Investors and Sought After by Managing Partner’S Statement Businesses Seeking Expertise to Sustain About Bridgepoint Growth and Prosperity

bridgepoint.eu

1 Bridgepoint’s combination of financial Executive Summary Yesterday’s experience, 011 strength, industrial and strategic skills 02 Bridgepoint at a Glance 06 2011 at a Glance tomorrow’s strengths. makes it a private equity manager trusted 08 Today & Tomorrow by its investors and sought after by Managing Partner’s Statement businesses seeking expertise to sustain About Bridgepoint growth and prosperity. 14 Our Fund Investors 18 Our Partners

Portfolio 22 Portfolio Business Review 23 Portfolio Update New Investments in 2011 24 Portfolio Companies

Our Commitment

56 Responsible Investing from Bridgepoint 62 Our Community

66 Our Offices

Bridgepoint 2010 Annual Review CONTENTS “We strive to build fundamentally strong businesses that hold the potential to deliver very Bridgepoint attractive returns...” at a Glance

06022 A major international private equity group ■ A key general partner for institutional 033 focused on investing in leading middle investors around the world market businesses headquartered across Europe. Bridgepoint’s combination of ■ A leader in financing businesses and financial strength, and industrial and growing them organically and by strategic skills makes it a private equity acquisition 80+ manager trusted by its investors and sought investment professionals led after by businesses seeking expertise to ■ A bridgehead for companies seeking by 30 partners sustain growth and prosperity. access to Europe thanks to the most evolved pan-european network of Our success lies in our ability to assemble the operations and contacts best European teams with the relevant sector and transaction experience, and in our ability ■ Over €12 billion of committed capital to to identify opportunities to position our date from a world class investor base portfolio companies for long-term growth. ■ Over 80 investment professionals €12bn+ led by 30 partners of committed capital to date from a world class investor base ■ A portfolio of businesses with over 72,000 employees across Europe

■ Over 55 transactions completed in the last ten years totalling €17.9 billion

■ Over 130 add-on acquisitions completed for investments in last ten years 40 A portfolio of 40 businesses across Europe

Bridgepoint at a Glance Bridgepoint at a Glance 04 05 integrity

Not just what we believe but also how we act. The highest standards in both our professional and ethical conduct are fundamental.

Bridgepoint 2010 Annual Review Bridgepoint 2010 Annual Review Our VALUES OUR VALUES 2011 €1.4 billion at a Glance Committed to 11 new investments.

066 Bridgepoint Buyout Fund bn 077 € € 2.7 1.4 billion committed to seven new investments with a total transaction value of 2.7 billion. € Total transaction value CABB La Gardenia of investments made. Médipôle Sud Santé Infront Sports & Media

SPTS Wiggle Foncia 72,000 Bridgepoint Development Capital Employees in Bridgepoint- €83 million in four new investments with a total transaction value of €163 million owned businesses.

Compagnie Stéphanoise de Santé Mezzo di Pasta

Shimtech Industries Evander Glazing & Locks €573million Returned to investors in 2011.

2011 at a glance 2011 at a glance “2011 saw Bridgepoint identifying and acquiring new investments in some really attractive markets as the Firm’s rate of new Today & investment increased to take advantage of transaction flow Tomorrow and pricing in uncertain times.”

088 markets with the capacity to generate exciting returns for our 099 Managing Partner’s Statement of 2011 investors through meaningful business transformation. And secondly, we supported actively the 40 businesses we already own, ensuring Bridgepoint and the portfolios of companies it manages finished 2011 in that they remained on track with their investment plans and helping a strong position despite the shifting economic and political landscape € 573m management teams protect jobs and address the unwanted in Europe. This was reflected in a 12% year-on year growth in EBITDA Amount of exit proceeds Bridgepoint challenges arising from these times. Encouragingly, the vast and an 11% year-on year growth in revenue of the combined portfolios generated for investors in 2011 majority of our businesses made good progress during the year. of Bridgepoint’s two main European buyout funds. In addition Europe continued to provide some very attractive investment and growth opportunities for the Firm during the year. Investing and selling in difficult markets

2011 in many respects was a year of two very different halves. 2011 saw Bridgepoint identifying and acquiring new investments in The beginning of the year saw improving market conditions and a generally some really attractive markets as the Firm’s rate of new investment increased to take advantage of transaction flow and pricing in William Jackson more favourable outlook. This contrasted with the second half of 2011 and the onset of the euro crisis and the threat of recession. This was uncertain times. It is very clear that, despite - or indeed because of Managing Partner - market uncertainties, there are many market leading businesses in Bridgepoint frustrating for business: two years of accelerating economic expansion across European economies was replaced by market volatility, increasing Europe keen to tap into the financial, sectorial and strategic skills of political turmoil and weakening GDP growth. The ensuing market firms like Bridgepoint. Our most recent middle market buyout fund, € uncertainty and lack of political leadership in finding a solution to Bridgepoint Europe IV, committed€ 1.4 billion in equity 2011 to seven the sovereign debt crisis remain a cause for concern. This was evident new investments across Europe. In total it has now invested in in the latter half of the year which saw an increased polarisation in 13 businesses committing some 65% of the Fund’s primary capital – performance between businesses dependent upon state spending and the in line with our original investment strategy for the Fund. BE IV’s sister relatively healthy private sector. Consumer confidence too, upon which fund, BBTPS, managed by Bridgepoint Development Capital (which all business depends, remained fragile as the 24 hour news environment of specialises in investments in smaller buyouts) performed similarly € the 21st century impacted sentiment differently from day to day. well, investing some 83 million in four new investments with a total transaction value of €163 million and putting a further €22 million into Bridgepoint and its portfolio of companies were not immune to two follow-on investments. all this but I’m pleased to report that 2011 was nevertheless a very productive year. We remained an active if highly selective investor with two Importantly on the realisations front, turbulent M&A markets aside, € very deliberate priorities. Firstly, during the year, our team worked hard to we generated over 573 million of proceeds for our investors in 2011 seek out growing European middle market and smaller businesses, most boosted by the sale in May of ERM, the environmental consulting often those exporting goods and services outside Europe, that operate in services group.

Managing Partner’s Statement Managing Partner’s Statement Portfolio resilience as diverse as sustainable farming and youth education in their local Today & communities and at the same time improve their own leadership skills. We have deliberately constructed our fund portfolio strategy to invest in businesses with strong market positions and this, with the New talent for new times Tomorrow generally low current net leverage in our most recent portfolios, has meant that most Bridgepoint businesses are well positioned to Throughout 2011 Bridgepoint continued to attract new talent to withstand current pressures. the team, bringing a fresh perspective in virtually every area of the business. As China continues to play an important role in the During the second half of 2011 it would have been easy to have development of many of the businesses we now own, we were been consumed by the economic headlines but it’s worth recording especially delighted to welcome Henry WK Chow, a former Chairman that the combined portfolios of Bridgepoint’s two European and Chief Executive officer of Greater China Group at IBM Corp, as a buyout funds achieved strong year-on year growth in EBITDA and member of our Advisory Board. His substantial knowledge of the Asia in revenues. This is due in no small part to the hard work and Pacific region and of China in particular will be invaluable in working commitment of the 72,000 people employed in Bridgepoint owned with our Shanghai portfolio development office as well as assisting companies and to their response to market dynamics, their capacity portfolio companies with their sourcing, production and business to win market share and to focus on business efficiency. development activities, as well as helping us with the evaluation of new investment opportunities in Europe where China can make a Keeping a close eye on cash generation and covenant headroom in meaningful difference to their success. these times remains key. Where companies were disproportionately affected by market conditions, we acted swiftly to intervene and to Underscoring the depth and breadth of talent we are able to call upon ensure that they have the resources required to address difficulties. 10 within the Firm, we also admitted five new Partners to the Partnership 11 In this regard, we continue to see particular value to our portfolio at the end of the year, recognising colleagues who have built companies of the Firm’s group purchasing scheme and its ability successful long-term careers within the business and have contributed to reduce generic purchase costs – an important competitive edge greatly to our success. “…the combined portfolios exploited by the great majority of Bridgepoint–backed businesses. of Bridgepoint’s two Bridgepoint and society Outlook European buyout funds

We are fully aware that Bridgepoint and its portfolio businesses touch 2012 began with the continuing uncertainty regarding the Euro and achieved strong year-on the lives of many people and are conscious of the responsibilities that the European economy, albeit that January and February have seen year growth in EBITDA and we and our investments have to employees, our portfolio businesses some encouraging signs of a recovery in confidence, especially in and the communities in which we work. Bridgepoint itself through Northern Europe. Although we remain confident that our portfolio in revenues.” its responsible investing programme was an early adopter of ‘ESG’ companies are well placed to deliver continued good earnings policies and has a set of firmwide values to drive our commitment in growth and cash generation, most of the portfolio faces a tougher this area. operating environment than a year ago.

We contribute to our communities through a charitable giving Ironically, market headwinds and the dislocations arising from the programme administered by the Bridgepoint Charitable Trust sovereign debt crisis are likely, we believe, to continue to create (‘BCT’), our non-profit charitable foundation formed and funded by opportunities for Bridgepoint to continue the construction of its Bridgepoint and its employees, to make charitable donations in the investment portfolios at attractive prices. Clearly, we will only do this broad areas of education and the environment, principally within if we believe that the valuation of an asset is appropriate and we Europe. Under the auspices of the BCT, in 2011 we continued to have a clear plan about how we can create value for our investors. support two very worthwhile charities – BeatBullying in the UK and To do this, we will be maintaining our disciplined pace of new Fryshuset in Sweden – as well as other worthwhile causes bolstered investment into 2012 and 2013, mindful of the need for a balanced by the charitable efforts of our own team members and through our exposure across sector, geography and vintage years of our Funds. matched-giving schemes. We are fortunate that Bridgepoint remains a well-funded and well-resourced business capable of rising to the challenges and Outside Europe, we entered our second year of our leadership William Jackson outreach programme to communities under a three year programme opportunities of 2012. We are able to do so thanks not just to our own team but to the commitment of the people across Europe who Managing Partner which sees us sponsoring over 111 ‘Bridgepoint Fellows’ in Brazil, Bridgepoint China and India. This enables grassroots leaders to deliver projects work in Bridgepoint-owned businesses. I thank them all for their contribution over the last 12 months.

Managing Partner’s Statement Managing Partner’s Statement 12 13 teamwork

Listen to the person next to you, respect their point of view and always put the interests of our investors and the Firm before those of the individual.

Bridgepoint 2010 Annual Review Bridgepoint 2010 Annual Review Our VALUES OUR VALUES With over y12 billion of committed funds to date, Bridgepoint’s investor base is well diversified by type, size and geography and includes some of the world’s leading Our Fund investors in the Private Equity asset class. Investors

Type of investors 14 15 Europe 3.7% Asset manager North America 37.9% 1.4% Bank 3.5% Bridgepoint Middle East 4.5% 5.7% Endowment 50.8% 1.4% Family office 7.4% Fund of funds

Asia & Australia 13.0% Insurance 6.8% 57.3% Pension 6.6% Sovereign wealth fund

Our FUND Investors Our FUND Investors 16 17 judgement

Pause, calculate and think. It’s all about intelligent decisions made without prejudice utilising the collective experience of the Firm.

Bridgepoint 2010 Annual Review Bridgepoint 2010 Annual Review Our VALUES OUR VALUES Bridgepoint is led by 30 partners and an Operating Committee chaired by Uwe Kolb James Murray Xavier Robert our Managing Partner. This group is Partner Partner Partner Our responsible for ensuring that the shared values and objectives we have set ourselves are upheld and met.

Mikael Lövgren Graham Oldroyd Rod Selkirk In this way we work as one firm across borders Partner Partner Partner Partners with people who are proud to work here and where our investors and the companies we back can feel part of our business.

José Maria William Paul Khai Tan Maldonado ■ Partner Partner Partner

Jason McGibbon Frédéric Pescatori ■ Guy Weldon ■ Partner Partner Partner

18 John Barber ■ Michael Davy Stephen green 19 Partner Partner Partner Rob Moores Kevin Reynolds Jamie Wyatt Partner Partner Partner

charles Barter Martin Dunn ■ Vince Gwilliam Partner Partner Partner

European Advisory board

Benoît Bassi ■ Patrick Fox Raoul Hughes ■ Henry WK Chow Francis Mer Lord Patten Partner Partner Partner

Michael Black ■ Alastair Gibbons ■ William Jackson ■ Sir James Crosby Alan Milburn Sir Stuart Rose Partner Partner Managing Partner

Chris Busby Hamish Grant Håkan Johansson ■ Dr Hubertus Erlen Partner Partner Partner

■ Member of Operating Committee

Our partners OUR partners 20 21 meritocracy

A work ethic rooted in excellence where talent and ability are allowed to flourish and advancement is based on merit.

Bridgepoint 2010 Annual Review Bridgepoint 2010 Annual Review Our VALUES OUR VALUES Portfolio Business Portfolio Update Review New Investments in 2011

22 Bridgepoint evaluates many new investment 23 Company Sector Transaction value € Location opportunities every year across a range of sectors for the two funds it is currently investing. We seek CABB Manufacturing & Industrials N/D Germany to invest in businesses that combine existing 55 strengths (in terms of market share, diversification, Transactions completed by Bridgepoint Compagnie Stéphanoise de Santé Healthcare N/D France brand strength, quality of products or services and funds in last ten years first-rate management) with the capacity for further Evander Glazing & Locks Business Services N/D UK enhancement through expansion across borders, operational improvement, refocusing of strategies, Foncia Business Services N/D France and add-on acquisitions. Infront Sports & Media Media & Technology N/D Switzerland Bridgepoint’s current €4.8 billion buyout fund provides private equity capital to established companies in six La Gardenia Consumer N/D Italy principal sectors where we have significant expertise in 130+ understanding, buying and supporting businesses. Bolt-on acquisitions made by investee Médipôle Sud Santé Healthcare N/D France We fund buy-outs and buy-ins as well as helping companies in last ten years companies de-list from their local stock exchange. Mezzo di Pasta Consumer N/D France Typically, we will make equity investments between €75 million and €400 million in companies capitalised Shimtech Industries Manufacturing & Industrials 60m France between €200 million and €1 billion. SPTS Manufacturing & Industrials N/D UK Bridgepoint Development Capital, our lower-middle market business, specialises in businesses valued up to Wiggle Consumer 210m UK €150 million and looks to invest between €10 million to 72,000 €75 million of equity in individual businesses. People employed by Bridgepoint-backed companies across Europe

a Bridgepoint Development Capital Investment

Portfolio BUSINESS REVIEW Portfolio 2011 Update CABB Compagnie Stéphanoise Specialty chemicals manufacturer de Santé (‘C2S’) C S French regional hospital group

CABB is the largest producer of ultra high purity Founded in 2005 through the combination of 24 CABB is a global provider monochloroacetic acid (MCAA), an essential Sector Compagnie Stéphanoise three clinics and the subsequent addition of Sector 25 of intermediates, custom building block for a wide range of end market Manufacturing de Santé is the principal further facilities there and in Aquitaine and Healthcare & Industrials Auvergne, the group now operates from ten applications ranging from herbicides to personal Location manufacturing solutions care and food products. lt is also the No. 3 Location independent operator of sites, mainly polyclinics that offer both general France provider of high-spec custom manufacturing Germany as well as a broad range of specialist medicine and diversified speciality for blue-chip agrochemical and chemical clinics in the Rhône-Alpes and surgery. Original deal size multinationals. It operates from manufacturing Original deal size Not disclosed chemicals based in sites in Germany, Switzerland, Finland and Not disclosed region of France. Bridgepoint, investing via its lower mid-market lndia, and with sales offices in the UK, China, business, Bridgepoint Development Capital, Revenue Germany. Revenue €114 million Argentina and North America. was attracted not only by the strategic €419 million nature of C2S’s regional market position, but Employees ln August 2011, only four months after having Employees by the potential for greater efficiencies and 1,300 been acquired by Bridgepoint, CABB bought 981 further rollout opportunities to consolidate KemFine, one of the leading agrochemicals-focused its leadership position. At the time of the Directors custom manufacturers in Finland. This expanded Directors acquisition, BDC provided C2S with the funding Philippe Libier the Company’s custom manufacturing business Tony Clinch to acquire Clinique du Parc, one of the leading Bruno Limonne Hans Elmsheuser by doubling its revenues and adding to the clinics in the Lyon area, with state-of-the art Dr. Uwe Salzer Bridgepoint breadth, scope and customer penetration. Carl Voigt facilities and specialised in orthopaedics and representatives Dr. Martin Wienkenhöver ophthalmologic surgeries. Olivier Binet Bridgepoint was attracted by CABB’s Pierre Colasson combination of defensiveness and potential Bridgepoint a Bridgepoint Development Capital Investment for earnings enhancement and value growth, representatives www.groupec2s.fr largely from the development of the company Graham Oldroyd Marc Zügel into a more global market leader. www. cabb-chemicals.com

Portfolio 2011 Update Portfolio 2011 Update Evander Glazing & Locks Foncia Emergency glazier & locksmith Residential property management

Norwich-based Evander is the UK’s largest It focuses on three activities: property 26 Evander Glazing & Locks nationwide glazing and locks provider to Sector Foncia is the market leader management, where it is No 1 in the market; Sector 27 is the UK’s leading the domestic insurance industry, completing Business Services in residential property residential property lease management & Business Services more than 100,000 response and repair rental services; and a small real estate sales Location Location emergency response jobs per annum. The company typically UK management services in business. In addition, the business provides a France partners with insurance companies to supply range of ancilliary services including valuations glazing and locks business. their policyholders with emergency repair Original deal size France, with a portfolio and insurance broking, as well as real estate Original deal size services, normally following a burglary or an Not disclosed transaction services. Operating from 600 Not disclosed accident. It also serves customers operating of 1.3 million properties offices across the country, it has a customer in the commercial and social housing sectors, Revenue base which is 30% greater than the next Revenue €55 million under management. €590 million providing contracted maintenance and largest operator in this fragmented market. emergency response services to construction Employees In addition, Foncia has operations in Germany, Employees and facility management companies, retailers, 350 engineers Switzerland and Belgium. 6,896 banks and local authorities, using its nationwide network to service a client’s entire property Directors Foncia benefits from a high level of customer Directors portfolio. Alan Horton retention, with average property management Benoît Fournial James Ong relationships lasting 20 years, and relatively Marc Frappier Bruno Keller Evander operates in a non-cyclical market and inelastic demand as customers place service Bridgepoint Anne Lalou it’s market leading position means it is well representatives quality above price. There is also significant Jacques Lenormand placed to deliver further growth. Bridgepoint, Kevin Reynolds potential for operating efficiencies as well Luis Marini Portugal investing via its lower mid-market business, Tim Thomas as greater integration and improvements Bridgepoint Development Capital, believes to current technology. Bridgepoint there is an opportunity to increase market www.evander.com representatives share within its core insurance, commercial Strong underlying organic growth is forecast Benoît Bassi Vincent-Gaël Baudet and social housing divisions and to broaden from the long-term structural increase in Frédéric Pescatori its customer base by developing a consumer housing demand, sustained price growth and market B2C proposition. regulation which increasingly favours large, www.foncia.fr professional operators, as well as cross-selling value-added services to a captive customer a Bridgepoint Development Capital Investment base.

Portfolio 2011 Update Portfolio 2011 Update Infront Sports & Media La Gardenia Sports marketing agency Specialist perfume retailer

Infront Sports & Media is Headquartered in Zug, Switzerland, and with The business has the leading estate of 28 22 offices across Europe and Asia, Infront’s Sector La Gardenia is a specialist premium sites, primarily located in fast Sector 29 Media & Technology the second largest sports client portfolio includes football, winter sports, perfume retailer with over growing shopping malls and high footfall Consumer the World Superbikes Championship and 17 city centre locations targeting the ‘selective Location Location other world championship events. It advises marketing agency in the Switzerland 160 stores in Italy and is the perfumery market’ which is a higher growth, Italy sporting clubs, federations and owners on higher margin part of the perfume and world with a diversified how to maximise the revenue potential of Original deal size second largest operator in cosmetics (P&C) market where Italy occupies Original deal size contract base of over their sports rights and associated intellectual Not disclosed the number three position globally. Not disclosed property. It is further differentiated by its in- its market. In keeping with its premium positioning, Revenue house media production division and ability to La Gardenia has a strong branded perfume Revenue 120 sports rights owners €516 million €134 million handle the TV production of the most complex product range and make-up, with the sporting events such as the FIFA World Cup delivering 3,300 event Employees balance of its sales being toiletries, other Employees days each year. Finals. 500 cosmetics and skincare products. 822 Bridgepoint was attracted by the long-term Directors Bridgepoint has identified further potential in Directors sustainable growth in the global market for Philippe Blatter La Gardenia from implementing operational Fabio Pampani Marco Bogarelli media and sponsorship rights, Infront’s strong best practice including better revenue Silvano Storer Günter Netzer competitive position thanks to its premium management to optimise pricing and the Bridgepoint rights portfolio and to the fact that it is Bridgepoint introduction of exclusive and private label representatives strongly positioned in some of the fastest representatives products. Bridgepoint anticipates that La Filippo Mazzotta growing segments such as Italian football Benoît Bassi Gardenia will consolidate its market position Galeazzo Pecori Giraldi and Chinese basketball. Matteo Perale as well as possibly expand into adjacent Cesare Zetti Xavier Robert segments in its market. Bridgepoint has identified with management www. www. additional growth initiatives including lagardenia.com infrontsports.com accelerating the development of its interactive media capabilities, stronger development of Infront’s best in class production division and expansion beyond its core European and Asian footprint.

Portfolio 2011 Update Portfolio 2011 Update Médipôle Sud Santé Mezzo di Pasta Independent private hospital group Pasta fast food chain

Operating ten private hospitals in the Mezzo di Pasta is the Founded in 2002 in Strasbourg, Mezzo di Pasta 30 Médipôle Sud Santé is the Languedoc-Roussillon region of Southern Sector serves a range of pastas and sauces, cooked to Sector 31 largest independent private France, the group has over 1,500 beds, Healthcare leader in the pasta fast order, as well as salads and desserts from over Consumer 500 healthcare professionals and 2,300 140 outlets (the majority in France and eleven Location Location hospital group in Southern employees and is the sixth largest player France food market in France. under master franchises’ agreements overseas). France in France. Thanks to its regional focus and Approximately 80% of the outlets in France France, specialising in targeted acquisitive expansion programme, Original deal size are franchised with the balance being owned Original deal size it benefits from a compelling competitive Not disclosed by the company. Outlets are located principally Not disclosed general medicine, surgery position in an attractive regional market in town centres and more recently in shopping which has higher than average growth rates Revenue malls; the company also operates concessions Revenue and obstetrics. €178 million €10 million in its elderly population. in locations such as exhibition centres, service Employees stations and is exploring opportunities in the Employees Private healthcare in France continues to 2,300 workplace. 150 grow its share of the health sector in a regime where patients have the right to choose their Directors Bridgepoint, investing via its lower mid-market Directors preferred provider. Long-term drivers include Marcel Hermann business, Bridgepoint Development Capital, Emmanuel Guth an ageing population, improving care standards was attracted by Mezzo di Pasta’s proven, Bridgepoint Bridgepoint and a high level of funding. The business has differentiated concept and significant roll-out representatives € representatives a clear strategy to grow via the continued Vincent-Gaël Baudet potential. The 8 billion French fast food Olivier Binet development of clusters of surgical excellence, Kim Nguyen market is growing at 4.8% pa and pasta food Pierre Colasson thereby increasing referrals and volumes, as Will Paul chains, position themselves as an attractive well as enhancing Médipôle’s reputation. alternative to traditional bakery/burger/ www www. sandwich chains as customers become more mezzodipasta.fr medipolesudsante.fr health and price conscious. BDC’s investment will support the rollout over the next five years of over 150 additional stores, especially wholly owned, as well as a number of operational improvement initiatives focusing on pricing strategies, improved financial controls and enhanced customer segmentation.

a Bridgepoint Development Capital Investment

Portfolio 2011 Update Portfolio 2011 Update Portfolio 2011 Update Shimtech Industries SPTS Aerospace components Capital equipment provider manufacturer

Shims are critical components used to isolate The company designs, manufactures, sells, 32 Shimtech is the global two materials in the assembly of aircraft Sector SPTS is a UK-headquartered, and supports advanced capital equipment Sector 33 structures. Shimtech manufactures shims in Manufacturing which, as part of the production process for Manufacturing leader in the manufacture & industrials international capital either solid or laminated peelable form from a microchips, is used to deposit and remove & Industrials and supply of ‘shims’, a variety of materials including alloys, polymers Location equipment provider serving materials from silicon wafers. Its largest and Location and composites; it is the leading player in this UK fastest growing market is capital equipment UK/US key component used in niche segment of the aerospace sector. The high-growth manufacturing necessary for the production of ultra- group is comprised of four facilities located Original deal size small mechanical sensors (micro-electrical Original deal size the assembly of large in the UK and US and was acquired from €60 million applications within the mechanical systems or “MEMS”) which are Not disclosed Hampson lndustries plc in 2011. used in smartphones, tablet computers and commercial aircraft . Revenue global microchip industry. game consoles. Revenue €30 million €230 million Bridgepoint, investing via its lower mid- market business, Bridgepoint Development Employees STPS has exceptional organic growth potential Employees Capital (‘BDC’), believes that this is an 170 and is the clear market leader in its space with 500 attractive time to invest in the aerospace sector a significant installed base and long-standing which is enjoying a period of record order Directors relationships with most of the world’s leading Directors backlogs and increasing production rates: Alastair Fanning microchip manufacturers. In addition, it focuses Kevin Crofton Howard Kimberley aircraft build rates are expected to grow at on high growth niches including smartphones, William Johnson Clive Snowdon Henry Nothhaft 15% CAGR over the next five years. BDC and wireless connectivity and specialist LEDs, all Richard Rees management have identified a number of Bridgepoint of which are experiencing a high level of value creation strategies including making representatives structural growth. Bridgepoint selective bolt-on acquisitions and investing in Kevin Reynolds representatives current manufacturing operations to provide Adrian Willetts Chris Bell enhanced product capability and customer Kevin Reynolds diversification. www.spts.com

a Bridgepoint Development Capital Investment

Portfolio 2011 Update Portfolio 2011 Update Wiggle Online cycling & sports retailer

Wiggle has developed rapidly since it was founded 34 Wiggle is a leading global in 1999 to become a highly respected international Sector 35 online retailer of cycling and market leading business. Wiggle has grown rapidly, Consumer aided by a strong consumer shift to internet retailing Location tri-sports equipment. and strong structural drivers such as fitness, healthy UK living and the increasing popularity of cycling and tri-sports. Wiggle has an attractive and loyal Original deal size customer base: the business now has over 500,000 €210 million ‘live’ customers and over one million shopping visits to its websites per week with some 61% of its sales Revenue €141 million to international markets. Employees The UK cycling market was worth £1.4 billion 251 in 2010 and has grown rapidly in the last five years; international markets were estimated to be Directors worth over £25 billion in 2010. The value Andy Bond of adjacent product categories (i.e. running and Humphrey Cobbold Andreas Panteli swimming) was over £10 billion. Bridgepoint Martin Talbot was attracted by the company’s international potential: Wiggle has already established market Bridgepoint leading businesses in Australia and Japan and representatives there is significant scope for its business model Vince Gwilliam to be developed in other more nascent markets. Nick Heslop Additionally, cycling, running and swimming www. markets also benefit from lifestyle drivers and wiggle.co.uk are evidencing total growth rates outperforming the general retail market. Wiggle offers enthusiastic and knowledgeable consumers a very broad choice of products and international brands in their chosen sports. With the continued shift of consumers to online purchasing Wiggle, as a market leading business, is well placed to capture this growth.

Portfolio 2011 Update Portfolio 2011 Update Original deal size Directors 1st Credit €104 million Simon Dighton Charles Holland 1st Credit is a leading UK debt purchase Revenue Eddie Nott and collection business that focuses on the €61 million Leith Robertson acquisition and collection of distressed debt portfolios from credit providers such as banks, Employees Bridgepoint 160 credit card companies and utilities. representatives Patrick Fox Location Stephen Green UK Our www.1stcreditltd.com

Original deal size Directors Current Portfolio A-Katsastus Group OY Not disclosed Kari Kivikoski Ilkka Rantasalo Headquartered in Helsinki, A-Katsastus is Revenue Terhi Vähähyyppä the leading vehicle inspection company in €172 million Bridgepoint 36 Northern Europe with 290 inspection stations 37 in Belgium, Denmark, Estonia, Finland, Latvia, Employees representatives Bridgepoint evaluates many investment 2,024 Michael Davy Poland and Sweden. Its main activity is the Patrick Fox opportunities every year across a range provision of compulsory vehicle inspections Location Mikael Lövgren and certifications for all light and heavy motor Finland of sectors and throughout Europe. vehicles over three years of age. It is also www.a-katsastus.fi licensed to offer statutory drivers’ examinations We seek to acquire companies with and is the Finnish market leader in vehicle registrations as well as providing related strong market positions and earnings services such as vehicle insurance. Since it growth potential where significant was acquired by Bridgepoint in 2006 it has completed 11 add-on acquisitions. additional value can be created through expansion and operational

improvement under our ownership. Original deal size Directors Aenova Not disclosed Frank Elsen Dr. Andreas Greither Aenova is the company formed by the Revenue Peter Greither merger of two separate investments made €262 million Heiner Hoppmann by Bridgepoint: Swiss Caps, Europe’s No 2 Prof. Walter Schober contract soft capsule manufacturer of vitamins, Employees (non-executive) 1,538 minerals, supplements and pharma products, Bridgepoint and Dragenopharm, a German contract Location representatives manufacturer for the generic prescription Germany Michael Davy drugs market. Aenova has the largest contract Jason McGibbon manufacturing capacity for tablets in Europe and supplies global pharmaceutical companies www.aenova.de from 10 sites.

CURRENT Portfolio CURRENT Portfolio Original deal size Directors Original deal size Directors Alain Afflelou €500 million Alain Afflelou CFP Flexible Packaging €120 million Angelo Bonissoni Patrick Beauvisage Maurizio De Costanzo Alain Afflelou is a leading franchisor of nearly Revenue Maurice Tchenio CFP Flexible Packaging is a leading European Revenue 1,100 optical retail stores in France, Spain, €238 million producer of specialty films for the flexible €52 million Bridgepoint Belgium, Switzerland and Portugal operating Bridgepoint packaging industry. It produces bi-axis oriented representative under two brands – Alain Afflelou, its core Employees representatives polyamide (BOPA) film, utilised for wrapping in Employees Cesare Zetti 477 Benoît Alteirac 109 offering, and Claro, its ‘all-inclusive’ concept. the food and healthcare industries. Benoît Bassi www.cfp-flex.it Under Bridgepoint ownership the business Location Location has consistently generated market share France www. Italy gains and earnings growth from continued alainafflelou.com network expansion and marketing innovation. The growth potential of the business is being further reinforced through its recent entry Original deal size Directors into the adjacent ‘audio’ category (hearing aid Clinical Solutions €79 million Tom Dunn products and services). Xavier Flinois Clinical Solutions is the European market leader Revenue Iain Jamieson in the provision of clinical decision support €29 million Bernard Liautaud software typically used by health authorities David Thorpe Employees Original deal size Directors to operate telephone-based advice and health 160 Bridgepoint CABB Not disclosed Tony Clinch information systems. The UK’s NHS Direct 38 representatives 39 Hans Elmsheuser nurse triage service in England is its largest Location Patrick Fox CABB is a speciality chemicals manufacturer Revenue Dr. Uwe Salzer customer and other contracts include smaller € UK Ed Woods headquartered in Germany with global market 419 million Carl Voigt operators in Europe, the US and India. Dr. Martin Wienkenhöver leadership, proprietary technology and significant www.csdss.com international expansion potential. The company Employees 981 is the largest producer globally of ultra high Bridgepoint representatives purity monochloroacetic acid (‘MCAA’), an Location Graham Oldroyd essential component for a wide range of end Germany Marc Zügel markets including personal care, the food Original deal size Directors industry and herbicides. It also has a significant www.cabb-chemicals.com Compagnie Stéphanoise de Not disclosed Philippe Libier custom manufacturing division, principally for Santé (C2S) Bruno Limonne the agrochemical industry. In 2011, shortly after Revenue C S €114 million Bridgepoint its acquisition by Bridgepoint, CABB acquired Compagnie Stéphanoise de Santé is the representatives Kemfine, a leading custom manufacturing principal independant operator of clinics in Employees Olivier Binet business in the Nordic region, thereby materially the Rhône-Alpes region of France. It was 1,300 Pierre Colasson advancing its market position. founded in 2005 through the combination of Location three clinics and the subsequent addition of www.groupec2s.fr France further facilities in the Aquitaine and Auvergne

regions. It now operates from 10 sites, mainly Original deal size Directors polyclinics that offer both general as well as a Care UK € 480 million John Allan broad range of specialist medicine and surgery. Paul Humphreys Care UK is the leading provider of healthcare Revenue Mark Hunt and social care (principally elderly care) services €536 million Mike Parish to the public and private sectors, providing residential and community-based social care Employees Bridgepoint 15,700 and primary and secondary healthcare services. representatives Stephen Green Location Rob Moores UK Jamie Wyatt

www.careuk.com

CURRENT Portfolio CURRENT Portfolio CTL Logistics Original deal size Directors Original deal size Directors Not disclosed Cezary Nowakowski Evander Glazing & Locks Not disclosed Alan Horton Jarosław Pawluk James Ong CTL Logistics is Poland’s leading private Revenue Evander is the UK’s largest nationwide 24/7 Revenue € rail logistics company and one of the 170 million Bridgepoint emergency response and repair provider of €55 million Bridgepoint largest private rail operators in Europe with representatives representatives Employees Khai Tan locks and glazing. It completes more that operations in seven countries. It provides 100,000 response and repair jobs per annum Employees Kevin Reynolds 2,000 Maciej Zużalek 350 engineers Tim Thomas tailor-made logistics solutions focusing on and typically partners with insurance companies rail transportation, freight forwarding, siding Location www.ctl.pl to supply policyholders with emergency repair management and waste disposal for the coal Location www.evander.com Poland services. UK & coke, fuels & oil, chemicals, construction material and steel industries. It is focused on some of the busiest freight markets in Europe, including the strategically important East-West rail corridor.

Original deal size Directors Original deal size Directors Diaverum Not disclosed Anders Althin Fat Face €540 million Becky Bateman Dag Andersson Toby Bowhill 40 Diaverum is the second largest corporate Revenue Annette Kumlien Fat Face is the UK’s leading ‘active lifestyle’ Revenue Alan Giles 41 dialysis clinic operator in Europe with ancillary €398 million Alan Milburn clothing brand, operating a multi-channel €191 million Simon Pickering businesses in South America and Australia. model of c.200 directly owned retail stores, Mark Seagar Headquartered in Sweden, it has over 240 Employees Bridgepoint mail order catalogues, an internet store, and a Employees Emily Tate 5,300 representatives 2,152 Anthony Thompson clinics in 16 countries serving over 20,000 wholesale format (including via the John Lewis Håkan Johansson patients. Location Rob Moores Partnership in the UK.) Location Bridgepoint Sweden UK representatives Under Bridgepoint ownership, Diaverum has www.diaverum.com Benoît Alteirac made 33 bolt-on acquisitions and increased Guy Weldon the number of patients it treats by over 65%. It continues to drive growth through a www.fatface.com combination of higher treatment volumes at existing clinics, entry into new markets and the consolidation of its sector.

Original deal size Directors Original deal size Directors Dorna Not disclosed Enrique Aldama Foncia Not disclosed Benoît Fournial Carmelo Ezpeleta Marc Frappier Dorna is an international sports management Revenue Foncia is the market leader in residential Revenue Bruno Keller business and holds exclusive global rights (until €190 million Bridgepoint property management services in France, €590 million Anne Lalou 2036) to organise the MotoGP Motorcycle representatives where it manages 1.3 million properties Jacques Lenormand World Championship, the motorcycling racing Employees William Jackson and has nascent operations in Germany, Employees Luis Marini Portugal 187 José Maria Maldonado 6,896 series, currently via 18 races worldwide. Switzerland and Belgium. It manages William Paul Bridgepoint Location apartment buildings on behalf of all residents Location representatives The company generates its revenues from Spain www.dorna.com collectively and provides a lettings management France Benoît Bassi race circuit fees, TV broadcast contracts, service to owners of individual apartments. Vincent-Gaël Baudet sponsorship and advertising as well as It also provides ancillary services including Frédéric Pescatori corporate hospitality and services. valuations and insurance broking and real estate transaction services. www.foncia.fr

CURRENT Portfolio CURRENT Portfolio Original deal size Directors Original deal size Directors Groupe Moniteur Not disclosed Patrick Beauvisage Infinitas Learning €774 million Bernard Al Yves de Chaisemartin Adam Harris Groupe Moniteur is the number one services Revenue Fabrice Fries Infinitas Learning is a major European Revenue Clive Hay-Smith and information provider for the construction €176 million Eric Giuily educational publisher focused on curriculum €284 million Martyn Leese and local authority sectors in France, providing based education and learning solutions in the quality and value added content (via 24 Employees Bridgepoint primary, secondary, higher and vocational Employees Bridgepoint 1,039 representatives 1,140 publications), classified and display advertising, education markets in seven countries, serving representatives Matteo Perale Michael Davy online services (via 25 websites), databases, Location Xavier Robert over 93,000 schools. Location Raoul Hughes exhibitions and training courses. France The Netherlands Daniel Wagener www. groupemoniteur.com www. infinitaslearning.com

Original deal size Directors Histoire d’Or €599 million Loïc Armand Original deal size Directors Eric Belmonte Infront Sports & Media Not disclosed Philippe Blatter Histoire d’Or is the largest jewellery retailer in Revenue Bruno Candelier Marco Bogarelli France and was acquired simultaneously with €368 million Franck Hagège Infront Sports & Media is the second largest Revenue Günter Netzer € 42 the market No.2, Marc Orian and both were Jacques Pancrazi sports marketing agency globally, with a 516 million 43 merged. The combined group operates over Employees Georges Spitzer network of 22 offices across Europe and Bridgepoint 2,451 Maurice Tchenio Asia and a premium portfolio of clients that Employees representatives 540 stores including a small but expanding 500 Benoît Bassi includes a number of the world’s largest and network in Italy and Belgium. Following Location Bridgepoint Xavier Robert most prestigious sporting events. These include the acquisition, the majority of the Marc France representatives Location Matteo Perale Orian estate has converted to the Histoire Benoît Bassi football, skiing, ice hockey and 17 world Switzerland d’Or format and the merger has produced Paolo Frigati championship events. The business advises www.infrontsports.com significant synergies including cost savings as Frédéric Pescatori sporting clubs, federations and owners on well as improved procurement and sourcing. how to maximise the revenue potential of www.histoiredor.com their sports rights.

Under Bridgepoint ownership Infront is expected, in addition to organic growth within its core business, to develop further its leading media Original deal size Directors production division and expand beyond its Hobbycraft Not disclosed Simon Burke Mike Giffin core European and Asian footprint. Hobbycraft is the UK market leader in arts, Revenue Dominic Jordan crafts and hobbies specialist retailer with 61 €126 million Catriona Marshall superstores. It is the first national retailer to cater for more than 250 different activities Employees Bridgepoint 1,739 with over 35,000 products all under one roof. representatives Emma Watford Location Guy Weldon As a founder-owned business it had generated UK strong growth but had not fully expoloited its www.hobbycraft.co.uk potential. Under Bridgepoint ownership and with a new management team in place, it is currently undergoing an extensive operational improvement programme designed to enhance performance and further professionalise operations.

CURRENT Portfolio CURRENT Portfolio Original deal size Directors Original deal size Directors JOA Groupe €449 million Raymond-Max Aubert La Gardenia Not disclosed Fabio Pampani Patrick Beauvisage Silvano Storer JOA Groupe is the third largest casino operator Revenue Alain Cousineau La Gardenia is a specialist perfume retailer Revenue in France with 20 casinos in a sector that €109 million Claude Poisson with over 160 stores in Italy and is the second €134 million Bridgepoint generates over €2.3 billion of gross gaming Alain de Pouzilhac largest operator in its market. The business has representatives revenues. Shortly after it acquired the business, Employees the leading estate of premium sites, primarily Employees Filippo Mazzotta 1,388 822 Galeazzo Pecori Giraldi Bridgepoint introduced one of the world’s Bridgepoint located in fast growing shopping malls and representatives Cesare Zetti leading operators, Loto Quebec, to co-invest Location Nicholas Hirschi high footfall city centre locations targeting the Location with Bridgepoint and work alongside JOA as a France José Maria Maldonado ‘selective perfumery market’ which is a higher Italy www. strong corporate partner. growth, higher margin part of the perfume lagardenia.com www.joa-casino.com and cosmetics (P&C) market where Italy occupies the number three position globally. In keeping with its premium positioning, La Gardenia has a strong branded perfume product range and make-up, with the balance of its sales being toiletries, other cosmetics and skincare products.

44 45 Original deal size Directors Original deal size Directors John Brown Media Group €52 million Dean Fitzpatrick Leeds Bradford €214 million Tony Hallwood Andrew Hirsch Carl Lapworth John Brown Media Group is a leading Revenue Libby Kay International Airport Revenue Alan Lewis international content creation agency €47 million Alex Silcox €26 million John Parkin producing high quality customer magazines, Geoff Stevens Leeds Bradford International Airport is a UK catalogues and a digital content for a range of Employees regional airport serving the Yorkshire and Employees Bridgepoint 229 Bridgepoint Humberside region, the No 3 business centre 166 representatives high profile clients. It is noted for its creativity representative in the UK yet one that remains an under- James Reynolds and editorial content and ability to generate Location Ben Freeman exploited location for air traffic volumes. Location Adrian Williams incremental revenue for its clients from the UK & David Wilkinson Bridgepoint acquired the airport following a UK publications it produces. Founded in 1987 as a South Africa decision by five West Yorkshire councils to www.lbia.co.uk division of a larger publishing interest, it rapidly www. privatise the airport to ensure its continued johnbrownmedia.com established itself as a market leading operator expansion and improved service to its users. in its field with clients including John Lewis, RBS, Orange and Waitrose. In 2011, the airport announced an £11 million upgrade to its terminal as well as new routes In 2011, new business development has been and services introduced by a range of carriers active internationally with new business gains including Jet2, Ryanair, KLM, PIA and Eastern. in South Africa.

CURRENT Portfolio CURRENT Portfolio Original deal size Directors Original deal size Directors LGC €283 million Dr. Derek Craston Mezzo di Pasta Not disclosed Emmanuel Guth Graham Love LGC is a provider of ultra-high accuracy scientific Revenue Simon Parsons Mezzo di Pasta leads the French pasta fast Revenue Bridgepoint measurement services and products, including €198 million David Richardson food market, operating both franchised and €10 million representatives forensics, genetics and the production of Lord Stevens owned restaurants in city centres and shopping Olivier Binet regulated reference materials. The company is Employees malls. It serves pasta and sauces to order as well Employees Pierre Colasson 1,435 150 also the UK’s designated national Measurement Bridgepoint as salads and desserts. representatives www.mezzodipasta.fr Institute for chemical and biochemical analysis Location Christopher Brackmann Location and hosts the UK’s Government Chemist function. UK Chris Busby Bridgepoint, through Bridgepoint Development France Alastair Gibbons Capital, was attracted by its proven, LGC, which provides ‘mission critical’ services differentiated concept and significant rollout delivered via highly skilled staff, is strongly www.lgc.co.uk potential. The French fast food market is large positioned to consolidate its fragmented sectors and growing and pasta food chains have through focussed acquisitions to build scale in developed significantly, positioning themselves the UK and internationally. Since Bridgepoint’s as an attractive alternative to traditional investment in 2010, LGC has made four bakery/burger/sandwich chains as customers acquisitions. become more health and price conscious.

46 47

Original deal size Directors Original deal size Directors Limoni Not disclosed Angelo Bonissoni Permaswage (formerly GDT) €254 million Laurent Chassepot Massimiliano Dri Olivier Robert Limoni is the market leader in the Italian Revenue Ross McInnes Permaswage is a market-leading aerospace Revenue Andrew Roberts perfumery retail sector with a network of over €338 million Richard Simonin component supplier manufacturing permanent €110 million 500 stores and a presence in Croatia, Slovenia Silvano Storer couplings used to connect hydraulic, air, fuel Bridgepoint and Serbia. It also provides a wholesaling service Employees or other tubing in all types of civil and military Employees representatives 2,150 Bridgepoint 770 Vincent-Gaël Baudet to smaller independent Italian perfumeries. aircraft. It also has a fast growing business representatives Chris Bell Location Benoît Bassi supplying components for electricity sub-stations. Location Michael Davy Italy Paolo Frigati France The company enjoys an embedded position www. www.limoni.com on all significant new and existing commercial permaswage.com aircraft platforms and has successfully accelerated its growth with continued expansion of its smaller power components division and with Original deal size Directors selected in-fill acquisitions. In 2011 it begun Médipôle Sud Santé Not disclosed Marcel Hermann manufacturing locally in China.

Médipôle Sud Santé is the largest private Revenue Bridgepoint hospital group in South East France, specialising €178 million representatives in general medicine, surgery and obstetrics and Vincent-Gaël Baudet operating 10 sites at the time of acquisition Employees Kim Nguyen 2,300 Will Paul and 12 now. Bridgepoint was attracted by the group’s excellence of core reputation, its Location www. demographically attractive market and the France medipolesudsante.fr opportunities to grow the business organically through operational improvement and market consolidation.

CURRENT Portfolio CURRENT Portfolio Original deal size Directors Original deal size Directors Pret A Manger €500 million Sinclair Beecham Rodenstock Not disclosed Oliver Kastalio Laurence Billett Michael Kleer Pret A Manger is the UK’s leading retailer of Revenue Nick Candler Rodenstock is Germany’s leading manufacturer Revenue Peter Körfer-Schün € high quality, natural, ready-to-eat sandwiches, 453 million Clive Schlee of optical lenses and the No 3 and No 4 in €365 million Sven Kossyk salads and drinks. Founded in 1986, it has over Europe and the world, respectively. It also designs Robert Schlitt Employees Bridgepoint frames. The company enjoys strong brand Employees Valérie Texier 285 shops in the UK, US, Hong Kong and 6,530 representatives 3,976 recognition and a high reputation for technology France and employs over 6,500 people. Vince Gwilliam Bridgepoint Location William Jackson leadership in its field amongst opticians. Location representatives In 2011 Pret continued its roll-out programme, UK Germany Christoph Braks opening 20 new sites in the UK, eight in the www.pret.com Ian Dugan US and one in Hong Kong. It opened its first store in Paris in early January 2012 and also www.rodenstock.com launched its new ‘Coffee Pret Kitchen’ concept in the UK regions.

Original deal size Directors SEA Not disclosed Loriano Corsi Original deal size Directors Maurizio de Costanzo 48 Pulsant (formerly Lumison) Not disclosed Rob Davies SEA is a European manufacturer of caravans Revenue 49 Mark Howling under the brand names of Mobilvetta, Elnagh €167 million Bridgepoint Pulsant, acquired by Bridgepoint Development Revenue Pieter Knook and McLouis. SEA has market leading positions representatives Capital, is a UK based provider of IT hosting, €32 million Aydin Kurt-Elli in Italy, and has significant presence in France Employees Matteo Perale 460 Cesare Zetti connectivity and managed services to SME Matt Lovell and Germany. clients. The business was acquired as a platform Employees Grahame MacKenzie 145 Location www. ‘buy and build’ to create an integrated national Bridgepoint Italy sea-camper.com provider of a broad range of data centre-based IT Location representatives services to a fragmented and underserved market. UK Alan Payne Kevin Reynolds Under BDC ownership Pulsant has made two acquisitions to date: Blue Square Data, a Original deal size Directors Shimtech Industries € colocation services provider with data centres in 60 million Alastair Fanning Maidenhead and Milton Keynes, and DediPower, Howard Kimberley Shimtech is the global leader in the manufacture Revenue Clive Snowdon a managed hosting and cloud-based services and supply of ‘shims’, a key component used in the €30 million provider. As a result of these acquisitions, the assembly of large commercial aircraft . Shims are Bridgepoint newly re-branded group Pulsant is now strong critical components used to isolate two materials Employees representatives 170 Kevin Reynolds in all of the three key service lines that it offers: in the assembly of aircraft structures. Shimtech Adrian Willetts managed IT services, managed networks and manufactures shims in either solid or laminated colocation. Location peelable form from a variety of materials including UK alloys, polymers and composites; it is the leading player in this niche segment of the aerospace sector. The group is comprised of four facilities located in the UK and US and was acquired from Hampson lndustries plc in 2011.

Bridgepoint, investing via its lower mid-market business, Bridgepoint Development Capital (‘BDC’), believes that this is an attractive time to invest in the aerospace sector which is enjoying a period of record order backlogs and increasing production rates.

CURRENT Portfolio CURRENT Portfolio Original deal size Directors Original deal size Directors Solhaga Not disclosed Saila Ström Terveystalo €308 million Esko Aho Heli Isakka Solhaga is a leading private service provider Revenue Bridgepoint Terveystalo is the largest private healthcare Revenue Yrjö Närhinen in full responsibility high activity autism, €48 million representatives service provider in Finland, offering a unique €433 million providing high quality, individually tailored care Johan Dahlfors care package of healthcare and hospital Bridgepoint programmes to over 400 service users through Employees Mikael Lövgren services through more than 129 centres Employees representatives 500 3,040 Christopher Bley more than 60 facilities across Sweden. It offers nationwide. This includes occupational health, www. Håkan Johansson a complete range of services including group/ Location solhagagruppen.se primary healthcare (such as GP practices), Location Mikael Lövgren assisted living, daily activities, diagnostics, Sweden diagnostics and surgical treatment. Finland schools and leisure activities. In 2011 Solhaga www.terveystalo.com completed the acquisition of Autisimkonsult, Founded in 2001 and listed on the Helsinki providing it with growth opportunities in central stock exchange, it was acquired in February 2009 west Sweden where Solhaga has no presence. when Bridgepoint launched a recommended cash tender offer. Under Bridgepoint ownership the company has made 12 bolt-on acquisitions, including that of ODL in May 2011 and Pulssi in December 2011, Finland’s fourth and fifth largest private healthcare providers respectively. These Original deal size Directors will deliver greater critical mass, enhanced medical SPTS Not disclosed Kevin Crofton 50 William Johnson capabilities as well as profit uplift for the group. 51 SPTS is an international capital equipment Revenue Henry Nothhaft provider serving high-growth manufacturers €230 million Richard Rees applications within the global microchip industry. It designs, manufactures, sells and Employees Bridgepoint Original deal size Directors 500 representatives The Energy Solutions Group supports advanced capital equipment for Not disclosed Steve Dalton Chris Bell highly differentiated niches of the microchip Derek Lloyd Location Kevin Reynolds (formerly BAS) Revenue Tony Lockery market, in particular the production of ultra UK/US €40 million Veronica Niven small mechanical sensors or ‘MEMS’ which www.spts.com The Energy Solutions Group is one of two Bob Savage are used in smartphones, tablet computers, national players in the long-term support and Employees Brin Sheridan game consoles and automotive applications. implementation of intelligent building energy 233 management systems in the UK. It specialises in Bridgepoint Location supporting building owners to control, monitor representatives UK Alan Payne and reduce energy usage via the efficient use of Rod Selkirk building energy management systems. www. Bridgepoint, investing through BDC, believes theenergysolutionsgroup that by leveraging the company’s core support .co.uk and project work and its remote energy monitoring capabiltiy, it can develop a more comprehensive managed energy solutions offer and thereby transform the business into a broader player in the fast growing market for energy management.

CURRENT Portfolio CURRENT Portfolio Original deal size Directors TüvTurk Not disclosed Husnu Akhan Peter Klein TüvTurk is the monopoly provider of statutory Revenue Horst Schneider vehicle inspections operating 193 stations €30 million Erman Yerdelen across Turkey. Bridgepoint acquired a joint controlling stake in the company in October Employees Bridgepoint 694 2009 in a transaction that valued the entire representatives € Martin Dunn business at 356 million. The opportunity Location Jason McGibbon arose following a decision by one of its three Turkey Tolga Sengel institutional shareholders, Akfen Holding A.S, to realise its investment. www.tuvturk.com.tr

Established in 2005, TüvTurk has a 20 year monopoly concession until 2027 and has franchised its operations in 81 regions to 48 franchisees although TüvTurk shareholders retain ownership and operation of the largest region, Istanbul. The acquisition also gives Bridgepoint 100% ownership of TüvMersin, 52 the 5th largest franchise. The company has 53 demonstrated strong revenue growth since it was acquired, reflecting the favourable market dynamics (Turkish car sales in 2011 were the highest on record).

Original deal size Directors Wiggle €210 million Andy Bond Humphrey Cobbold Wiggle is a leading global online retailer of cycling Revenue Andreas Panteli and tri-sports equipment. €141 million Martin Talbot

Wiggle has developed rapidly since it was Employees Bridgepoint founded in 1999 to become a highly respected 251 representatives international market leading business. Wiggle has Vince Gwilliam grown rapidly, aided by a strong consumer shift Location Nick Heslop to internet retailing and strong structural drivers UK such as fitness, healthy living and the increasing www. popularity of cycling and tri-sports. Wiggle has an wiggle.co.uk attractive and loyal customer base: the business now has over 500,000 ‘live’ customers and over one million shopping visits to its websites per week with some 61% of its sales to international markets.

Bridgepoint was attracted by the company’s international potential: Wiggle has already established market leading businesses in Australia and Japan and there is significant scope for its business model to be developed in other more nascent markets. Additionally, cycling, running and swimming markets also benefit from lifestyle drivers and are evidencing total growth rates outperforming the general retail market.

CURRENT Portfolio 54 55 open mindedness

A ready ear, and a knowledge that fresh and powerful ideas can find their origins in the most unexpected places.

Bridgepoint 2010 Annual Review Bridgepoint 2010 Annual Review Our VALUES OUR VALUES “We strive to ensure that our business conducts itself in an appropriate manner in all of its activities in the interests of its employees, investors, portfolio Responsible Investing companies and trading from Bridgepoint partners alike.”

56 Strength of purpose In addition to complying with regulatory requirements in this area, 57 Bridgepoint, with the full endorsement of its Partners, works to educate Bridgepoint believes that being a responsible investor is quite simply good team members and the companies we back to invest responsibly in the for business and requires the Firm to have strong environmental, social normal course of business. and governance principles. We believe that we have a duty in the long term interest of our investors, our employees, the companies in which we We understand that the decisions that we take can have an impact upon invest and their stakeholders to ensure that we build responsible investing all the business communities with which we interact. We therefore strive principles into all of our work and business practices. We have a well- to ensure that our business conducts itself in an appropriate manner in defined set of Values to guide our teams, setting out the expectations of all of its activities in the interests of its employees, investors, portfolio the Firm in the way that we conduct ourselves and represent Bridgepoint. companies and trading partners alike. It is our intention that these Values, where relevant, are reflected in our responsible investing policy. Commitment to environmental issues Our Audit & Risk Committee, comprising senior members of our team Bridgepoint recognises and is conscious of the impact it has on the and chaired by Alan Milburn, a member of our Advisory Board, oversees environment in the countries in which it operates through the goods our approach to responsible investing. It ensures that Bridgepoint has and services it purchases, the products it consumes, the investee appropriate and effective systems and controls (including policies, practices companies it acquires and the investment processes it undertakes. and procedures) relating to its accounting practices and its risk management and risk assessment, taking into account the reputational risks associated Our environmental policy focuses on three areas: with the Firm’s, and its portfolio companies’, activities. 1. Minimising the impact on the environment of our own operations This Committee also reviews the Firm’s annual financial statements prior In terms of the impact from its own direct operations, Bridgepoint to submission to the Partners, reviewing reports from our finance team, aims to reduce its carbon footprint by identifying more efficient meeting with our external auditors on accounting and internal control use of resources, recycling opportunities and, where necessary, by matters and ensuring that our finance function is working effectively and purchasing carbon offset products to neutralise the impact of its that arrangements are in place to provide assurance on risk management operations. Certain Bridgepoint funds are also compliant with the UK and internal control. Additionally, it reviews on a regular basis the risk Government’s CRC Energy Efficiency Scheme, a mandatory energy management systems and risk assessment policies and practices of the reduction initiative under which we report each ‘CRC year’, buying Firm this includes its regulatory and compliance functions, activities, allowances where required for the energy used in the UK by the policies and procedures to ensure that these are up to date, appropriate portfolio companies in those funds. and proportionate to our business and of the standard expected of the Bridgepoint Group by its regulators and investors.

Responsible investing from Bridgepoint Responsible investing from Bridgepoint 2. Assessing environmental impact prior to making a new investment The Firm is a committed corporate Responsible For proposed new investments, Bridgepoint seeks to be a responsible investor by identifying environmental risks prior to investment. We do citizen and seeks to contribute to the so by requiring that pre-investment proposals include an analysis of Investing a business’s impact on such issues as water use, waste management, communities in which it operates. energy and sourcing or a confirmation that there are none that ought continued... to be brought to the attention of the Investment Committee. Where a company is only in partial compliance with statutory or regulatory Bridgepoint has also developed a leadership outreach programme to requirements, Bridgepoint must be satisfied that management has communities outside its European sphere of operations. Under a three realistic plans for remedying this within an appropriate time period. year programme, it has sponsored 111 ‘Bridgepoint Fellows’ in Brazil, China and India to enable grassroots leaders to deliver projects in their There is an ongoing obligation, post-investment, on the executive local communities and at the same time improve their leadership skills. management team to ensure that the company complies with environmental legislation and, should a breach occur, that it Commitment to governance issues is reported immediately and transparently to the Bridgepoint representative on the board of that company. In addition to compliance with the relevant legal requirements of the jurisdictions in which it and its investee companies operate, Bridgepoint 3. Encouraging existing investee companies to adopt has in place a number of governance structures designed to ensure appropriate policies that the Firm remains not only accountable and transparent, but also For existing portfolio companies, Bridgepoint, through its board that there is complete alignment of interest between the Firm and representatives, commits to encourage management teams its investors. 58 to implement the appropriate environmental policies in their 59 operations and procedures, as is relevant to their sector. Typically Bridgepoint is managed by an Operating Committee which is charged these will focus on energy use, waste and recycling, water use by the Firm’s Partners to provide leadership and strategic direction. and conservation, and supply chain environmental management. An Investment Committee, whose members are drawn from the most It will also include implementation and subsequent monitoring experienced partners, takes investment decisions for the Firm, and of environmental policies and the inclusion of environmental Remuneration, Audit and Adjudication Committees ensure the proper considerations in any due diligence undertaken during any and fair application of the laws and regulatory practices of each of the acquisitions made by the investee company. countries where it operates. A partner-level General Counsel is also responsible for ensuring that the Firm respects and adheres to internal Commitment to social issues policies and operating procedures.

Bridgepoint’s commitment to social issues is made through its investee Companies in which Bridgepoint invests in turn have similar governance companies and the Bridgepoint Charitable Trust. The Firm requires structures in place to ensure compliance with the law and effective all investee companies to comply with relevant employment law, monitoring of performance. Investments are also structured so that particularly as it relates to employees’ rights and welfare. It also major decisions by a portfolio company can only be reached with the encourages investee companies to work with likeminded trading agreement of Bridgepoint. partners who source products responsibly from eco-friendly suppliers. Internal guidelines are also in place to eliminate conflicts of interest, The Firm is a committed corporate citizen and seeks to contribute to taking into account the Firm’s obligations under its fund management the communities in which it operates. It does so through a charitable agreements and fiduciary duties. In addressing conflicts, it seeks to giving programme administered through the Bridgepoint Charitable do so with integrity, professionalism and in the best interest of its Trust. The Trust focuses in particular on two areas – education and investors. Each Bridgepoint fund also has an Investors’ Committee environment – and seeks to identify and support smaller charities drawn from representatives of investors in that fund to provide a forum where Bridgepoint’s involvement can be more meaningful. In addition for discussion of the fund’s investment strategy or performance and any to financial donations, Bridgepoint also seeks to provide technical potential or actual conflicts of interest. and management support through local team contribution and engagement, recognising individual team member effort through a Bridgepoint also benefits from a long-standing European Advisory matched giving policy and Give As You Earn Scheme. Similarly, many Committee whose membership is drawn from distinguished individuals of our investee companies also have charitable giving programmes. in the fields of government, industry and academia to provide additional external perspectives on strategic, political, social and related matters.

Responsible investing from Bridgepoint Responsible investing from Bridgepoint Responsible The Bridgepoint Charitable Trust In 2011 we continued to support two The Bridgepoint Charitable Trust (‘BCT’), our non-profit charitable adopted charities in the UK and Sweden foundation formed and funded by Bridgepoint and its employees, Investing was established with the aim of better coordinating our charitable within the broad educational sphere. giving. It is part of Bridgepoint’s ‘responsible investing programme’, continued... reflecting the key Environmental, Social and Governance (ESG) principles at the heart of the Firm’s values. Specifically, BCT aims:

■ To assist the development of charities operating primarily in either the broad areas of Education and the Environment within Europe. ■ To match the charitable fund raising efforts of individual staff members. ■ To support charities which are sponsored by individuals or companies having a close relationship with the Firm.

The Bridgepoint Charitable Trust (BCT) has 11 trustees (including three independent trustees). Each year our aim is to provide medium term support to adopted charities in the geographies where 60 we have offices as well as to provide support to individual team “The Bridgepoint Charitable 61 member charitable work. Candidate charities are suggested by local Trust (‘BCT’) was established offices who work up proposals for the Trustees to consider, from which a short-list is drawn up and then voted on by team members with the aim of better across the Firm. coordinating our charitable In 2011 we continued to support two adopted charities in the UK and Sweden within the broad educational sphere. In addition, giving.” Bridgepoint supported a number of smaller initiatives across our network that were related to some of our business relationships.

BeatBullying is a fast growing UK charity aimed at reducing the incidence of bullying and providing ancillary counselling services. In schools where BeatBullying has installed an anti-bullying programme, the incidence of bullying has fallen consistently by 40%. We now have an opportunity to support its work based on its own social network site and using viral marketing to address the youth market. BCT provided finance of £100k to fund four new counsellors for one year to act as full time ‘cyber mentors’ for young victims of bullying (see www.beatbullying.org). This was subsequently renewed at a similar level for another year.

Fryshuset is a Swedish charity, identified by our colleagues in Stockholm, that supports some 14,000 young people in Stockholm, Gothenburg and Malmo around three inter-related platforms of education, social projects and leisure interests. Thanks to the BCT donation Fryshuset will receive support for an ‘entrepreneurship’ project that offers coaching and training to budding entrepreneurs, via a newly designed website that will provide information about courses, lectures, mentors and discussion forums, (see www.fryshuset.se).

Responsible investing from Bridgepoint Responsible investing from Bridgepoint Case Study 1

“I will not restrict my work to my community... I will continue to Our take advantage of what I learnt Community for myself and others.”

6062 So Mangal used the advocacy skills she acquired during her 63 ‘Lowering the number of school fellowship training to organise workshops with parents and dropouts in her slum community’ children focused on how education builds a better life – for all involved. She paid attention to each child, determining what Mangal worked with the community to identify 35 dropouts, course would best suit them and be useful for their futures. discovering that many parents were suffering severe financial hardships She then sought funding through private and community donors and did not see the value of education. So she organised workshops to cover the school fees of 24 children, and secured places on on the benefits of education. She then secured funding for school fees vocational courses for the remaining 11 children in the group. of 24 children and sent a further 11 dropouts on vocational courses, achieving a 100% success rate for her target group. Mangal says she has come a long way since she began her fellowship — from an unconfident person with limited education Mangal Thorat did not want children growing up in slum communities to a powerful grassroots leader whom people come to for help. to experience the struggles she had. Forced to leave school as a child She has appealed to the authorities on behalf of the community Mangal Thorat due to family responsibilities, Mangal married young and remained at on a number of issues. During a kerosene shortage, Mangal wrote Bridgepoint Fellow home, with little chance of finding employment. Undeterred, and at a letter of complaint to the police, ensuring prompt delivery of the India the age of 34, she completed her primary education and went on to fuel essential for cooking and heating and also reducing its sale on secondary education. Discovering her passion to help young people the black market. finish school, she joined the community organisation Surayakiran (Rays of Sunshine), where she was nominated for a Bridgepoint As a Bridgepoint Fellow, Mangal had the unique opportunity Fellowship. Following her first residential fellowship training, Mangal to develop her skills and become a leader in her community. set out to conduct a survey of 500 households in Sathenagar, her slum The fellowship is just the beginning for Mangal, who says: “I will community in Mumbai. Identifying 35 dropouts, she and her mentor not restrict my work to my community. Before I was not aware of worked with the families to uncover the reasons for leaving school. advocacy tools and couldn’t do anything. Now I will continue to Many parents admitted they did not see the value of education given take advantage of what I learnt for myself and others.” their struggle to put food on the table.

our community our community Case Study 2

“The apples have grown really well this year, which is a result Our of Feng Zhuling’s work with us.” Community continued...

6460 Feng Zhuling returned from her first fellowship training with new 65 ‘Improving the lives and livelihoods of ideas to engage women in village development. She established 75% of the population in her remote rural a local library, purchasing books and CDs on useful topics such as rabbit-farming, rural development and disease prevention. village of Nansong’ The women read and tested their knowledge to improve and generate harvests, increasing family income and establishing new As a Bridgepoint Fellow, Feng Zhuling exposed local women to new livelihoods. farming techniques and organised cultural events to increase their incomes and contribute to the economic and social development of She also organised several cultural events on the village square and the countryside. Tens of families have since increased their income literacy classes in the library, which 34 women continue to attend through breeding rabbits and harvesting walnuts and other produce. on a regular basis. The most successful event recalled by her mentor Villager Song Youshe says: “The apples have grown really well this was a large-scale festival she organised for International Women’s year, which is a result of Feng Zhuling’s work with us.” Day on the 8th of March. It brought together women from five Feng Zhuling neighbouring villages to celebrate women’s economic, political and Bridgepoint Fellow Feng Zhuling knew that local women were not engaged in community cultural achievements through the past, present and future. China life. She also knew that they could be a tremendous resource for community development. Having worked as a teacher for a few years Feng Zhuling says that the Bridgepoint Fellowship has brought before staying at home when her children were born, she felt that about great change in her life as it has for others across her village women, like herself, were watching their lives go by and not community. Women are now much more involved in agricultural contributing to rural regeneration following the migration of young development and cultural activities and they have improved the people to the cities to find work. living standards of their families significantly. Mentor Zhao Jinyuan says she is impressed by Feng Zhuling’s development from a shy She equally believed that the villagers’ basic living conditions could community member to a respected leader. be significantly improved by involving women in economic activities. Driven by a strong sense of responsibility and a desire to lead other women in improving their lives and those of others, she applied for a Bridgepoint Fellowship.

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