLE WORLD-CLASS VALUE CREATION MANAGEMENT LEVERS PERMIRA ANNUAL REVIEW 2015 5 ACTIVITY REVIEW
New investments OVERVIEW 1. COMPANY
The Permira Funds enjoyed a strong year in 2015 in terms of both new investments and portfolio company divestments. €1.5bn Our current fund P5, made the following investments in the year. Invested in 2015 2. ACTIVITY REVIEW
INVESTMENT SIZE OF COMPANY SECTOR DATE TRANSACTION INVESTMENT CASE Feb €110m Growing its presence in the Sub-Saharan region by 2015 supporting its existing customers in new geographies
A leading provider of carrier
neutral datacentre services RESPONSIBLY INVESTING 6. & TEAM ORGANISATION 5. CREDIT PRIVATE 4. STRATEGY INVESTMENT 3. in Sub-Saharan Africa Jun/Oct €2.3bn The combination of Lowell and GFKL creates one of 2015 the largest credit management businesses in Europe. Investing in data analytics and foster operational Leading receivables excellence to become a leader in a consolidating market management businesses in Germany, the UK, Austria and Switzerland Jul €165m Supporting international growth and transition to a 2015 brand-led company
A fast growing better-for-you snacks business Jul €400m Building on a strong platform to consolidate fragmented 2015 European market in outdoor holidays
A leading European player in outdoor holidays Aug €4.7bn Driving operational improvement in exciting structural 2015 growth market
A leading independent provider of data integration software Oct €200m Developing ecosystem and improve cash conversion 2015
Enterprise e-commerce software and platform 6
Selling well
€5.0bn1 2015 Proceeds
RETURN COMPANY SECTOR DATE FUND PERMIRA VALUE ADD EXIT TYPE MULTIPLE
May Transformed into a fl exible Full Realisation/ PE2 4.4x 2015 multichannel retailer with a rapidly Secondary Buy-Out Global retailer delivering growing e-commerce channel fast fashion for women, men and teens
Sep Created the only pan-European Full Realisation/ PE3 2.4x 2015 frozen food platform. Invested Trade Sale in product innovation to build Leading frozen food company a strong product pipeline with operations across Europe
Apr Expanded product offering Full Realisation/ 2 PE3 4.6x 2016 and signifi cant operational Share Sale One of the UK’s leading providers improvement of products and services to the over-50s demographic, ranging from travel, insurance and fi nancial services
Mar Expanded organically in high- Partial Realisation/ 3 P4 1.6x 2015 growth markets and extended Trade Sale to date Leading global its product line through the agro-chemical business acquisition of Goëmar
Mar Transformed into a fast growing Full Realisation/ P4 2.2x 2015 branded retailer through the Share Sale Luxury fashion house of international expansion of retail womenswear, menswear, network and growth of e-commerce accessories, beauty and shoes
May Strengthened its core online Partial Realisation/ 4 P4 2.6x 2016 genealogy products while Sale to Financial Buyer to date The world’s largest for-profi t dramatically developing the genealogy company emerging DNA business
Mar/ Merged with Partnership, enabling Partial Realisation/ Not P4 Aug/ the group to offer even better Merger/ Disclosed Retirement income solutions Oct value to customers, investors and Placing and Open Offer provider 2015 business partners
1 Proceeds received during 2015 and proceeds from the sale of Creganna which completed in April 2016. 2 The divestment of Saga was completed in April 2016. Returns include The AA proceeds. 3 1.6x MoM of which 1.1x MoM (€883m) in cash and 0.5x MoM (€420m) in anticipated deferred consideration. 4 The partial divestment of Ancestry completed in May 2016. PERMIRA ANNUAL REVIEW 2015 7 ACTIVITY REVIEW 1. COMPANY OVERVIEW 1. COMPANY 2. ACTIVITY REVIEW
RETURN COMPANY SECTOR DATE FUND PERMIRA VALUE ADD EXIT TYPE MULTIPLE
Nov Delivered international growth and Full Realisation/ P4 3.3x 2015 new product development plans Trade Sale
A global leader in health products
focused on the fast-growing RESPONSIBLY INVESTING 6. & TEAM ORGANISATION 5. CREDIT PRIVATE 4. STRATEGY INVESTMENT 3. aquaculture industry
Jun/Jul Merged with NXP creating a Full Realisation/ P4 1.1x 2016 semiconductor industry leader Trade Sale Dec in the automotive and Internet A global leader in embedded 2015 of Things segments processing solutions for the automotive, consumer, industrial and networking markets
July Expanded into emerging markets Full Realisation/ P4 5.2x 2016 and enhanced software capabilities Trade Sale A leading provider of advanced automated material handling solutions2
Dec Refi nanced to allow the company Partial Realisation/ Not P4 2015 to continue to make investments Recapitalisation Disclosed in multiple growth initiatives A market leading sushi restaurant chain in Japan
Apr Transformed from a medical Full Realisation/ P4 3.3x 20161 component manufacturer to Trade Sale a global leader in end-to-end A leading manufacturer in manufacturing through the minimally invasive surgery acquisitions of Precision Wire delivery devices Components and ABT
May Continued investment in new Partial Realisation/ Not P5 2015 products and operational Refi nancing Disclosed infrastructure A leading online legal services company in the USA
1 The divestment of Creganna completed in April 2016. 2 The divestment of Intelligrated was announced in July 2016. 8
CONSUMER
During the funds’ seven-year partnership with Hugo Boss, we helped transform the company into a global leader in the premium and luxury segment of the apparel market with a presence of over 7,000 points of sale across 129 countries. Our global network and relationships across the retail ecosystem, as well as our experience at developing global consumer brands, made Permira the ideal partner.
TOGETHER WE ACHIEVED The transformation of Clear brand differentiation Hugo Boss from a wholesale and the strengthening supplier into a fast-growing of women’s wear and branded retailer, becoming accessories businesses one of the ten most valuable The launch of online stores fashion brands worldwide in all core countries since International expansion 2008 and the continuous in the Americas and Asia, improvement in the offering increasing share of revenues and customer experience by ten percent from 2007 by way of a multi-channel to 2014 approach 2007 2.3x 44% 2015 Acquisition ROI Employee Exit year year growth
Expansion of own retail network Number of stores 2007/333 stores
2014/1040 stores
0 200 400 600 800 1000 1200
Permira saw Hugo Boss’ huge potential from the very beginning and always acted as a reliable partner.
CLAUS-DIETRICH LAHRS CEO, 2008 – 2015 PERMIRA ANNUAL REVIEW 2015 9 INVESTMENT STRATEGY .CMAYOEVE 2. ACTIVITY REVIEW 1. COMPANY OVERVIEW 3 INVESTMENT STRATEGY
In this section 3. INVESTMENT STRATEGY Hugo Boss case study 8 Investment strategy 10
Sector focus Consumer 12 Financial Services 16 Healthcare 20 Industrials 24
Technology RESPONSIBLY INVESTING 6. & TEAM ORGANISATION 5. 28 CREDIT PRIVATE 4. 10
Investment strategy
The Permira funds identify long-term trends we want to back across fi ve key sectors. We then look beyond those trends to identify market-leading businesses with strong growth potential. We support these businesses over an average of fi ve years, using our expertise and network to help them sustainably improve operations and achieve their ambitions.
INVESTING DRIVING PORTFOLIO WELL GROWTH
€1.5bn 8% Invested in 6 new portfolio companies P5 average sales growth 12% P5 EBITDA growth
Value Creation
Mergers & Sales & acquisitions Marketing
Management Operations PERMIRA ANNUAL REVIEW 2015 11 INVESTMENT STRATEGY .CMAYOEVE 2. ACTIVITY REVIEW 1. COMPANY OVERVIEW
SELLING WELL DELIVERING RESULTS 3. INVESTMENT STRATEGY
€5.0bn 23% Proceeds1 Net IRR since inception 4. PRIVATE CREDIT 5. ORGANISATION & TEAM 6. INVESTING RESPONSIBLY INVESTING 6. & TEAM ORGANISATION 5. CREDIT PRIVATE 4. Producing consistently strong returns to our investors and the millions of individuals that commit to the underlying pension funds and insurance schemes
PERMIRA FUNDS’ NET IRR VS TOP QUARTILE BENCHMARK & PMES2
Permira funds PME (S&P 500) Top quartile PME (FTSE World Europe)
23% 21% 21% 16%
9% 7% 6% 5%
All funds since 1985 PE1-P5
1 Proceeds received during 2015 including proceeds from the divestment of Creganna which completed in April 2016. 2 Permira funds returns shown as at 31 December 2015 and with respect to P4 include Continuing Limited Partners (“CLPs”) only. Top quartile and Public Market Equivalent (“PME”) analysis from Thomson Eikon as at 24 May 2016. For industry benchmark net IRRs, “All funds since 1985” are benchmarked against Global buy-out funds (available data for 1985-95,1997, 2000, 2003, 2006 and 2014) and PE1-P5 funds are benchmarked against ”Medium”, “Large” and “Mega” buy-out funds (available data for 1997, 2000, 2003, 2006 and 2014) to 31 December 2015 (latest available). 12
Sector focus
CONSUMER
Consumer cohorts are changing at an ever-increasing pace. At a macro level this shift is driven by four global megatrends: urbanisation; the rising middle class; the aging population; and interconnectedness. But these global shifts in consumer circumstances are also happening in combination with profound changes in consumer preferences and behaviours. Proliferation of choice, for example, has resulted in the pre-eminence of two clear fi lters – price and content. In turn, that has yielded the rise of value formats and the imperative for premium product to offer clear differentiation. At the same time, technological change and social media are forcing consumer businesses to develop a far greater understanding of their customers and to prioritise real engagement. Meanwhile, at both ends of the age cohorts (millennials and the older generation) is the rise of the health and socially conscious consumers. Increasingly they are less focused on owning, and more focused on experiences. PERMIRA ANNUAL REVIEW 2015 13 INVESTMENT STRATEGY .CMAYOEVE 2. ACTIVITY REVIEW 1. COMPANY OVERVIEW
10 €7.7bn €4.9bn Portfolio Equity invested1 Total sales1 companies1 3. INVESTMENT STRATEGY 4. PRIVATE CREDIT 5. ORGANISATION & TEAM 6. INVESTING RESPONSIBLY INVESTING 6. & TEAM ORGANISATION 5. CREDIT PRIVATE 4.
1 As at 31 March 2016. Figures exclude Sisal, the divestment of which completed in May 2016 and include Arcaplanet which completed in May 2016 and John Masters Organics which completed in June 2016. 14
Sector focus
CONSUMER
CHERYL POTTER PARTNER HEAD OF CONSUMER LONDON
Throughout our history, the Permira funds We focus on the following areas: have been a leading investor in consumer APPAREL, ACCESSORIES, FOOTWEAR AND LIFESTYLE businesses. Our expertise in developing and HEALTH AND WELLNESS growing global brands is supplemented by our technology and e-commerce franchises. VALUE AND/OR EXPERIENCE-BASED LEISURE The fundamental shifts in consumer OMNI-CHANNEL SPECIALISED RETAILERS behaviour outlined on the previous page CONSUMER TECHNOLOGY have helped to defi ne and inform the consumer team’s current sub-sector focus. PERMIRA ANNUAL REVIEW 2015 15 INVESTMENT STRATEGY .CMAYOEVE 2. ACTIVITY REVIEW 1. COMPANY OVERVIEW
BUYING WELL SELLING WELL Selected current portfolio 20161 Selected past investments
COMPANY DESCRIPTION COMPANY DESCRIPTION 3. INVESTMENT STRATEGY Market-leading sushi restaurant chain Luxury motor-yachts manufacturer operator in Japan
A leading pet food retail chain A casino and hotel operator in in Italy2 Macau SAR, China
A globally recognised leader in the One of the largest DIY retail RESPONSIBLY INVESTING 6. & TEAM ORGANISATION 5. CREDIT PRIVATE 4. manufacturing, development and brands in the UK commercialisation of innovative, science-based health products A global leader in the premium and luxury segment of the A fast-growing better-for-you apparel market snacks business
A branded pan-European Iconic British footwear brand frozen food company
An online travel agency in Spain, Global retailer delivering fast Italy, Portugal, France, the UK, fashion for men and teens Germany and the Nordics
One of the largest fashion retailers A leading organic personal care in Germany brand in Japan3
One of the world’s most exclusive A leading European player in fashion brands outdoor holidays
1 Excludes residual minority stakes. 2 Completed May 2016. 3 Completed June 2016. 16
Sector focus
FINANCIAL SERVICES
The fi nancial services industry is currently witnessing unprecedented regulatory and technological change. This dynamic is driving the largest institutions to re-focus on their core and look for ways to adapt to growing regulatory costs, as well as accelerating the consolidation of fragmented industries. The effect of large institutions refocusing on their core is to create strong growth opportunities for challenger businesses to serve those newly under served market segments, especially for those with lower cost structures as a result of new technology (versus legacy systems at traditional players). Increasing regulation is pushing up the cost and increasing complexity of operating many fi nancial services businesses, which is proving challenging for sub-scale players. That and other regulatory pressures will drive consolidation of fragmented industries. PERMIRA ANNUAL REVIEW 2015 17 INVESTMENT STRATEGY .CMAYOEVE 2. ACTIVITY REVIEW 1. COMPANY OVERVIEW
3 €1.8bn €3.0bn Portfolio Equity invested1 Total sales1 companies1 3. INVESTMENT STRATEGY 4. PRIVATE CREDIT 5. ORGANISATION & TEAM 6. INVESTING RESPONSIBLY INVESTING 6. & TEAM ORGANISATION 5. CREDIT PRIVATE 4.
1 As at 31 March 2016. The fi gures exclude Saga (Acromas), the divestment of which completed in April 2016. 18
Sector focus
FINANCIAL SERVICES
JAMES FRASER PHILIP MUELDER PARTNER PARTNER CO-HEAD OF FINANCIAL SERVICES CO-HEAD OF FINANCIAL SERVICES LONDON HEAD OF LONDON
Our global team of investment We focus on the following areas: professionals has extensive experience ASSET AND WEALTH MANAGEMENT of backing leading brands in a variety of SPECIALIST INSURANCE sub-sectors including asset management and specialty insurance. We continue FINANCIAL INFRASTRUCTURE to look for innovative businesses with SPECIALIST FINANCE outstanding customer propositions. PERMIRA ANNUAL REVIEW 2015 19 INVESTMENT STRATEGY .CMAYOEVE 2. ACTIVITY REVIEW 1. COMPANY OVERVIEW
BUYING WELL SELLING WELL Selected current portfolio 2016 Selected past investments
COMPANY DESCRIPTION COMPANY DESCRIPTION 3. INVESTMENT STRATEGY A specialist UK fi nancial services One of the UK’s leading providers of business that provides fi nancial products and services to the over-50s solutions to people either in or demographic, ranging from travel, approaching retirement insurance and fi nancial services.
A leader in the UK wealth management market One of the UK’s largest roadside recovery businesses and a leading RESPONSIBLY INVESTING 6. & TEAM ORGANISATION 5. CREDIT PRIVATE 4. A leading receivables management insurance broker business in Germany, the UK, Austria and Switzerland 20
Sector focus
HEALTHCARE
The Healthcare sector is a large and highly attractive market with healthcare expenditure accounting for circa 14% of global GDP. The sector enjoys strong fundamentals with attractive pricing and robust growth driven by aging populations, the rise of obesity and health and wellness consumerism to name but a few trends. The opportunities are many but the challenges facing investors are also sizeable. Asset valuations are at their highest levels in over a decade and deep-pocketed strategic buyers are pursuing M&A fi ercely while global deal fl ow is low. The Permira Healthcare sector team seeks to look beyond the obvious trends, focusing instead on differentiated and more complex themes and businesses which have the potential to become more valuable. PERMIRA ANNUAL REVIEW 2015 21 INVESTMENT STRATEGY .CMAYOEVE 2. ACTIVITY REVIEW 1. COMPANY OVERVIEW
1 €800m €180m Portfolio Equity invested1 Current sales1 company1 3. INVESTMENT STRATEGY 4. PRIVATE CREDIT 5. ORGANISATION & TEAM 6. INVESTING RESPONSIBLY INVESTING 6. & TEAM ORGANISATION 5. CREDIT PRIVATE 4.
1 As at 31 March 2016 excluding Creganna, the divestment of which completed in April 2016. 22
Sector focus
HEALTHCARE
MUBASHER SHEIKH PARTNER HEAD OF HEALTHCARE LONDON
Our healthcare group was established We focus on the following areas: in 2008. We have built a team with ANIMAL HEALTH a combination of clinical, management SPECIALIST MEDICAL TECHNOLOGY and investment expertise, who supports innovative fast-growing healthcare EFFICIENCY OF THE HEALTHCARE SYSTEM businesses and helps them reach their SPECIFIC THERAPEUTIC AREAS OF PHARMA full potential. PERMIRA ANNUAL REVIEW 2015 23 INVESTMENT STRATEGY .CMAYOEVE 2. ACTIVITY REVIEW 1. COMPANY OVERVIEW
BUYING WELL SELLING WELL Selected current portfolio 2016 Selected past investments
COMPANY DESCRIPTION COMPANY DESCRIPTION 3. INVESTMENT STRATEGY Management of medical Global manufacturer of delivery equipment and assets in devices for the minimally invasive hospitals and private clinics vascular surgery market
One of the world’s leading aquatic health groups manufacturing
vaccines and therapeutic products RESPONSIBLY INVESTING 6. & TEAM ORGANISATION 5. CREDIT PRIVATE 4. for the aquaculture industry
One of Germany’s leading manufacturers of ophthalmic lenses and frames 24
Sector focus
INDUSTRIALS
The need to fi nd solutions to the scarcity of natural resources and the imperative to increase effi ciency across supply chains are driving innovation in the industrials sector. At the same time, regulatory changes and consumer pressure are demanding ever higher environmental and ethical standards from industrial businesses. Within the industrials sector we look for businesses that can differentiate themselves through smart technology adoption, service orientation leveraging strong customer relationships and global expansion strategies. We have a great deal of experience in the sector and have a track record of helping businesses benefi t from these trends, most recently with Intelligrated, a leading North American-based advanced fulfi lment solutions provider. In a little over four years the business increased revenue by more than 90% through new customer wins, tripling R&D investment and enhancing its software capabilities. PERMIRA ANNUAL REVIEW 2015 25 INVESTMENT STRATEGY .CMAYOEVE 2. ACTIVITY REVIEW 1. COMPANY OVERVIEW
3 €4.0bn €1.5bn Portfolio Equity invested1 Total sales1 companies1 3. INVESTMENT STRATEGY 4. PRIVATE CREDIT 5. ORGANISATION & TEAM 6. INVESTING RESPONSIBLY INVESTING 6. & TEAM ORGANISATION 5. CREDIT PRIVATE 4.
1 As at 31 March 2016 excluding Intelligrated, the divestment of which was announced in July 2016. 26
Sector focus
INDUSTRIALS
RICHARD CAREY TORSTEN VOGT PARTNER PARTNER CO-HEAD OF INDUSTRIALS CO-HEAD OF INDUSTRIALS NEW YORK FRANKFURT
Permira’s global network of industry experts We focus on the following areas: and investment specialists have advised FOOD CHAIN many industrial and chemical companies SERVICES in driving innovation and effi ciency to achieve growth. Today they are ready INDUSTRIAL BRANDS to accompany world-class industrial businesses who seek to gain advantage through the adoption of new technologies. PERMIRA ANNUAL REVIEW 2015 27 INVESTMENT STRATEGY .CMAYOEVE 2. ACTIVITY REVIEW 1. COMPANY OVERVIEW
BUYING WELL SELLING WELL Selected current portfolio 2016 Selected past investments
COMPANY DESCRIPTION COMPANY DESCRIPTION 3. INVESTMENT STRATEGY An industry leader in providing A global leader in the personal temporary liquid and solid protection equipment industry containment, pump, fi ltration and trench shoring solutions
One of the world’s largest A supplier of fi ne and specialty agrochemical businesses chemicals and customer
manufacturing solutions RESPONSIBLY INVESTING 6. & TEAM ORGANISATION 5. CREDIT PRIVATE 4. A global leader in ‘green chemistry’
A global leader in smart drip and micro irrigation solutions for sustainable agriculture and A leading provider of other applications advanced automated material handling solutions1
An aviation services company
Animal nutrition solutions business
1 The divestment of Intelligrated was announced in July 2016. 28
Sector focus
TECHNOLOGY
The Technology team benefi ts from addressing a large, global market opportunity that is continually evolving. After 30 years of investing experience, the team’s approach remains consistent – focusing on identifying sub-sector leaders which are advantageously competing on the right side of technology disruption curves. A number of identifi ed long-term technology mega-trends will act as a guiding framework. These include ubiquitous connectivity, cloud delivery, software disruption, Big Data and primacy of unique content. While these trends are not themselves investable, they feed a deep set of underlying sub-sector themes which the team continues to mine. PERMIRA ANNUAL REVIEW 2015 29 INVESTMENT STRATEGY .CMAYOEVE 2. ACTIVITY REVIEW 1. COMPANY OVERVIEW
8 €7.4bn €2.3bn Portfolio Equity invested1 Total sales1 companies1 3. INVESTMENT STRATEGY 4. PRIVATE CREDIT 5. ORGANISATION & TEAM 6. INVESTING RESPONSIBLY INVESTING 6. & TEAM ORGANISATION 5. CREDIT PRIVATE 4.
1 As at 31 March 2016. Excludes Ancestry, the partial divestment of which completed in May 2016. 30
Sector focus
TECHNOLOGY
BRIAN RUDER RICHARD SANDERS PARTNER PARTNER CO-HEAD OF TECHNOLOGY CO-HEAD OF TECHNOLOGY HEAD OF MENLO PARK LONDON
Capitalising on Permira’s long-standing We focus on the following areas: expertise in the sector and our strong NICHE INFRASTRUCTURE presence in the Silicon Valley, Permira’s ONLINE SUBSCRIPTION LEADERS global Technology team looks to uncover leading businesses with the ability to UNIQUE SYSTEMS SOFTWARE ASSETS innovate in a constantly and rapidly BIG DATA changing environment. CROSS-SECTOR SOFTWARE
EDUCATION TECHNOLOGY AND SERVICES PERMIRA ANNUAL REVIEW 2015 31 INVESTMENT STRATEGY .CMAYOEVE 2. ACTIVITY REVIEW 1. COMPANY OVERVIEW
BUYING WELL SELLING WELL Selected current portfolio 2016 Selected past investments
COMPANY DESCRIPTION COMPANY DESCRIPTION 3. INVESTMENT STRATEGY Fast-growing global satellite operator A leading genealogy company providing online family history data and personal DNA testing1
Supplier of enterprise software Provider of a wide range of and solutions telecommunications products and internet services in Germany
Leading independent provider RESPONSIBLY INVESTING 6. & TEAM ORGANISATION 5. CREDIT PRIVATE 4. of data integration software A global leader in embedded processing solutions for the A leading online legal services automotive, consumer, industrial company in the USA and networking markets Global mobile satellite communications services provider An enterprise e-commerce and software platform A leading provider of fi xed satellite services worldwide A provider of online management tools for SharePoint migration, End-to-end software solutions for the Exchange email archiving and pay television industry Offi ce 365 migration
A leading global provider of secure remote support software Pay-TV operators in Germany and Austria
The largest carrier-neutral Technology-based school datacentre operator in Africa improvement and student assessment programmes
1 The Fund retains a minority holding in Ancestry.com. 32
INDUSTRIALS
David Brown designs, manufactures, distributes and services highly engineered-to-order industrial gear and drive systems, products and related equipment for use in a wide range of industry sectors including land and marine defence, mining, oil & gas, conventional power, general industrial and rail. Worldwide, David Brown has been a leading specialist in gear engineering and innovation for more than 150 years.
WHY WE BACKED DAVID BROWN It has an outstanding brand It has long-term sole supplier and engineering heritage in contracts in place with the the industrial gears market UK Ministry of Defence It focuses on mission-critical It has a diversifi ed revenue components where lead times base across countries and are crucial and component industries failure results in economic losses There is a steady revenue stream as a service and repair business
7 5 manufacturing facilities continents 18 14 service centres sales offi ces
Refreshingly they took a very different approach to due diligence on our business... It felt much more like a partnership approach and they did that work themselves to get comfortable that this was a credit opportunity that PCS2 wanted to invest in. And that gave us a lot of comfort.
STEWART MACINTOSH INVESTMENT DIRECTOR, CLYDE BOWERS (SPONSOR) PERMIRA ANNUAL REVIEW 2015 33 PRIVATE CREDIT 1. COMPANY OVERVIEW 2. ACTIVITY REVIEW 3. INVESTMENT STRATEGY INVESTMENT 3. REVIEW ACTIVITY 2. OVERVIEW 1. COMPANY 4 PRIVATE CREDIT
In this section CREDIT PRIVATE 4. David Brown case study 32 Permira Debt Managers 34 5. ORGANISATION & TEAM 6. INVESTING RESPONSIBLY INVESTING 6. & TEAM ORGANISATION 5. 34
Debt focus
PERMIRA DEBT MANAGERS
Permira Debt Managers is a leading provider of alternative credit solutions and long-term debt capital to successful European businesses. As well as fi nancial support, we share our deep sector insight and leading industry connections to foster growth for our clients across the continent. Our funds seek to provide credit solutions to successful, medium-sized European businesses. Our funds invest capital on bespoke terms since we believe that no two companies look the same. We have supported companies across diverse industries from publishing, theme parks, cinemas and restaurants, to industrial gears, sofa retailers and aerospace suppliers. Our structured credit business provides long-term capital to CLO managers in both the primary and secondary capital markets. This strategy relies on the excellent risk/ reward characteristics inherent in senior secured debt, typically issued by larger leveraged buyouts. We specialise in the most junior parts of the capital structure especially equity, where our credit-led approach provides the greatest differentiation. PERMIRA ANNUAL REVIEW 2015 35 PRIVATE CREDIT 1. COMPANY OVERVIEW 2. ACTIVITY REVIEW 3. INVESTMENT STRATEGY INVESTMENT 3. REVIEW ACTIVITY 2. OVERVIEW 1. COMPANY
90+ €2.9bn 12 Businesses1 Capital deployed1 European countries1 4. PRIVATE CREDIT PRIVATE 4. 5. ORGANISATION & TEAM 6. INVESTING RESPONSIBLY INVESTING 6. & TEAM ORGANISATION 5.
1 All fi gures are since inception and accurate as at 30 June 2016. 36
Debt focus
PERMIRA DEBT MANAGERS
JAMES GREENWOOD THOMAS KYRIAKOUDIS CHIEF EXECUTIVE OFFICER CHIEF INVESTMENT OFFICER
We pride ourselves on fi nding credit We focus on the following areas: solutions in even the most complex DIRECT LENDING and challenging circumstances. We STRUCTURED CREDIT understand what it takes to build a great business, and act as a true partner to families, owners and entrepreneurs undertaking this challenge. The Permira Debt Managers’ funds support growth across Europe and help businesses to realise their goals. In many cases, we are also able to provide advice and guidance borne from years of experience, as well as connections to some of Europe’s most infl uential business leaders. We always seek to leverage the wealth of knowledge that exists within the wider Permira group. PERMIRA ANNUAL REVIEW 2015 37 PRIVATE CREDIT 1. COMPANY OVERVIEW 2. ACTIVITY REVIEW 3. INVESTMENT STRATEGY INVESTMENT 3. REVIEW ACTIVITY 2. OVERVIEW 1. COMPANY
INVESTING WELL Selected current portfolio
COMPANY DESCRIPTION COMPANY DESCRIPTION A testing provider for environmental, A UK road haulage and warehousing food, water and oil analysis business currently comprising 5 regional operators A leading video surveillance integrator in France A leading B2C gaming operator in Belgium with number 1 online One of the largest prestige and market position
luxury jewellery and watch retailer CREDIT PRIVATE 4. in the UK One of the UK’s leading specialist A leading laundry service provider retailer of design-led stationery, in the UK greetings cards and gifts
A UK-based engineering company One of Europe’s earliest online principally engaged in the dating businesses and has built manufacture of industrial up a strong position in Germany, RESPONSIBLY INVESTING 6. & TEAM ORGANISATION 5. components including signifi cant Switzerland and Austria operations in industrial gear boxes and hydraulic components One of Europe’s leading A leading global luggage brand, interdisciplinary engineering and with a reputation for innovation, environmental consultancies design and quality
A manufacturer of made-to- A leading international hospitality measure window blinds, window company that operates exclusive, shutters, curtains, carpets, vinyl private members clubs as well fl ooring and awnings as hotels, restaurants and spas 38
FINANCIAL SERVICES
Leading receivables management businesses in Germany, the UK, Austria and Switzerland.
WHY WE BACKED THEM THE INVESTMENT STRATEGY To create a top three To strengthen their positions European player with as market leaders by leading market positions investing in data analytics in the UK and Germany and fostering operational by combining two highly excellence complementary businesses To consolidate a highly with attractive synergies fragmented market To benefi t from strong To enhance the growth industry growth dynamics profi le of both companies as and opportunities in both well as their cost effi ciency debt purchasing and through sharing of highly third-party collection complementary know-how To build on both businesses’ To enhance the services attractive growth and the group can offer to fi nancial profi le which its corporate clients by shows strong double digit providing sophisticated revenue performance which and integrated solutions is expected to continue outpacing the underlying market growth through further market share gains
OUTCOME The combination of Lowell and GFKL, market leaders in the UK and Germany respectively, creates one of the largest credit management businesses in Europe. With the backing of our funds, the new Group is well positioned to capitalise on the strong growth opportunities by taking advantage of the complementary skill sets and their collective breadth and expertise. Together the company creates a ‘one stop shop’ able to provide extensive recoverables management services.
We are very excited by the merger… this is a perfect strategic fi t driven by tremendous growth potential.
KAMYAR NIROUMAND CHAIRMAN OF THE SUPERVISORY BOARD OF GFKL PERMIRA ANNUAL REVIEW 2015 39 ORGANISATION & TEAM 1. COMPANY OVERVIEW 2. ACTIVITY REVIEW 3. INVESTMENT STRATEGY 4. PRIVATE CREDIT PRIVATE 4. STRATEGY INVESTMENT 3. REVIEW ACTIVITY 2. OVERVIEW 1. COMPANY 5 ORGANISATION & TEAM
In this section 5. ORGANISATION & TEAM GFKL Lowell case study 38 Organisation & team 40 6. INVESTING RESPONSIBLY INVESTING 6. 40
Organisation & team
Permira has a deep and experienced organisation built over three decades. Its roots across the key European markets are long standing and its teams in the US and Asia are well established. Permira combines this large platform with genuine sector specialisation and dedicated functional structure. This provides the fi rm with a powerful competitive advantage, particularly where there is complexity or a multi-geographic dimension to investment opportunities. The effectiveness of this structure is underpinned by a distinctive culture and a compensation model that reinforces collaboration and team work.
HOW WE OPERATE Permira operates a matrix structure where sector teams, our local offi ce network and functional specialists collaborate seamlessly across our global platform.
SECTOR TEAMS INDUSTRY INSIGHTS AND RELATIONSHIPS CONSUMER FINANCIAL SERVICES HEALTHCARE INDUSTRIALS TECHNOLOGY
OFFICE INTERNAL NETWORK GROUPS SOURCING IN OF EXPERTS LOCAL MARKETS FINANCING GROUP 14 OFFICES LEGAL & STRUCTURING GROUP 3 CONTINENTS PORTFOLIO GROUP PERMIRA ANNUAL REVIEW 2015 41 ORGANISATION & TEAM
Senior team CREDIT PRIVATE 4. STRATEGY INVESTMENT 3. REVIEW ACTIVITY 2. OVERVIEW 1. COMPANY
1. KURT BJÖRKLUND 2. TOM LISTER CO-MANAGING PARTNER CO-MANAGING PARTNER
12
345 3. ROBIN BELL-JONES 19. SÉVERINE MICHEL PARTNER HEAD OF LUXEMBOURG 4. ROBERTO BIONDI 20. FRANCESCO DE MOJANA PARTNER, HEAD OF PARTNER FINANCING GROUP 678 21. PHILIP MUELDER 5. ALISTAIR BOYLE PARTNER, CO-HEAD OF HEAD OF GUERNSEY FINANCIAL SERVICES, HEAD OF LONDON 6. RICHARD CAREY 91011PARTNER, CO-HEAD OF 22. OLA NORDQUIST INDUSTRIALS PARTNER, HEAD OF NORDIC 7. FABRIZIO CARRETTI PARTNER, HEAD OF MILAN 23. SILVIA OTERI PARTNER 12 13 14 8. JOHN COYLE PARTNER, HEAD OF 24. CHERYL POTTER NEW YORK PARTNER, HEAD OF CONSUMER 9. CHRIS DAVISON 1516 17 PARTNER, HEAD OF 25. DIPAN PATEL INVESTOR RELATIONS PARTNER 10. ALEX EMERY 26. JÖRG ROCKENHÄUSER PARTNER, HEAD OF ASIA PARTNER, HEAD OF FRANKFURT 18 19 20 11. JAMES FRASER PARTNER, CO-HEAD OF 27. BRIAN RUDER FINANCIAL SERVICES PARTNER, CO-HEAD OF TECHNOLOGY, 12. RYO FUJII HEAD OF MENLO PARK HEAD OF JAPAN 21 22 23 28. RICHARD SANDERS 13. ULRICH GASSE PARTNER, CO-HEAD PARTNER, HEAD OF TECHNOLOGY 5. ORGANISATION & TEAM OF LEGAL AND STRUCTURING GROUP 29. FEDERICO SARUGGIA 24 25 26 PARTNER 14. PETER GIBBS CHIEF OPERATING OFFICER, 30. MUBASHER SHEIKH PERMIRA DEBT MANAGERS PARTNER, HEAD OF HEALTHCARE 15. JAMES GREENWOOD 27 28 29 CHIEF EXECUTIVE OFFICER, 31. JIM TSAO PERMIRA DEBT MANAGERS HEAD OF SHANGHAI 16. THOMAS KYRIAKOUDIS 32. BENOIT VAUCHY CHIEF INVESTMENT PARTNER, HEAD RESPONSIBLY INVESTING 6. OFFICER, PERMIRA DEBT OF PARIS 30 31 32 MANAGERS 33. TORSTEN VOGT 17. SEAN LEE PARTNER, CO-HEAD CHIEF STRATEGY OF INDUSTRIALS OFFICER ASIA, 33 34 35 HEAD OF KOREA 34. NIC VOLPI PARTNER 18. CARLOS MALLO PARTNER, HEAD 35. MARTIN WECKWERTH OF MADRID PARTNER 42
HEALTHCARE
More and more people around the world are eating fi sh as a source of healthy protein. However, as we all know, this demand is putting enormous pressure on marine ecosystems and, as populations continue to rise, it is increasingly unsustainable. One response has been the dramatic rise in fi sh farming. We identifi ed this long-term growth trend and looked for opportunities to partner with companies that are providing solutions for this segment. We found PHARMAQ and partnered with management to create one of the world’s leading aquatic health group manufacturing vaccines and therapeutic products for the aquaculture industry.
WE PARTNERED WITH MANAGEMENT TO HELP THE COMPANY Expand into emerging Enable the company to markets and provided viable establish dialogue with alternatives to antibiotic leading research institutions usage in food production and regulatory bodies in key future growth markets to Extend the product offering ensure that PHARMAQ is in the core salmon market to ready to capitalise on future provide protection against growth opportunities devastating diseases that are currently left unaddressed Sell the business to a trade buyer, enabling it to continue this progress 2013 3.3x 2015 Acquisition year ROI Exit year
The Permira funds’ signifi cant experience in investing in the food chain and their international reach made them an ideal partner to help us pursue our objective to expand our products and market share in exciting and growing markets.
MORTEN KR. NORDSTAD CEO PERMIRA ANNUAL REVIEW 2015 43 INVESTING RESPONSIBLY 1. COMPANY OVERVIEW 2. ACTIVITY REVIEW 3. INVESTMENT STRATEGY 4. PRIVATE CREDIT 5. ORGANISATION & TEAM ORGANISATION 5. CREDIT PRIVATE 4. STRATEGY INVESTMENT 3. REVIEW ACTIVITY 2. OVERVIEW 1. COMPANY 6 INVESTING RESPONSIBLY
In this section RESPONSIBLY INVESTING 6. Pharmaq case study 42 Investing responsibly 44 Netafi m case study 47 44
Investing responsibly
THE PERMIRA APPROACH
Permira believes that a focus on sustainability is an important part of building lasting value in the funds’ portfolio companies. Environmental, social and governance (“ESG”) and sustainability considerations are embedded throughout the investment process and are expected to be a key part of the governance of the funds’ portfolio companies. Portfolio company executive management is responsible for operating all ESG matters at the company. Through active ownership, the Permira funds will continue to support portfolio companies in achieving their ambitions and improving their performance. Understanding the key levers that drive business improvement, including ESG considerations, is at the heart of the Permira funds’ transformational investment approach. The funds’ ambition is to support portfolio companies to address material risks and deliver on value-creation opportunities relating to ESG and sustainability. PERMIRA ANNUAL REVIEW 2015 45 INVESTING RESPONSIBLY 1. COMPANY OVERVIEW 2. ACTIVITY REVIEW 3. INVESTMENT STRATEGY 4. PRIVATE CREDIT 5. ORGANISATION & TEAM ORGANISATION 5. CREDIT PRIVATE 4. STRATEGY INVESTMENT 3. REVIEW ACTIVITY 2. OVERVIEW 1. COMPANY
>48,000 >€29bn Employees1 Enterprise value1 6. INVESTING RESPONSIBLY INVESTING 6.
1 Employee and Enterprise Value data for the current Permira funds’ portfolio companies in aggregate as at Dec 2015. 46
Investing responsibly
ESG
ADINAH SHACKLETON HEAD OF ENVIRONMENT, SOCIAL AND GOVERNANCE
ESG and sustainability considerations are embedded throughout the investment process and are expected to be a key part of the governance of the funds’ portfolio companies. ESG is another lens applied when considering the risks and value creation opportunities for a potential investment. Adinah Shackleton, Head of ESG, works with deal teams throughout the investment lifecycle to help maintain a focus on ESG matters. PERMIRA ANNUAL REVIEW 2015 47 INVESTING RESPONSIBLY 1. COMPANY OVERVIEW 2. ACTIVITY REVIEW 3. INVESTMENT STRATEGY 4. PRIVATE CREDIT 5. ORGANISATION & TEAM ORGANISATION 5. CREDIT PRIVATE 4. STRATEGY INVESTMENT 3. REVIEW ACTIVITY 2. OVERVIEW 1. COMPANY
c. 50% c. 40% Increase in Decrease in water crop yields consumption
INDUSTRIALS
Backing the world’s leader in drip irrigation: Leading technology and market positions Sales in 100+ countries, with expansion in China Addressing global challenges around water scarcity, food security, agricultural productivity Partnership with Kibbutz investors ESG highlights: Netafi m drip irrigation products support farmers to achieve c. 50% increase in crop yields and c. 40% decrease in water consumption Permira supported a transition to “Fit for Growth” Governance standards and procedures (for example, updating Business Conduct policies and reporting and implementing new roles including Legal Counsel, Audit Committee and strong independent board members) A new “2020 Sustainability Strategy” has been implemented to help customers achieve sustainable productivity while reducing their environmental impact By the end of 2015, more than US$25m in loans have been extended to around 13,000 farmers covering over 15,000 hectares of land in India through Netafi m’s New Agricultural Financing Agency, which endeavours to reach out to smallholder farmers with easy and effi cient fi nancial solutions either directly or through stakeholders in the value chain In 2015 Netafi m, a UN Global Compact LEAD member, committed to support the UN Sustainable Development Goals with drip irrigation playing a key role in improved food security,
enhanced livelihoods, empowerment of women and conservation RESPONSIBLY INVESTING 6. of water In 2013, Netafi m was winner of the Stockholm Industry Water Award (SIWA), one of the world’s most important water industry awards which recognises improved performance in production processes, products and management, and innovative approaches in water and wastewater technologies 48
Our offi ces
EUROPE USA FRANKFURT MENLO PARK Permira Beteiligungsberatung GmbH, Permira Advisers LLC, 3000 Sand Hill Road, Bockenheimer Landstrasse 33 60325 Building 1 Suite 260, Menlo Park, CA 94025, United States Frankfurt am Main T: +1 650 681 4701 F: +1 650 853 0180 T: +49 69 97 14 66 0 F: +49 69 97 14 66 99 NEW YORK GUERNSEY Permira Advisers LLC, 320 Park Avenue, 28th Floor, Permira (Guernsey) Limited, PO Box 503, Trafalgar Court, New York, NY 10022, United States Les Banques, St Peter Port, Guernsey, GY1 6DJ T: +1 212 386 7480 F: +1 212 386 7481 T: +44 1481 743 200 F: +44 1481 743 201 ASIA LONDON Permira Advisers LLP, 80 Pall Mall, HONG KONG London, SW1Y 5ES, United Kingdom Permira Advisers Limited, Room 2804, T: +44 20 7632 1000 F: +44 20 7930 3185 28/F One Exchange Square, 8 Connaught Place, Central, Hong Kong LUXEMBOURG T: +852 3972 0800 F: +852 2111 1148 Permira Luxembourg S.à.r.l, 488, route de Longwy, L-1940 Luxembourg SEOUL T: +352 26 86 811 F: +352 26 86 8181 Permira Advisers Limited, Sewha Building 2Fl, Dosandaero 67gil 29, Kangnamku, Seoul 135-954, Korea MADRID T: +82 2 3448 4640 F: +82 2 3448 4641 Permira Asesores S.L., Plaza Marqués de Salamanca 10, Primero Izquierda.,28006, Madrid, Spain SHANGHAI T: +34 91 418 24 99 F: +34 91 426 11 93 Permira Advisers (China) Limited, Suite 3804, K. Wah Centre, 1010 Huai Hai Zhong Road, Shanghai, 200031, China MILAN T: +8621 8032 1333 F: +8621 8032 1338 Permira Associati S.p.A, Palazzo Spinola, Via San Paolo 10, 20121 Milan, Italy TOKYO T: +39 02 76 00 47 40 F: +39 02 76 00 47 06 Permira Advisers KK, Akasaka Intercity Building 3F, 1-11-44 Akasaka, Minato-ku, Tokyo 107-0052, Japan PARIS T: +81 (0)3 6230 2051 F: +81 (0)3 6230 2052 Permira Advisers SAS, 6 rue Halévy (2nd fl oor), 75009 Paris, France T: +33 1 42 86 63 78 STOCKHOLM Permira Advisers KB, Birger Jarlsgatan 12, 114 34 Stockholm, Sweden T: +46 8 503 122 00 F: +46 8 503 122 99 PERMIRA ANNUAL REVIEW 2015
INTRODUCTION
PLEASE NOTE THE FOLLOWING: Certain information contained herein regarding the Permira funds is aggregated In this document, “Permira” means Permira information relating to a number of Holdings Limited and its subsidiaries Permira funds or has been derived by including the various entities which each Permira. Such information is not refl ective individually act as advisers or consultants of the performance of individual funds or in relation to the Permira funds. The “Permira portfolio companies of those funds and no funds” and the “funds” refer to one or more investor will benefi t from those aggregated of the following buy-out funds advised by or derived returns. Past performance Permira: Permira V (P5), Permira IV (P4), information contained in this document is Permira Europe III (PE3), Permira Europe not an indication of future performance. II (PE2). All statements of opinion and/or belief The valuation of remaining investments contained herein and all targets, forecasts of the Permira funds has been calculated in or statements relating to expectations accordance with the International Private regarding future events or the possible Equity and Venture Capital Guidelines. future performance of any Permira funds or portfolio companies represent the “Partner” is a title applied internally within assessment of the Fund Managers on the Permira to certain senior professionals who basis of information available to them as at are treated within Permira as partners, but the date of this document. No representation not necessarily implying the carrying on of or warranty is made or assurance given that a business as a partner or in partnership. any such statements, views, projections or Portfolio company fi nancial information forecasts are correct or that the objectives has been converted based on the following of such funds or businesses will be achieved. exchange rates (31 December 2015): €1 = This document does not constitute an offer US$1.09, €1 = £0.74, €1 = ZAR16.79, €1 = to sell, nor the solicitation or any offer to ¥130.553, (31 March 2016) €1 = US$1.14, subscribe for or acquire, any interests in any €1 = £0.79, €1 = ZAR16.74, €1 = ¥127.97. Permira fund or in any portfolio company This document is made available for of a Permira fund. The information contained information only by the manager of Permira herein does not constitute investment IV and the respective General Partners of advice for the purposes of the EU Markets Permira Europe II, Permira Europe III and in Financial Instruments Directive (2004/39/ Permira V (together, the “Fund Managers”). EC) as implemented or advice for the This document should not be considered purpose of Article 53 of the UK Financial as a recommendation by Permira in respect Services and Markets 2000 (Regulated of any investment fund managed or Activities) Order 2001 (as amended) and advised by Permira and does not contain no person should construe or rely on the all the information necessary to evaluate information as such. any such fund. Information contained in this document is believed by the Fund Managers to be accurate as at the date of this document however the Fund Managers accept no responsibility for such information and no reliance should be placed upon it. Investors and prospective investors should not treat this information as advice in relation to legal, taxation or investment matters. The Fund Managers do not assume any obligation to, and do not intend to, update any of the information contained herein. No representations or warranties whatsoever (whether expressed or implied), including representations or warranties relating to the completeness or accuracy of the information contained herein, are given. No person has been authorised to give any information or make any representation not contained herein and, if given or made, such information or representation may not be relied upon.
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