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2018 Highlights 2018 HIGHLIGHTS PARTNERS, LLP 2018 YEAR-END SUMMARY THE SUN TRANSFORMATION SYSTEM 2018 came to an end in much the way it began, with a concentrated amount of Sun looks to collaborate with management teams to leverage their experience deal activity. At the start of 2018, we invested in one new platform investment, and uses the Sun Transformation System - a dynamic set of tools – to help ClearChoice, while successfully exiting Robertshaw, Aclara, and Albéa. These three management teams tackle nearly every challenge in a systematic, rigorous, exits had a combined enterprise value of €3.0 billion and all three were among and comprehensive way. our five largest profitable exits in our 24+ year history. At the end of 2018, we closed two new platforms: Tier One Relocation and StonePoint Materials, with a TOOLS TOOLS combined investment of €185 million. DIRECT ENABLER Our existing portfolio companies also made significant progress last year, and strengthened their business positions through add-on acquisitions and expanding • Superior Product/Service Offerings • Establish Priorities • Pricing Excellence T • Align Team with Priorities R E their leadership teams, aligning with their Sun Transformation System objectives E E CU A • Sales Force Efficiency & Effectiveness H U L M • Culture Building G N T I E U & R to facilitate improvement. H V • Digital Marketing & Selling E E • Project Management Teams R Other highlights for 2018 included: PORTFOLIO Completing four platform and ten add-on acquisitions COMPANY L O C O W T S Realizing ~€1.6 billion of gross proceeds across the portfolio E A S S R E E • Procurement Excellence T R C • Financial Reporting S G O Completing 18 financings for approximately €1.3 billion • Continuous Improvement PR • Value Realization Processes • Facility & Footprint Optimization • Exit Preparation Process Promoting Melissa Klafter and Mark Hajduch to Managing Directors in • Spend Benchmarking & Prioritization • Sun Capital Partners Committees our infrastructure team As we enter 2019, the momentum of our transaction activity continues. Thus far in 2019, we have exited Elix Polymers, generating a gross return of 8.4x MoC and returning €190 million1 in gross proceeds. We have also completed Find out more about the Sun Transformation System by watching the video at two new platform acquisitions: Unico Technologies Group, a corporate carve-out www.suneuropeanpartners.com/transforming-potential-into-results from Regal Beloit, and Simply Beautiful Smiles, a consumer healthcare regional dental service organization. We see many opportunities ahead in 2019, and our teams are eager to continue sourcing high-quality transactions across our WATCH CASE STUDIES targeted sectors. As always, we owe our success to the hard work and commitment of our Aclara colleagues, portfolio company management teams and the support of our https://suneuropeanpartners.com/aclaracasestudy/ investors and intermediaries. Albéa We thank you for your continued support. https://suneuropeanpartners.com/albeacasestudy/ Marc and Rodger Robertshaw Co-CEOs https://suneuropeanpartners.com/robertshawcasestudy/ 1 A portion of the proceeds were realized in prior years. 2018 HIGHLIGHTS 2018 HIGHLIGHTS 1 2 2018 IN REVIEW 2018 IN REVIEW 4 PLATFORM ACQUISITIONS Company Name: Industry: ClearChoice Healthcare ESIM Chemicals Chemicals PLATFORM StonePoint Materials Building Products ACQUISITIONS » 4 Tier One Relocation Government Services 11 EXITS ADD-ON ACQUISITIONS » 10 Company Name: Industry: Aclara General Industrial CAPITAL Albéa Packaging INVESTED » €522 Million Bundy General Industrial Coveris Americas Packaging Coveris Rigid Packaging Demilec Building Products EXITS Flavor 1st Food & Beverage » 11 Heartland Automotive Services General Industrial Kraco Automotive Robertshaw General Industrial REALIZED Rowe General Consumer GROSS » Billion PROCEEDS €1.6 10 ADD-ON ACQUISITIONS FINANCINGS Company Name: Acquired by: » AfriFlora Flamingo Horticulture COMPLETED €1.3 Billion Chemplast Coveris Americas Knight Horizon Services Mattress More / Furniture Liquidators FFO Home Philippe Vuillermoz C&K Scotch & Soda Belgian Distributor Scotch & Soda Scotch & Soda US Distributor and Franchisee Scotch & Soda ServiceMark Horizon Services Several Warren Evans Stores* Dreams Water Works Horizon Services *Acquisition of certain assets. 2018 HIGHLIGHTS 2018 HIGHLIGHTS 3 4 SPOTLIGHT PLATFORM ACQUISITION OTHER 2018 PLATFORM ACQUISITIONS Industry: Healthcare Headquarters: United States Business Description: Industry: Chemicals ClearChoice is the only Headquarters: Austria pure-play, national provider of same-day dental implant services Business Description: in the U.S. ESIM Chemicals is a leading European specialty chemical manufacturer and crop protection contract manufacture organization Investment Overview: Opportunity to improve and expand production via continuous improvement initiatives Potential to expand into new end markets and product verticals Industry: Industry: Government Services Building Products Add-on acquisition opportunities Headquarters: Headquarters: United States United States Business Description: Business Description: Tier One Relocation StonePoint Materials is a leading provider is a leading producer of of outsourced logistics construction aggregates, and services supporting asphalt and related U.S. military personnel construction services relocations 2018 HIGHLIGHTS 2018 HIGHLIGHTS 5 6 SPOTLIGHT EXIT OTHER 2018 EXITS Industry: Industry: Industry: General Industrial General Inustrial Packaging Headquarters: Headquarters: Headquarters: United States Italy United States Industry: Packaging Headquarters: France Type of Buyer: Financial Rigid Exit Date: March 2018 Industry: Industry: Industry: Packaging Building Products Food & Beverage Business Description: Headquarters: Headquarters: Headquarters: Albéa is a market leading global supplier of tube, fragrance, Germany United States United States cosmetic plastic and metal packaging and dispensing pumps to the beauty industry and oral/personal care markets, with total revenues of $1.5 billion Value Creation: Since acquisition in 2010, Albéa achieved a 780 basis point increase Industry: Industry: Industry: in EBITDA margin, and notable initiatives included: General Industrial Automotive General Industrial Headquarters: Headquarters: Headquarters: Optimising the manufacturing footprint, pricing excellence, United States United States United States lean manufacturing processes and continuous improvement processes Completed 6 add-on acquisitions, including Rexam Personal Care Expanding into complementary dispensing product lines Industry: and introducing new product lines General Consumer Headquarters: United States 2018 HIGHLIGHTS 2018 HIGHLIGHTS 7 8 SPOTLIGHT ADD-ON ACQUISITION OTHER 2018 ADD-ON ACQUISITIONS Industry: Industry: Industry: Packaging Business Services Retail Acquired by: Acquired by: Acquired by: Coveris Americas Horizon Services FFO Home Headquarters: Headquarters: Headquarters: Ecuador United States United States Industry: Consumer Goods Acquired by: Flamingo Horticulture Headquarters: The Netherlands US Distributor and Franchisee & Business Description: Belgian Distributor Afriflora is the world’s largest grower of sweetheart roses with farming operations in Ethiopia and sales into Industry: Industry: Industry: the European market General Industrial General Consumer Business Services Acquired by: Acquired by: Acquired by: Investment Overview: C&K Scotch & Soda Horizon Services Second add-on acquisition for Flamingo Headquarters: Headquarters: Headquarters: France United States & Belgium United States Opportunity for geographic customer expansion Potential for further customer penetration Several Warren Evans Stores through cross selling Flamingo’s products (Acquisition of certain assets) Industry: Industry: Retail Business Services Acquired by: Acquired by: Dreams Horizon Services Headquarters: Headquarters: United Kingdom United States 2018 HIGHLIGHTS 2018 HIGHLIGHTS 9 10 2018 FINANCINGS SELECT 2018 FINANCINGS Financing Type: Financing Type: Financing Type: Senior Secured Senior Secured Factoring Amount Financed: Amount Financed: Amount Financed: $270,000,000 €238,000,000 €75,000,000 FINANCINGS » 18 Financing Type: Financing Type: Financing Type: Senior Secured Notes Senior Secured Asset Based 2018 AMOUNT Amount Financed: Amount Financed: Amount Financed: FINANCED » €1.3 Billion €310,000,000 €41,000,000 $145,000,000 Financing Type: Financing Type: Financing Type: Senior Secured Senior Secured Asset Based Amount Financed: Amount Financed: Amount Financed: $90,000,000 $60,500,000 $80,000,000 2018 HIGHLIGHTS 2018 HIGHLIGHTS 11 12 INDUSTRY FOCUS SELECT CURRENT PORTFOLIO EUROPE NORTH AMERICA BTX Group AMES Taping Tools Coveris European Flexibles Arrow Tru-Line Dreams Bar Louie ESIM Chemicals Boston Market Famosa C&K Flabeg ClearChoice Flamingo Horticulture FFO Home Flexitech Horizon Fresh-Pak Chilled Foods Johnny Rockets Scotch & Soda Regal Drive Technologies Tier One Relocation Trulite Glass & Aluminum Simply Beautiful Smiles CONSUMER INDUSTRIAL OTHER Smokey Bones StonePoint Materials Unico Technologies Drive General Consumer General Industrial & Aerospace & Defense Windsor Fashions Food & Beverage Distribution Business Services Restaurants Building Products Energy/Oil & Gas Retail & Direct Auto & Heavy Duty Healthcare to Consumer Chemicals Technology Packaging *Full list of portfolio companies at www.suneuropeanpartners.com 2018 HIGHLIGHTS 2018 HIGHLIGHTS 13 14 TRANSACTION SENIOR TEAM
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