1000 COMPANIES TO INSPIRE EUROPE

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LSEG

London Stock Exchange Group Editorial Board Lauren Crawley-Moore (Head of Marketing Campaigns & Events); Alexandra Ritterman (Press Officer); Carolina Avanzini (Elite Growth Europe Associate); Damilola Alli (Marketing Associate) Contents

Research & data verification and company profile editorial Business for Growth Ltd (organisers of the European Business Awards) Forewords www.businessawardseurope.com 4 A strengthened Capital Markets Union 58 Backing Europe’s SMEs to focus on the EU’s underperforming Michael Collins, CEO, Invest Europe IPO market 70 Dynamic SMEs need financing Valdis Dombrovkis, Vice-President European Sirpa Pietikäinen MEP, European Parliament Wardour Commission, Euro and Social Dialogue, Led by Claire Oldfield (Managing Director) and Ben Barrett (Creative Director). Financial Stability, Financial Services and CMU 82 Investing to meet the challenges ahead The team included: Matt Williams (Art Director); Rob Clark (Editor) and Wardour editorial; Othmar Karas MEP, European Parliament 5 Inside the report Jennifer Flower and Charlotte Tapp (Project Directors); John Faulkner and Jack Morgan (Production). Xavier Rolet KBE, CEO, 90 The Elite route to success Wardour, Drury House, 34–43 Russell Street, London, WC2B 5HA, United Kingdom London Stock Exchange Group Luca Peyrano, CEO, ELITE +44 (0)20 7010 0999 www.wardour.co.uk 8 Estonia will be committed to 108 Capital market finance remains helping SMEs neglected in Europe Karel Lannoo, CEO, Centre for Toomas Tõniste, Finance Minister,  European Policy Studies Estonia, Presidency of the EU Council Pictures: Getty Images, iStock 111 Integrate to innovate 10 Improving access to capital markets All other pictures used by permission Jonás Fernández MEP, European Parliament  Roberto Gualtieri MEP, European Parliament Cover illustration: Nils-Petter Ekwall 12 Access to finance is crucial Printed by Graphius on FSC-certified material Markus Ferber MEP, European Parliament Sectors 24 Technology 14 Delivering on our promise How video games, sound systems and Kay Swinburne MEP, European Parliament workplaces are undergoing a revolution 15 Increasing the funding options 36 Food & drink Ramon Tremosa MEP, European Parliament Sustainability and environmental concerns 16 Funding for high-growth companies are to the fore in today’s food markets Simon Lewis, Chief Executive, Association 44 Manufacturing & engineering for Financial Markets in Europe Why Aerogen is a breath of fresh air 20 Blockchain is the internet of its age Company information powered by Bureau van Dijk, April 2017 60 Consumer services Marie Wieck, General Manager, Getting the work-life balance right with An official publication of London Stock Exchange Group IBM BlockChain Ludvig Svensson, Allview, Bugaboo, 21 Company data as a research tool Childrensalon, Tradeinn and Walltopia Mark Schwerzel, Deputy CEO 72 Professional services of Bureau van Dijk A sector with representatives from as far © London Stock Exchange Group 2017. All rights reserved apart as Portugal, Malta, the UK and Poland 10 Paternoster Square, London, EC4M 7LS Research findings 84 ELITE 22 Inspiring Europe in numbers Showcasing highly successful SMEs An overview of our research findings By making this communication, none of London Stock Exchange Group plc and/or its group undertakings (which shall be construed in accordance with section 1161 of the Companies Act 2006) (“LSEG”), Wardour Communications 98 Green Limited (“Wardour”), or the individual authors intend to invite or induce you to engage in any investment activity for the purposes of the UK regulatory regime (other than, where relevant, in respect of the London Stock Exchange plc’s exempt activities of operating UK-regulated investment exchanges and providing clearing services in the UK). This publication does not constitute an offer to buy or sell, or a solicitation of an offer to sell, any securities, or A new sector highlighting the growing the solicitation of a proxy, by any person in any jurisdiction in which such an offer or solicitation is not authorised, or in which the person making such an offer or solicitation is not qualified to do so, or to any person to whom it Expert commentary demand for renewables and green products is unlawful to make such an offer or solicitation. Information in this publication may or may not have been prepared by the LSEG, Wardour, or the individual authors, but is made without any responsibility on their part. All information in this publication is provided ‘as is’ and none 33 Investing in Europe’s future of LSEG, Wardour, nor the individual authors make any representations and disclaim to the extent permitted by law all express, implied and statutory warranties of any kind in relation to this publication, including warranties as to Wim Mijs, Chief Executive, European At a glance accuracy, timeliness, completeness, performance or fitness for a particular purpose. No action should be taken or omitted to be taken in reliance upon information in this publication. None of the LSEG, Wardour or the individual Banking Federation authors accept any liability for the results of any action taken or omitted on the basis of the information in this communication. The information in this publication is not offered as advice on any particular matter and must not 115 Getting to 1000 be treated as a substitute for specific advice. In particular, information in this publication does not constitute legal, tax, regulatory, professional, financial or investment advice. Advice from a suitably qualified professional should 35 Integrating Europe’s always be sought in relation to any particular matter or circumstances. 116 Directory Third-party advertisements are clearly labelled as such. None of the LSEG, Wardour or the individual authors endorse or are responsible for the content of any third party advertisement in this publication or otherwise. business communities 152 Contacts AIM, London Stock Exchange, the London Stock Exchange coat of arms device are registered trademarks of London Stock Exchange plc. FTSE is a registered trade mark of subsidiaries of London Stock Exchange Group plc and is Cora van Nieuwenhuizen MEP, used by FTSE International Limited under licence. Other logos, organisations and company names referred to may be the trade marks of their respective owners. No part of these trademarks, or any other trademark owned by LSEG can be used, reproduced or transmitted in any form without express written consent by the owner of the trademark. European Parliament 2 3 LSEG FOREWORD

COMMENTARY VALDIS DOMBROVSKIS INSIDE THE VICE-PRESIDENT FOR THE EURO AND SOCIAL DIALOGUE, ALSO IN CHARGE OF FINANCIAL STABILITY, FINANCIAL SERVICES AND CAPITAL MARKETS UNION, EUROPEAN COMMISSION A STRENGTHENED CAPITAL MARKETS REPORT UNION TO FOCUS ON THE EU’S UNDERPERFORMING IPO MARKET

“MANY FIRMS THAT WOULD BE PERFECT CANDIDATES FOR AN IPO ARE NOT EVEN CONSIDERING am delighted to welcome you to the 2017 edition of TAKING THIS STEP” ILondon Stock Exchange Group’s 1000 Companies to Inspire Europe report, which identifies Europe’s most dynamic and would like to congratulate LSEG on its second edition of It underlines the need to make a success of the ‘SME Growth fast-growing small and medium-sized businesses. Ithe 1000 Companies to Inspire Europe report. The high- Market’ concept, a new form of multilateral trading facilities, This report is more than just a celebration of these growth companies profiled in this report are truly inspirational which will be introduced by MiFID II in 2018. IPOs are the extremely successful companies. It continues to examples of innovation, hard work, resilience and ambition for typical ‘exit solution’ for venture capital and private equity demonstrate what we instinctively know to be true – that all entrepreneurs across the EU. Europe needs more high-growth funds. But IPOs by SMEs declined in the aftermath of the crisis. these companies are the best hope for future European companies: 77% of ‘Unicorns’ are located in the US and China, The amount of capital raised on European junior markets fell economic growth and job creation. Never have their compared with only 10% in the EU’s 28 member states. from €11bn per year directly before the financial crisis to €2.8bn prospects been so vital to the future of the post-Brexit Building a financial system that can better meet the per year in the years that followed it. Many firms that would be “The companies in this European economy. financing needs of all our innovative businesses is one of the perfect candidates for an IPO are not even considering taking report boast a three-year While EU GDP has rebounded recently, moving back priorities of the Capital Markets Union (CMU). This is especially this step, fearing costs and regulatory constraints. towards pre-crisis levels, there remain some serious true for equity financing. Since the publication of the CMU The CMU mid-term review sets in motion an important average annual compound underlying structural problems in European economies. Action Plan in September 2015, we have made big strides in workstream to ensure that our regulatory framework supports Youth unemployment in the EU is around 20 per cent and implementing a comprehensive package of legislative and non- the future SME Growth Markets and small issuers. For instance, growth rate of over 100%” traditional sources of European job creation have dried up. legislative measures to scale up the supply of venture capital to help fast-growing companies go public, the Commission will Public sector monoliths can no longer be relied on to create financing in Europe. This includes a recent deal on rules to review sectorial legislation (such as MiFID II or the Market Abuse Xavier Rolet KBE jobs, while big blue chips have not directly created net new strengthen venture capital funds and allow more possibilities for Regulation) to explore whether some rules can be modified to CEO, London Stock Exchange Group jobs for a decade now. SMEs to access venture capital. This goes hand-in-hand with the lighten the administrative burden. We will also work with member By contrast, the growth companies in this report boast a Pan-European Venture Capital Fund-of-Funds, which will soon states to identify and share best practices on financial schemes two-year job creation rate of 43 per cent and an incredibly be up and running. We are mobilising up to €400m of EU funds that help SMEs bear the costs of listing on public markets. impressive three-year average annual compound growth rate as a cornerstone investment for this fund, which should go up to The success of our CMU is essential to break down barriers of over 100 per cent. Our selection criteria (more details on €1.6bn when combined with private contributions. to cross-border investment and improve the ability of SMEs p115) also require these companies to have outperformed In June, we presented the mid-term review of the CMU to access finance. And it will offer new opportunities for the their sector peers. The largest sector represented is Action Plan. It significantly raises our ambitions for integrating European financial sector. We hope that all market participants Manufacturing & Engineering (at 20 per cent) followed by European capital markets, and further strengthens the focus on will make use of these opportunities, and help us reach our Food & Drink (at 11 per cent), pointing to a rich and varied helping SMEs raise equity capital on public markets. commitment to make a success of this flagship project. community of SMEs throughout Europe. 4 5 LSEG €114 bn 23m Amount raised by AIM The number of small to medium-sized in the past two decades enterprises in Europe

These companies clearly highlight the potential of investors and capital markets, or crowdfunding and peer- Vice-President Valdis Dombrovskis, who has said that I would like to thank our sponsors, AFME and IBM, European SMEs to drive European economic recovery post- to-peer platforms. They need capital to flow directly from Europe as a whole needs a wider range of funding sources whose support has made this report possible. Their work Brexit. With around 23 million SMEs – and around 19 million investors to entrepreneurs and small business owners, to cater to different needs and to complement bank lending. on behalf of and with SMEs to develop sustainable and unemployed – in Europe, if we were to realise the potential in addition to the efficient bank lending engine already His plan for a Capital Markets Union (CMU) throughout effective European financial markets is a key driver of jobs of high-growth SMEs like these to create real jobs, the effect supporting larger companies. Finance must come from the Europe is vital. Fragmentation of capital markets means and growth. would be transformational. bottom up, not the top down. less liquidity, not only making it harder for companies to Our thanks go to expert contributors from the European So why are the companies highlighted in this report the But this bias persists because, while debt remains tax- scale up, but also making the wider European economy less Banking Federation, Invest Europe and the Centre for exception, not the norm? Why do 60 per cent of the world’s deductible, equity is often and punitively taxed – in some globally competitive. CMU will break down the barriers and European Policy Studies, whose insight and ongoing support most valuable companies come from America and less cases up to four times. simplify access to multiple sources of finance throughout for the SME community are much valued. than 15 per cent from Europe (down from over 30 per cent the EU, including making it easier to access finance from a decade ago)? How can we take these dynamic companies Equity finance is the answer other countries both within and outside the EU. ‘from start-up to stardom’ and address the fact that – even Policy-makers need to address a situation where 80 per cent The CMU’s plans to reform the prospectus directive, among these thousand standout firms – the majority have of SME lending comes in the form of debt. Because if the which governs how investors acquire a stake in a business, “Independent studies have shown revenues of less than €50m, while less than one per cent potential of high growth companies is clear, the potential of will make it less expensive and less burdensome for SMEs have revenues of over €250m. equity finance to take them to the next level is even more so. to raise capital. And as access to finance becomes more that a 1% increase in the amount The answer is recognising that the funding system is In the years following the financial crisis, when banks diverse, it will drive competition and reduce the cost of biased against these companies and towards big, established were struggling to lend and governments were cutting public finance for growing companies. By encouraging more of high growth companies in an companies. Large companies mainly rely on debt to spending, 67 companies from countries hardest hit by the investment through equity, the CMU will also make the manage and refinance their obligations. Last year, European financial crisis – Portugal, Ireland, Greece and Spain – raised European economy more resilient by being less reliant on economy would add 2% to the governments spent €570bn of taxpayers’ money subsidising over €30bn in equity finance to invest, grow and create jobs, debt, and give people more of a share in that economy. If, this corporate debt through tax deductibility. demonstrating the resilience of capital markets. post-Brexit, Europe is to have a sustainable economic future, GDP of that economy” But while debt may be a suitable funding tool for big, AIM is the world’s most successful capital market it must support new companies, new ideas, new jobs and a established firms, it is ill-suited to help SMEs and high- designed specifically for high growth companies. It has new funding model. growth potential companies. Small companies in receipt of a raised €114bn for more than 3,700 companies around the Finally, I would like to extend my personal gratitude bank loan must prioritise managing that debt or risk default, world in the last two decades. When the British Government A thank you to the Commissioners and senior policy-makers who instead of using all their financial and human capital to made shares on this market eligible for an ISA (a UK tax-free London Stock Exchange Group stands ready to do its part, have supported this report: Valdis Dombrovskis, Toomas innovate and grow. savings account), £4 billion flowed into these companies partnering with you. Our capital markets – the deepest Tõniste, Roberto Gualtieri MEP, Markus Ferber MEP, Kay They need long-term patient capital, like equity, where overnight, helping them to grow and invest further. and most liquid in the world – efficiently pump billions Swinburne MEP, Ramon Tremosa MEP, Sirpa Pietikainen companies at different stages of development seek And because these companies are highly innovative (the of pounds of capital into European economies. Last year, MEP, Othmar Karas MEP, Cora van Nieuwenhuizen MEP investment to grow their business either through individual companies in our report lay claim to nearly 8,000 patents 76 per cent of capital raised across European growth and Jonas Fernandez MEP, whose contribution to this and trademarks between them – twice as many as in last markets was on AIM. report is testament to their understanding of and tireless year’s edition), the jobs they create tend to be high quality Our pan-European growth company support and capital- commitment to the ambitious growth firms of the future. and well paid, helping to boost productivity. raising initiative, ELITE, is supporting a community of Finally, innovative equity-funded firms can demonstrably over 1000 high growth companies, advisers and investors. “If, post-Brexit, Europe is to have help the European economy to achieve post-Brexit success Vice-President Dombrovskis was clear that Europe needs a sustainable economic future, through exports: companies quoted on AIM are five times programs like ELITE. more likely to export than the national average. No wonder It is in all of our interests that this financial ecosystem it must support new companies, independent studies have shown that a one per cent increase that does so much to raise vital patient capital for SMEs in the amount of high growth companies in an economy is maintained and nurtured, not fragmented. Putting up new ideas, new jobs and a new would add two per cent to the GDP of that economy. barriers to capital just increases the cost of capital. As This is why we at London Stock Exchange Group globalisation continues apace, the EU (and the UK) can Xavier Rolet KBE funding model” wholeheartedly agree with European Commission ill afford to become less competitive. CEO, London Stock Exchange Group

6 7 LSEG FOREWORD

COMMENTARY A world-leading TOOMAS TÕNISTE FINANCE MINISTER OF ESTONIA, PRESIDENCY OF THE EU COUNCIL IPO market ESTONIA WILL BE COMMITTED TO HELPING SMEs €36bn 6 5 2016 saw a total of €36bn There were 65 IPOs in 2016 on LSE raised through IPOs and further fundraisings on the Main Market and AIM

“WE WANT TO MAKE SURE THAT BOTH STARTING A COMPANY AND EXPANDING A BUSINESS ARE AS 3 9 % 7 8 % EASY AS POSSIBLE” The 38 companies that floated of 2016 IPOs are currently

t is impossible to overstate the importance of small capital. We hope this will ensure that more diverse and on AIM in 2016 ended the year trading up at the end of 2016 Iand medium-sized enterprises (SMEs) in Europe today. cheaper funding will become available for SMEs, while also up more than 39% on average Undoubtedly, SMEs are the key to economic growth, channelling investment back into European economies. innovation and job creation in Europe. The timely Coupled with a more resilient financial system through the publication of LSEG’s 1000 Companies to Inspire Europe Banking Union, we aim to equip European SMEs with the best report is an excellent way to showcase some of the most opportunities that will allow them to make full use of the outstanding SMEs in Europe and is a testament to the benefits the single market offers. dedicated work of European entrepreneurs. It is also an For those outside of the EU, but looking to benefit from the occasion to celebrate their success. single market, Estonia is offering a digital solution to set up As the next country to hold the Presidency of the Council and run a location independent business. of the EU, Estonia is committed to fostering an open and We are the first country to offer e-Residency, a innovative European economy – one that will allow SMEs to government-issued digital identity that allows anyone 5 3 8 reach their full potential and become more resilient. To this to start and manage a company online. This will enable end, Estonia focuses on improving the business environment, companies to access the single market and realise their equity deals in London IPOs on AIM compared which will benefit SMEs across all business sectors. In full entrepreneurial potential. particular, we want to make sure that both starting a Fully digital services also mean that this process raised over €1bn in 2016 to 31 in 2015 company and expanding a business are as easy as possible. will be both cost-effective and fast, and, therefore, We aim to advance cross-border digital public services, accessible to all SMEs. which will increase administrative effectiveness and LSEG’s 1000 Companies to Inspire Europe report lower costs for SMEs, allowing companies to invest in highlights the accomplishments of SMEs across Europe. their businesses and create new jobs. I hope, therefore, that it will also serve as an inspiration Estonia also prioritises work on creating new funding to future entrepreneurs. opportunities for SMEs. For our part, Estonia will make every effort to foster an Therefore, under the Capital Markets Union (CMU), we open and innovative European economy, with an SME- will work on removing barriers to the free movement of friendly business environment. 8 9 LSEG FOREWORD

COMMENTARY ROBERTO GUALTIERI MEP CHAIR, ECONOMIC AND MONETARY AFFAIRS COMMITTEE EUROPEAN PARLIAMENT, S&D IMPROVING ACCESS The world’s leading TO CAPITAL MARKETS growth market

€114bn 38 €6bn AIM reached €114bn There were 38 IPOs and raised on AIM in the capital raised mark 263 further fundraisings UK in 2016 through in 2016 in 2016 on AIM IPOs and further fundraisings “NOW IS THE TIME TO MAKE THE NECESSARY CHANGES TO ENSURE THAT CAPITAL MARKETS ARE Global Performance DEPLOYED TO THE FULLEST” AIM REMAINS A VERY AVERAGE PERFORMANCE OF INTERNATIONAL MARKET NEW AIM COMPANIES IN THE he 2017 edition of 1000 Companies to Inspire Europe of investors to small and growing businesses and social LAST THREE YEARS Tcomes at a critical moment in the EU legislative ventures, while making cross-border marketing of EuVECA cycle: the European Parliament is currently halfway and EuSEF funds less costly. companies with international through its five-year term. Further, new regulation on reviving the securitisation operations floated in the last three years Over the last two-and-a-half years, our committee has market has been finalised, which should help to free +39% 48 Average performance worked towards passing a number of initiatives to make up bank lending so that more financing can go towards it easier for Europe’s SMEs, the backbone of economic supporting SMEs. of new UK AIM growth, to access finance and create jobs in Europe. As the The ECON Committee also drafted an own initiative companies this year European economy crawls out of the recession, now is the report on covered bonds, which includes a number of of total +16% time to make the necessary changes to ensure that capital recommendations to make the framework available to markets are deployed to the fullest. riskier types of assets, for example SME finance. It also Since the last 1000 Companies to Inspire Europe report serves to extend the principles to debt instruments which +4% +52% was published, the Economic and Monetary Affairs (ECON) finance growth-enhancing economic activities such as Average performance Committee, together with the European Commission and SME investments. of large new AIM the member states, has achieved a number of important Finally, our committee continues to try to make it easier FTSE 100 OVER THE companies 2014–16 goals. These include the review of the Prospectus for banks to lend to SMEs. One of the ways in which we are SAME PERIOD Regulation, which simplifies the rules and procedures while doing this is by supporting the ECON Commission’s proposal www.lseg.com/aim also making it cheaper and simpler for small businesses to on adjustments to the capital requirements regulation, access capital markets. which maintains the deviation to the requirements for Other important steps forward are the review of the exposure to SMEs, as well as extending its scope with no European venture capital funds regulation and the review upper limit. of the European social entrepreneurship funds regulation, I look forward to continuing to work with the sector to which will open up EuVECA and EuSEF to fund managers of make sure that we fulfil our promise to European citizens to all sizes. This move will allow more companies to benefit move forward with the necessary reforms to deliver a CMU from EuVECA investments. It will also improve access for the companies of Europe. 10 11 COMMENTARY MARKUS FERBER MEP VICE-CHAIR OF THE ECONOMIC AND MONETARY AFFAIRS COMMITTEE, EUROPEAN PARLIAMENT, EPP ACCESS TO FINANCE IS CRUCIAL Connecting companies with capital

ELITE is a full-service programme for ambitious, inspiring companies that want to further their growth.

“SMEs ARE LIKELY TO NEED ELITE is a vibrant community of entrepreneurs, business leaders, DIFFERENT FINANCING advisers and investors from 25 countries around the world. SOLUTIONS ACROSS DFFERENT PARTS OF THEIR LIFECYCLE” We are proud to support inspiring companies. f you want to see innovation, technological leadership, be held back. Therefore, access to finance for SMEs is key. Igrowth and down-to-earth management, take a closer While the goal is clear, the path to getting there is a look at the very heart of the European economy: small and difficult one. There is no one-size-fits-all solution. While a medium-sized enterprises (SMEs). standard bank loan might work well for many SMEs, it can Share success, do business, make connections. Many SMEs do not have the shiny commercial and glossy be very hard for innovative start-ups to obtain such a type publications we see produced by the big multinationals, of financing. but nonetheless they are the everyday heroes of the EU It also might not be enough for rapidly growing medium- economy. They are bold, they take risks and they grow. sized businesses which are on the brink of international #weareELITE This edition of 1000 Companies to Inspire Europe makes it expansion. SMEs are likely to need different financing very clear that if you want to see jobs, growth and investment solutions across different parts of their lifecycle, and they [email protected] happening, then big government spending plans are not need experienced partners like LSEG which are able to www.elite-growth.com the answer: you should be looking instead at empowering help with navigating the pitfalls along the journey – from entrepreneurial spirit and encouraging the SMEs where that crowdfunding to initial public offering. entrepreneurism is most usually found. The European Parliament is fully committed to making Encouraging entrepreneurial spirit via a smart and SME financing work. Dedicated SME Growth Markets in sound legislative framework is the foundation for making MiFID II, a lighter prospectus regime and more favourable SMEs thrive. But the one ingredient that truly makes the capital requirements for banks’ SME exposures are hard difference is finance. If access to finance is missing, it can proof of that. hold back the company with the smartest business plan. The next big project will be finishing the Capital Markets But if it is there, it can make all the difference between a Union (CMU). The European Parliament is committed to couple of smart students working in their parents’ garage making European financial markets more efficient, more and being the next world leader in an industry that has not transparent and more resilient. To that end, the ECON even existed before. Committee in particular is looking forward to ambitious If there is no realistic access to finance, innovation will be proposals from the European Commission – not least for held back, competition will be held back and progress will the sake of SMEs. 12 COMMENTARY COMMENTARY KAY SWINBURNE MEP RAMON TREMOSA MEP VICE-CHAIR OF THE ECONOMIC AND MONETARY ALDE COORDINATOR AT THE ECONOMIC AND MONETARY AFFAIRS COMMITTEE, EUROPEAN PARLIAMENT, ECR AFFAIRS COMMITTEE, EUROPEAN PARLIAMENT DELIVERING ON INCREASING THE OUR PROMISE FUNDING OPTIONS

“THE CENTRAL ROLE THAT SMEs “ANOTHER CHALLENGE TO BE PLAY IN THE SUCCESS OF THE ADDRESSED IS THE NEED TO EUROPEAN ECONOMY REMAINS REMEDY THE TAXATION BIAS A CONSISTENT MESSAGE” TOWARDS DEBT OVER EQUITY”

ooking through this year’s publication of 1000 towards the investor, which is especially harmful in relation he key to ensuring the EU economy thrives on a global LSEG’s ELITE programme, a scheme dedicated to LCompanies to Inspire Europe, the numerous small and to SME financing. There needs to be a move away from Tlevel is by nurturing its innovative capacity at a local educating start-ups about the many funding options that medium-sized enterprises that feature once again highlight regarding these investors with suspicion and to recognise, level. I am from Barcelona, and as a Mediterranean liberal might be available to them, is an example of the CMU’s the diversity and strength of the SME sector in Europe. as happens elsewhere in the world, the role they play as the I am very much aware of the need for developing financial philosophy in practice. These companies and their merits – their creativity, driving force in our economy. Only with this understanding markets in order to diversify the sources of credit for our More can be done to ensure the right environment exists innovation and momentum – should be celebrated, and I can we implement the CMU and ensure that Europe’s savers most innovative small and medium-sized enterprises (SMEs) for innovative SMEs. We need to facilitate capital flowing to applaud LSEG for once again showcasing them to a wider become Europe’s core investors. and to lessen their dependence on banks. where it is needed the most, including carefully calibrating investment audience. We must hold this mindset as we move into the review I am committed to ensuring the right environment the prudential standards for risk capital. This will ensure As policymakers, we now need to deliver on our promise period of many key pieces of post-crisis legislation and exists in which companies can innovate. Europe offers that the need for financial stability is balanced with freeing of a deeper Capital Markets Union (CMU) – improving the admit where past decisions need to be challenged. The start-ups a market with scale, but to ensure that we have up capital, which can then be invested where wealth and access to finance and diversity of funding options, and European Market Infrastructure Regulation (EMIR) review the right ecosystem to make this happen, we need to offer jobs are created. providing a risk-resilient system. for example, needs to focus on finding solutions to the our entrepreneurs something more – we need to offer Another challenge to be addressed, and one the With agreements reached on an enhanced venture unintended consequences and unnecessary burdens placed them the right mix of financing throughout their European Commission has rightly identified as a priority, capital framework, a simplified prospectus regulation, on those smaller non-financial companies interacting with company’s lifecycle. is the need to remedy the current taxation bias towards and a new, incentivised class of securitisation, we should financial markets. I myself have fought for diversified funding opportunities debt over equity. This is needed to create the right be encouraged. But, more importantly, we should be Much has changed in the 12 months since the for SMEs, especially through the availability of incentives for investors. Another prerequisite for putting emboldened to push on. publication of the first edition of 1000 Companies to crowdfunding. In an age where banks are still not able to Europe back on the path to growth is the need for a Still more needs to be done to ensure that Europe is a Inspire Europe. However, as this year’s report testifies, provide Europe’s high-growth companies with the capital global level playing field. This will help maintain the globally competitive environment. Improvements such the central role that SMEs play in the success and they need, it is especially important that all funding competitiveness of our region which, when it comes to our as increased supervisory cooperation, further promotion modernisation of the European economy remains a opportunities are fully developed. digital champions, is lagging significantly behind the US. of international consistency, the standardisation of consistent message. 1000 Companies to Inspire Europe is relevant because My group and I remain committed to further improving insolvency law for investors or a rebalancing of Europe needs to ensure that these 1000 small it showcases the dynamism and diversity of the EU’s the conditions for SMEs, in order to allow them to reach our tax laws – which currently favour debt over equity companies, and the thousands of others that do not entrepreneurs and the different types of funding they need. their full potential by providing the right investment financing – all need to be made. feature, are afforded the opportunities and the right It also serves as a helpful reminder of what the Capital signals and appropriate regulatory framework for their Furthermore, we must address our sceptical attitude environment in which to thrive. Markets Union (CMU) project is all about. continued development. 14 15 SPONSOR FOREWORD LSEG FOREWORD As the voice of Europe’s wholesale financial markets, we understand the need to build constructive dialogue between our members and regulators. In our experience, an evidence- based approach brings the best results.

FUNDING FOR HIGH- GROWTH COMPANIES

e are delighted to be supporting 1000 Companies to Inspire Europe Wagain this year. Europe’s economy is beginning to show improved growth, thanks in large part to successful businesses like those featured in this report. These companies, which add to the resilience of our economy, grow through a combination of innovation and access to the right type of funding. However, Europe continues to face a shortage of risk capital for high- growth businesses. Raising finance and retaining investors to enable the next generation of high-growth and innovative companies like those featured in this report should be a top priority for industry and policymakers alike. To understand the state of financing for small and medium-sized AFME advocates stable, competitive, high-growth companies in the European Union, AFME – alongside 12 other sustainable European financial markets that stakeholders involved in pre-initial public offering (IPO) finance – published support economic growth and benefit society. “Raising finance and retaining The Shortage of Risk Capital for Europe’s High Growth Businesses in investors should be a top March 2017. Among some of the major barriers is the EU’s fragmented internal Learn more about our work at www.afme.eu priority for industry and market, which makes navigating the rules and standards of 28 member companies particularly difficult. Another issue is the lack of awareness policymakers alike” surrounding alternatives to bank lending and more should be done to encourage an entrepreneurial environment where a greater number of start-ups use this form of finance. An additional concern for companies is of course Brexit, as illustrated in our most recent report with the Boston Consulting Group and Clifford Chance. We surveyed 62 large corporates, investment firms and SMEs across the EU, along with ten industry associations representing millions of SMEs. What is striking is that SMEs are the least prepared, yet could find themselves hardest hit by Brexit due to a potentially higher cost of capital and difficulty establishing new banking relationships for cross- border trade. While there are plenty of challenges ahead, Europe has tremendous potential as a home for future high-growth businesses, with a market of over 510 million people and an annual GDP of €14.7tn. To harness this potential and enable our high-growth businesses to access the funding needed to compete on a global stage, momentum on the Capital Markets Union is more important than ever.

Simon Lewis Chief Executive, Association for Financial Markets in Europe Association for Financial Markets in Europe www.afme.eu Image: ECB headquarters in Frankfurt

16 17 ond Broad st b iss e ua There is more than just bank financing to help today’s and deep w n o c pool of L e European small and medium-sized businesses become capital tomorrow’s inspirational companies. £4M 80% of small and 2,836 mid-size company Companies benefited from funding comes £98bn £3.8bn from bank finance, of venture allest lis m tin capital funds including bank SME market S g o n no capitalisation

A Venture Bond financing loans

across France, I M Credit rating Germany, Spain, £0.07m capital needed for Italy and investors LSE ORB the UK Equity Equity capital confers listing on ownership rights public 3 years in the company 664 Operating time to the capital SMEs raised markets needed to list between €50,000 on the LSE provider For and €1,403M in mid-size European “junior” companies exchanges with annual turnovers of €20-€400m Innovative Family 5% and for Europe’s Of funds obtained Equity financing by SMEs are friends Finance from family and friends SMEs £2.2bn Equity European to venture €9.8bn Investment capital funds Fund (EIF) (2015) Expected to mobilise Angels Investors Fund share in the €250K- Typical Business business risks amount of the company, €5M provided by angel investors the EIF together participating in with business profits as well angels as losses 271,000 National and Angel investors Crowdfunding €750k- invested in Spanish 144% pan-European FOND- €1.5m 33,340 ICOpyme early stage Annual support Equity for companies £422M Amount of growth of innovative equity raised on the European schemes companies crowdfunding alternative platforms in finance market Europe in 2014

Indirect equity €5m support to German companies ERP Co-invested Up to Start-up Fund in innovative 50% companies tax relief Tax For investors in Association for Financial Markets in Europe incentives the UK's EIS and SEIS www.afme.eu schemes SPONSOR FOREWORD RESEARCH PARTNER FOREWORD

BLOCKCHAIN IS THE COMPANY DATA AS INTERNET OF ITS AGE A RESEARCH TOOL is delighted to be sponsoring 1000 Companies to Inspire IBMEurope – a publication that highlights some of the fastest- t Bureau van Dijk we’re proud to be the source of the company growing and most dynamic firms in Europe, but also unearths the Ainformation in this report. We offer renowned coverage and ease of day-to-day challenges that these companies face. analysis through our range of databases and solutions. Orbis, our flagship At IBM, we are looking to emerging technologies, including global database, covers 220 million private companies from around the world. blockchain, to build solutions to make it easier for SMEs to access the Our products are used in a variety of sectors for a range of functions, financing they need to trade and grow. Blockchain brings together shared such as credit risk assessment, anti-corruption, anti-money laundering and ledgers with smart contracts to allow the secure transfer of any asset – third-party due diligence. The products also cover tax research, business whether a physical asset such as a shipping container, a financial asset development and M&A. such as a bond, or a digital asset such as music – across any business We provide a wealth of detailed information like financial strength network. Blockchain is doing for trusted transactions what the internet metrics and projected financials, as well as scores on companies with did for information. limited financials. We source this information from 160 providers around the globe and we Working in partnership add value to our data in a number of ways, such as standardisation, linking “Sharing secure and transparent Borsa Italiana, part of London Stock Exchange Group, has teamed up with “We strive to make our data sources and our interface. critical network data across IBM to build a blockchain solution digitising the issuance of securities information easily comparable We strive to make our information easily comparable and searchable for small and medium-sized enterprises (SMEs) in Europe. Designed to between companies and across borders. To ensure this is the case, we created shareholder networks is difficult simplify the tracking and management of shareholding information, and searchable between a specific standardised account format that reflects and incorporates the the new system is focused on creating a distributed, shared registry wide variety of accounting procedures, while also delivering well-populated using traditional systems. containing a record of all shareholder transactions, helping to open up companies and across borders” reports. This allows for faster, simpler cross-border searching and comparison. new opportunities for trading and investing. We also cross-reference industry codes, provide company names in a Blockchain is poised to help Instead of having to deal with the paper trading certificates commonly number of languages and alphabets and weight financial strength indicators issued to private companies today, unlisted European SMEs can look for local variations in order to apply consistency to our non-financial fields. remove some of these barriers forward to enjoying a more digitised, streamlined and transparent Combining and linking company data with other information gives our process – giving issuers, regulators, investors and others increased insight customers an effective research tool and, through data linking, we combine in traditional methods for the into company information. Plus, this blockchain solution is aimed at information on people, ownership structures, financial strength and entity giving SMEs better access to credit and linking them into a broader and data. This reveals important relationships that enhance your knowledge of transfer of value – much as the more mature ecosystem, so that they can set up new trading networks the companies, industries and sectors in which searchers are interested. and obtain funding by sharing financial data in a security-rich and Lastly, our state-of-the-art interface helps you to create and execute internet did for the exchange of transparent public arena. complex searches and analyses quickly and easily. The interface offers a The system, built on the Hyperledger Fabric version 1.0 blockchain number of visualisation tools to help deliver a clearer understanding of the information in the late 1990s” framework, is designed to help ensure that highly sensitive securities topic you might be researching. data can be shared among permitted network participants while To see all of our many benefits and find out about our free trial scheme, remaining secure and gated. It was developed in collaboration with please visit www.bvdinfo.com or email [email protected]. IBM and is now undergoing an initial test phase with a small group of partners and clients. Mark Schwerzel Deputy CEO of Bureau van Dijk Marie Wieck, General Manager, IBM Blockchain

20 21 RESEARCH FINDINGS

INSPIRING EUROPE IN MAKING EUROPE WHERE TO MAKING WEALTHIER FIND THEM EUROPE WORK

THE 1000 COMPANIES’ HOW THE 1000 COMPANIES 1000 COMPANIES, ARE CREATING JOBS FINANCIAL PERFORMANCE 28 MEMBER STATES: AT A GLANCE FIND THESE INSPIRING NUMBERS COMPANIES OVER OUR RESEARCH DRILLED DOWN TO FIND THE FACTS AND INTERPRET THE COMING PAGES 20 THE DATA ABOUT THE EU’S MOST EXCITING ORGANISATIONS 30

<€30M 5

HOW IT ALL AVERAGE REVENUE 5 ADDS UP €59.10M 5 3-YEAR COMPOUND ANNUAL 20 THE COMPANIES BY GROWTH RATE (CAGR) ANNUAL REVENUE* 103% 20 170 50 30 180 30 AVERAGE NO. OF 10 EMPLOYEES PER COMPANY €30–40M 212 €50–75M 5 5 20 10 TOTAL EMPLOYEES 211,880 10 150 5 5 TOP 100 COMPANIES’ AVERAGE 3-YEAR CAGR €40–50M 730% 5 €100–150M AVERAGE EBITDA MARGIN 110 €75–100M 10% 10 TOTAL TRADEMARKS REGISTERED 70 1-YEAR JOB 2-YEAR JOB €150–250M 2877 10 CREATION CREATION TOTAL PATENTS HELD 20% 43% €250M+ 4884 5 5 303 180 108 176 81 92 52 8 TRAVEL & LEISURE 35 PROFESSIONAL 22 IT & TECHNOLOGY FOOD & SERVICES 68 RETAIL DRINK 49 204 20 20 MANUFACTURING WHOLESALE FACILITY ENVIRONMENTAL SERVICES SERVICES & ENGINEERING 56 112 AGRICULTURE/ WHICH SECTORS ARE MAKING WAVES? FARMING/ FORESTRY

22 * For the full methodology please see page 115 23 SECTOR TECHNOLOGY AT A GLANCE

2% TECHNOLOGY HAS THE EU AVERAGE GROSS DOMESTIC EXPENDITURE ON REVOLUTIONISED DAILY TECHNOLOGY R&D LIFE IN THE 21ST CENTURY, 403 MILLION EU CITIZENS WHO FUNDAMENTALLY CHANGING HAVE ACCESS TO THE INTERNET, OUT OF A TOTAL OF ALMOST THE RELATIONSHIP BETWEEN 508 MILLION CONSUMER AND BUSINESS. €2.4 BILLION MONEY ALLOCATED OVER THE NEXT FEW YEARS, TO THE EUROPEAN INSTITUTE OF IT WILL CONTINUE TO DO INNOVATION & TECHNOLOGY FOR EDUCATION AND SO, WHEN THE INCREASING OUTREACH

USE OF ROBOTICS LOOKS IN THIS SECTION Gavin Raeburn, CEO of Playground Games, LIKELY TO PRESENT THE explains why business intelligence and hiring BIGGEST CHALLENGE the right people are the two crucial elements for success. Plus LOGICDATA AND OPPORTUNITY CEO Johannes Gradwohl on the importance of ergonomics in the workplaces of the future

Sources: Eurostat, internet world stats, EIT

24 25 TECHNOLOGY A GATHERING FORCE NOT ONLY IS TECHNOLOGY A MAJOR INDUSTRY IN THE GAME’S ITS OWN RIGHT, BUT IT ALSO ENABLES AND AFFECTS EVERY OTHER INDUSTRY THROUGHOUT EUROPE. THE THING A PRIME CONCERN FOR TECHNOLOGY COMPANIES Playground Games IS THAT THE CHANGES ARE SO FREQUENT AND SO www.playground-games.com Sector: Technology SUBSTANTIAL. IT IS A TOUGH TASK TO STAY AHEAD Country: United Kingdom OF THE CURVE AND GAIN A COMPETITIVE EDGE. TO he global video games market is vast. Playground Games has had huge success with DO THIS WILL REQUIRE ONGOING UPSKILLING OF Projected figures for 2017 show it is likely T its Forza Horizon series EMPLOYEES AND AN EYE TO THE FUTURE AS MUCH AS to reach close to €86 billion, riding on the back and is now looking to THE PRESENT of an increase in worldwide video game users expand and diversify to almost 2.2 billion, or more than a quarter of its portfolio of games the global population. At the forefront of the industry in the United Kingdom is Playground Games, behind the now classic Xbox series, Forza Horizon. Its most recent release, Forza Horizon 3, was globally the best-selling racing game of the past five years, selling more than 2.5 million copies in the first three months of its release. But the company’s work doesn’t end there. “Our goal is to become the most successful independent console development studio in the world, and to do this we believe we need critical and commercial success within a diverse portfolio of games,” says Gavin Raeburn, CEO of Playground Games. To do this, it has begun transitioning to a two-project company, thereby doubling its employee numbers. This presents a challenge in itself, but one that Playground Games has so far navigated with great success. Gavin champions the need to run consumer and competitor research continually in order to stay ahead of the curve. “Business intelligence “Business intelligence is king,” he says. “You should understand with a passion what you’re selling, who you’re selling is king. You should it to and who your competitors are.” But it’s the staff that are perhaps the ultimate understand with a passion determinant of a company’s future: “Our biggest challenge has been finding high-quality talent m what you’re selling, who at the rate we need it,” explains Gavin, “with demand often outstripping supply in many you’re selling it to and who areas, especially for our key leadership and 2.5 director-level roles.” your competitors are” Playground Games has, however, brought in Gavin Raeburn, CEO, Playground Games the finest developers in the game. Copies of racing game “You’re only as good as the people you hire,” Forza Horizon 3 sold warns Gavin. “Never compromise on this, no within three months matter what pressure you’re under.” of its release 26 27 TECHNOLOGY

SOUNDS FANTASTIC LOGIC DICTATES he habits of music listeners have changed hugely over the past ustrian company LOGICDATA has a bold continuously innovate and bring new products Tdecade. Where before it was a case of plugging into compact units Aprediction: in five years’ time, it will have to the market that half of its staff are devoted – stereos with attached speakers, reliant on tapes, CDs and records – the www.audiopro.com revolutionised the way we look at an office solely to research and development. www.logicdata.net modern listener is far more mobile. A quick press of a button can send Sector: Technology workplace. “The workplace of the future puts “LOGICDATA has always succeeded by Sector: Technology a tune from your smartphone through the air to speakers situated on Country: Sweden human ergonomics and preferences in the surprising the market with unexpected, Country: Austria the far side of the house, without you having to budge an inch. What’s spotlight,” says CEO Johannes Gradwohl. improved products that take a huge step more, music can now be streamed so a trip to the record shop is no longer “LOGICDATA is intensely and actively working forward from their competition,” says required. In short, options have expanded dramatically. on perfecting and optimising a human- Johannes. It uses trade fairs across Europe Audio Pro, which has been producing high-end audio equipment from centred workplace.” to launch its latest products – for example, its home country of Sweden since 1978, cottoned onto this trend early The company develops mechatronic adjustable bed technology, or customised on. “Our company’s success is largely down to our understanding of new system solutions for adjustable home and hand controls – and has been expanding its listening behaviours, particularly with streaming, and our production of office furniture. So important is its ability to revenue and workforce by around 20%

Streaming music is Practise what you now commonplace, preach: LOGICDATA’S and AudioPro was own offices are a ahead of the game hymn to its innovative approach

The visual appeal Water and greenery “Good sound is vital for people of the company’s can make for a more products is as pleasant working to get moved by their music” important as the sound environment

quality loudspeakers that are easy to use,” explains Stefan Pantzar, a year on average in recent years. CEO of Audio Pro. “It is and always has been an amazing Moreover, the speakers they make are of the finest design: simple, cool experience to see ideas come to life within % and fit for any discerning aficionado. the company and help to give them room to The company has led the market in Sweden by sticking to a few simple grow,” says Johannes. “I think that our way rules, says Stefan. “By doing what we know – making great-sounding 1978 of working – being and keeping our ‘Minds 20 products. Too many brands just make poor speakers. Good sound is vital in Motion’ – makes us who we are and, as a for people to get moved by their music.” result, makes us so successful.” Stefan notes that the shift from traditional audio to wireless streaming Year in which Audio Pro The drive to revolutionise the workplace is Average annual was perhaps the biggest obstacle the company faced. But the fast- was founded in Sweden only likely to accelerate as new technologies expansion of growing market of streaming was also an opportunity, and ensuring their emerge and LOGICDATA knows its proven skill products could accommodate all the major streaming services has been in innovation will continually be tested. LOGICDATA’s workforce key to its success. “Challenges will arise and need to be in recent years Now streaming is commonplace, and Audio Pro’s experience means it overcome, and this is where we will be working can focus on further honing the products that have resulted from it. “As strongly: to create the unexpected,” Johannes always, new technology sets the standards, and you have to know which says. “The opportunities in this field are vast. technology to choose,” says Stefan, advising other companies to follow More and more people work in offices, and the suit. “Be passionate about your product. It will shine through.” way we do this now has to change.”

28 29 TECHNOLOGY COUNTRY OVERVIEW

WITNESS THE DIFFERENCE 1000 COMPANIES IT Software is a quintessentially global company. The developer Wof software products and solutions for mobile telecom operators is present in more than 42 countries worldwide and is a key sector player in markets from Europe to the Asia-Pacific region, via India. The importance DENMARK SNAPSHOT of its international operations is made clear by the figures: 90% of its revenue stream comes from overseas markets. wit-software.com DENMARK HAS 20 LISTED COMPANIES, SEVEN OF WHICH ARE LOCATED “In the past we mainly focused on the European market, but several Sector: Technology AROUND COPENHAGEN, AND 13 REGISTERED TRADEMARKS AND PATENTS. Country: Portugal years ago we began to ‘follow the growth’,” says Luís Moura e Silva, CEO FOR A FULL LIST OF COMPANIES FROM DENMARK, TURN TO PAGE 119 of WIT Software. After diligent research, the company understood that the healthiest markets for telecoms were in Asia, specifically India, so it began to look east, all the while maintaining its obsession with the quality of its software and increasing investment in research and design.

FAROE ISLANDS €72M AVERAGE REVENUE

WIT Software’s offices are a nod to the company’s creative and innovative side

There is a high demand “To be able to compete with any for more top-calibre 13 software engineers company, we need good talent” throughout Europe REGISTERED PATENTS AND TRADEMARKS

The company’s products are sophisticated, and Luís admits that it has been difficult finding employees with the depth of skill needed to take on the responsibility of continuing the company’s record of innovation. “Our main obstacle has been hiring people,” he says. “The workforce of software engineers in the European market is not enough for the demand in the industry. To be able to compete head-to-head with any company, 42 including those in Silicon Valley, we need good talent. And finding people with good talent has been a problem.” 2-YEAR JOB But the company has powered on regardless, consistently recording Number of countries GROWTH % double-digit growth in recent years. And, says Luís, its goal is to keep on worldwide in which growing, meaning that it will likely expand its workforce to match new % 42 demands. Industry ‘valleys’ should be invested in and developed close to WIT Software operates 29 3-YEAR COMPOUND top-flight universities, he says. ANNUAL GROWTH WIT Software’s progress in recent years has been remarkable, and Luís 20 RATE advises companies that want to follow suit to take a leaf out of its book. “Think global and create a sustainable business that will be able to survive NUMBER OF different phases and whatever changes are certainly likely to come.” COMPANIES

30 31 COUNTRY OVERVIEW EXPERT COMMENTARY 1000 COMPANIES INVESTING IN IRELAND SNAPSHOT IRELAND’S 20 COMPANIES ARE SPREAD THROUGHOUT THE COUNTRY EUROPE’S FUTURE AND BOAST AN IMPRESSIVE AVERAGE REVENUE OF €49M. WIM MIJS BANKS ARE HELPING TO BOLSTER EUROPE’S FOR A FULL LIST OF COMPANIES FROM IRELAND, TURN TO PAGE 132 CHIEF EXECUTIVE, ECONOMY AND SPUR GROWTH EUROPEAN BANKING FEDERATION

20 Since the dawn of finance, European capital markets, banks are there to help €50M banks have helped entrepreneurs, family Europe’s companies every step of the NUMBER OF AVERAGE businesses and local and multinational way. In fact, given companies’ diverse COMPANIES REVENUE firms. For more than half a century, the needs, we see capital markets and bank European Banking Federation (EBF) has lending as fully complementary. Hence represented European banks, advocating we support the EU’s project of the Capital the interests of European banking clients. Markets Union to boost capital markets. Today, we have members in 32 countries We strongly feel the need for SME and represent more than 4,500 banks. growth – they are the backbone of Since I took over the helm of the EBF European jobs and incomes. Small 6 three years ago, it has been a pioneer and growing companies such as those in enabling digital transformation, led featured in this publication have a special MANUFACTURING industry-wide efforts to build a European place in the future of Europe. They need & ENGINEERING financial education platform, bolstered COMPANIES its role in bank supervision and tackled new projects such as green finance. In all our work, we are guided by the question: €10tn how can we best meet the financing BANK LOANS MADE TO NON- needs of the economy? FINANCIAL COMPANIES IN 2016 Four-fifths of company financing in Europe comes from bank loans, the full range of funding opportunities supporting new investments and the (including risk finance) as they go up growth of millions of companies. In the the ‘ladder’ – especially if we want them face of a difficult decade for the global to stay in Europe and create the world 43 economy, the European banking sector brands of tomorrow. REGISTERED PATENTS “IN THE FACE OF A DIFFICULT DECADE FOR has proven to be strong and resilient; Banking in the 21st century requires AND TRADEMARKS THE GLOBAL ECONOMY, THE EUROPEAN loans to non-financial companies have a new approach. To shape the future, we BANKING SECTOR HAS PROVEN TO BE risen above €10trn last year and continue are looking ahead. Our aim is to provide STRONG AND RESILIENT” to show a positive trend. tailored, dynamic funding possibilities And it is not just about loans. that bring together the traditional Whether it is for managing risks through advantages of client and market complex products, supporting corporate knowledge and local presence with restructuring or helping clients access new digital solutions. 2-YEAR JOB Providing the right capital means GROWTH % “WE STRONGLY FEEL THE NEED enabling all companies, including fast- 17 FOR SME GROWTH… SMALL growth SMEs, to hire talented people, % AND GROWING COMPANIES invest in research and technology, and 3-YEAR COMPOUND expand internationally. In the end, access 19 SUCH AS THOSE FEATURED ANNUAL GROWTH to finance is about realising our potential RATE IN THIS PUBLICATION HAVE to grow. True to their historical mission, A SPECIAL PLACE IN THE Europe’s banks want to stay invested in FUTURE OF EUROPE” the European economy and its citizens.

32 33 COUNTRY OVERVIEW EXPERT COMMENTARY 1000 COMPANIES INTEGRATING EUROPE’S NETHERLANDS SNAPSHOT THE NETHERLANDS HAS 50 COMPANIES LISTED THAT HAVE AN BUSINESS COMMUNITIES AVERAGE REVENUE OF €72M. FOR A FULL LIST OF COMPANIES FROM CORA VAN NIEUWENHUIZEN MEP AN INTEGRATED EUROPEAN MARKET IS THE ONLY WAY THE NETHERLANDS, TURN TO PAGE 137 MEMBER, ECONOMIC AND MONETARY AFFAIRS EUROPEAN FIRMS CAN TRULY SUPPORT INNOVATION €72M COMMITTEE, EUROPEAN PARLIAMENT, ALDE AND GROWTH, AND COMPETE ON THE GLOBAL STAGE AVERAGE REVENUE The EU Capital Markets Union (CMU) in our report on what the EU CMU can do aims to create a deeper and wider single for fintech, is that regulation needs to capital market in Europe, rather than facilitate innovation rather then frustrate 50 the 28 fragmented markets we have it. Creative newcomers need more space. today. Since the previous edition of 1000 And they need fewer hurdles, but also NUMBER OF Companies to Inspire Europe, we in the room for experimenting. COMPANIES European Parliament have passed a Fintech will specifically create new number of significant issues that will help business models within one of the most PROFESSIONAL further integration, and in turn hopefully heavily regulated and complex industries: SERVICES facilitate growth in the real economy. finance. But in addition, it is important to COMPANIES When it comes to innovation, the financial industry has a real challenge “FINTECH WILL OFFER ahead. Especially where banks are STARTUPS AND SMES MORE MANUFACTURING 2 concerned, we are still talking too much POSSIBILITIES TO FINANCE & ENGINEERING about the consequences of the crisis THEIR PROJECTS AND COMPANIES and the threats that may still face us. COMPANIES” However, we should focus instead on the innovative future of banks and financial realise that it will also offer startups and institutions. This will also be of enormous SMEs more possibilities to finance their 6 influence on SMEs and consumers and projects and companies. It is important the way these can organise their finances that this potential is unleashed, in close in the future. conjunction with the development of all Things are developing fast. Worldwide other channels of capital on the startup 88 investment in fintech in 2015 was funding ladder. $19bn, up from $1.5bn five years earlier. But to close the circle, these new REGISTERED “REGULATION NEEDS TO FACILITATE Brussels, but also the EU financial centres fintech innovators themselves will also TRADEMARKS INNOVATION RATHER THAN FRUSTRATE IT. and governments in London, Frankfurt, need to be funded. That is yet another CREATIVE NEWCOMERS NEED MORE SPACE Amsterdam and elsewhere, need to keep reason that the report you are currently AND ROOM FOR EXPERIMENTING” up with this. reading is so important. One conclusion that we have drawn 1000 Companies to Inspire Europe from this in the European Parliament, continues to be an important reflection of the creativity of European entrepreneurs, something incredibly important, which FOOD & DRINK % we politicians must continue to nurture COMPANIES $19bn and support. As MEPs, we will do our best 73 WORLDWIDE INVESTMENT to ensure the right environment for them 2-YEAR JOB IN FINTECH IN 2015 to thrive and support all of Europe in its GROWTH 3-YEAR COMPOUND 6 ANNUAL GROWTH economic recovery. 9% RATE

34 35 SECTOR FOOD & DRINK AT A GLANCE

2% IN A WORLD WHERE PREDICTED GROWTH IN BEER MARKET TO DIETARY CONCERNS 2020 2x ARE A CONSTANT, AND EU EXPORTS HAVE DOUBLED IN THE TRADITIONAL WAYS OF PAST 10 YEARS, TO OVER €90 BILLION EATING ARE IN A STATE 286,000 FOOD & DRINK OF FLUX, IT IS THOSE COMPANIES IN THE EU, 99% OF WHICH COMPANIES POSITIONED ARE SMEs

IN THIS SECTION TO IDENTIFY FUTURE Angel Velasco, owner of Torrons Vicens, explains TRENDS THAT ARE THE why constant innovation is the key to staying ahead of the competition, MOST LIKELY TO SUCCEED a theme that also resonates for Alion, Artisan Finnebrogue and Vega Salmon

Sources: Research and Markets, European Commission, FoodDrinkEurope

36 37 FOOD & DRINK WHET YOUR 400 APPETITE Different types of nougats and chocolates THE FOOD & DRINK MARKET IS MUCH MORE FLEXIBLE A TASTE OF are produced and sold AND FLUID THAN IT IS SOMETIMES GIVEN CREDIT by Torrons Vicens FOR – FOR EXAMPLE PASTA SALES IN ITALY ARE SUCCESS DECLINING, SOMETHING THAT MIGHT SEEM HIGHLY Torrons Vicens UNLIKELY. HOWEVER, DEMAND FOR MORE ORGANIC www.vicens.com Sector: Food & Drink FOODS IS ON AN UPWARD CURVE ACROSS THE ENTIRE Country: Spain Torrons Vicens sets EU. DETERMINED AND DYNAMIC COMPANIES THAT ARE great store by its stablished in 1775 in the small town of traditional methods of production, but at the CAPABLE OF ADAPTING LOOK SET TO TAKE ADVANTAGE Lleida in Catalonia, Torrons Vicens produces E same time is always OF A SEA-CHANGE IN CONSUMERS’ APPROACH TO DIET nougats and chocolates using artisanal and seeking to expand its AND WELL-BEING, AND TO CONTINUE THE SECTOR’S traditional methods. ranges of nougats and “We produce over 400 types of turrons chocolates IMPRESSIVE GROWTH [nougats] and chocolates and sell them through three main channels,” explains Angel Velasco, who owns and manages the business with his son, Angel Velasco Herrero. “We have more than 40 retail stores in popular tourist spots across France, Spain and the United Arab Emirates, and we export to distributors and specialty stores around the world.” At the heart of the family-run business is tradition, quality, innovation and service. “We follow the same recipe and original processes generation after generation – since the very beginning,” says Angel. “And we only use the best-quality natural ingredients to get the most genuine taste.” Innovation cuts right across Torrons Vicens; constant attention is paid to improving product packaging, while the retail stores are frequently updated to ensure the best possible customer service. This commitment has helped the company through the recent economic down- turn and resulted in a new range of products. “Our continuous growth during the last few “Our continuous growth years is the result of our product innovation, our expanding network of shops and the during the last few years international projection of the brand with the target of transforming the product from a is the result of our product seasonal to a year-round one,” explains Angel. Central to all this has been a strategic innovation, our expanding collaboration between the company and the prestigious chef Albert Adrià, which began in network of shops and the 2013 and which has produced the new product line ‘Nature’. international projection “With this line, we have transformed nougat into a dessert,” says Angel. “We have combined of the brand” high-end gastronomy with the Agramunt Angel Velasco, owner/manager, Torrons Vicens nougat tradition, resulting in original and high-quality nougats.”

38 39 FOOD & DRINK

SALAD DAYS THE QUEST FOR QUALITY ounded by Theodoros Zavos and his cousin Panikos Papaloizou in ver since its humble beginnings selling it the best it can be without being bound F1990, Alion grows, processes, packs and supplies fresh herbs, salads Epizza from the back of a small van in by the way it has always been done,” says and leafy vegetables to no fewer than 25 countries around the world. Northern Ireland, Finnebrogue Artisan has Denis Lynn, chairman of the company. Aside “We strive for excellence by listening to our customers, sharing views championed high-quality, sustainably from the sourcing of the meat, he notes, the with our staff and learning from our mistakes,” explains the company’s www.alionveg.com sourced food products. Now, with more company has developed a unique method of www.finnebrogue.com CEO Theodoros Zavos. Sector: Food & Drink than 300 employees, the company has locking in the succulence and flavour, Country: Cyprus Sector: Food & Drink “We follow the developments within our industry closely, and establish become something of a torchbearer for the creating produce that has become a runaway Country: United Kingdom in our practices whatever we can to offer extra value to the services and food industry, crafting artisan produce that success. In just over four years, Finnebrogue products we provide to our esteemed customers in Cyprus, and the 25 prioritises animal welfare, proper stewardship Artisan has watched its business grow from countries to which we export.” of the land and employee satisfaction. £12 million to £50 million. It’s this dedication – combined with “endless passion, hard work and “We always look at what is wrong in the As well as a solid business model that sees love for what we are doing” – that Theodoros believes is the key to Alion’s world of food and figure out how we can make the company working with retail customers

“We constantly invest in the innovation of new products, new packaging, in our people and in machinery”

From its Cyprus base, Alion now exports to Finnebrogue Artisan 25 different countries focuses on animal around the world husbandry as much as top-quality produce

The company also sets great store in providing The company’s range a first-class working of fresh herb products environment for staff

success. That, and the firm’s commitment to innovation. In 2008, Alion on own label products, Finnebrogue Artisan is opened a state-of-the-art 4000m² packing facility in the village of Pera 2 set on ensuring that whatever it produces is Chorio, Nisou. as inclusive as possible, by removing allergens “We constantly invest in the innovation of new products, new 4000m where it can. packaging, in our people and in machinery,” adds Theodoros. “Our business values have always led our £50m One such example is the company’s range of ready-made salads – an strategy of making sure we innovate; that we innovative solution developed as a response to the economic downturn, Size of Alion’s state-of- always have the best-quality product in the which saw increased competition as more people moved into farming the-art packing facility markets we play in, and that we never lose and exporting. “We moved our trade to the high-value product solutions sight of our consumer and their demands,” Current size of the through processing in order to achieve competitiveness,” explains in Pera Chorio, Nisou Denis says. The plan for the coming three-to- business, up from Theodoros. “We created a strong local market by providing ready-made five years is to continue the strong growth of salad in an innovative way that has been an ongoing great success.” the past four years and diversify further into £12m just four years ago Now the plan is to keep building on that success, and keep building on different food categories. its reputation as a reliable, family-run and pioneering enterprise. It’s the drive to continually expand Theodoros hopes to see Alion remain a “high-quality produce and innovate, while remaining true to its company that is both environmentally friendly and one of the best core principles, that looks likely to ensure companies to work for”. Finnebrogue Artisan remains the industry leader it has already come to be.

40 41 FOOD & DRINK COUNTRY OVERVIEW

CATCH OF THE DAY 1000 COMPANIES eadquartered in the Danish seaport town of Kolding, Vega Salmon is a Hhigh-end salmon processor committed to delivering fine seafood from Nordic waters to the rest of the world. “We are on a mission to deliver tasty and natural seafood,” explains CROATIA SNAPSHOT Michael Budtz Berthelsen, CEO, Vega Salmon. “We see ourselves as a www.vegasalmon.dk CROATIA’S LISTED COMPANIES HAVE AN AVERAGE REVENUE partner for business, people and the planet. Throughout the value chain Sector: Food & Drink €62M we conduct a zero-tolerance policy in terms of quality, food safety and Country: Denmark OF ALMOST €62M. FOR A FULL LIST OF COMPANIES FROM CROATIA, sustainability. TURN TO PAGE 118 AVERAGE “We collaborate with our suppliers, the farms and the harvest stations REVENUE to improve standards and get closer to nature – day by day. Our products are sold under private-label brands and our own Vega brands, and in all our partnerships we strive to be a genuine partner for profit.”

5 FOOD & DRINK NUMBER OF COMPANIES COMPANIES 2 1 MANUFACTURING & ENGINEERING COMPANY The fjords of Norway provide the main source of Vega Salmon’s raw supplies

The firm operates the “We are on a mission to deliver highest possible levels of hygiene, with a tasty and natural seafood” focus on sustainability 27% This policy drives everything Vega Salmon does and is key to the firm’s success. “Our constant focus is on quality and flexibility. We only buy raw 3-YEAR COMPOUND salmon from approved suppliers, mainly in Norway,” says Michael. ANNUAL GROWTH Vega Salmon now processes more than 40,000 tonnes of raw material 40,000 RATE every year at its 12,000m2 plant in Handewitt, Germany. The factory is one of the most technologically advanced facilities of its kind and is incredibly efficient. tonnes of raw material “The new factory is designed for the highest level of hygiene,” adds 2-YEAR JOB Jacob Tidemand, QA Senior Vice-President. “The production is physically processed every year at GROWTH separated in three hygiene zones with sluices, control of staff, colour Vega Salmon’s factory coded working clothes and more.” Ensuring hygiene, efficiency and sustainability is paramount for in Handewitt, Germany % everyone at Vega Salmon, as Lone Hollensen, the firm’s marketing 4 manager, explains: “In the last couple of years consumers have become more focused on environment and sustainability. This new trend has been an opportunity for Vega Salmon, which already meets top-level certifications and specification that includes IFS, MSC, ASC, OU Kosher, among others.”

42 43 SECTOR MANUFACTURING & ENGINEERING AT A GLANCE

22 MILLION THROUGHOUT EUROPE, JOBS IN THE MANUFACTURING THE MANUFACTURING AND SECTOR IN THE EU 15.4% ENGINEERING SECTOR IS OF TOTAL EMPLOYMENT STILL RECOVERING SLOWLY ACROSS THE EU IS IN THE MANUFACTURING FROM THE ECONOMIC SECTOR CRISIS. BUT A WIDE 21% OF THE EU’S GDP IS RANGE OF OPPORTUNITIES PROVIDED BY THE MANUFACTURING NEVERTHELESS EXISTS FOR SECTOR

IN THIS SECTION MANUFACTURERS WHO Aerogen CEO John Power on how the company developed from premises POSITION THEMSELVES above a shop into a multi- national, award-winning STRATEGICALLY AND business. And Michael Collins, chief executive of Invest Europe, explains MANAGE THE RISKS how private equity can play a vital role in the development of SMEs

Sources: Industry Forum, Eurostat, European Commission MANUFACTURING & ENGINEERING OPPORTUNITIES AWAIT COMPETITIVENESS IN THE MANUFACTURING AND YOU CAN BREATHE ENGINEERING SECTOR IS BEING TACKLED HEAD- ON BY THE EUROPE 2020 INITIATIVE, WHICH WILL MORE EASILY NOW CONCENTRATE MARKET FOCUS ON R&D PROJECTS, Aerogen INCLUDING LARGE-SCALE DEMONSTRATORS AND TEST www.aerogen.com Sector: Manufacturing FACILITIES, AND POST-R&D COMMERCIALISATION Country: Ireland SUPPORT. WHICHEVER OF THE MYRIAD SUB- Aerogen has developed edical device pioneer Aerogen has come from the humblest of SECTORS THEY OPERATE IN, MANUFACTURING AND a long way since its humble beginnings as beginnings above a M shop into a worldwide ENGINEERING COMPANIES THAT REMAIN AGILE AND a start-up working above a butcher’s shop business whose OPEN TO INVESTING IN NEW IDEAS AND TECHNOLOGY in western Ireland. products are used by “That was 1997,” explains John Power, over five million people ARE LIKELY TO BE AT THE FOREFRONT OF THE MARKET the firm’s CEO, who was crowned European Entrepreneur of the Year by the European Business Awards in 2015/2016. “Today, we’re the world-leading manufacturer and distributor of high-performance aerosol drug delivery systems for hospitals, and our products have treated over five million critically ill patients in 75 countries around the world.” The impressive figures don’t stop there, either. Aerogen’s records show eight years of 30%+ compound annual growth despite the economic downturn. John attributes this phenomenal success to a combination of branding and partnerships. “We’ve grown the business by driving our presence and brand broad and deep across our market sector,” he says. “We are partnering with some of the largest global healthcare OEMs such as GE Healthcare, Philips and Medtronic, who want to utilise our systems in collaboration with their own equipment to deliver superior patient outcomes.” These partnerships with multinational leaders have enabled Aerogen “Our efficient systems to create a diverse global presence. The approach has helped Aerogen face off have resulted in individual worldwide industry challenges too. “Healthcare systems throughout the world hospitals recording have come under increased pressures to save costs,” says John. “Our efficient systems have savings worth hundreds resulted in individual hospitals recording savings in pharmaceutical bills worth hundreds of thousands of dollars of thousands of dollars or euros while, most 75 importantly, delivering superior patient care.” or euros while delivering As for the future, innovation and growth will remain at the company’s core and at the The number of countries superior patient care” heart of everything it does, says John. “We’ve in which Aerogen John Power, CEO, Aerogen doubled our workforce every three years. We products are used to are continuously evolving to ensure we have a greater impact in our market of acute care.” treat the critically ill 46 47 MANUFACTURING & ENGINEERING

JUST WHAT THE DOCTOR ORDERED BATTERY LIFE very day, the team at Bath ASU makes 2500 injectable medicines to eadquartered in Germany, BMZ Group USA, as well as offices in Japan and France. Ehelp NHS patients who are fighting cancer, in pain, living with chronic Hdevelops and produces high-tech battery With more than 20 years’ experience, and disease or suffering from blood-borne infections. Bath ASU, founded systems for a diverse range of applications. over 2000 customers, the group implements in 2000 at the University of Bath, began as an education and training www.bathasu.com “Our products are developed and produced around 250 new projects every year. resource for students. Six years later, it became a commercial operation, Sector: Manufacturing according to customer requirements,” explains Sven puts the group’s extraordinary www.bmz-group.com/ winning a contract with the NHS and going on to achieve something Country: United Kingdom Sven Bauer, CEO and founder of BMZ Group. success down to several factors, with its Sector: Retail unique in the British pharmaceutical market: the launch of a patient- “They are used worldwide in electric uncompromising approach to research and Country: Germany specific service to hospitals with turnaround times – two hours to make vehicles, e-bikes, energy storage systems, development, carried out by a skilled and and ship a product – that have placed it well ahead of competitors. portable medical equipment, electric pruning committed workforce, topping the list. Key to its success is a commitment to keep pushing the boundaries shears, drills and cordless screwdrivers.” “Customised lithium-ion system solutions of what is achievable. “We invest heavily in R&D to maintain our product To supply such a demand, BMZ Group has are the key feature of BMZ Group,” explains pipeline, in facilities to keep us at the leading edge in technology and production facilities in China, Poland and the Sven. “Our highly-skilled project managers,

Bath ASU’s Wiltshire CEO Sven Bauer base is home to its says innovation and innovative products sustainability are behind and services BMZ Group’s success

Ongoing investment in Energy storage “We invest heavily in R&D, in facilities its people is considered systems are a major a key aspect behind part of the company’s and in people development” the company’s growth product range

in people development to improve productivity and flexibility,” says designers and developers are strong partners Chris Watt, CEO of the company. “We have continually sought to bring in the entire development and production innovations to products and services that are focused on increasing process: from drafting and the first functional % throughput in NHS clinics, while using our purchasing power to reduce samples to the necessary CE/UN/UL tests and costs both for us and for customers.” mass production.” It is the combination of these two factors that has enabled its customer 2500 Some 20% of the company’s employees 20 proposition to match the current needs of NHS trusts and helped to grow worldwide work in R&D, and the firm’s demand for Bath ASU’s services, adds Chris. success is built on the high levels of quality, With healthcare resources as stretched as they currently are Number of injectable flexibility and production expertise brought Percentage of BMZ throughout the United Kingdom, the need for hospitals and clinics medicines produced to projects and services. “It ensures we deliver Group’s employees to depend on reliable and efficient ancillary products is crucial. innovations and short lead times,” adds Sven. Chris believes the model that Bath ASU has honed over nearly by Bath ASU every day As for the future, Sven says: “Our employees who work in research two decades in operation is one that other emerging companies work enthusiastically on products that help and development would do well to follow. promote electric vehicles and the use of “Pick a market that is growing and focus relentlessly on building a photovoltaics. Our products help conserve

value proposition that matches your market’s current needs,” he says. resources and reduce CO2 emissions as well as And, most importantly, “...never believe you have finished.” noise emissions. This is how we contribute to a more sustainable development.”

48 49 MANUFACTURING & ENGINEERING COUNTRY OVERVIEW

PACKING A PUNCH 1000 COMPANIES ounded in 1996 with just two employees, De Jong Packaging now Femploys 350 people making 250 million corrugated cardboard €66M packages per year. The firm’s success is driven by a combination of family values, flexibility and the boom in e-commerce, according to ITALY SNAPSHOT AVERAGE Tony Robertson, UK sales manager. www.dejongverpakking.com REVENUE “We are flexible and have a no-nonsense mentality,” explains Tony. Sector: Manufacturing ITALY’S 110 LISTED COMPANIES COME FROM ACROSS A WIDE “We are a 100% family-owned company and not part of an international Country: The Netherlands GEOGRAPHICAL SPREAD, WITH AN AVERAGE REVENUE OF MORE THAN group, so we have no need for long discussions about investments or €66M. FOR A FULL LIST OF COMPANIES FROM ITALY, TURN TO PAGE 133 future plans.” This strong-willed and can-do approach saw the firm build one of the largest factories of its kind in Europe, with two corrugators and 12 converting machines. FOOD & DRINK COMPANIES 14

47 MANUFACTURING & ENGINEERING De Jong Packaging 318 COMPANIES boasts one of the largest factories of REGISTERED its type in Europe TRADEMARKS “Competitors were afraid to invest in

new machinery, but in 2007 we built The future is likely our first corrugator and in 2016 we to see a wider range of colours and styles installed the second one.” employed in packaging

“Competitors were afraid to invest in new machinery, but in 2007 we built our first corrugator and in 2016 we installed the second one. Now we 110 have the biggest plant in the region,” adds Tony. m It’s not all been plain sailing, however. The fall in sterling has had 2-YEAR JOB NUMBER OF repercussions for the company, which began doing business in the GROWTH COMPANIES UK in 2015. 250 “We had an exchange rate advance when we started our company in the UK,” explains Tony. “In the last two years, the value decreased, so we % had to come up with innovative packaging, fast deliveries and other ways corrugated cardboard 54 to keep competitive on price.” packages are made % Despite this, De Jong Packaging plans to expand in the UK, which is 219 considered a focus market for the business. each year by De Jong Other growth areas include sustainable packaging as well as Packaging 3-YEAR COMPOUND colourful, printed packaging. ANNUAL GROWTH “E-commerce is booming and almost everything sent out by online RATE retailers is packed in a box,” says Tony. “Companies look to stand out from the crowd with their box, so next to growth in this sector we look to more colourful designs and prints.”

50 51 MANUFACTURING & ENGINEERING COUNTRY OVERVIEW

LOOM WITH A VIEW 1000 COMPANIES ounded in 1956 with just 12 looms, Hispano Tex has grown from Fa small, family-run textile business into a family-owned group of companies supplying retail giants around the world. “We own several plants in Spain dedicated to weaving, dyeing, printing LUXEMBOURG SNAPSHOT and finishing fabrics that will be used to manufacture curtains, pillows, www.hispanotex.com sofas and more,” says Víctor Melul, managing director at Hispano Tex SAU. Sector: Manufacturing LUXEMBOURG HAS FIVE COMPANIES IN THIS REPORT. FOR A FULL LIST OF “We are dedicated to producing woven textiles for home decoration.” Country: Spain COMPANIES FROM LUXEMBOURG, TURN TO PAGE 137 Víctor puts the firm’s enormous success down to the team’s unwavering commitment to consistency and innovation. “We are constant and reliable with our business and clients, while we regularly invest money and effort in order to innovate in design, technical fabrics, finishing machinery and service to clients,” he explains. “This is how we can be an official supplier 5 NUMBER OF COMPANIES €50M AVERAGE REVENUE

Hispano Tex started small but has scaled up significantly and successfully

PROFESSIONAL “We regularly invest money and effort The company now SERVICES in design, technical fabrics, finishing supplies global COMPANIES retailers as well as machinery and service to clients” SMEs around the world 2 to a global company like IKEA.” It’s not just global brands that Hispano Tex works with; the firm has diversified its offering by supplying domestic retailers as well as small- and medium-size manufacturers around the world. By exporting beyond Spain and Europe, Hispano Tex has been able to endure the recent period % of economic crisis while maintaining its focus on innovation. 1956 10 “Supplying to global clients while keeping up with European retailers such as Kwantum, Heytens, Eurokangas and Eurofirany is what is 3-YEAR COMPOUND generating the biggest business opportunities in recent years,” explains Year in which Hispano ANNUAL GROWTH Victor. “It is also obliging us to invest in new technology and implement it Tex was founded, 2-YEAR JOB RATE faster, as well as directing our business process towards service to GROWTH all our clients.” starting with just Now the focus is on maintaining this growth. The firm now has a fully 12 looms dedicated marketing department and plans to expand its workforce even % further. “More business needs more people to handle it and these are our 9 growing pains right now,” explains Víctor. “We need to find the right people to manage each new business area.”

52 53 MANUFACTURING & ENGINEERING COUNTRY OVERVIEW

LOOKS GOOD ON PAPER 1000 COMPANIES ounded in 1948 and headquartered in the Tuscan city of Lucca, FToscotec designs and manufactures machines, systems and components for the production of tissue, paper and board. www.toscotec.com “We offer proprietary solutions to the world’s leading paper industries – SWEDEN SNAPSHOT Sector: Manufacturing from complete production lines to rebuilds, modernisation projects and Country: Italy even single components,” explains Alessandro Menucci, CEO. 30 SWEDISH COMPANIES LISTED IN THE REPORT HAVE AN AVERAGE By drawing on experience gained in the field, particularly in the supply REVENUE OF MORE THAN €60M. FOR A FULL LIST OF COMPANIES FROM of complete turnkey plants, Toscotec’s team works to optimise the plant SWEDEN, TURN TO PAGE 143 production process and minimise the costs incurred by customers. €61M “And with this comes a special focus on environmental and energy-saving issues,” adds Alessandro. AVERAGE So much so that, with the cost of energy increasing dramatically in REVENUE 30 NUMBER OF COMPANIES

MANUFACTURING & ENGINEERING COMPANIES For nearly 70 years REGISTERED Toscotec has served the world’s leading TRADEMARKS 4 paper industries 93 The company has “We understood how important thrived by constantly adapting to changing after-sales can be to the customer” industry requirements

recent years, Toscotec has concentrated its efforts on the development of innovative solutions, “...which guarantee high energy savings and % maximum production efficiency, making it a win-win in the market.” + 2-YEAR JOB 85 Alessandro believes that it’s this focus on, and commitment to, innovation that’s driven Toscotec to the world-leading position it now GROWTH 3-YEAR COMPOUND holds. The CEO attributes the firm’s success to “...know-how, production 180 ANNUAL GROWTH excellence, respect for people and ongoing research into the best % RATE solutions to achieve customer satisfaction by anticipating needs,” all of which are Toscotec’s key values. Size of workforce at 130 “We acquired market share by occupying the spaces of those Toscotec’s headquarters competitors who were unable to understand the renewed needs of paper makers,” explains Alessandro. “We also understood how important after- in Lucca, Italy sales can be to the customer. We have created a service for all needs regarding the maintenance and good functioning of the plants.” Toscotec’s Group CFO Davide Raviola says: “Europe is not a place for low-cost production. Its quality and innovative solutions are widely recognised, particularly in our sector.” He believes that further stimulus – such as grants – should be awarded to companies that are active in R&D.

54 55 MANUFACTURING & ENGINEERING

EGG-CELLENCE IN MOTION KEEPING UP APPEARANCES wedish car manufacturer Koenigsegg is a world-leader when it comes ased in the stunning capital city of “The main feature of such a system is that the Sto sports car innovation. BVilnius, Staticus is one of the largest façade elements and fillings are prefabricated “Our cars are designed to offer the ultimate in performance, combining façade contractors in Northern Europe. in the factory and afterwards simply installed www.staticus.com advanced materials for low weight, with engine and suspension The pioneering Lithuanian company to the building structure on site.” Sector: Manufacturing & engineering technology more akin to racing cars than a typical road car,” explains specialises in producing environmentally Thanks to this process, almost no job is too Country: Lithuania Christian von Koenigsegg, who founded the company in 1994 when he friendly and sustainable products, such big or too small for the firm. “The dimensions was just 22 years old. as unitised façade systems design, and of the elements are limited only by the So advanced are the cars that each one is built to order, by hand, in the production and installation of tailored transportation capacity,” explains Jolanta. www.koenigsegg.com the company’s artisan factory in Ängelholm, Sweden, and only 15–20 are aluminium-glass façade constructions. This innovative and flexible approach, which Sector: Manufacturing built per year. It’s this highly focused vision and “unyielding tenacity” to “Our main product in recent years is involves partnering with the client on special- Country: Sweden which Christian attributes the firm’s success. unitised façade systems,” explains Jolanta order designs, is central to the firm’s success. “To succeed in a highly specialised market you need a vision that offers Čiasaitė, marketing manager for Staticus. “Partnership and innovations are the main

Koenigsegg’s beautiful The multi-coloured cars are made to order, Kuggen, part of the by hand, so each is a Chalmers University of work of art Technology in Gothenburg

“You need a willingness to risk Both design and The Apply Serco office everything and people with the talent technology are more in Norway employs akin to a racing car multi-transomed and to see your vision become real” than a road car ventilated facades

something unique and an iron-clad will to see that vision come to life,” forces to grow the success in the façades says the entrepreneur. business,” she says. “Our USP is the ability to “You need a willingness to risk everything. More than that, however, you create and implement non-standard designs, x need people with the talent to see your vision become real.” or invent completely new technical and The latest vision brought to life by Christian and the team is the Regera. 15-20 architectural solutions.” The ‘hypercar’ combines racing-spec electrical power with Koenigsegg’s Staticus is now looking to strengthen 2 twin-turbo V8 to produce a staggering 1500hp – and the firm now has a its position in Norway, Sweden and the UK, two-vehicle range for the first time as a result. and to break into more markets. To support “The US recovery gave us the confidence to expand our model range Number of cars made by this expansion, the company is investing Amount by which and boost our production rate to meet demand,” explains Christian. “The Koenigsegg each year in the reconstruction of part of its Staticus’s annual re-emergence of the American market after the global financial crisis industrial premises. provided fantastic opportunities for us.” “Investment is a vital development stage turnover increased As for the future, Christian cites automation, electrification, the for the company to pursue higher productivity from 2009–2014 environment and less car-friendly cities as challenges facing the and greater production capacities,” explains industry. But with challenges come opportunities and Koenigsegg has Jolanta. “Investments will address the been working within the fields of electrification and automaton for digitalisation of processes and these changes several years. “It’s a very exciting time when you consider all that can will ensure productivity growth and will allow be achieved,” adds Christian. successful competition in key markets.”

56 57 EXPERT COMMENTARY COUNTRY OVERVIEW BACKING 1000 COMPANIES FRANCE SNAPSHOT EUROPE’S SMES WITH A LARGE GEOGRAPHICAL SPREAD, 150 FRENCH COMPANIES HAVE MADE IT INTO THIS REPORT, WITH 571 REGISTERED TRADEMARKS. FOR A FULL LIST MICHAEL COLLINS SMES ARE THE BACKBONE OF THE EUROPEAN ECONOMY, OF COMPANIES FROM FRANCE, TURN TO PAGE 120 CEO, INVEST EUROPE AND PRIVATE EQUITY PLAYS A CENTRAL ROLE IN SUPPORTING THEIR DEVELOPMENT €45M As the voice of European private capital, into young companies and encourage AVERAGE Invest Europe recognises the challenges more innovation in Europe. 150 REVENUE that businesses face as they seek to grow. Private equity’s commitment to SMEs On behalf of our members, I applaud the does not stop at capital and operational NUMBER OF businesses feature in this year’s 1000 improvement. Managers drive responsible COMPANIES Companies to Inspire Europe for their investment, promoting advances on achievements. environmental, social and governance When companies like those in this issues. These help businesses not only to report need capital, private equity and deliver financial returns for investors, but venture capital can be a critical source also to be conscious of – and manage – of funding. In 2016, according to Invest their wider impacts. Europe’s research, European private Better businesses, higher employment, equity invested €53.7 billion into almost stronger growth and responsibility are at 6,000 companies, 83% of which were SMEs. Since 2008, private equity has invested €400 billion into 35,000 European €400bn companies. As companies have faced AMOUNT PRIVATE EQUITY HAS % challenges securing finance, private INVESTED IN COMPANIES IN 36 equity has been part of the solution, EUROPE SINCE 2008 connecting large institutional investors 3-YEAR COMPOUND with capital to deploy and SMEs that the heart of private equity’s contribution. ANNUAL GROWTH need investment. Like the businesses highlighted in this RATE One reason private equity is so report, we need the right underlying important – and differentiated from other conditions for business and investment “PRIVATE EQUITY FIRMS PROVIDE BUSINESS forms of finance – is that investment to prosper and a level playing field for all EXPERTISE, MARKET INSIGHT, PROFESSIONAL managers provide much more than companies and investors. We use all the NETWORKS, IDEAS AND PRACTICAL KNOW- just funding to companies. Private tools at our disposal to get that message HOW THAT RESULT IN BUSINESSES BEING equity firms provide business expertise, across – public affairs engagement, 2-YEAR JOB BETTER EQUIPPED FOR GLOBAL SUCCESS” market insight, established professional world-class data, promotional activities networks, ideas and practical know-how and events, such as Invest Week, which GROWTH that results in businesses being better speak directly to policymakers, investors, equipped for global success, whatever the opinion formers and entrepreneurs. % political or macro-economic backdrop. The companies listed in this report 36 The European Commission has show what can be achieved when recognised the critical role of private investment, skills and ideas are aligned. REGISTERED equity to SMEs in its Capital Markets They serve as encouragement to us all TRADEMARKS Union programme. New measures, that Europe’s SMEs have a bright future. such as a venture capital fund of funds, With our support they can help to build a will increase the flow of investment strong, sustainable European economy. 571

58 59 CONSUMER SERVICES

SECTOR CONSUMER SERVICES AT A GLANCE

5.1 MILLION INCREASING NUMBERS OF CHILDREN WERE BORN IN THE EU PEOPLE WORK TO LIVE RATHER IN 2015 15% THAN LIVE TO WORK, AND AS OF EU CITIZENS PURCHASED GOODS THEY SEEK TO ESTABLISH THE OR SERVICES ONLINE FROM SELLERS OUTSIDE CORRECT WORK-LIFE BALANCE, THEIR COUNTRY OF RESIDENCE BUT COMMENSURATE DEMAND WITHIN THE EU FOR CONSUMER AND LEISURE 10 MILLION PEOPLE WITHIN THE SERVICES INCREASES, LEAVING EU ARE ESTIMATED TO CLIMB REGULARLY, WITH OPPORTUNITIES FOR A RANGE NEARLY 40% UNDER 18 AND OVER 40% OF LIFESTYLE BRANDS AND WOMEN OR GIRLS

BUSINESSES TO CAPITALISE ON IN THIS SECTION Anders Ludvig, CEO of textile manufacturer Ludvig Svensson, on why he believes hiring local people is the key to his company’s success. Plus Madeleen Klaasen, chief marketing officer at Bugaboo, on how innovation drives the company forward

Sources: Eurostat, ecommerce-europe, International Federation of Sport Climbing

60 61 CONSUMER SERVICES GETTING A WORK-LIFE BALANCE THE ABILITY TO COMMUNICATE, WORK AS PART OF GLOBAL REACH, A TEAM, BE PROFESSIONAL BUT APPROACHABLE, FLEXIBLE AND POSITIVE – OR ‘SOFT SKILLS’ AS THEY LOCAL KNOWLEDGE ARE COLLECTIVELY KNOWN – ARE HIGHLY VALUED Ludvig Svensson THESE DAYS AS THE INCREASING DEMAND FOR A www.ludvigsvensson.com Sector: Consumer services CERTAIN LEVEL OF CONSUMER SERVICE CAN BE Country: Sweden SEEN THROUGHOUT EUROPE. WITH MANUFACTURING udvig Svensson has a simple motivation: Ludvig Svensson is as passionate about AND TECHNOLOGY INCREASINGLY LOOKING TO to create better climates for people and L leaving the planet in OUTSOURCE OR ROBOTISE, THE CONSUMER SERVICES plants. The Swedish company manufactures a better state than it SECTOR IS SET TO BECOME A DOMINANT PART OF THE textiles of all designs and for all purposes – found it as it is about from upholstery for much-loved public spaces the textiles it produces ECONOMIES OF MANY EUROPEAN COUNTRIES to climate screens for greenhouses, though the company specialises in contract and horticultural applications. For Anders Ludvig, CEO of the company, its goal is the same today as it was when it began more than a century ago. “It’s an obligation and a privilege to leave something better behind for the next generation,” he says. Part of that guiding philosophy is down to the heritage of the company, which despite the passing of the decades remains family-run, and is therefore oriented towards ensuring a secure future for both its employees and its customers. Its success comes down to a deep respect for the local, explains Anders. “We have a philosophy that’s a bit different from other international companies. We’ve seen our greatest success when we have only local people in our offices in other countries. When we’re doing well, it is because we have a good connection on the ground in the countries where we operate.” For a company dependent on the horticulture “When we’re doing well, industry, it hasn’t always been an easy ride. The sector was hit hard by the financial crisis it is because we have a of 2008 and it’s only in the last three years that it has begun to bounce back in a big way. good connection on the Now, says Anders, Ludvig Svensson is on the frontline of the global textile market, and in % ground in the countries particular, its expertise in developing innovative and highly efficient climate screens is where its where we operate” name is being made. 83 Anders Ludvig, CEO, Ludvig Svensson “The reason our company does what it does is because it is our ambition to play a leading role in the market. We’re one part in the global food Proportion of Ludvig supply chain; we want to make food production Svensson products more efficient for future populations.” which are exported

62 63 CONSUMER SERVICES

ROMANIA ON THE MOVE A BUG’S LIFE llview has a number of highly coveted claims to fame: it was the first ince opening its doors in 1999, Dutch As a result, Bugaboo’s products have ARomanian company to launch a tablet PC, and the first to develop a Smobility company Bugaboo has become bestsellers the world over and are Romanian-brand smartphone. It is perhaps no surprise, therefore, that it transformed the market for strollers, currently stocked in more than 50 countries. is the country’s leading local mobile phone brand and has been able to www. Allview.ro pushchairs and luggage. Around 1300 people work for the company in www.bugaboo.com quickly expand into the European market. Sector: Technology “Bugaboo believes that freedom of offices across Germany, the United Kingdom, Sector: Consumer services “Ever since this company first started out, it has been our wish to give Country: Romania movement is essential to truly experience Italy, Spain, USA, France, Australia, South Country: The Netherlands our users access to the latest technologies, to offer an equitable quality/ feeling free,” explains Madeleen Klaasen, Korea, Japan and Shanghai – as well as in its price ratio and, last but not least, to continuously innovate,” says Lucian executive board member and Chief Marketing Amsterdam HQ and the Bugaboo factory in Peticila, CEO of the company. Officer for Bugaboo International. Xiamen, China. Its rapid growth has seen Allview enter markets in 20 European “It is our daily drive to design multi- Madeleen believes that it’s Bugaboo’s countries, from Poland to Spain to Lithuania, propelled by a strong team functional products that make it easy for commitment to breaking new ground that has of developers who have designed a user-friendly interface and equipped people to go out and discover the world.” guided the company through thick and thin.

“The biggest challenge is to offer users the right solutions for their needs”

Innovative and up-to- The iconic Bugaboo date technology has Chameleon pushchair, enabled Allview to stay Boxer luggage system one step ahead of rivals and Jannissima bag

Mobile phones today The company’s family require both the latest of pushchairs caters for technical features and all shapes and sizes – user-friendly operation and come in all colours

their mobile phones with all the latest technical features. “Like many companies, we had to face the Lucian says that it is crucial that the company keeps pace with the 2008 financial crisis, but we stuck to our core rapid changes in technology that the mobile phone industry uses. Failure belief: innovation as a key business driver,” to do so could see it lag behind its competitors. explains the CMO. “We invested in a new “Technology is evolving at a very fast pace, which is why the biggest product, the Bugaboo Donkey, which changed the game for us and resulted in double-digit 1300 challenge is to continue to offer our users the right solutions for their 20 communication needs,” he says. “We have been Google’s first partner growth numbers.” in Romania and the Android operating system was one of our strongest Today, Bugaboo is stronger than ever and achievements since the market launch of smartphones in 2008.” Number of European plans to grow its market share by intensifying Total number of people Additionally, the company has kept a close eye on market trends, countries in which consumer and trade marketing and updating who work for Bugaboo, spotting earlier than others how smartphone user habits change, and its existing models. As ever, innovation seeking to capitalise on these. Allview now operates remains at the heart of the business – not across 11 countries “Naturally, we want an intuitive and easy experience for the users of only within product design, but also in the around the world the Allview products, and that is why our devices are created and company’s structure too. equipped taking these criteria into consideration,” Lucian says. “We are currently introducing a new digital systems backbone that will help us provide the best possible service for our customers,” says Madeleen.

64 65 CONSUMER SERVICES COUNTRY OVERVIEW

HEAD START ON STYLE 1000 COMPANIES or more than half a century, Childrensalon has been making Fyoungsters look stylish. Since its inception in 1952, the Kent-based company has become the world’s leading multi-brand retailer of luxury designer children’s wear, distributing high-end brands including Gucci, GREECE SNAPSHOT Stella McCartney, Dolce & Gabbana and others to 160 countries around GREECE’S 10 LISTED COMPANIES ARE RESPONSIBLE FOR 17 the world, and helping to define fashion trends among the young. www.childrensalon.com What’s more, the company has resolutely stayed a family-owned Sector: Consumer services REGISTERED TRADEMARKS. FOR A FULL LIST OF COMPANIES FROM business. “Remaining independent and family-owned empowers us to Country: United Kingdom GREECE, TURN TO PAGE 132 innovate, learn and adopt new ideas very quickly,” says CEO Michele Harriman-Smith. “It also means that we can preserve our culture of dressing children beautifully and of ‘People Before Profit’ which is always at the forefront of how we treat our customers and employees.” €42M “Remaining independent empowers 10 AVERAGE us to innovate, learn and adopt new NUMBER OF REVENUE ideas very quickly” COMPANIES

Childrensalon distributes designer clothes for children from high-end brands

Current CEO Michele Harriman-Smith says staying family-owned has been an advantage 2 YEAR JOB GROWTH Key to Childrensalon’s success has been the development of a strong online presence. It has consistently kept ahead of the technology curve, constantly progressing through innovation in e-commerce, logistics, % digital marketing content and data science. 36 “The rise of mobile has been a huge opportunity,” Michele notes. “We constantly upgrade our user experience with sleek, seamless design and 25 state-of-the-art responsive technology.” In order to ensure continued expansion, it has worked hard on cultivating a team of more than 300 skilled professionals that between Number of languages them speak over 25 languages. From its humble beginnings as a small boutique in Tunbridge Wells, where founder Sybil Harriman pleated and spoken by Childrensalon smocked fabrics for children in the early 1950s, it now boasts an army of staff, enabling it to 17 web designers and UX architects, developers, data scientists, engineers, export all over the world REGISTERED % editors, stylists, photographers and social media experts, all of whom are TRADEMARKS 31 vital elements in the company’s ongoing success. 3-YEAR COMPOUND “Our expertise, care and commitment to the business will enable us to continue growing in key markets,” says Michele. “Our biggest challenge ANNUAL GROWTH will be to keep true to our culture as we grow.” RATE

66 67 CONSUMER SERVICES

A SPORTING CHANCE WALL-TO-WALL HITS he consumers of today are more inclined than ever before to shop ounded in 1998 and headquartered in in the USA, UK, Canada, Germany, Austria, Tfor convenience – to visit superstores and shopping centres where FSofia, Bulgaria, Walltopia is a world-leading Russia and Asia Pacific. thousands of products are sold under one roof, rather than spend an manufacturer of artificial climbing structures. As well as the climbing walls, the firm entire afternoon scouring a high street for that one item. That trend has www.tradeinn.com “Our core business is the design and designs and manufactures a wide range www.walltopia.com evolved even further since the rise of internet shopping enabled people Sector: Consumer services production of climbing walls,” explains Mariya of active entertainment attractions. These Sector: Consumer services to buy everything online. Country: Spain Vasileva, Chief Marketing Officer of Walltopia. include ropes courses (Ropetopia), interactive Country: Bulgaria and worldwide Spanish company Tradeinn knows the degree to which shopping habits “We offer indoor and outdoor artificial climbing walls for children and young adults have changed in recent years. Founded in 1997, before e-commerce really climbing structures for different facilities, (Fun Walls), obstacle courses (Ninja Course), took off, it has sought to capitalise on these changes by offering products including gyms, schools, universities, hotels, and a new ride (Rollglider) which, Maria says, from the most popular brands at the most competitive prices around, all shopping centres and recreational areas.” “...combines the feeling of zip-lining, hang- at the click of a button. As a result, Walltopia now exports to more gliding and rollercoaster riding”. “We build our business around customer satisfaction, offering the best than 50 different countries and has offices Mariya puts the company’s success down

The Tradeinn team Walltopia’s artificial have built the business climbing structures around ensuring can be adapted for any customer satisfaction setting or environment

“We do everything we can to ensure The company supplies Colourful designs and that the customer experience is fun over 700 brands, multiple levels of difficulty totalling over half a are two of the company’s and rewarding” million products signature themes

service possible,” says David Martin, CEO. “We take pride in delighting to the team’s unrelenting drive. “We seek our customers and do everything we can to ensure that the customer challenges and set trends. Innovation has experience is fun and rewarding.” always been our driving force,” she says. The Tradeinn network is made up of 13 online stores, each specialising “We deliver complete solutions for customers in a different type of sports equipment – diving, biking, ski and – our services include design, engineering, snowboard, running and more. Together, it boasts more than 700 brands, 700 manufacturing, delivery, assembling and 50 and 500,000-plus items that can be delivered worldwide. staff training.” “We have kept our focus on growing in mature markets as well as Mariya believes that climbing as a sport will in emerging markets, and we have been quick to take advantage of Number of brands grow towards becoming as popular as fitness Countries to which opportunities for profitable growth,” David says. offered by the Tradeinn and cross fit – and that active entertainment Walltopia exports its His advice to other companies wanting to achieve the success that will keep growing too. Tradeinn has had is simple: follow in its footsteps and ensure that the network of online stores “The industry’s growth is an opportunity artificial climbing team you build has the vision and the determination which are needed for us to become one of the key players in structures to keep pushing forward. active entertainment, just like we are in “In order to build a successful company, you must have a vision and climbing,” says Mariya. “We will also be real passion for what you are doing,” says David. “You have to believe very pushing even harder toward innovation, strongly that what you’re planning is do-able, that the market needs it which has proven to be one of the drivers and that you can help make it happen.” of our company’s success.”

68 69 EXPERT COMMENTARY COUNTRY OVERVIEW

DYNAMIC SMEs 1000 COMPANIES FINLAND SNAPSHOT NEED FINANCING FINLAND’S COMPANIES ENJOY AN AVERAGE REVENUE OF €53M. FOR A FULL LIST OF COMPANIES FROM FINLAND, TURN TO PAGE 119 SIRPA PIETIKÄINEN MEP THE IMPORTANCE TO EUROPE OF HIGH-GROWTH BUSINESSES, MEMBER, ECONOMIC AND MONETARY AFFAIRS IN TERMS OF BOTH THE ECONOMY AND JOB CREATION, MAKES COMMITTEE, EUROPEAN PARLIAMENT, EPP IT VITAL THAT ALL FORMS OF FUNDING ARE AVAILABLE TO THEM

The world has always been undergoing invaluable source of new ideas and constant change, but the pace of that solutions to challenges faced by our €53M change is accelerating. We are faced societies today. Their employment with a world full of disruptive challenges, potential is significant, and with proper AVERAGE ranging from climate change to resource financing and other support mechanisms, REVENUE scarcity, from increasing digitalisation to our innovative European SMEs can FOOD & DRINK rapid population growth. provide Europe with exponential growth COMPANIES What we need are companies that take rates both in terms of employment and up those challenges and come up with in terms of revenue. solutions that provide us human beings Multiple sources of financing are with the same or better standards of needed, among them equity financing. 2 living, consumer choices and experiences but using a fraction of current resources. “SMEs PROVIDE THE BACKBONE We need highly innovative people, OF THE WHOLE EUROPEAN solutions and companies that can think ECONOMY AND ARE AN % out of the box and who – once they get INVALUABLE SOURCE OF NEW 52 from idea to product – are able to secure IDEAS AND SOLUTIONS TO financing for those ideas. 3-YEAR COMPOUND We have a lot of that potential here CHALLENGES FACED BY OUR NUMBER OF ANNUAL GROWTH in Europe. What we need is to help SOCIETIES TODAY” PATENTS RATE those good ideas and the companies behind them grow and prosper, and give This is why 1000 Companies to Inspire investors investing in these companies a Europe is such an important initiative: chance to benefit from this growth and it rewards these innovative companies for 213 prosperity. Bank financing is not enough their efforts and – as the name suggests – “THE GAP IN FUNDING FOR SMALL – and often not a suitable source of inspires not only other companies, but also AND GROWING BUSINESSES WITHIN support – for these highly innovative and investors, to see the value of broadening THE EU IS STILL AN OBSTACLE THAT new companies. The gap in funding for the finance base. NEEDS ADDRESSING” small and growing businesses In terms of well-functioning and within the EU is still an obstacle that transparent markets, it is also important needs addressing. that we encourage and help our 20 SMEs provide the backbone of the companies with listing to the regulated 2-YEAR JOB whole European economy and are an markets already at their infancy. GROWTH NUMBER OF 26% COMPANIES

70 71 CONSUMER SERVICES

SECTOR PROFESSIONAL SERVICES AT A GLANCE

€5.15 BILLION THE SECTOR ENCOMPASSES TOTAL VALUE OF AGRO-FOOD PRODUCTS A VARIETY OF DISCIPLINES EXPORTED FROM AND BUSINESSES, FROM PORTUGAL IN 2016 62% ACCOUNTING TO LAW, OF EMPLOYEES ACROSS THE EU AS A WHOLE ARE AND FROM INFORMATION EMPLOYED IN THE TECHNOLOGY TO SERVICES SECTOR 25,000 PHARMACEUTICALS. IT SERVES ESTIMATED NUMBER OF AUTHORISED AS AN ESSENTIAL RESOURCE PRIVATE CHARTER FLIGHTS ANNUALLY

FOR OTHER SECTORS AND IN THIS SECTION Alexandre Cavalleri, CEO of Iguarivarius, on the LOOKS SET TO CONTINUE benefits of diversification and partnerships. Plus TO PLAY A CENTRAL ROLE Solumus CEO Jakub Lubinski on how a newcomer can break into IN THE EUROPEAN ECONOMY an established market

Sources: Portuguese Ministry of Agriculture, Eurostat, The Air Charter Association

72 73 PROFESSIONAL SERVICES EVOLVE TO SUCCEED PROFESSIONAL SERVICES CONTINUES TO BE A FROM PORTUGAL GROWTH SECTOR ACROSS THE EU AS A WHOLE, WITH A 25% INCREASE BETWEEN 2000 AND 2010. TO THE WORLD ALTHOUGH THE RATE OF GROWTH HAS SLOWED IGUARIVARIUS SOMEWHAT SINCE THAT TIME, IT IS STILL PREDICTED www.iguarivarius.pt Sector: Professional services TO SEE A FURTHER 12% RISE IN THE PERIOD UP TO Country: Portugal 2020. THIS MAKES IT ONE OF THE CLEAR SUCCESS No longer solely a food ased in the city of Lisbon, “From Portugal to exporter but an expert consultancy service STORIES OF THE EUROPEAN MARKET FOR ANY the world, together we do more and better” B too, Iguarivarius has COMPANY THAT IS SUFFICIENTLY FLEXIBLE TO is the slogan of the Portuguese exporting benefited from the EVOLVE AS COMPETITION INEVITABLY INCREASES company, Iguarivarius. “We are pursuing a quality of its staff as it strategy whereby we sell products to the world continues to diversify from Portugal,” explains Alexandre Cavalleri, Iguarivarius’ CEO. “It has been an arduous task, but today we are recognised as one of the largest food exporting companies.” In addition to exporting food products Iguarivarius offers consulting services, systems and information technologies. “In 2015 and 2016 we acquired an industrial company and created new companies in the areas of motor racing events, organising events, safety and environmental consultancy,” adds Alexandre. “Grupovarius now encompasses many diversified business areas and operates practically all over the world.” Alexandre attributes the company’s success to several factors. These include the quality and commitment of the firm’s employees, the quality and leadership of the management teams, and the commitment and active support from the company’s main shareholder. There are also the partnerships between the company and the products and services it exports. “The whole of Grupovarius has been “Grupovarius has been fortunate to find great support, understanding, solidarity and encouragement from most of fortunate to find support the companies and institutions with which it has been linked. Without this, it would not have and encouragement from been possible to achieve the results we have,” says Alexandre. the companies with which Last year was a significant one for the team, 20 as Grupovarius exported to nearly 20 countries. it has been linked” “Efforts have also been made to market Alexandre Cavalleri, CEO, Iguarivarius products and services to other markets, notably The number of countries Europe, Africa and Asia,” adds João Rosa, COO to which Grupovarius of Iguarivarius. “We are always looking for business opportunities, in which we connect exported in 2016 suppliers and our international clients.”

74 75 PROFESSIONAL SERVICES COUNTRY OVERVIEW

THE SKY’S NO LIMIT 1000 COMPANIES cquired by John Matthews in 2010, AirX Charter Ltd provides private Apassenger aviation services to companies, governments, royal families, sports teams, celebrities, high-net-worth individuals and other organisations. Its remarkable fleet of 17 aircraft ranges in size from eight- GERMANY SNAPSHOT to 100-passenger capacity and includes the Airbus A340, which has been www.airx.aero fitted with 100 lie-flat, first-class seats – making it the world’s largest Sector: Professional services IN GERMANY, COMPANIES ARE WIDESPREAD GEOGRAPHICALLY AND private charter aircraft. Country: Malta ARE RESPONSIBLE FOR AN AVERAGE REVENUE OF €85M. FOR A FULL John believes the success of his product is due to the diverse fleet LIST OF COMPANIES FROM GERMANY, TURN TO PAGE 125 and the solid client experience delivered. “AirX has always focused on operating an airline of very high standards in terms of customer service, combined with a strong infrastructure and strong safety culture,” says the executive chairman. €85M AVERAGE 39% REVENUE 3-YEAR COMPOUND ANNUAL GROWTH RATE

High-end luxury for those who want to travel in style: AirX private charters 180 NUMBER OF COMPANIES “AirX has focused on operating The company’s varied an airline of very high standards fleet of 17 aircraft enables it to cater for PATENTS in terms of customer service” large or small groups

Behind these world-class standards are members of the core 3505 management team, whose “...determination, industry knowledge and ingenuity” lie at the very heart of the company’s success. “This team has 2-YEAR JOB taken AirX from eight to 280 employees,” adds John. GROWTH There have been challenges along the way too, however. The last decade has been particularly difficult for the private aviation industry, 8,280 making it harder for AirX to acquire the finance needed to grow. % “The biggest challenge AirX has faced has been the fact that, as a small 20 but growing operator focused on acquiring used aircraft, few finance Number of employees providers have been able to work with us,” explains John. “In the end, we went as far afield as North America to find a suitable finance provider.” MANUFACTURING Now the focus remains very much on maintaining growth. In the & ENGINEERING next five years AirX plans to grow its fleet further, by investing in both COMPANIES private jets and airliners, while expanding into new markets including transatlantic and US-based cargo and specialty operations. “Our workforce will, at the very minimum, triple over this period,” says John. 53

76 77 PROFESSIONAL SERVICES COUNTRY OVERVIEW

MARKET FORCES 1000 COMPANIES he most important task for any company is to build a reliable Tcustomer base. That doesn’t always come easy, however, and in response an industry has developed to alleviate this problem, by delivering customers directly to companies. SLOVAKIA SNAPSHOT “We provide a scalable source of new customers to businesses all over www.mvfglobal.com the world,” says Michael Teixeira, CEO of MVF. “Our technology and world- Sector: Professional services SLOVAKIA’S FIVE LISTED COMPANIES BOAST AN AVERAGE REVENUE class, cross-channel marketing teams help to connect active customers Country: United Kingdom OF €37M. FOR A FULL LIST OF COMPANIES FROM SLOVAKIA, TURN TO with businesses looking to scale, providing quality sales-ready leads and PAGE 141 marketing leads directly to our clients on a pay-per-lead basis.” The London-based company was the brainchild of five tech-savvy friends, and in the past seven years has scooped honour after honour, €37M including a Queen’s Award for Enterprise and fourth place on the AVERAGE 448% REVENUE 3-YEAR COMPOUND 5 ANNUAL GROWTH RATE NUMBER OF COMPANIES

Tech marketing expert MVF puts customers in direct contact with companies

“One of the exciting things about The company scores working in marketing and tech is that highly for its vibrant young workforce and both disciplines evolve so quickly” social conscience

Sunday Times Best Companies To Work For list. Michael says that the fast- changing nature of digital marketing has presented a challenge, but that the company has developed ways to stay ahead of the curve. th 2 “Because we have dedicated teams who are just tasked with testing REGISTERED new channels, we are able to work out how to capitalise on new marketing TRADEMARKS channels and social platforms long before other businesses.” 4 The company has grown at a rapid rate since its inception, with staff FACILITIES FOOD & DRINK numbers increasing substantially over the past year alone. “We have even SERVICES COMPANIES had to bring in academies in all of our departments to ensure we have a Place achieved by MVF consistent flow of great talent being trained up,” Michael says. in the Sunday Times’ The company’s future will no doubt echo its past: rapid growth, innovation and more awards. “One of the exciting things about working list of Best Companies 1 1 in marketing and tech is that both disciplines evolve so quickly,” Michael To Work For says. “I think there has been a real emphasis in recent years on improving the experience for consumers online and championing sites that offer real value to prospective customers.” Michael’s advice to others? “Work out a really clear vision and mission, hire great talent and work out how to help them do their jobs better.”

78 79 PROFESSIONAL SERVICES COUNTRY OVERVIEW

FUELLING THE FUTURE 1000 COMPANIES ounded in 2011, Solumus is situated near the Polish city of Plock, Fwhere it provides advanced business solutions in the areas of liquid fuels, biofuel and LPG to the Polish and European fuel markets. Company CEO Jakub Lubiński attributes the firm’s success to several www.solomus.pl HUNGARY SNAPSHOT different factors. “The success of the company is not down to just one Sector: Professional services person,” he says. “It is the knowledge, experience and professionalism Country: Poland HUNGARY HAS 10 LISTED COMPANIES, WITH 2-YEAR JOB GROWTH of the employees and the board, and their ability to provide flexibility RATE OF 66%. FOR A FULL LIST OF COMPANIES FROM HUNGARY, TURN in customer service and adjustment to legal conditions.” TO PAGE 132 Despite being just six years old, Solumus has taken a “solid position among the fuel giants” and is now considered a trustworthy business partner, explains Jakub. What’s more, the implementation of restrictive legal acts in Poland, “an extremely complex process”, gave the firm the €45M AVERAGE REVENUE 10 NUMBER OF 2 COMPANIES MANUFACTURING & ENGINEERING COMPANIES Despite being a relative newcomer, Solumus has established itself as a reliable supplier

The company is “Believe in your innate talent and make concentrating on growing its market PATENTS sure you work with suitable people” share in Poland 128 opportunity to “dynamically operate in the market, stay flexible and have an advantage over competitors”. As for the future, there are plans for a listing, to grow its share of the domestic market and find new investors. “We are ready for cooperation with a strategic business partner who will not only be an adequate funding source, but will also be visionary and help us develop the 2001 company,” says Jakub. “We are focusing mainly on boosting the market share in the petroleum % products that are present in Poland.” Year in which Solumus, 2-YEAR JOB New products and services include the possibility of selling heating gas initially known as Tesla, GROWTH 59 to small and medium-sized customers. “We see potential in supplying was founded 3-YEAR COMPOUND electricity and gas, and obviously we concentrate on innovation in this % ANNUAL GROWTH area,” adds Jakub. RATE The secret to success for Solumus? “Believe in your innate talent and 66 make sure you work with suitable people,” says Jakub. “As Sir Richard Branson said, ‘Being unafraid of failure is, I believe, one of the most important qualities of a champion’.”

80 81 EXPERT COMMENTARY COUNTRY OVERVIEW INVESTING TO MEET THE 1000 COMPANIES AUSTRIA SNAPSHOT CHALLENGES AHEAD AUSTRIA’S 20 COMPANIES TOGETHER HAVE 84 PATENTS AND AN AVERAGE REVENUE OF €55M. FOR A FULL LIST OF COMPANIES FROM OTHMAR KARAS MEP IN SPITE OF SOME ONGOING FINANCIAL UNCERTAINTY ON AUSTRIA, SEE PAGE 116 MEMBER, ECONOMIC AND MONETARY AFFAIRS BOTH SIDES OF THE POND, THERE IS INVESTMENT AVAILABLE COMMITTEE, EPP. SME INTERGROUP’S CHAIR FOR DYNAMIC, FORWARD-THINKING COMPANIES €55M AVERAGE The past year has brought about a series of been on a good track. Besides initiatives REVENUE challenges for financial markets legislation. on reducing regulatory burden, progress In the US, developments such as the two was made on the project of creating a 20 executive orders on financial services or the Capital Markets Union as a financing letters to Federal Chair Janet Yellen with union for our economy. In 20 months, NUMBER OF calls for deregulation may put into question two-thirds of the 33 initiatives were COMPANIES the steady implementation of global implemented and the Commission has regulatory standards. already put forward further steps. Just On our side of the Atlantic, Brexit is recently, we achieved agreements on putting uncertainty on the table. Around reforming securitisations and venture 6 33,000 rules are to be negotiated, many capital funds to facilitate access to MANUFACTURING of which concern the financial industry. finance for SMEs. & ENGINEERING In addition, the pace of digitisation Another important initiative to COMPANIES is picking up, rapidly producing enhance the flow of capital within the opportunities and threats. Single Market and to close Europe’s I strongly believe that our answer to uncertainty, transformation, populism or nationalism must not be to escape into protectionism or isolation. Regardless of 425,000 some political dynamics, the EU must SMEs HAVE BEEN SUPPORTED continue to thoroughly draw the lessons BY THE EUROPEAN FUND FOR from the financial crisis and become more STRATEGIC INVESTMENTS independent, determined and effective. Against this background, I very much investment gap is the European Fund for welcome the ongoing initiative by LSEG to Strategic Investments. Since its launch “THE EU MUST CONTINUE TO THOROUGHLY highlight Europe’s potential by collecting two years ago, it has already mobilised DRAW THE LESSONS FROM THE FINANCIAL success stories of striving SMEs. I see over €194bn worth of investments across CRISIS AND BECOME MORE INDEPENDENT, all member states, supporting 425,000 DETERMINED AND EFFECTIVE” SMEs. Therefore, I welcome its ongoing “BESIDES INITIATIVES ON PATENTS REDUCING REGULATORY extension, expansion and reinforcement. “The error of the past is the wisdom and BURDEN, PROGRESS WAS MADE success of the future,” songwriter Dale ON THE PROJECT OF CREATING Turner once said. These words guide us to 2-YEAR JOB % 84 A CAPITAL MARKETS UNION” help address new challenges and continue GROWTH 1129 our work on deepening the Economic this exercise also as a call to decision- and Monetary Union. When we manage 3-YEAR COMPOUND makers to continue efforts for more to effectively draw from the recent % ANNUAL GROWTH suitable regulatory frameworks, so these crisis to overcome national barriers and 7 RATE businesses can accomplish their visions fragmentation of capital markets, I am and contribute to growth and jobs. confident there will be plenty of stories to Since last year’s publication of 1000 add to future editions of 1000 Companies Companies to Inspire Europe, we have to Inspire Europe.

82 83 CONSUMER SERVICES

SECTOR AT A GLANCE

€49 BILLION THE ELITE PROGRAMME AGGREGATE REVENUE GENERATED BY AFFORDS AMBITIOUS COMPANIES IN THE PRIVATE COMPANIES THE ELITE COMMUNITY 216,000 OPPORTUNITY TO ACCESS A NUMBER OF JOBS ACROSS EUROPE ACCOUNTED FOR LEVEL OF BUSINESS SUPPORT, BY ELITE COMPANIES MENTORING AND EDUCATION 25 NUMBER OF THAT MIGHT OTHERWISE BE COUNTRIES WHICH ELITE COVERS

DIFFICULT TO FIND, ENABLING IN THIS SECTION Glassmaker Steklarna THEM TO EMBARK ON FURTHER Hrastnik, food packaging company Grupo Happy, consultants KLB Group, GROWTH AND FUTURE-PROOF IT experts Span and cloud-based computing THEIR BUSINESSES consultants Teldat on the benefits of being part of LSEG's pan-European ELITE programme

Source: LSEG

84 85 GOING FOR 150 GROWTH Number of years that COMPANIES WHICH ALREADY HAVE A STRONG HEART OF Steklarna Hrastnik has BUSINESS MODEL AND ARE LOOKING TO EXPEDITE been in operation THE NEXT PHASE OF THEIR GROWTH CAN APPLY TO GLASS BECOME PART OF LSEG’S ELITE BUSINESS SUPPORT Steklarna Hrastnik PROGRAMME. ELITE OFFERS A THREE-STAGE www.steklarna-hrastnik.si Sector: ELITE APPROACH, CONSISTING OF A TRAINING PROGRAMME Country: Slovenia FOR OWNERS AND/OR MANAGERS, ONGOING teklarna Hrastnik has honed the production Steklarna Hrastnik places huge emphasis MENTORING TOWARDS FURTHER GROWTH, AND HELP of glass into a fine art form. The Slovenian S on its industry WITH CAPITALISING ON THOSE DEVELOPMENTS. company began 150 years ago, and over experience, but also ELITE FURTHER PROVIDES A NETWORK OF SIMILARLY the decades has built up a global reputation isn’t afraid to move for making some of the most technically with the times AMBITIOUS COMPANIES, WITH OPPORTUNITIES FOR demanding glass products. SYNERGIES AND INVESTMENT The company produces tableware and lighting, and last year moved into the perfume and cosmetics market too. Andrej Božič, General Manager of the company, says its recent success is largely down to a restructure of the management team in 2010. “This allowed us to change the company culture and reach a minimum required consensus between the goals of the company and the goals of the individuals,” he says. That proved to be the foundation for achieving bigger shifts inside the company, which were – and still are – represented by workers’ increased loyalty, intergenerational willingness to share knowledge, innovations and a passion for achieving goals. The company can now tailor its products to meet the needs of clients, offering them a full service, from design to decoration. “We have developed our own catalogue of items and thus can offer a quality solution to customers who do not have their own design,” Andrej says. “The quality of the glass Steklarna Hrastnik’s skill in working with glass of the highest clarity has also meant it can [is crucial], and also enter a niche market, drawing greater interest from a wider range of brands. In the glass that it is produced in an industry today, the ability to compete depends upon several key factors. “Certainly the quality environmentally friendly of the glass,” Andrej says, “and also that it is produced in an environmentally friendly way. way, which means less which means less fossil fuel is produced and less energy is used.” fossil fuel is produced and The experience the company has over 150 years is important, and places it in a solid less energy is used” position to continue its pre-eminence. As Andrej Božič, General Manager, Steklarna Hrastnik for competitors, Andrej says: “They need to understand that technical innovation does not guarantee success in the market.” 86 87 BECAUSE I’M HAPPY GO WITH THE FLOW he growing emphasis on environmental awareness among the LB Group helps clients to have their and public sectors. KLB Group now has 700 Tconsumers of the 21st century has pushed companies of all types Kprojects smartly implemented. “For any ‘Smart Implementers’ from 31 nationalities to change the way they operate. Waste and polluting practices can no project, we guarantee full implementation in 14 offices, with a presence in 42 countries longer be ignored – they have become a chief determinant of reputation, by bringing an ideal mix of advisory, around the world. www.magicpack.it and a failure to adhere to changing expectations could now be to the management and execution. So that’s KLB Group is able to very quickly mobilise Sector: ELITE detriment of any company. Country: Italy advisory to do the right things, management teams with tailored expertise and execution Gruppo Happy realised this early on. The food packaging conglomerate, to do them well and execution to do them intelligence around the world. That is how – founded more than three decades ago and composed of companies completely,” explains Flavien Kulawik, CEO. it stops clients from “running up against from Italy, Spain and Germany – boasts some of the biggest names Co-founded in 1995 by Flavien and fellow ceilings of inefficiency” and helps them secure www.klbgroup.com Sector: ELITE in the European industry: Magic, Happy, Esperia and Prima. French entrepreneur Jean-Marc Le Breton, the 100% of the project’s expected value instead, Country: France The company sees its chief mission to develop products that are safe, company has grown into a global specialist of believes Flavien. high in quality and environmentally friendly, and which use the fewest project implementation, serving both private Companies are focusing on their core

The firm prides itself KLB Group advises, on beautiful and manages and executes environmentally the requirements of friendly packaging any project

“The high operational efficiency and Continual investment How the company’s product quality is largely thanks to in R&D has kept 'Smart' plan enables it Gruppo Happy ahead to respond quickly to our research and development efforts” of many of its rivals any client’s demands

resources possible. And, unsurprisingly, the company’s mantra reflects business and are increasingly calling for this: “Good packaging has never transformed a bad product into a good rapidly adjustable external expertise to assist one, but bad packaging can transform a good product into a bad one.” them in their improvement projects and in The company boasts a lean, young and dynamic organisational the production of their operations. They must structure, where the decision-making processes have been honed over remain agile in an increasingly complex and the years so that they are able to respond swiftly to market changes, 1992 volatile world. 700 such as the broader trend towards sustainable living. “The lesson learnt from our clients “The high operational efficiency and product quality is largely thanks highlighted the necessity of being smart to our research and development efforts and also to the presence of Year in which Magic by linking strategy to management and full Number of ‘Smart state-of-the-art machines,” explains Biasio Florio Natale, president of Pack, the start of Gruppo execution. That is what Smart Implementation Implementers’ the Holding Happy SRL. is about: S=Strong, M=Minded, A=Action, Gruppo Happy has grown strongly in foreign markets in recent years, Happy, was founded R=Relationship, T=Thinking,” explains Flavien. employed by KLB Group and has invested commercially in developing its sales across the food In a 2016 survey, KLB Group scored 98% industry. Biasio says that, as a result, the company now enjoys stronger in client satisfaction and the aim is to keep direct contact with its customers and can offer them the most suitable serving clients via a worldwide organisation packaging to cater for their requirements. and a smart innovation process. Smart What is the secret to its success? Biasio doesn’t hesitate in answering. implementation is deeply rooted in KLB “Constant attention towards the customer and the final consumer, and Group’s DNA and market expectation. the continuing search for quality,” he says. 88 89 EXPERT COMMENTARY CONSUMER SERVICES THE ELITE ROUTE TO SUCCESS LUCA PEYRANO ELITE HELPS AMBITIOUS, INNOVATIVE SMEs FIND THE RIGHT CEO, ELITE FUNDING MODEL TO ACHIEVE THEIR SCALE-UP PLANS FOR EUROPE AND BEYOND Access skills, network

Europe’s innovative, diverse and ambitious of funding sources across Europe, ELITE is businesses are driving growth and ultimately contributing to deeper capital providing potential opportunities for us markets across the continent. and capital to scale all. It is these companies that are scaling Today, more than 1000 companies, up and making a significant contribution advisers and investors make up the to economic development across the growing international ELITE community. countries in which they operate. But Over 600 ELITE companies in 25 countries up your business. access to appropriate funding is critical feature, and come from more than 30 to their success. sectors, including technology, food & LSEG and Valdis Dombrovskis, Vice- drink, healthcare, and manufacturing President for the Euro and Social Dialogue, and engineering. Between them they are also in charge of Financial Stability, generating €49bn in combined revenues ELITE is a full-service programme for ambitious, Financial Services and Capital Markets and account for over 215,000 jobs across inspiring companies that want to further their growth. Union, share a common purpose: a Europe and beyond. commitment to mobilising capital across Europe to allow its 23 million SMEs to ELITE is a vibrant community of entrepreneurs, business leaders, connect with growth funding. bn advisers and investors from 25 countries around the world. LSEG is proud to support companies at €49 every stage of the funding lifecycle. The COMBINED REVENUES OF 1000 Companies to Inspire Europe report OVER 600 ELITE COMPANIES We are proud to support inspiring companies. sits comfortably alongside our unique growth markets in the UK and Italy, ELITE is constantly seeking to AIM and AIM Italia, and our pioneering enhance its services for companies. Its international business support and capital latest innovation, ELITE Club Deal, is raising programme, ELITE. a private placement platform, which Share success, do business, make connections. “TOGETHER, THE 1000 COMPANIES TO INSPIRE ELITE helps ambitious, high-quality helps to bridge funding gaps and EUROPE REPORTS AND ELITE SHOWCASE THE private companies prepare and structure further streamline the capital-raising EU'S ENTREPRENEURIAL SPIRIT” for the next stage of growth. It introduces process for ELITE companies, bringing company leaders to business school them together with professional #weareELITE resources and gives them access to a investors and corporate advisers in a community of like-minded entrepreneurs, secure and efficient environment. ELITE [email protected] leading advisers and investors. Launched Club Deal is channelling growth capital www.elite-growth.com by Borsa Italiana in Italy in 2012, it to Europe’s businesses. was rolled out by LSEG in the UK in Together, the 1000 Companies 2014 and across the rest of Europe and to Inspire Europe reports and ELITE internationally in 2015. showcase the EU’s entrepreneurial Through ELITE, businesses receive spirit. They have an integral role to play practical knowledge on the different in championing the best of Europe’s sources of finance, be that venture capital, businesses and directing growth capital private or public equity, to help them scale to the innovators, job creators and stars up. But importantly, ELITE is funding- of tomorrow. agnostic, encouraging companies to More of Europe’s inspiring companies access the most appropriate financing for can benefit from the support provided their needs. In encouraging a wider range through ELITE. Visit www.elite-growth.com 90 91 WORLDWIDE REACH CLOUD COVER ith over a million customers in 100 countries worldwide, ver the past decade, increasing numbers would reshape the need for networking,” WCroatian IT company Span is already living up to its name, Oof traditional businesses have undergone says Ignacio Villaseca, CEO of Teldat Group. but it has plans to grow bigger. a digital transformation and part of this The approach that Teldat Group offers is “We build and support complex IT solutions for our clients,” explains www.span.eu/en/ revolution has been the shift to cloud-based fine-tuned for this transformation. It enables www.teldat.com Nikola Dujmović, who co-founded the company in 1993 and is the Sector: ELITE technology. Teldat Group cottoned on to this the migration from traditional networking Sector: ELITE current president and CEO. “Our plan is to grow even further and become Country: Croatia shift before many of its rivals, drawing on to Software Defined Schemes, whereby Country: Spain significant beyond our borders.” cloud technology to better facilitate the use network administrators can manage network It’s this ambitious drive and commitment to quality that’s transformed of Enterprise Communication Networks, which behaviour via open interfaces. “There are very the company from a small retail store in Zagreb to a worldwide business connect computers and other devices across few approaches in the market that offer this with over 300 employees and customers on all five continents. company departments. ease of deployment, whereby solutions are For Nikola, the recipe for success is simple; it’s about a combination “Early on, we were able to understand how affordable and there is minimum disruption,” of caring and innovating: “We care for our clients and we take care of our the internet and cloud-based applications Ignacio says.

The Span team has Cloud-based grown to take in over technology is replacing 1 million customers local servers and Teldat in 100 countries was an early adopter

“Our industry is changing all other The company is The company is aiming industries and at the same time continually seeking to extend its operations to improve and hire worldwide over the it is changing itself” the best talent next few years

people,” he says. “And we have a passion for technology; we innovate The company is already well established and we are focused on success.” in five European countries, with Germany This passion for technology helped Span become Croatia’s first and Spain as its strongest markets and Latin % Microsoft Certified Solution Provider – just three years after opening its America the next target for expansion. doors – and Croatia’s first Microsoft Certified Gold Partner a few years The broad switch from the use of computer later, in 2001. 5 hardware to software has been among the 20 “Today, we are proud of our 14 Microsoft competencies, of which 12 most significant technological changes of are Gold,” adds Nikola. “And we’re very proud to have won the Croatia recent years. This paradigm shift has pushed Microsoft Partner of the Year Award in 2016.” Number of continents businesses to recalibrate their operations, and Proportion of revenue Looking forward, the company is focused on delivering “more for less” on which Croatian firm it’s here that Ignacio sees both the greatest which is invested in and keeping one step ahead in what Nikola describes as an increasingly challenges and the greatest opportunities. dynamic industry. Span operates “It brings to the industry a myriad of start- R&D each year “Our industry is changing all other industries and at the same time it is ups with different innovative angles,” he says, changing itself,” says the CEO, who would also like to see more support for adding that the approach will need to be a entrepreneurs, as well as less bureaucracy and regulation. gradual one. “We believe that for agile enough “Technology, digitalisation and artificial intelligence will change the players of the previous generation there is an world. We strongly believe that the digital world will enable people to be opportunity to help turn the promises that more productive, better informed and to enjoy life more than ever before.” this new paradigm brings into reality.”

92 93 ELITE IN FOCUS ELITE DIVERSE COMPANY NETWORK SNAPSHOT PRIVATE COMPANIES CAN ACCELERATE LONG-TERM GROWTH AND FUTURE-PROOF THEIR BUSINESSES THROUGH A DIVERSE INTERNATIONAL NETWORK AND A RANGE OF FUNDING OPTIONS

ACCESSING CAPITAL 601 216,000 34 €49bn €4.6bn COMPANIES EMPLOYEES SECTORS AGGREGATE REVENUE RAISED BY COMPANIES**

● E A. <€50M / 357 D INTERNATIONAL B. ● €50-100M / 129 GROWTH 601 C. ● €100-200M / 60 C D. ● €200-500M / 37 E. ● >€500M / 18 LAUNCHED IN 2012, ELITE HAS OVER 600 COMPANIES ENROLLED ELITE BY AND IS GROWING RAPIDLY 111 REVENUE ● ITALY ● UK ● INTERNATIONAL

376 HOW THE INCOME 463 MEASURES UP CORPORATE TRANSACTIONS B INVOLVING 181 30% ELITE COMPANIES 92 104 OF ELITE COMPANIES COMPLETED A 386 A CORPORATE TRANSACTION*

J 306 H 87 A. ● INDUSTRIALS / G 209 40 284 F I A B. ● CONSUMER GOODS / 123 C. ● TECHNOLOGY E / 90 59 D. ● CONSUMER 190 207 SERVICES / 58 ELITE BY ● 32 E. HEALTHCARE D INDUSTRY / 39 158 F. ● BASIC THE SECTORS DRIVING MATERIALS FORWARD / 30 104 G. ● FINANCIALS / 20 207 120 29 10 H. ● UTILITIES / 13 C B M&A AND JV DEALS PE/VC TRANSACTIONS ELITE COMPANIES ELITE COMPANIES I. ● TELECOMM- 48 INVOLVING 119 ELITE INVOLVING 80 ELITE ISSUED A BOND LISTED ON A PUBLIC UNICATIONS / 10 COMPANIES COMPANIES RAISING AGGREGATE MARKET, RAISING 48 158 J. ● OIL & GAS / 9 €865M €140M 2012 2013 2014 2015 2016 2017 (YTD)

94 * Corporate transactions include: M&A, JV, PE and VC deals, IPO. ** Disclosed figures based on: PE/VC Deals (Zephyr data), IPOs and Bond Issues (LSEG data). Data last updated 16 June 2017 95 COUNTRY OVERVIEW CONSUMER SERVICES

1000 COMPANIES UK SNAPSHOT THE UK’S 170 COMPANIES ARE SHOWING 3-YEAR COMPOUND ANNUAL €55M GROWTH RATES IN EXCESS OF 70%. FOR A FULL LIST OF COMPANIES AVERAGE FROM THE UK, TURN TO PAGE 144 REVENUE Welcome FOOD & DRINK COMPANIES 13 170 to ORB NUMBER OF COMPANIES ORB, the Order book for Retail Bonds from London Stock Exchange, gives To download the latest ORB guide companies – from ambitious SMEs to and contact us, visit large multinationals – access to the capital londonstockexchange.com/orbguide they need for growth. As the UK’s only regulated retail bond platform, it enables PATENTS businesses to access additional investors and an entirely new source of funding. MANUFACTURING With ORB, you can take the direct route & ENGINEERING 169 COMPANIES to a high profile liquid market – and a wider investment audience. 26

2-YEAR JOB % GROWTH 77 3-YEAR COMPOUND % ANNUAL GROWTH 52 RATE

96 97 CONSUMER SERVICES

SECTOR GREEN AT A GLANCE

4.2 MILLION CONCERN FOR THE PEOPLE EMPLOYED IN THE ‘ECO’ SECTOR ENVIRONMENT ESPECIALLY, 11% AMOUNT BY WHICH THOUGH NOT EXCLUSIVELY, THE USE OF FOSSIL FUELS IS SET TO AMONG MILLENNIALS AND DECLINE BY 2035 84.4% GENERATION Z MEANS INCREASE IN RENEWABLE ENERGY BUSINESSES ALL OVER EUROPE PRODUCED WITHIN THE EU OVER THE HAVE DISCOVERED THAT WHAT PAST DECADE

IN THIS SECTION IS GOOD FOR THE PLANET IS Neudorff CEO Hans-Martin Lohmann explains why ALSO GOOD FOR THEM his company's natural gardening products are good for the planet, and find out why Ecotricity and STI Norland are leading the way on renewable forms of energy

Sources: European Commission, OECD, Eurostat

98 99 GREEN THE FUTURE IS GREEN THE EU HAS LONG SHOWN A COMMITMENT TO HOW DOES YOUR SUSTAINABLE DEVELOPMENT, BE THAT THROUGH PRODUCTION PROCESSES, PRODUCT DESIGN GARDEN GROW? OR SERVICES, AND THIS HAS BEEN AFFECTED Neudorff BY A COMBINATION OF VOLUNTARY, STATUTORY www.neudorff.co.uk Sector: Green AND REGULATORY MEASURES. BUT IT’S ONLY Country: Germany RELATIVELY RECENTLY THAT COMPANIES HAVE Neudorff has led the ounded in 1854, Neudorff has been way in producing natural gardening SWITCHED ON TO THE FACT THAT THEIR CUSTOMERS producing natural gardening products for F products and AND CLIENTS ALSO INCREASINGLY DEMAND AN more than 150 years. “Our company was one continues to innovate ETHICAL, ENVIRONMENTALLY FRIENDLY APPROACH of the first German companies to produce to stay ahead of the plant protection products and animal care competition FROM THE PEOPLE THEY DO BUSINESS WITH. THE products,” explains Hans-Martin Lohmann, CEO, ATTRACTIVENESS OF THE SECTOR AS AN INVESTMENT W. Neudorff. “It was recognised early on that DESTINATION FURTHER ADDS TO THE VIRTUOUS there was a market for environmentally friendly substances for the amateur gardener.” CIRCLE, CREATING AN ONGOING POSITIVE OUTLOOK By the 1970s, awareness of the environmental damage caused by chemicals had grown dramatically and the company began producing more and more eco-friendly and non-chemical products – cementing its position in the market. “Plants, and their care and protection, is the basis of our lives,” says Hans-Martin. “Food, raw materials, energy and recreation emerge from them. Our primary goal in the development of new products is still to prevent an unnecessary burden for the environment and humans while solving problems in the house and garden.” However, there is still plenty more to do, believes Silke Conrad, the company's sustainability manager. She points out that today, despite our greater environmental awareness, people consume more resources than the earth can provide us with. “Plants, and their care “The whole world has therefore decided on sustainable development. In many and protection, are the countries, the legislation is already changing so companies will have to change too. In the basis of our lives. Food, future, chemical pesticides will be not allowed for private use because it harms useful insects raw materials, energy and pollutes the environment.” According to Hans-Martin, Neudorff is ready and recreation emerge to lead the charge. “Previously, we were laughed 163 at for our ecological products, but today we from them” are a global company. The challenge is now no Hans-Martin Lohmann, CEO, W. Neudorff longer to exist in the market but to stand out Number of years from the many imitators. Innovation means not Neudorff has been adapting to others, but inspiring them.” producing its natural gardening products 100 101 GREEN COUNTRY OVERVIEW

RENEWABLE PROGRESS 1000 COMPANIES ounded in 1995 by green industrialist Dale Vince OBE, Ecotricity Fsupplies almost 200,000 people with renewable energy from its growing fleet of wind and sun parks. “We focus on issues of sustainability, particularly across the three www.ecotricity.co.uk PORTUGAL SNAPSHOT biggest sources of carbon emissions – energy, transport and food,” Sector: Green explains Dale. “We were the world’s first green energy company.” Country: United Kingdom PORTUGAL CONTINUES TO PUNCH ABOVE ITS WEIGHT, WITH ITS 10 Since the early days of its first windmill – which was built in 1996 with LISTED COMPANIES BOASTING AN AVERAGE REVENUE OF €37M. FOR the aim of supplying Cheltenham and Gloucester College with electricity A FULL LIST OF COMPANIES FROM PORTUGAL, TURN TO PAGE 140 from landfill gas – Ecotricity has led the charge for sustainable energy development in Britain. “The biggest opportunity for Ecotricity was the liberalisation of the €37M energy market – without that we wouldn’t exist,” adds Dale. AVERAGE REVENUE 10 NUMBER OF COMPANIES “We focus on issues of sustainability, particularly across the three biggest sources Ecotricity's Electric of carbon emissions Highway will expand as more electric cars – energy, transport reach our roads and food” % The company has 62 been harnessing wind power since as long 3-YEAR COMPOUND ago as 1996 ANNUAL GROWTH RATE “That allowed us to offer a different kind of energy, the green kind.” As a result, the company has kept innovating by expanding into electric WHOLESALE vehicles, and installing charging points across the UK to create “Europe’s 200,000 most comprehensive charging network”. Dale now plans to expand that COMPANIES venture even further. “As a 21st century energy company, Ecotricity will all be about People who receive interconnectivity and a decentralised smart grid,” says the pioneer. 2 PATENTS “We will expand the Electric Highway as electric vehicles replace the renewable energy internal combustion car – and a big part of that will be powering transport from Ecotricity's sun with renewable energy, using home-scale battery storage and the or wind parks interconnectivity between renewable energy, storage and transport.” 9 The environmental mission doesn’t end there, either. Ecotricity is 2-YEAR JOB currently looking at innovations within the water sector as well as how to GROWTH make gas from grass – what Dale describes as the next big frontier. “The coming years will be all about technology enabling a very different energy grid, and the relationship between people and power,” he says. % “The challenges will be climate change and the general unsustainability 139 of how we live, while the opportunities will come from how technology and the green economy, solve these issues.” 102 103 GREEN COUNTRY OVERVIEW

SET FOR SUCCESS 1000 COMPANIES ET Environnement has been disposing of the most toxic of chemicals Sand asbestos for more than two decades, servicing a vast array of clients, from shopping centres to administration offices. Given the notoriety of the health problems stemming from asbestos, the French www.set-environnement.com SLOVENIA SNAPSHOT company has been able to corner an area of the market for waste disposal Sector: Waste management in which there is both high demand and a need to cultivate close relations Country: France SLOVENIA CURRENTLY ENJOYS A 3-YEAR COMPOUND ANNUAL GROWTH with the range of people involved. RATE OF 30% AND 2-YEAR JOB GROWTH OF 17%. FOR A FULL LIST OF “Security is a top priority,” says Yann Volluz, CFO of SET Environnement. COMPANIES FROM SLOVENIA, TURN TO PAGE 141 “We enhance our processes on a regular basis and work closely with labour inspectorates to ensure we have the latest and best practices.” The speed of the company’s growth is evident in the figures: an employee base of 150 people and annual revenue that exceeds €20m. €39M AVERAGE FOOD & DRINK REVENUE COMPANIES 5 1 NUMBER OF COMPANIES

SET has carved a specialist niche for itself in the waste disposal field

“The key factor in our success is Asbestos requires our dedicated staff. Day to day careful handling by the company's we develop our know-how” expert workforce % “The key factor in our success is our dedicated staff,” notes Yann. “Day to 30 day, based on a strong training programme and great quality of guidance, 3-YEAR COMPOUND we develop our know-how.” ANNUAL GROWTH During the cycle of asbestos removal, the company monitors its RATE profitability by a close follow-up of its margin. Yann says that cash generation and growth are direct consequences of customer satisfaction, 150 which the company – being involved in an effort to make the immediate environment safer for customers – prioritises above all else. “As our business runs in a smooth way, we can focus on high value Number of employees 2-YEAR JOB subjects, such as process enhancement and extension of our customer’s GROWTH portfolio,” Yann says. “On each site, we aim at having the best approach to satisfy our customers and control our costs. Deadlines and forecasted 595 margins are respected.” % NUMBER OF It is this two-pronged approach to its task that has ensured SET 17 EMPLOYEES Environnement has remained a key player in the waste disposal market in France, and looks set to be for some time to come. “As a result of all this, the quality of our work has enabled us to maintain our revenue and margin in a competitive market,” Yann says.

104 105 GREEN COUNTRY OVERVIEW

SUN SEEKERS 1000 COMPANIES mong the increasing proportion of the global population wising up Ato the harmful effects of climate change, the benefits of solar power over ‘dirty’ energy sources has become something of a no-brainer. What are known as ‘solar parks’ are cropping up in ever greater numbers and CZECH REPUBLIC SNAPSHOT www.stinorland.com Spanish company STI Norland, founded in 1996, is among the world Sector: Manufacturing and Engineering leaders in the design, supply and installation of solar trackers – specific THE CZECH REPUBLIC’S 10 LISTED COMPANIES HAVE AN AVERAGE Country: Spain devices which orient a panel towards the sun – together with fixed REVENUE NOT FAR SHORT OF €30M. FOR A FULL LIST OF COMPANIES structures for these parks. FROM THE CZECH REPUBLIC, TURN TO PAGE 118 “Not many companies in this sector have over 20 years’ experience and have been there since the very beginning of the solar sector,” says Alberto Peréz, deputy CEO of the company, which has installed projects in more than 12 countries across the globe.

FOOD & DRINK €29M COMPANY AVERAGE “There are now more people working in REVENUE the solar industry than other energy sectors, such as gas fields or oil rigs” 10 1 NUMBER OF COMPANIES 1

STI Norland are experts MANUFACTURING in solar trackers, which COMPANY ensure solar panels are angled towards the sun

The company has a long track record in the solar sector and is still expanding

STI Norland prides itself on a commitment to innovation and to the continuous improvement of its products and processes, while ensuring that it maintains close relations with customers from the inception of the project through to its completion. Today, it is a fully international company, and sees scope for further growth. “The solar sector is booming, in many different countries around 12 the globe, and this always brings new opportunities,” Alberto says. “There % are now more people working in the solar industry than other energy 181 sector, such as gas fields or oil rigs.” Countries in which A growing conviction that the expansion of solar energy is vital – if STI Norland has installed 2-YEAR JOB 3-YEAR COMPOUND we are to limit the damage being done to the environment – is likely GROWTH ANNUAL GROWTH to ensure that STI Norland continues to open up new markets. Alberto one of its projects RATE believes that solar energy has proven itself to be a worthy competitor to other conventional energy sources. % “Our goal is to keep on designing avant-garde products, which are 119 more intelligent, and in this way allow our customers to increase their production of clean energy,” he says.

106 107 EXPERT COMMENTARY CONSUMER SERVICES

CAPITAL MARKET FINANCE REMAINS NEGLECTED IN EUROPE

KAREL LANNOO THE CEO OF CEPS CALLS FOR A MORE RADICAL APPROACH TO CHIEF EXECUTIVE OFFICER, CENTRE FOR EUROPEAN FINANCING IN ORDER TO ACHIEVE A DEEPER CAPITAL MARKET POLICY STUDIES (CEPS) UNION THROUGHOUT EUROPE Green bonds. Three years after the EU’s capital markets from a financial stability and market union (CMU) announcement, little has efficiency perspective, it seems that a changed in the structure of the financing more radical and pronounced approach of European corporations: bank financing is needed to achieve a deeper capital remains the predominant share of market in Europe. external finance of firms, with 67%. In The CMU initiative has so far only fact, its share has even increased. generated two measures: to stimulate Very few firms see a shift in their securitisation and to facilitate IPOs. London Stock Exchange, a partner of the United Nations Sustainable external financing mix towards capital More far-reaching initiatives should first markets. According to the latest Survey enhance awareness of different forms of Stock Exchanges (SSE) initiative, aims to support the further on Investment and Investment Finance financing with entrepreneurs. Corporate development of the green bond market. As the leading international of the European Investment Bank (EIBIS), tax systems should be radically modified only 2% of firms hope to increase the financial centre for green finance, we offer dedicated segments importance of equity. Bond issuance is “A MORE RADICAL AND for environmentally-friendly debt instruments with the purpose planned as a future source of capital by PRONOUNCED APPROACH to provide greater transparency around pricing and features of only 4% of firms. IS NEEDED TO ACHIEVE A The EIBIS survey is probably one of DEEPER CAPITAL MARKET green bonds for both issuers and investors. the most comprehensive reports on the financial needs of European firms, based UNION IN EUROPE” on an annual survey of more than 12,500 firms, SMEs and corporates, in the to reduce the debt-to-equity bias and For more information, please visit EU 28. It assesses the investment abolish double taxation of dividend www.lseg.com/greenbonds activities and capital stock of firms, and income in the EU. or contact us at [email protected] sees the lack of skilled staff, and business On the demand side, households and labour market regulations as major should be stimulated to have a more “MORE FAR-REACHING INITIATIVES barriers to investment. balanced asset allocation, away from SHOULD FIRST ENHANCE AWARENESS OF Apart from bank financing, the second the pre-dominance of deposits in Europe. DIFFERENT FORMS OF FINANCING WITH most important course of external Institutional investors' asset allocation ENTREPRENEURS” finance is leasing, with 23%. varies widely, but is on average over- exposed to bonds (see OECD’s Global Pension Fund Statistics). % Pension funds portfolios in Germany, 2 for example, have only 3% in equity. PROPORTION OF FIRMS Then they complain that the ECB’s HOPING TO INCREASE THEIR quantitative easing policy is the source EQUITY INVESTMENT of their low returns. The de-leveraging of banks in Capital markets, both equity and bond Europe since the financial crisis has issues, are rarely reported by firms in the not been replaced by more market survey, making up on average only 0.4% financing. This should be a wake-up and 2% of external finance. call for policymakers to re-assess the Even if a more balanced structure of regulatory framework, and create a real external financing would be desirable capital markets climate.

108 109 COUNTRY OVERVIEW EXPERT COMMENTARY 1000 COMPANIES INTEGRATE TO SPAIN SNAPSHOT €45M SPAIN’S 70 LISTED COMPANIES ARE RESPONSIBLE FOR AN AVERAGE INNOVATE IMPRESSIVE 118% 3-YEAR COMPOUND ANNUAL GROWTH RATE. REVENUE BY JONÁS FERNÁNDEZ MEP AN INTEGRATED EUROPEAN MARKET IS THE ONLY WAY FOR A FULL LIST OF COMPANIES FROM SPAIN, TURN TO PAGE 141 MEMBER, ECONOMIC AND MONETARY AFFAIRS EUROPEAN FIRMS CAN TRULY SUPPORT INNOVATION COMMITTEE, EUROPEAN PARLIAMENT, S&D AND GROWTH, AND COMPETE ON THE GLOBAL STAGE

% I am delighted to associate myself with Small and Medium-sized Enterprises), the 118 this edition of 1000 Companies to Inspire Horizon 2020 Framework Programme or, FOOD & DRINK Europe. This report clearly illustrates that more recently, the EFSI (European Fund COMPANIES 3-YEAR COMPOUND SMEs play an important role in economic for Strategic Investment). It also includes ANNUAL GROWTH growth and high-quality job creation, measures to tackle the fragmentation of RATE stimulating entrepreneurial spirit and the financial markets in Europe, where 12 innovation. More importantly, it shows the capital markets union (CMU) and that this achievement is spread across the new fintech markets are of the 28 member states and through undeniable importance. different sectors of activity, business However, we as politicians must models and ownership structures. be aware that no measure, no matter In fact, one cannot forget that SMEs how sound it might be, will produce represent 99% of all businesses in the the intended results if not known and MANUFACTURING EU and are responsible for 90 million & ENGINEERING jobs and 60% of the value added to the “THE SME SECTOR COMPANIES economy. However, it is also important ENCOMPASSES ENTERPRISES not to forget that the SME sector is WITH VARYING NUMBERS OF not homogeneous. It encompasses EMPLOYEES AND SECTORS OF enterprises with different ownership ECONOMIC ACTIVITY” 12 structures and varying numbers of employees and sectors of economic used. And what we can still see in our activity, which translate into different constituencies is that the majority levels of access to financing alternatives, of SMEs, especially micro and small administrative and regulatory burden enterprises, lack knowledge of the and information and financial literacy. existence of financing alternatives and “THE MAJORITY OF SMEs LACK KNOWLEDGE Recognising the importance of the the expertise to deal with these more REGISTERED OF THE EXISTENCE OF FINANCING sector for Europe’s growth and future, complex, bureaucratic and costly options. TRADEMARKS ALTERNATIVES AND THE EXPERTISE the European Commission, the European Our priority must now be to TO DEAL WITH THESE OPTIONS” Parliament and the Council have worked complete the CMU and to establish the to improve and facilitate access to mechanisms to help all SMEs understand finance for SMEs. This is through the the alternative funding opportunities, TENERIFE 94 creation of EU funds such as COSME and how to reach them, and aid them (Competitiveness of Enterprises and in finding the specific needs of different business types. If we manage to do this in a consistent 2-YEAR JOB and widely spread way across the EU, GROWTH m the capacity for innovation, growth and 70 90 job creation stemming from SMEs will NUMBER OF JOBS PROVIDED NUMBER OF materialise and fulfil its potential. % BY SMEs THROUGHOUT THE EU This is my wish. 95 COMPANIES

110 111 COUNTRY OVERVIEW Welcome to the business of certainty

1000 COMPANIES POLAND SNAPSHOT POLAND’S 30 LISTED COMPANIES CAN POINT TO A HIGHLY IMPRESSIVE AVERAGE REVENUE OF €63M. FOR A FULL LIST OF COMPANIES FROM POLAND, TURN TO PAGE 140 When companies €63M AVERAGE want to understand 30 REVENUE NUMBER OF who they’re doing COMPANIES business with, they ask us.

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In a user listed companies, institutional listed companies, institutional friendly environment, companies can meet investors as GETTING TO Using state-of-the-art technology on its unique digital Using state-of-the-art technology on its unique digital part of their investor relations activity and take advantage investorsand increase and productivity. intermediaries platform, ELITE Connect offers a range of dedicated investors and intermediaries platform, ELITE Connect offers a range of dedicated of specially designed features to strengthen and ELITE Connect services to make positive connections happen. In a user towww.elite-connect.comservices enable to make easier positive connectionsinteractions happen. In a user deepen relationships. Theto enable easierELITE interactions Connect friendly environment, companies Portal can meet investors as friendly environment, companies can meet investors as The ELITE Connectpart of their investor relations activityPortal and take advantage and increase productivity. andpart ofincrease their investor relationsproductivity. activity and take advantage of specially designed features to strengthen and of specially designed features to strengthen and YourThe www.elite-connect.comconnection ELITE to investment Connectwww.elite-connect.comdeepen relationships. opportunities Portal deepen relationships. ELITE Connect is a unique information and services hub ELITE Connect is a unique information and services hub ELITE Connect is a dedicated for discovering global opportunities, managing relationships ELITE Connect is a dedicated for discovering global opportunities, managing relationships and engaging inA communication social network fromto connect any device; people, laptop, A digital meeting room, featuring network that brings together and engaging in communication from any device; laptop, networktablet or phone. thatfollow companies brings of interest,together high-quality and easy to use video, with 1000 tablet or phone. In a world wherelistedELITE new companies,Connect technologies areis havinga institutional dedicated a direct ELITE Connect issend a unique messages information and request and meetings.services hub document sharing and note taking facilities. 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TO BUILD THIS LIST, BUREAU VAN DIJK, WHICH IS A PROVIDER listed companies,send messages institutional and request meetings. tofriendly enable environment, easieranddocument companies request interactions sharing meetings. can meet and investors note taking as facilities. changing environment. Using state-of-the-art technology on its unique digital friendly environment, companies can meet investors as  part of their investor relations activity and take advantage OF AMADEUS, A DATABASE OF COMPARABLE FINANCIAL and increase productivity. part of their investor relations activity and take advantage investors and intermediaries andofplatform, specially increase ELITE designed Connect features productivity. offers to a strengthenrange of dedicated and ELITE Connect is a platform dedicated to investor relations and services to make positive connections happen. In a user of specially designed features to strengthen and INFORMATION FOR PUBLIC AND PRIVATE COMPANIES ACROSS corporate accesswww.elite-connect.comto enable businesses easier bringing together interactions public companies, deepen relationships. www.elite-connect.comfriendly environment,A calendar companies, fully embedded can meet investorson the as deepen relationships.A personalised quality content stream institutional investors and intermediaries to facilitate and expand EUROPE, COMBINED KEY FINANCIAL PERFORMANCE INDICATORS part of their investorplatform,A relations calendar to coordinate activity, fully embedded and availability take advantage on the platform, populated by companies, investors interaction andand increase increase productivity. productivity. of specially designedand scheduleto features coordinate meetings to strengthen availability with otherand and scheduleusers. meetings and trusted sources. OF EUROPEAN COMPANIES. with other users.  www.elite-connect.com deepen relationships. ELITE Connect provides a uniqueA calendar suite of, fullyuser-friendly embedded technology on the A calendarA personalised, fully embedded quality on content the stream A personalised quality content stream services to support and enhanceplatform, your day-to-day to coordinate investor availability relations platform,populated to coordinate by companies, availability investors populated by companies, investors Company status Financial performance and corporate access activity andby providing schedule an meetings exclusive with community other users. and scheduleand trusted meetings sources. with other users.  and trusted sources. Companies must be active, private and Each company’s compounded annual and the ability to: A social network to connect people,  A digital meeting room, featuring A to connect people, A room, featuring follow companies of interest, socialhigh-qualityA digital network meeting and easy room, to use featuring video, with high-quality digital meeting registered in the European Union (EU 28). growth rate of the turnover is calculated — be visible to investors, public companies and follow companies of interest, high-quality and easy to use video, with send messages and request meetings. documentand easy sharing to use andvideo, note with taking document facilities. sharing Companies whose parent is incorporated over a three-year period (based on three intermediaries exclusively send messages and request meetings. document sharing and note taking facilities.   Companyand note and taking investor facilities. search A unique view of your personal in a foreign country are excluded. Public sets of accounts for years 2013, 2014 A social network to connect people,  A digital meeting room, featuring — have a dedicated profile page  with advanced filters on interests, communication and meeting history limited companies, Private limited and 2015). Any company with over 20% follow companies of interest, high-quality and easy to use video, with — target new investors size, location and industry. with people and companies. companies and Partnerships entities are all deterioration in net assets over the three- send messages and request meetings.  document sharing and note taking facilities.  — create meeting opportunities  Company and investor search A unique view of your personal considered. Investment vehicles and funds year period is excluded. Company and investor search A unique view of your personal are excluded, as are charities and non-profit — share presentations, documentswith advanced and updates filters on interests, with Aadvancedcommunication unique view filters of yourandon interests, meetingpersonal historycommunication communication and meeting history size, location and industry. with people and companies. with people and companies. organisations. Companies whose Global Country weighting — meet digitally using a dedicatedsize, locationvideo conferencing and industry. tool  andwith meeting people and history companies.   Ultimate Owner is a Public authority, State, Having identified the long list, the eligible A calendar, fully embedded on the A personalised quality content stream — broadcast and attend live webcast to a large audience A , fully embedded on the A platform, to coordinate availability calendarpopulated by companies, investors personalised quality contentstream Government are excluded. companies are then separated into their platform, to coordinate availability populated by companies, investors — keep track of meetings thatand tookschedule place meetings on the platform with other through users. and trusted sources. country of incorporation. Within each  and schedule meetings with other users. and trusted sources. an embedded client relationship management tool.   Size and age country, the companies are ranked by A calendar, fully embedded on the A personalisedA personalised quality quality content content stream stream Independent company or consolidated their individual revenues compounded platform, to coordinate availability ELITE Connect – Yourpopulated connectionpopulated by toby companies, investment companies, investors opportunities investors and and schedule meetings with other users.  andtrusted trusted sources. sources. group revenues must be between €20m annual growth rate; and those that have  and €300m, based on latest filings. most outperformed within their country Companies that have been incorporated are identified. The long list is split among ELITE Connect – Your connection to investment opportunities ELITE Connect – Your connection to investment opportunities within the past four years are excluded the EU 28 countries according to every Company and investor search A unique view of your personal Company and investor search A unique view of your personal (i.e. after 1 January 2013). country’s contribution to the EU GDP. with advanced filters on interests, communication and meeting history with Companyadvanced filters and investor on interests, search with advanced size, location and industry. with people and companies. communication and meeting history   size, filterslocation on and interests, industry. size, location and industry. with people and companies. Find out more at www.elite-connect.comCompany and investor search A unique view of your personal Contact us at [email protected] advanced filters on interests, communication and meeting history  size, location and industry.  with people and companies.

ELITE Connect – Your connection to investment opportunities ELITE Connect – Your connection to investment opportunities 115

ELITE Connect – Your connection to investment opportunities DIRECTORY COUNTRY OVERVIEW

BSD 1000 COMPANIES MR MASCHINENRING EUROCHAMPIGNON Austria www.maschinenring.at www.bsd.be www.eurochampignon.eu Sector: Landscape Services Sector: Packaging Facilities Sector: Agriculture & Farming A.ZOPPOTH HAUSTECHNIK Revenue: €40M to €50M Revenue: €50M to €75M & Forestry GMBH Revenue: €20M to €30M LATVIA SNAPSHOT www.zoppoth.net NEUHOFER HOLZ GMBH BUZZISPACE Sector: Facilities Services www.fnprofile.com www.tecnospace.com Revenue: €20M to €30M FACE LATVIA OFFERS A SMALL MARKET AT PRESENT, BUT IT IS A DYNAMIC Sector: Manufacturing Sector: Facilities Services www.face.be Revenue: €40M to €50M Revenue: €20M to €30M Sector: Facilities Services ONE WITH GENUINE POTENTIAL FOR EXPANSION. FOR A FULL LIST OF FIXKRAFT-FUTTERMITTEL Revenue: €30M to €40M COMPANIES FROM LATVIA, TURN TO PAGE 137 GMBH OTTO WOHLGENANNT www.fixkraft.at COFFEETEAM €36M GESELLSCHAFT M.B.H. www.coffeeteam.be LAMETT EUROPE Sector: Manufacturing www.wohlgenannt.co.at Revenue: €50M to €75M Sector: Wholesale www.lamett.eu AVERAGE Sector: Machining Revenue: €50M to €75M Sector: Retail REVENUE Revenue: €20M to €30M HERBERT LUGITSCH U. SÖHNE Revenue: €20M to €30M GES.MBH CULTUREL LUDIQUE PIRLO DIVERTISSEMENT MOVE INTERMODAL www.h.lugitsch.at www.pirlo.com Sector: Wholesale DISTRIBUTION www.move-intermodal.com Sector: Packaging Facilities www.cld.be 5 Revenue: €75M to €100M Sector: Transportation Revenue: €40M to €50M Sector: Retail Revenue: €75M to €100M Revenue: €50M to €75M NUMBER OF HOLLU SYSTEMHYGIENE GMBH PORO COMPANIES www.hollu.com www.poro.at P&V ELEKTROTECHNIEK DE CRAENE Sector: Manufacturing Sector: Chemicals www.pnv.mobi www.decraene.com Revenue: €40M to €50M Revenue: €50M to €75M Sector: Wholesale Sector: Chemicals Revenue: €20M to €30M Revenue: €20M to €30M JÖBSTL BAUERNGUT GMBH SCHEUCHER HOLZINDUSTRIE www.joebstl.cc GMBH POLCA Sector: Food & Drink www.scheucherparkett.at DEN BERK www.polcapate.be Revenue: €100M to €150M Sector: Retail www.denberk.be Sector: Food & Drink Revenue: €40M to €50M Sector: Agriculture & Farming Revenue: €20M to €30M JOHANN PABST & Forestry Revenue: €20M to €30M HOLZINDUSTRIE GMBH SEBRING TECHNOLOGY GMBH. RACE PRODUCTIONS www.pabst-holz.com www.sebring.at www.ridley-bikes.com Sector: Agriculture & Farming Sector: Manufacturing ELEXYS Sector: Manufacturing & Forestry Revenue: €50M to €75M www.elexys.be Revenue: €50M to €75M Revenue: €75M to €100M Sector: Energy Revenue: €50M to €75M SINNESBERGER GMBH KROBATH TECHNIK www.sinnesberger.at www.kgt.krobath.com Sector: Retail Sector: Facilities Services Revenue: €40M to €50M Revenue: €30M to €40M UITZ KS ENGINEERS www.uitz-muehle.at www.ksengineers.at Sector: Retail Sector: Engineering Revenue: €10M to €20M Revenue: €75M to €100M

LOGICDATA PG 29 www.logicdata.net Belgium Sector: Technology Revenue: €50M to €75M ACE PACKAGING % www.acepackaging.be 42 LÜFTNER CRUISES Sector: Packaging Facilities Revenue: €30M to €40M 2-YEAR JOB www.lueftner-cruises.com GROWTH 3-YEAR COMPOUND Sector: Travel & Leisure Revenue: €50M to €75M ANTWERP METAL LOGISTICS ANNUAL GROWTH www.amlnv.be % RATE MOSSER Sector: Transportation www.mosser.at Revenue: €20M to €30M 9 Sector: Manufacturing Revenue: €40M to €50M BELGIAN PORK GROUP www.belgianporkgroup.com/en Sector: Food & Drink Revenue: €50M to €75M

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RENSON SUNPROTECTION- Bulgaria ARLYCO LTD Czech Republic LOGIK SRO KEN HYGIENE SYSTEMS A/S SCREENS www.arlyco.com www.log.cz www.ken.dk www.renson.be Sector: Food & Drink EL STOMANA LTD 4EVER SRO Sector: Administrative Services Sector: Manufacturing & Engineering Sector: Engineering Revenue: €20M to €30M www.elstomana.com www.4ever.cz Revenue: €20M to €30M Revenue: €150M to €250M Revenue: €40M to €50M Sector: Manufacturing Sector: Retail Revenue: €20M to €30M C.A. PAPAELLINAS LTD Revenue: €20M to €30M MARLENKA INTERNATIONAL KNUD LARSEN BYGGECENTER SANTENS GROEP www.cap.com.cy SRO A/S www.santensmetaalwaren.be FERTBUL Sector: Retail AMEDIS SRO www.marlenka.cz www.byggecenter.dk Sector: Wholesale www.fertbul.com Revenue: €150M to €250M www.amedis.cz Sector: Food & Drink Sector: Retail Revenue: €40M to €50M Sector: Chemicals Sector: Health Revenue: €10M to €20M Revenue: €30M to €40M Revenue: €20M to €30M KWAK TELECOM LTD Revenue: €30M to €40M SOLEA INTERNATIONAL www.kwak-telecom.com MONTIX AS LTP GROUP A/S www.soleainternational.com MOST ENERGY Sector: Telecommunications ASTUR JESENÍK SRO www.montix.cz www.l-t-p.com Sector: Wholesale www.mostenergy.eu Revenue: €10M to €20M www.astur.cz Sector: Manufacturing Sector: Clothing Revenue: €30M to €40M Sector: Utilities Sector: Wholesale Revenue: €20M to €30M Revenue: €50M to €75M Revenue: €20M to €30M PETROU BROS DAIRY Revenue: €50M to €75M SOMNIS BEDDING PRODUCTS LTD Z+M PARTNER SRO NETCOMPANY A/S www.somnis.com VIDEONOV FURNITURE www.petroubros.com.cy BARCLET AS www.zmpartner.cz www.netcompany.com Sector: Manufacturing www.videnov.com Sector: Food & Drink www.barclet.cz Sector: Facilities Services Sector: IT & Technology Revenue: €30M to €40M Sector: Retail Revenue: €30M to €40M Sector: Business Services Revenue: €20M to €30M Revenue: €100M to €150M Revenue: €20M to €30M Revenue: €20M to €30M STEPHEX STABLES ZEMPRON SRO OXYMAT A/S www.stephex.com WALLTOPIA PG 69 IRE-TEX PRAHA SRO www.zempron.cz www.oxymat.com Sector: Professional Services www.walltopia.com www.iretex.cz Sector: Agriculture/Farming/Forestry Sector: Manufacturing Revenue: €50M to €75M Sector: Consumer Services Sector: Packaging Facilities Revenue: €20M to €30M Revenue: €20M to €30M Revenue: €20M to €30M Revenue: €20M to €30M TEC ICT P/F JFK www.tecict.be Denmark www.jfk.fo Sector: Technology Croatia Sector: Food & Drink Revenue: €20M to €30M AARSTIDERNE A/S Revenue: €40M to €50M BOMARK PAK D.O.O. www.aarstiderne.com XL-BYG

TELEVIC AUDIO-VISUAL www.bomarkpak.hr Sector: Food & Drink PINDSTRUP MOSEBRUG A/S www.xl-byg.dk www.televic.com Finland Sector: Packaging Facilities Revenue: €50M to €75M www.pindstrup.dk Sector: Wholesale Sector: Telecommunications Revenue: €30M to €40M Sector: Agriculture & Farming Revenue: €50M to €75M AM SECURITY OY Revenue: €20M to €30M ALFAPEOPLE APS & Forestry www.amsecurity.fi www.alfapeople.com Revenue: €100M to €150M FRANCK D.D. Sector: Security Sector: IT & Technology TOURING www.franck.eu Revenue: €30M to €40M www.touring.be Sector: Food & Drink Revenue: €30M to €40M POLAR RAAJAT A/S Estonia Sector: Professional Services Revenue: €100M to €150M www.polarseafood.dk Revenue: €100M to €150M BILLETTEN A/S Sector: Food & Drink AS GRAANUL INVEST ÅNGFARTYGS AKTIEBOLAGET INVEST SEDLIĆ D.O.O. www.billetten.dk Revenue: €75M to €100M www.graanulinvest.ee ALFA Sector: Manufacturing & Engineering www.lundqvist.aland.fi TRIBU www.sedlic.hr Sector: Travel & Leisure Sector: Transportation Revenue: €50M to €75M Revenue: €150M to €250M Sector: Transportation www.tribu.be SPORT24 A/S Revenue: €50M to €75M Sector: Manufacturing Revenue: €20M to €30M www.sport24.dk Revenue: €20M to €30M DINEL A/S Sector: Clothing ESTRAVEL AS KRAŠ D.D. www.dinel.dk Revenue: €50M to €75M www.estravel.ee ISKU INTERIOR OY TRIMBLE www.kras.hr Sector: Utilities Sector: Travel & Leisure www.isku.fi www.trimbletl.com Sector: Food & Drink Revenue: €50M to €75M Revenue: €50M to €75M Sector: Design THOMSEN FOOD LINE A/S Revenue: €75M to €100M Sector: Logistics Revenue: €100M to €150M www.thomsen-foodline.dk Revenue: €20M to €30M EUROWIND ENERGY A/S Sector: Wholesale ETS NORD AS SOLVIS D.O.O. www.ewe.dk Revenue: €50M to €75M www.etsnord.com JAN-ERIK SIGG AB VITAFOR www.solvis.hr Sector: Green Sector: Manufacturing www.siggpac.fi Sector: Manufacturing & Engineering Revenue: €20M to €30M Sector: Agriculture & Farming www.vitafor.com Revenue: €75M to €100M VEGA SALMON A/S PG 42 Sector: Pharmaceutical & Science Revenue: €20M to €30M & Forestry www.vegasalmon.dk Revenue: €20M to €30M Revenue: €20M to €30M KARSTENSENS SKIBSVÆRFT Sector: Food & Drink FAVOR AS A/S Revenue: €100M to €150M www.favor.ee WORLD TRADE Cyprus www.karstensens.dk Sector: Machining KAEFER OY Revenue: €20M to €30M www.kaefer.fi www.world-trade.be Sector: Engineering WECO TANKERS Sector: Food & Drink ALION VEGETABLES Revenue: €100M to €150M Sector: Engineering www.wecotankers.com Revenue: €20M to €30M Revenue: €50M to €75M & FRUIT CO LTD PG 40 Sector: Transportation MISTRA-AUTEX AS www.alionveg.com KEFLICO A/S Revenue: €20M to €30M www.mistra.ee YVES MAES Sector: Food & Drink www.keflico.com Sector: Textiles KOJA OY www.containersmaes.be Revenue: €10M to €20M Sector: Wholesale Revenue: €20M to €30M www.koja.fi Sector: Manufacturing Revenue: €20M to €30M Sector: Manufacturing Revenue: €20M to €30M Revenue: €50M to €75M

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MULTITRONIC OY REALMACHINERY OY AGRO SOURCING AZUR INDUSTRIES CENTRALE CONVERGENCE EKIBIO www.multitronic.fi www.realmachinery.fi www.agrosourcing.com www.azurindustries.com www.convergence-achats.fr www.ekibio.fr Sector: Electronics Sector: Machining Sector: Food & Drink Sector: Manufacturing Sector: Food & Drink Sector: Food & Drink Revenue: €50M to €75M Revenue: €20M to €30M Revenue: €10M to €20M Revenue: €20M to €30M Revenue: €100M to €150M Revenue: €75M to €100M

OULUN KORU OY SKYR AIRNAUTIC FRANCE BABOLAT CENTTHOR ERHARD PATISSIER GLACIER www.oulunkoru.fi www.skyr.fi www.airnautic.fr www.babolat.fr www.centthor.com www.glaces-erhard.com Sector: Retail Sector: Food & Drink Sector: Aviation Services Sector: Retail Sector: Design Sector: Food & Drink Revenue: €50M to €75M Revenue: €20M to €30M Revenue: €30M to €40M Revenue: €100M to €150M Revenue: €30M to €40M Revenue: €40M to €50M

OY ALUSTEEL AB SLM FINLAND OY ALEDA SAS BIOTONE TECHNOLOGIE SA CEREALIS ERIC BOMPARD www.alusteel.fi www.slm.fi www.aleda.fr www.biotone.fr www.cerealis.com www.eric-bompard.com Sector: Machining Sector: Food & Drink Sector: Financial Services Sector: Pharmaceutical & Science Sector: Food & Drink Sector: Clothing Revenue: €20M to €30M Revenue: €20M to €30M Revenue: €75M to €100M Revenue: €20M to €30M Revenue: €150M to €250M Revenue: €50M to €75M

OY CANORAMA AB SOLITA OY ALIZE INTERNATIONAL BOWDEN CHALLANCIN PRÉVENTION EURO TVS – TRAITEMENT www.canorama.fi www.solita.fi www.alize-international.com www.bowden.fr ET SÉCURITÉ VALEURS SERVICES Sector: Electronics Sector: IT & Technology Sector: Food & Drink Sector: Manufacturing www.challancin.fr www.eurotvs.fr Revenue: €20M to €30M Revenue: €40M to €50M Revenue: €40M to €50M Revenue: €20M to €30M Sector: Security Sector: IT & Technology Revenue: €50M to €75M Revenue: €30M to €40M OY KOHIWOOD LTD TUULIWATTI OY ALSTEF AUTOMATION SA BROUSSE-VERGEZ www.kohiwood.fi www.tuuliwatti.fi www.alstef.com www.brousse-vergez.com CHARLOTT’ Sector: Manufacturing Sector: Energy Sector: Manufacturing & Engineering Sector: Food & Drink www.charlott.fr Revenue: €20M to €30M Revenue: €50M to €75M Revenue: €40M to €50M Revenue: €40M to €50M Sector: Clothing (Manufacturing) Revenue: €20M to €30M EUROCOMPOSANT OY MATKAHUOLTO AB ANAVEO CESG SAS CONSULTANTS COMPOSITEWORKS www.eurocomposant.fr www.matkahuolto.fi France www.anaveo.com EUROP SECURITE CHATEAU D’ESCLANS FRANCE Sector: Electronics Sector: Travel & Leisure Sector: Security www.cesg.fr www.esclans.com www.compositeworks.com Revenue: €40M to €50M Revenue: €75M to €100M Revenue: €50M to €75M Sector: Security Sector: Food & Drink Sector: Engineering ABBAKAN FRANCE Revenue: €20M to €30M Revenue: €40M to €50M www.abbakan.com Revenue: €20M to €30M EUROSIT POLAR ELECTRO OY Sector: IT & Technology ANDREZ BRAJON DELANE SI www.eurosit.fr www.polar.com Revenue: €30M to €40M DUPONT EST CETUP – COMPAGNIE CHAULNES TEXTILES CONCEPT EMBALLAGE www.delanesi.com Sector: Travel & Leisure Sector: Fitness & Health www.espace-aubade.fr EUROPEENNE DE TRANSPORTS INDUSTRIES SIGNATURE VOS VINS Sector: Technology Revenue: €30M to €40M Sector: Wholesale UNIQUES PERSONNALISES www.concept-emballage.fr Revenue: €150M to €250M www.cti-sa.fr Revenue: €30M to €40M ACIERNET Revenue: €100M to €150M www.cetup.fr Sector: Packaging Facilities www.aciernet.com Sector: Textiles EVENTEAM Sector: Transportation Revenue: €30M to €40M Revenue: €20M to €30M QVANTEL OY Sector: IT & Technology Revenue: €20M to €30M DIGITAL GLOBAL PASS www.eventeam.fr www.qvantel.com Revenue: €50M to €75M ARMOR INTERIM www.digital-global-pass.fr Sector: Business Services Sector: IT & Technology www.servagroupe.fr/armor-interim/ CLAUGER CONTINENTALE Sector: IT & Technology Revenue: €20M to €30M Revenue: €20M to €30M Sector: Administrative Services CANADELL www.clauger.fr PROTECTIONS Revenue: €50M to €75M AGROBIOTHERS Revenue: €20M to €30M www.canadell.com SERVICES Sector: Machining LABORATOIRE Sector: Consumer Services www.cps-securite.fr EVOX TRADING RAAHEN RAUTAKAUPPA OY Revenue: €100M to €150M www.evox.fr www.agrobiothers.com Revenue: €20M to €30M Sector: Security DIPTYQUE www.ojanrauta.com ATELIERS ROCHE www.diptyqueparis.fr Sector: Telecommunications Sector: Veterinary Services Revenue: €20M to €30M Sector: Retail Revenue: €40M to €50M www.ateliersroche.fr CLEIA Sector: Consumer Services Revenue: €30M to €40M Revenue: €50M to €75M Sector: Manufacturing CAT-AMANIA www.cleia.fr Revenue: €30M to €40M Revenue: €20M to €30M www.cat-amania.com DOMAINES PAUL MAS Sector: Manufacturing Sector: Technology www.paulmas.com EXO INTERNATIONAL Revenue: €20M to €30M www.exo-international.com Revenue: €20M to €30M Sector: Food & Drink DISTRITEC AU FORUM DU BATIMENT www.distritec.eu Sector: Machining Revenue: €40M to €50M www.afdb.fr CNCR GROUP Sector: Logistics Revenue: €20M to €30M Sector: Retail CELAD www.cncr-group.fr Revenue: €20M to €30M Revenue: €100M to €150M www.celad.com DALTYS EST Sector: IT & Technology Sector: IT & Technology www.daltys.com FOLIATEAM Revenue: €20M to €30M www.foliateam.com Revenue: €50M to €75M Sector: Facilities Services DISTRIWAN AVIFRANCE www.distriwan.fr Sector: Telecommunications Revenue: €20M to €30M www.avifrance.fr COMME J’AIME Sector: Telecommunications Revenue: €10M to €20M Sector: Aviation Services CELERIS INFORMATIQUE www.commejaime.fr Revenue: €20M to €30M Revenue: €50M to €75M www.celeris.fr D’ARPÈJE Sector: Food & Drink Sector: IT & Technology www.darpeje.com FRANCE COLLECTIVITES Revenue: €30M to €40M www.france-collectivites.fr Revenue: €20M to €30M Sector: Wholesale DOMINIQUE DUTSCHER AX BIO OCEAN www.dutscher.com Sector: Pharmaceutical & Science Revenue: €20M to €30M www.axbioocean.fr COMPAGNIE GÉNÉRALE DE Sector: Pharmaceutical & Science Revenue: €20M to €30M Sector: Health CENEXI VIDÉOTECHNIQUE Revenue: €75M to €100M Revenue: €20M to €30M www.cenexi.com DAUPHINE ISOLATION www.cgv.fr FROMAGERIE BADOZ Sector: Pharmaceutical & Science ENVIRONNEMENT Sector: Electronics EGG AU CARRÉ www.fromagerie-badoz.com Revenue: €100M to €150M www.di-environnement.com Revenue: €20M to €30M www.egg-events.com Sector: Food & Drink Sector: Environmental Services Sector: Business Services Revenue: €20M to €30M Revenue: €30M to €40M Revenue: €20M to €30M

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GEORGES HELFER SA FRANCE HJC EUROPE IN’TECH MEDICAL LA VIE CLAIRE 1000 COMPANIES www.georgeshelfer.com www.hjc-europe.com www.intech-medical.com www.lavieclaire.com Sector: Import & Export Sector: Retail Sector: Health Sector: Food & Drink Revenue: €40M to €50M Revenue: €30M to €40M Revenue: €30M to €40M Revenue: €100M to €150M €62M ESTONIA SNAPSHOT AVERAGE GERIA CONTRACT HUILERIE CAUVIN INTERWAY LANGA SOLUTION www.geria.fr www.huilecauvin.com www.interway.fr www.langa.fr ESTONIA’S COMPANIES BOAST AN IMPRESSIVE 38% ANNUAL REVENUE Sector: Retail Sector: Food & Drink Sector: IT & Technology Sector: Energy Revenue: €20M to €30M Revenue: €20M to €30M Revenue: €30M to €40M Revenue: €40M to €50M JOB GROWTH AND AVERAGE REVENUE OF €62M. FOR A FULL LIST OF COMPANIES FROM ESTONIA, TURN TO PAGE 119 GUINAULT SA HUTTOPIA INTM LE GRENIER DES www.guinault.com www.huttopia.com www.intm.fr GASTRONOMES Sector: Aviation Services Sector: Travel & Leisure Sector: IT & Technology www.le-grenier-des-gastronomes.fr Revenue: €30M to €40M Revenue: €0M to €10M Revenue: €50M to €75M Sector: Food & Drink Revenue: €20M to €30M IRSH 5 H CHEVALIER IDEAL MEETINGS & EVENTS www.hchevalier.com www.idealgourmet.fr www.independanceroyale.com LIDIS Sector: Professional Services Sector: Business Services Sector: Retail www.lidis.fr NUMBER OF Revenue: €20M to €30M Revenue: €20M to €30M Revenue: €20M to €30M Sector: Food & Drink 2-YEAR JOB COMPANIES Revenue: €20M to €30M GROWTH HAPPY CURL IMV TECHNOLOGIES JARDEL SERVICES www.laboutiqueducoiffeur.com www.imv-technologies.com www.jardeltransport.com LOUIS GENTILIN SAS Sector: Retail Sector: Health Sector: Transportation www.gentilin.com % Revenue: €30M to €40M Revenue: €40M to €50M Revenue: €75M to €100M Sector: Aviation Services 38 Revenue: €30M to €40M HAUTE TECHNOLOGIE ET INIT SYS JIMENEZ F V A INTELLIGENCE www.initsys.fr www.jimenez-fva.com MAISON BOUCHARD www.apside.fr Sector: Telecommunications Sector: Transportation PÈRE ET FILS Sector: IT & Technology Revenue: €20M to €30M Revenue: €30M to €40M www.bouchard-pereetfils.com Revenue: €20M to €30M Sector: Food & Drink INSTITUT TECHNIQUE JM POLYMERS Revenue: €50M to €75M HAWKINS DISTRIBUTION GAZ ET AIR www.jmpolymers.fr www.hawkinsdistribution.com www.itga.fr Sector: Manufacturing MÉCAFI Sector: Import & Export Sector: Environmental Services Revenue: €20M to €30M www.mecafi.eu Revenue: €20M to €30M Revenue: €50M to €75M Sector: Machining JMT ALIMENTATION ANIMALE Revenue: €30M to €40M www.jmt-alimentation-animale.com Sector: Veterinary Services MENODIS Revenue: €20M to €30M www.magasins-u.com Sector: Retail JULES BROCHENIN Revenue: €40M to €50M www.brochenin.com Sector: Food & Drink MONIN Revenue: €50M to €75M www.france.monin.com Sector: Food & Drink KLEE CONSEIL & INTEGRATION Revenue: €75M to €100M www.kleegroup.com Sector: IT & Technology NATURENVIE Revenue: €30M to €40M www.leanature.com Sector: Retail LA BOUTIQUE DES GROUPES Revenue: €100M to €150M www.laboutiquedesgroupes.com Sector: Travel & Leisure NEOBAIE Revenue: €20M to €30M www.neobaie.com Sector: Manufacturing % LA PAYSAGERIE Revenue: €40M to €50M 65 MANUFACTURING www.lapaysagerie.com & ENGINEERING Sector: Landscape Services NEXIRA 3-YEAR COMPOUND Revenue: €30M to €40M www.nexira.com ANNUAL GROWTH COMPANIES Sector: Food & Drink RATE LA PYRÉNÉENNE Revenue: €75M to €100M www.lapyreneenne.com Sector: Cleaning Services 2 Revenue: €40M to €50M

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PROXELIA SOC ASTIER DEMAREST TRATO INDUSTRIES WESTEEL VOYAGES ALFRED H. SCHÜTTE AUER PACKAGING GMBH www.proxelia.fr www.astierdemarest.com www.trato.fr www.westeelvoyages.com GMBH & CO. KG www.auer-packaging.de Sector: Administrative Services Sector: Wholesale Sector: Manufacturing Sector: Travel & Leisure www.schuette.de Sector: Retail Revenue: €20M to €30M Revenue: €20M to €30M Revenue: €30M to €40M Revenue: €20M to €30M Sector: Manufacturing Revenue: €75M to €100M Revenue: €100M to €150M RAIPONCE SOC INDUSTRIELLE RECUP VAN ROBAEYS FRERES AVODAQ AG www.raiponce.fr METAUX www.vanrobaeys.fr Germany AMBAU GMBH www.avodaq.com Sector: Food & Drink www.sirmet.fr Sector: Textiles www.ambau-gmbh.com Sector: IT & Technology Revenue: €20M to €30M Sector: Environmental services Revenue: €20M to €30M ALEGRI INTERNATIONAL Sector: Manufacturing Revenue: €30M to €40M Revenue: €30M to €40M SERVICE GMBH Revenue: €150M to €250M RELAIS VERT VERSAILLES VOYAGES www.alegri.eu BÄCKER GÖRTZ GMBH www.relais-vert.com SOCIETÉ DES EAUX DE MONT www.promosejours.com Sector: IT & Technology ANTON GERL GMBH www.baecker-goertz.de Sector: Food & Drink ROUCOUS Sector: Travel & Leisure Revenue: €20M to €30M www.gerl-dental.de Sector: Food & Drink Revenue: €75M to €100M www.mont-roucous.com Revenue: €100M to €150M Sector: Retail Revenue: €50M to €75M Sector: Food & Drink ACTECH GMBH Revenue: €100M to €150M Revenue: €30M to €40M RICHEL GROUP VERSO FINANCE www.actech.de BAKERMAN GMBH & CO. KG www.richel.fr www.versofinance.fr Sector: Machining APOPROJEKT GMBH www.bakerman.de Sector: Agriculture & Farming SOCIETÉ INDUSTRIELLE Sector: Financial Services Revenue: €30M to €40M www.apoprojekt.de Sector: Food & Drink & Forestry LIMOUSINE D’APPLICATION Revenue: €10M to €20M Sector: Engineering Revenue: €30M to €40M Revenue: €75M to €100M BIOLOGIQUE AHP MERKLE GMBH Revenue: €75M to €100M www.silab.fr VINOBEER www.ahp.de BÄKO HANSA EG Sector: Research & Development S3M SÉCURITÉ www.vandb.fr Sector: Machining ARCLITE LICHTVERTRIEB www.baeko-hansa.de Revenue: €30M to €40M www.agent-surete-securite- Sector: Food & Drink Revenue: €20M to €30M GMBH Sector: Food & Drink surveillance-paris.com Revenue: €30M to €40M ALFAPACK GMBH www.arclite.de Revenue: €150M to €250M Sector: Security SOLUTEC www.alfapack.de Sector: Wholesale NEXTEAM SERVICES PATRICOLA ENTREPRISE Revenue: €20M to €30M www.solutec.fr VISEO Sector: Food & Drink Revenue: €20M to €30M BALDERS UND HEINZE GMBH www.nexteam-group.com www.patricola.fr Sector: IT & Technology www.viseo.com/fr Revenue: €20M to €30M www.balders-heinze.de Sector: Machining Sector: Facilities Services SA ELECTRICITÉ GAY Revenue: €50M to €75M Sector: IT & Technology ARXES-TOLINA GMBH Sector: Wholesale Revenue: €40M to €50M Revenue: €20M to €30M www.gay-electricite.com Revenue: €100M to €150M www.arxes-tolina.de Revenue: €20M to €30M Sector: Professional Services SPH-GERARD BERTRAND Sector: Technology NOMIOS PERRIN ET FILS Revenue: €20M to €30M www.gerard-bertrand.com Revenue: €40M to €50M BARLOG PLASTICS GMBH www.nomios.fr www.familleperrin.com Sector: Food & Drink www.barlogplastics.de Sector: IT & Technology Sector: Food & Drink SA VERMON Revenue: €75M to €100M ASSMANN BÜROMÖBEL Sector: Wholesale Revenue: €30M to €40M Revenue: €50M to €75M www.vermon.com GMBH & CO. KG Revenue: €30M to €40M Sector: Research & Development SYLEPS www.assmann.de Sector: Manufacturing NOSIBE PHARMATIS Revenue: €30M to €40M www.syleps.com BAUMANN GMBH Revenue: €75M to €100M www.nosibe.com www.pharmatis.fr Sector: Engineering www.baumann-automation.com Sector: Food & Drink Sector: Pharmaceutical & Science SAFE Revenue: €20M to €30M Sector: Machining Revenue: €20M to €30M Revenue: €30M to €40M www.safe-group.eu Revenue: €50M to €75M Sector: Logistics SYNCHRONE TECHNOLOGIES ORIENTIS GOURMET PLANISWARE Revenue: €20M to €30M www.synchrone-technologies.fr BECKER-ANTRIEBE GMBH www.orientis-gourmet.com www.planisware.com Sector: IT & Technology www.becker-antriebe.com Sector: Food & Drink Sector: IT & Technology SAFILIN Revenue: €100M to €150M Sector: Manufacturing Revenue: €50M to €75M Revenue: €40M to €50M www.safilin.com Revenue: €50M to €75M Sector: Textiles TERMINAL NORMANDIE MSC OUEST ELECTRO TECHNIQUE PORTAGEO Revenue: €20M to €30M www.tnterminals.com BEETZ BAUELEMENTE GMBH www.oet.fr www.portageo.fr Sector: Warehousing & Storage www.beetz-bauelemente.de Sector: Engineering Sector: Administrative Services SEDEA ELECTRONIQUE Revenue: €75M to €100M Sector: Retail Revenue: €40M to €50M Revenue: €20M to €30M www.sedea.fr Revenue: €20M to €30M Sector: Electronics TEXTO PAPREC TECHNIQUES PRO NATURA Revenue: €30M to €40M www.rivieresdelune.com www.paprec.com BEHRENS-WÖHLK GROUP www.pronatura.com Sector: Clothing Sector: Environmental services www.behrens-woehlk-gruppe.de Sector: Food & Drink Revenue: €30M to €40M Revenue: €20M to €30M SET ENVIRONNEMENT Sector: Professional Services Revenue: €100M to €150M PG 104 Revenue: €100M to €150M www.set-environnement.com TITAN AVIATION PARIS SAINT DENIS AERO PROTECTIM SECURITY Sector: Green www.titan-aviation.com BERNARD KRONE HOLDING www.paris-st-denis.com SERVICES SAS Revenue: €20M to €30M Sector: Aviation Services Sector: Aviation Services GMBH & CO KG www.protectim.fr Revenue: €20M to €30M Revenue: €30M to €40M www.krone-gmbh.com Sector: Security SIGMAPHI Sector: Wholesale Revenue: €30M to €40M PARTNAIRE LOGISTIQUE www.sigmaphi.fr TRANS INTER SUD-OUEST Revenue: €100M to €150M www.partnaire.fr Sector: Manufacturing DE FRET Sector: Logistics Revenue: €20M to €30M www.tisof.eu Revenue: €20M to €30M Sector: Logistics Revenue: €20M to €30M

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BERNHARD KREILING GMBH & CONNEXT COMMUNICATION 1000 COMPANIES CO. KG GMBH www.kreiling.info www.connext.de Sector: Food & Drink Sector: Technology Revenue: €30M to €40M Revenue: €20M to €30M BELGIUM SNAPSHOT BIKAR-ALUMINIUM GMBH CONTROLWARE GMBH BELGIUM HAS 30 COMPANIES LISTED, MOSTLY IN THE NORTH OF www.bikar-aluminium.com www.controlware.de Sector: Manufacturing Sector: IT & Technology THE COUNTRY, WITH 33% 2-YEAR JOB GROWTH. FOR A FULL LIST OF €42M Revenue: €50M to €75M Revenue: €150M to €250M COMPANIES FROM BELGIUM, TURN TO PAGE 116 AVERAGE BIO-ZENTRALE COR SEATING HELMUT LÜBKE REVENUE NATURPRODUKTE GMBH GMBH & CO. KG www.biozentrale.de www.cor.de Sector: Wholesale Sector: Retail Revenue: €50M to €75M Revenue: €30M to €40M

BIRGROUP HOLDING GMBH & COROPLAST FRITZ MÜLLER 30 CO. KG GMBH & CO. KG www.birfood.de www.coroplast.de NUMBER OF Sector: Cleaning Services Sector: Manufacturing COMPANIES Revenue: €50M to €75M Revenue: €250M+

BMZ GRUPPE PG 49 DACHDECKER-EINKAUF SÜD DPL DEUTSCHE PALETTEN FECKEN-KIRFEL www.bmz-gmbh.de EG (DE SÜD) LOGISTIK GMBH GMBH & CO. KG Sector: Manufacturing & Engineering www.deg-sued.de www.dpl-pooling.com www.fecken-kirfel.de % Revenue: €150M to €250M Sector: Wholesale Sector: Logistics Sector: Manufacturing 42 Revenue: €50M to €75M Revenue: €30M to €40M Revenue: €250M+ 3-YEAR COMPOUND BSS BRANDSCHUTZ SICHELSTIEL GMBH DAS ENVIRONMENTAL EXPERT DTH TIEMANN GMBH FKUR KUNSTSTOFF GMBH ANNUAL GROWTH www.brandschutz-sichelstiel.de GMBH www.dth-tiemann.de www.fkur.com RATE Sector: Professional Services www.das-europe.com Sector: Wholesale Sector: Manufacturing Revenue: €30M to €40M Sector: Environmental Services Revenue: €40M to €50M Revenue: €20M to €30M Revenue: €40M to €50M BUHL DATA SERVICE GMBH EBL-NATURKOST GMBH & CO G & S BUILDING AND www.buhl.de DBK DAVID + BAADER GMBH www.ebl-naturkost.de SECURITY SERVICE GMBH Sector: IT & Technology www.dbk-group.com Sector: Retail www.gundsberlin.de Revenue: €100M to €150M Sector: Electronics Revenue: €50M to €75M Sector: Cleaning Services Revenue: €75M to €100M Revenue: €20M to €30M BURGIS GMBH EN.PLUS GMBH www.burgis.de DELO INDUSTRIE KLEBSTOFFE www.en-plus.eu GARMO AG Sector: Food & Drink GMBH & CO. KGAA Sector: Engineering www.garmo.de Revenue: €30M to €40M www.delo.de Revenue: €20M to €30M Sector: Wholesale Sector: Manufacturing & Engineering Revenue: €100M to €150M FOOD & DRINK BÜROMARKT BÖTTCHER AG Revenue: €75M to €100M ENERTRAG AG COMPANIES www.bueromarkt-ag.de www.enertrag.com GLOBAL MEAT GMBH Sector: Retail DENKER & WULF AG Sector: Green & CO. KG Revenue: €100M to €150M www.denkerwulf.de Revenue: €150M to €250M www.global-meat.de Sector: Engineering Sector: Wholesale 3 Revenue: €40M to €50M C. JOSEF LAMY GMBH Revenue: €250M+ ENTIREINFRA GMBH REGISTERED www.lamy.de www.e-infra.com Sector: Manufacturing & Engineering DEUTSCHE WINDTECHNIK AG Sector: Engineering GOM GMBH TRADEMARKS Revenue: €75M to €100M www.deutsche-windtechnik.com Revenue: €20M to €30M www.gom.com Sector: Environmental Services Sector: Manufacturing Revenue: €100M to €150M C.H. MÜLLER GMBH Revenue: €75M to €100M EPS GMBH 2-YEAR JOB www.chmueller.eu www.eps-gmbh.com 60 Sector: Textiles DORMERO DEUTSCHLAND Sector: Wholesale GROUP7 AG GROWTH Revenue: €50M to €75M BETRIEBS GMBH Revenue: €20M to €30M www.group-7.de www.dormero.de Sector: Logistics Revenue: €75M to €100M % CANYON BICYCLES GMBH Sector: Travel & Leisure EWM AG www.canyon.com Revenue: €40M to €50M www.ewm-group.com 33 Sector: Retail Sector: Manufacturing Revenue: €150M to €250M Revenue: €40M to €50M

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HEW-KABEL GMBH INTERSTUHL BÜROMÖBEL KSG LEITERPLATTEN GMBH MEAB MULAG FAHRZEUGWERK HEINZ OTTO HARRASSOWITZ GMBH www.hew-kabel.com GMBH & CO. KG www.ksg.de www.meab.de WÖSSNER GMBH U. CO. KG & CO. KG Sector: Manufacturing www.interstuhl.de Sector: Manufacturing Sector: Environmental Services www.mulag.de www.harrassowitz.de Revenue: €50M to €75M Sector: Manufacturing Revenue: €75M to €100M Revenue: €100M to €150M Sector: Manufacturing Sector: Business Services Revenue: €100M to €150M Revenue: €50M to €75M Revenue: €150M to €250M HKS DREH-ANTRIEBE GMBH KUMAVISION AG MELEGHY AUTOMOTIVE GMBH www.hks-partner.com IT2U GMBH www.kumavision.de & CO. KG MÜLLER-LICHT PARADIESFRUCHT GMBH Sector: Machining www.it2u.de Sector: IT & Technology www.meleghyautomotive.de INTERNATIONAL GMBH www.paradise-fruits.de Revenue: €20M to €30M Sector: Professional Services Revenue: €30M to €40M Sector: Manufacturing www.mueller-licht.de Sector: Food & Drink Revenue: €100M to €150M Revenue: €150M to €250M Sector: Wholesale Revenue: €50M to €75M HOLZ-RICHTER GMBH L.B. BOHLE MASCHINEN + Revenue: €50M to €75M www.holz-richter.de JULIUS ZORN GMBH VERFAHREN GMBH MERCATEO AG PAUL MUELLER GMBH Sector: Wholesale www.juzo.de www.lbbohle.de www.mercateo.com NASS MAGNET GMBH www.paulmueller.de Revenue: €50M to €75M Sector: Health Sector: Engineering Sector: Business Services www.nassmagnet.de Sector: Professional Services Revenue: €50M to €75M Revenue: €50M to €75M Revenue: €150M to €250M Sector: Electronics Revenue: €40M to €50M HORST SCHOLZ GMBH & CO. KG Revenue: €30M to €40M www.scholz-htik.de KARL ETZEL GMBH LÄMMLE HOLZVERARBEITUNG MESSRING SYSTEMBAU MSG PHYSIK INSTRUMENTE (PI) Sector: Manufacturing www.karletzel-gmbh.de GMBH GMBH NEUERO FARM- UND GMBH & CO. KG Revenue: €30M to €40M Sector: Manufacturing www.laemmle-holz.de www.messring.de FÖRDERTECHNIK GMBH www.physikinstrumente.de Revenue: €50M to €75M Sector: Logistics Sector: Manufacturing www.neuero-farm.de Sector: Research & Development Revenue: €100M to €150M HQM SACHSENRING GMBH Revenue: €20M to €30M Revenue: €20M to €30M Sector: Agriculture & Farming & www.hqm-gruppe.de KERN MICROTECHNIK GMBH Forestry Sector: Engineering www.kern-microtechnik.com LANDBÄCKEREI IHLE GMBH & MILLER ANLAGEN GMBH Revenue: €30M to €40M PIER 7 FOODS IMPORT GMBH Revenue: €75M to €100M Sector: Machining CO. KG www.miller-anlagen.de www.pier7.de Revenue: €20M to €30M www.ihle.de Sector: Leasing OCULUS OPTIKGERÄTE GMBH Sector: Wholesale HS PRODUCTS ENGINEERING Sector: Food & Drink Revenue: €75M to €100M www.oculus.de Revenue: €40M to €50M GMBH KGW SCHWERINER Revenue: €50M to €75M Sector: Manufacturing www.hsp-engineering.de MASCHINEN- UND MKN KURT NEUBAUER Revenue: €50M to €75M PLOCK GMBH Sector: Machining ANLAGENBAU GMBH LANDBELL GMBH FACTORY www.plockgmbh.de Revenue: €20M to €30M www.kgw-schwerin.de www.landbell.de GMBH & CO. KG OMNITRADE Sector: Consumer Services Sector: Engineering Sector: Environmental Services www.mkn.eu HANDELSGESELLSCHAFT MBH Revenue: €30M to €40M HTM HELICOPTER TRAVEL Revenue: €75M to €100M Revenue: €150M to €250M Sector: Manufacturing EUROFOOD MUNICH GMBH Revenue: €75M to €100M HANDELSGESELLSCHAFT MBH PROSPEGA GMBH www.helitravel.de KLAUS MULTIPARKING GMBH LANDWÄRME GMBH www.omnitrade-hamburg.com www.prospega.de Sector: Aviation Services www.multiparking.com www.landwaerme.de MOBA MOBILE AUTOMATION Sector: Wholesale Sector: Media Revenue: €20M to €30M Sector: Manufacturing Sector: Consumer Services AG Revenue: €150M to €250M Revenue: €40M to €50M Revenue: €40M to €50M Revenue: €100M to €150M www.moba.de HUBER PACKAGING GROUP Sector: Manufacturing PROWIN WINTER GMBH GMBH KNUTH WERKZEUGMASCHINEN MAIREC Revenue: €40M to €50M www.prowin.net Sector: Consumer Services HAINBUCH GMBH HAUS SCHAEBEN www.huber-packaging.com GMBH EDELMETALLGESELLSCHAFT Sector: Packaging Facilities www.knuth.de Revenue: €100M to €150M SPANNENDE TECHNIK GMBH & CO. KG MBH MOMOX GMBH Revenue: €150M to €250M Sector: Wholesale www.mairec.com www.momox.biz www.hainbuch.com www.schaebens.de Revenue: €30M to €40M Sector: Environmental Services Sector: Retail Sector: Machining Sector: Retail Revenue: €150M to €250M Revenue: €100M to €150M Revenue: €75M to €100M Revenue: €50M to €75M IBAK HELMUT HUNGER GMBH & CO KG KONRAD FRIEDRICHS GMBH & www.ibak.de HAIX GROUP HEINRICH VON CO. KG MALAG & SOLTAU GMBH Sector: Machining www.german-carbide.com www.malag-soltau.de www.haix.com ALLWÖRDEN GMBH Revenue: €50M to €75M Sector: Wholesale Sector: Wholesale Sector: Manufacturing & Engineering www.von-allwoerden.de Revenue: €50M to €75M Revenue: €30M to €40M Revenue: €100M to €150M Sector: Food & Drink Revenue: €100M to €150M INFECTOPHARM HARRO HÖFLIGER ARZNEIMITTEL UND KOSATEC COMPUTER GMBH MARTRADE SERVICES GMBH VERPACKUNGSMASCHINEN HELMUT HECHINGER GMBH & CONSILIUM GMBH www.kosatec.de www.martrade-shipping.de www.infectopharm.com Sector: IT & Technology Sector: Logistics GMBH CO. KG Sector: Pharmaceutical & Science Revenue: €100M to €150M Revenue: €40M to €50M www.hoefliger.com www.hechinger.de Revenue: €75M to €100M Sector: Manufacturing & Engineering Sector: Machining Revenue: €150M to €250M Revenue: €75M to €100M KRANKIKOM GMBH MASTERRIND GMBH INTERGUSTO GMBH www.krankikom.de www.masterrind.com HARTKORN HENNIG ARZNEIMITTEL www.inter-gusto.de Sector: Media Sector: Agriculture & Farming & Sector: Retail Revenue: €30M to €40M Forestry GEWÜRZMÜHLE GMBH GMBH & CO. KG Revenue: €30M to €40M Revenue: €150M to €250M www.hartkorn-gewuerze.de www.hennig-am.de Sector: Food & Drink Sector: Pharmaceutical & Science KRÜGER & GOTHE GMBH Revenue: €20M to €30M Revenue: €40M to €50M www.kug-ems.de Sector: Electronics Revenue: €30M to €40M

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PSB INTRALOGISTICS GMBH RIEDEL COMMUNICATIONS SEEPEX GMBH SWYX SOLUTIONS AG 1000 COMPANIES www.psb-gmbh.de GMBH & CO. KG www.seepex.com www.swyx.com Sector: Manufacturing & Engineering www.riedel.net Sector: Manufacturing Sector: Technology Revenue: €75M to €100M Sector: Technology Revenue: €100M to €150M Revenue: €30M to €40M Revenue: €75M to €100M BULGARIA SNAPSHOT PTC GERMANY GMBH SEIDEL GMBH & CO. KG TARGA GMBH www.ptcgermany.de RÖDER HTS HÖCKER GMBH www.seidel.de www.targa.de BULGARIA’S 76% 2-YEAR JOB GROWTH IS AN IMPRESSIVE FIGURE. FOR A Sector: Wholesale www.roeder-hts.de Sector: Manufacturing Sector: Wholesale Revenue: €100M to €150M Sector: Facilities Services Revenue: €75M to €100M Revenue: €75M to €100M FULL LIST OF COMPANIES FROM BULGARIA, TURN TO PAGE 118 Revenue: €100M to €150M RAHM ZENTRUM FÜR SIEBENWURST WERKZEUGBAU TECONJA MBH GESUNDHEIT ROSE BIKES GMBH GMBH www.teconja.de www.rahm.de www.rosebikes.de www.siebenwurst-wzb.de Sector: Transportation Sector: Fitness & Health Sector: Retail Sector: Manufacturing Revenue: €20M to €30M Revenue: €50M to €75M Revenue: €75M to €100M Revenue: €20M to €30M TELENOT ELECTRONIC GMBH €25M RALF BOHLE GMBH RUDOLF OSTERMANN GMBH SIEGER GMBH www.telenot.de www.schwalbe.com www.ostermann.eu www.sieger.eu Sector: Electronics CONSUMER AVERAGE Sector: Retail Sector: Professional Services Sector: Manufacturing Revenue: €50M to €75M 5 SERVICES REVENUE Revenue: €100M to €150M Revenue: €75M to €100M Revenue: €50M to €75M NUMBER OF THERMOFIN GMBH COMPANY RAUSCH & PAUSCH GMBH SBN WÄLZLAGER SIMEONSBETRIEBE GMBH www.thermofin.de COMPANIES www.rapa.com GMBH & CO. KG www.sitex.de Sector: Manufacturing Sector: Manufacturing www.sbn.de Sector: Textiles Revenue: €50M to €75M Revenue: €100M to €150M Sector: Wholesale Revenue: €75M to €100M 1 Revenue: €20M to €30M THOMAS MAGNETE GMBH REINERT LOGISTIC GMBH & SPREADSHIRT GMBH www.thomas-magnete.com CO. KG SCHNEIDER GMBH & CO.KG www.spreadshirt.de Sector: Manufacturing www.reinert-logistic.com www.schneider-om.com Sector: Clothing Revenue: €100M to €150M Sector: Transportation Sector: Manufacturing Revenue: €50M to €75M Revenue: €100M to €150M Revenue: €100M to €150M TIB CHEMICALS AG STAHL WINDENERGIE GMBH www.tib-chemicals.com SCHÖLLY FIBEROPTIC GMBH www.stahl-windenergie.de Sector: Chemicals www.schoelly-group.de Sector: Energy Revenue: €150M to €250M Sector: Manufacturing Revenue: €50M to €75M Revenue: €100M to €150M TOPTICA PHOTONICS AG STENGEL GMBH www.toptica.com SCHREINER GROUP www.stengel-gmbh.de Sector: Electronics www.schreiner-group.de Sector: Engineering Revenue: €30M to €40M Sector: Professional Services Revenue: €50M to €75M Revenue: €150M to €250M TRANS SERVICE TEAM GMBH STENGELE HOLZ- U. www.trans-service-team.com SCHUKAT ELECTRONIC KUNSTSTOFFTECHNIK GMBH Sector: Warehousing & Storage VERTRIEBS GMBH www.stengele.com Revenue: €100M to €150M www.schukat.com Sector: Manufacturing Sector: Wholesale Revenue: €20M to €30M TREDY-FASHION GMBH Revenue: €75M to €100M www.tredy-fashion.de STÜRMER MASCHINEN GMBH Sector: Textiles SCHUM EUROSHOP GMBH & www.stuermer-maschinen.de Revenue: €50M to €75M CO. KG Sector: Wholesale www.schum-euroshop.de Revenue: €50M to €75M TRUE FRUITS GMBH Sector: Retail www.true-fruits.com Revenue: €75M to €100M STUTE LOGISTICS AG & CO.KG Sector: Food & Drink % www.stute.de Revenue: €30M to €40M 2-YEAR JOB Sector: Warehousing & Storage GROWTH 147 Revenue: €20M to €30M TÜRK+HILLINGER GMBH 3-YEAR COMPOUND www.tuerk-hillinger.de SVA SYSTEM VERTRIEB Sector: Manufacturing % ANNUAL GROWTH ALEXANDER GMBH Revenue: €40M to €50M RATE www.sva.de 76 Sector: IT & Technology Revenue: €250M+

130 131 DIRECTORY

ARCHITECTURAL ALUMINIUM INTERNATIONAL MUNSTER JOINERY LIMITED ANTICA CERAMICA RUBIERA Hungary LIMITED WAREHOUSING & TRANSPORT www.munsterjoinery.ie www.anticaceramica.it www.arcal.ie LIMITED Sector: Green Sector: Manufacturing ALFÖLDI NYOMDA ZRT Sector: Engineering www.iwt-irl.com Revenue: €50M to €75M Revenue: €30M to €40M www.anyrt.hu Revenue: €10M to €20M Sector: Warehousing and Storage PORTWEST LIMITED Sector: Professional Services Revenue: €40M to €50M www.portwest.com Revenue: €20M to €30M ART COSMETICS S.R.L. ARVUM GROUP LIMITED Sector: Clothing (Manufacturing) www.artcosmetics.it www.arvumgroup.ie IRISH BACON SLICERS Revenue: €100M to €150M Sector: Manufacturing ALFÖLDVÍZ ZRT Sector: Agriculture & Farming LIMITED Revenue: €40M to €50M www.bekesvizmu.hu & Forestry www.irishbaconslicers.com ROCKABILL SEAFOOD LIMITED Sector: Environmental Services Revenue: €20M to €30M Sector: Food & Drink www.rockabill.ie Revenue: €40M to €50M ARTES Revenue: €30M to €40M Sector: Wholesale www.artesonline.it CLUB TRAVEL Revenue: €20M to €30M Sector: Textiles CSABACAST METAL CASTING www.clubtravel.ie JENKINSON LOGISTICS Revenue: €30M to €40M LIMITED Sector: Travel & Leisure www.jenkinson.ie SHAY MURTAGH PRECAST LTD www.csabacast.hu Revenue: €100M to €150M Sector: Logistics www.shaymurtagh.ie Sector: Machining ASSO GROUP URSAPHARM Revenue: €40M to €50M Sector: Manufacturing www.assospa.com Revenue: €30M to €40M Revenue: €30M to €40M ARZNEIMITTEL GMBH COLORMAN (IRELAND) Sector: Clothing (Manufacturing) www.ursapharm.de LIMITED LIFES2GOOD Revenue: €20M to €30M ECSERI KFT. Sector: Pharmaceutical & Science www.colorman.ie www.lifes2good.com VISTATEC LIMITED www.ecserikft.hu Revenue: €150M to €250M CHATZIGEORGIOU S.A.- Sector: Business Services Sector: Health www.vistatec.ie Sector: Machining BIANCHI INDUSTRIAL SPA WICKE GMBH + CO. KG ALMOND PRODUCTS Revenue: €20M to €30M Revenue: €50M to €75M Sector: IT & Technology www.bianchi-industrial.it Revenue: €30M to €40M www.wicke.com www.perle.gr Revenue: €20M to €30M Sector: Wholesale VELOX GMBH Sector: Retail Sector: Manufacturing CREWLINK IRELAND LIMITED LOTUSWORKS Revenue: €100M to €150M www.velox.com Revenue: €20M to €30M INOTAL Sector: Retail Revenue: €100M to €150M www.crewlink.ie www.lotusworks.com ALUMÍNIUMFELDOLGOZÓ ZRT. Revenue: €150M to €250M Sector: Aviation Services Sector: Engineering www.inotal.hu Italy BIOFARMA SPA WILHELM KNEITZ AG COSMOS SPORT SA Revenue: €50M to €75M Revenue: €50M to €75M www.biofarma.it Sector: Manufacturing www.kneitz.de www.cosmossport.gr Sector: Manufacturing & Engineering VOGTLÄNDISCHES KABELWERK Sector: Retail Revenue: €100M to €150M A.D. TUBI INOSSIDABILI SPA Sector: Textiles EVROS TECHNOLOGY GROUP MCLOUGHLINS RS Revenue: €50M to €75M GMBH Revenue: €20M to €30M www.adtubi.com Revenue: €40M to €50M www.evros.ie www.mcloughlins.ie www.voka.de MENTO KÖRNYEZETKULTÚRA Sector: Manufacturing Sector: Manufacturing & Engineering Sector: IT & Technology Sector: Wholesale Revenue: €30M to €40M KFT BLM SPA Revenue: €150M to €250M WILLMS FLEISCH GMBH EMELCO LTD Revenue: €40M to €50M Revenue: €20M to €30M www.blmgroup.com www.willms-fleisch.de www.emelko.gr www.mentokft.hu ADELAIDE SPA Sector: Manufacturing & Engineering Sector: Food & Drink Sector: Food & Drink Sector: Environmental Services VTOURS GMBH GLENNON BROTHERS MICHAEL DIXON www.adelaidespaandsalon.com Revenue: €150M to €250M Revenue: €150M to €250M Revenue: €20M to €30M Revenue: €30M to €40M www.vtours.de www.glennonbrothers.ie INTERNATIONAL TRANSPORT Sector: Travel & Leisure Sector: Manufacturing & Engineering LIMITED Sector: Travel & Leisure REGIO JÁTÉKKERESKEDELMI Revenue: €50M to €75M BMR Revenue: €150M to €250M WIPOTEC GMBH E-TRAVEL SA Revenue: €100M to €150M www.dixontransport.com www.bmr.it www.wipotec.de www.e-travel.gr KFT Sector: Transportation ALUBERG SPA Sector: Manufacturing Sector: Engineering Sector: Travel & Leisure www.en.regiotoy.hu Revenue: €20M to €30M W. NEUDORFF GMBH KG PG 100 www.aluberg.it Revenue: €50M to €75M Revenue: €100M to €150M Revenue: €20M to €30M Sector: Wholesale www.neudorff.de Revenue: €20M to €30M Sector: Manufacturing Sector: Green Revenue: €75M to €100M BRUNO GENERATOR Revenue: €75M to €100M WKS GROUP HELLENIC JUICES SA www.brunogenerators.it www.wksgroup.de www.hellenicjuices.gr SEMILAB ZRT. ANASTASI SRL Sector: Manufacturing Sector: Engineering Sector: Retail www.semilab.hu W. RENNER GMBH www.anastasisrl.it Revenue: €75M to €100M Revenue: €30M to €40M Revenue: €20M to €30M Sector: Manufacturing & Engineering www.renner-baustoffe.de Revenue: €30M to €40M Sector: Food & Drink Sector: Professional Services Revenue: €20M to €30M BRUNO SRL Revenue: €50M to €75M WOLLIN GMBH LARSINOS SA www.brunosrl.net UBM TRADE ZRT www.wollin.de www.larsinos.gr Sector: Food & Drink Sector: Chemicals www.ubm.hu WACHTEL GMBH Sector: Manufacturing & Engineering Revenue: €30M to €40M Revenue: €20M to €30M Revenue: €50M to €75M Sector: Wholesale www.wachtel.de Revenue: €30M to €40M Sector: Manufacturing CPC SRL MEGA DISPOSABLES SA Revenue: €30M to €40M VMD KÓRHÁZI TECHNOLÓGIAI www.modelleriacpc.it www.megadis.gr Sector: Manufacturing Greece ZRT Sector: Health Revenue: €30M to €40M WEILING GMBH Revenue: €100M to €150M www.vmd.hu www.weiling.de VIOLAR S.A. Sector: Health Sector: Wholesale www.markoubros.com Revenue: €30M to €40M CAFFO MEGAPLAST SA Revenue: €150M to €250M Sector: Manufacturing & Engineering www.caffo.com www.megaplast.gr Revenue: €50M to €75M Sector: Food & Drink Sector: Manufacturing Revenue: €40M to €50M WERGONA CHOCOLATE GMBH Revenue: €20M to €30M Ireland www.wergona.com AGRIFREDA SA Sector: Food & Drink www.agrifreda.gr CARTIERE SACI SPA Revenue: €75M to €100M AEROGEN LIMITED PG 46 www.cartieresaci.com Sector: Food & Drink www.aerogen.com Revenue: €20M to €30M Sector: Manufacturing Sector: Manufacturing & Engineering Revenue: €50M to €75M Revenue: €30M to €40M

132 133 DIRECTORY COUNTRY OVERVIEW

CARTOTECNICA GOLDPRINT DAEM SPA – BUONRISTORO FORA GALILEO 1000 COMPANIES www.cartotecnicagoldprint.it VENDING GROUP www.fora.it www.galileospa.com Sector: Packaging Facilities www.buonristoro.com Sector: Health Sector: Wholesale Revenue: €30M to €40M Sector: Machining Revenue: €40M to €50M Revenue: €50M to €75M Revenue: €100M to €150M CYPRUS SNAPSHOT CASEIFICIO VALDOSTANO DEMETRA FORGIALLUMINIO 3 SRL GMM SPA www.caseificiovaldostano.com www.demetrasrl.it www.forgialluminio.it www.gmm.it CYPRUS’S LISTED COMPANIES ARE CLUSTERED AROUND NICOSIA Sector: Food & Drink Sector: Food & Drink Sector: Manufacturing Sector: Machining Revenue: €20M to €30M Revenue: €20M to €30M Revenue: €20M to €30M Revenue: €30M to €40M AND LIMASSOL, BUT A VARIETY OF SECTORS ARE REPRESENTED. FOR A FULL LIST OF COMPANIES FROM CYPRUS, TURN TO PAGE 118 CLEAF SPA DMT FORMENTI & GIOVENZANA SPA GOMA ELETTRONICA SPA www.cleaf.it www.dmtcycling.com www.fgvitaly.com www.gomaelettronica.it €52M Sector: Manufacturing Sector: Clothing (Manufacturing) Sector: Manufacturing & Engineering Sector: Electronics Revenue: €100M to €150M Revenue: €75M to €100M Revenue: €150M to €250M Revenue: €30M to €40M AVERAGE REVENUE COLFIORITO DOLCIARIA ACQUAVIVA FULL SPOT SPA H.S.A. COSMETICS www.fertitecnicacolfiorito.it www.dolciariaacquaviva.com www.corporate.obag.it www.hsacosmetics.com Sector: Food & Drink Sector: Food & Drink Sector: Clothing (Manufacturing) Sector: Manufacturing Revenue: €20M to €30M Revenue: €30M to €40M Revenue: €50M to €75M Revenue: €30M to €40M

COLMAR ECONORD GALBA SRL HAEMOTRONIC www.colmar.it www.econord.it www.galba.it www.haemotronic.it Sector: Clothing Sector: Environmental Services Sector: Machining Sector: Health Revenue: €100M to €150M Revenue: €150M to €250M Revenue: €50M to €75M Revenue: €30M to €40M FOOD & DRINK COMPANIES COMAC SPA ELETTROSUD SRL HERNO www.comac.it www.elettrosud.net www.herno.it Sector: Machining Sector: Electronics Sector: Clothing Revenue: €75M to €100M Revenue: €20M to €30M Revenue: €50M to €75M 3

COMACCHIO S.R.L. FARA INDUSTRIALE SRL HINOWA SPA www.comacchio-industries.it www.faraindustriale.com www.hinowa.com Sector: Machining Sector: Manufacturing Sector: Machining Revenue: €40M to €50M Revenue: €30M to €40M Revenue: €30M to €40M

COPAN ITALIA SPA FARMOL SPA HUWELL www.copangroup.com www.farmol.it www.huwell.it Sector: Health Sector: Manufacturing Sector: Chemicals Revenue: €100M to €150M Revenue: €50M to €75M Revenue: €30M to €40M

COSMOPOL SRL FILTREX SRL ILCAM SPA www.cosmopolsrl.com www.filtrex.it www.ilcam.com Sector: Security Sector: Manufacturing Sector: Manufacturing Revenue: €50M to €75M Revenue: €30M to €40M Revenue: €150M to €250M

CPA SRL FINSEL SRL INDUSTRIALE CHIMICA SRL www.cpa-it.it www.gruppocaramia.it www.chemogroup.com Sector: Machining Sector: Utilities Sector: Pharmaceutical & Science Revenue: €30M to €40M Revenue: €40M to €50M Revenue: €50M to €75M

CRIPPA SPA FIORENTINI INDUTEX www.crippa.it www.fiorentinialimentari.it www.indutexspa.com % Sector: Manufacturing Sector: Food & Drink Sector: Clothing Revenue: €50M to €75M 6 Revenue: €30M to €40M Revenue: €20M to €30M

FLOTT 5 3-YEAR COMPOUND CROMODORA WHEELS SPA www.cromodorawheels.it www.flottspa.it NUMBER OF ANNUAL GROWTH Sector: Manufacturing & Sector: Food & Drink RATE Engineering Revenue: €50M to €75M COMPANIES Revenue: €150M to €250M

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ISAIA MARIO LEVI SPA NERI SPA TECNOPRESS ELPIS SIA www.isaia.it www.marioleviitalia.it www.neri.biz ROSSINI SPA www.tecnopress.it www.elpis.lv Sector: Clothing Sector: Textiles Sector: Landscape Services www.rossini-spa.it Sector: Manufacturing Sector: Wholesale Revenue: €40M to €50M Revenue: €75M to €100M Revenue: €20M to €30M Sector: Manufacturing Revenue: €50M to €75M Revenue: €30M to €40M Revenue: €50M to €75M LA FINESTRA SUL CIELO MARMI CARRARA SRL NEWCHEM SPA SA.GE.VAN. MARMI TOSCOTEC S.P.A. PG 54 FOREVERS SIA www.lafinestrasulcielo.it www.marmidicarrara.com www.newchemspa.com www.sagevanmarmi.com www.toscotec.com www.forevers.lv Sector: Food & Drink Sector: Manufacturing Sector: Pharmaceutical & Science Sector: Design Sector: Manufacturing & Engineering Sector: Food & Drink Revenue: €20M to €30M Revenue: €30M to €40M Revenue: €50M to €75M Revenue: €30M to €40M Revenue: €100M to €150M Revenue: €30M to €40M

LANIFICIO LUIGI RICCERI MAZZUCCHELLI 1849 SPA NORD ENGINEERING SRL SACCHETTO SRL TRAVAGLINI POLIPAKS SIA www.lanificioricceri.it www.mazzucchelli1849.it www.nordengineering.com www.sacchettovini.it www.travaglini.it www.polipaks.com Sector: Textiles Sector: Manufacturing & Engineering Sector: Engineering Sector: Food & Drink Sector: Manufacturing Sector: Manufacturing & Engineering Revenue: €30M to €40M Revenue: €150M to €250M Revenue: €30M to €40M Revenue: €30M to €40M Revenue: €30M to €40M Revenue: €30M to €40M

LA SELVA PESCA SRL MILLEUNO SPA OTTOD’AME SANTA MARGHERITA TRIVI SRL www.nuovalaselvapesca.it www.milleunobingo.it www.ottodame.it www.santamargherita.net www.trivisrl.com Sector: Food & Drink Sector: Travel & Leisure Sector: Clothing Sector: Manufacturing Sector: Manufacturing Lithuania Revenue: €30M to €40M Revenue: €100M to €150M Revenue: €20M to €30M Revenue: €50M to €75M Revenue: €20M to €30M STATICUS UAB PG 57 www.staticus.com

LA SPORTIVA MODUS FM SPA PAGANI SIDER ENGINEERING SPA UNITEC SPA Sector: Manufacturing & Engineering www.siderengineering.it www.lasportiva.com www.modusfm.it www.pagani.com www.unitec-group.com Revenue: €40M to €50M Sector: Clothing (Manufacturing) Sector: Facilities Services Sector: Design Sector: Engineering Sector: Manufacturing Revenue: €75M to €100M Revenue: €20M to €30M Revenue: €50M to €75M Revenue: €50M to €75M Revenue: €50M to €75M UAB AURIKA www.aurika.lt

LTC MONVISO PALMIERI GROUP SOLARI DI UDINE UNIVERSAL PACK SRL Sector: Packaging Facilities www.solari.it www.ltc.it www.panmonviso.it www.palmierigroup.com www.upack.net Revenue: €30M to €40M Sector: Manufacturing Sector: Food & Drink Sector: Construction & Property Sector: Manufacturing Sector: Manufacturing Revenue: €150M to €250M Revenue: €30M to €40M Revenue: €50M to €75M Revenue: €50M to €75M Revenue: €20M to €30M UAB JUODELIAI www.juodeliai.com

MARE SPA MORETTO SPA PANDOLFO ALLUMINIO SPA SPEA VETRORESINA Sector: Agriculture & Farming www.spea.com www.mare.com www.moretto.com www.pandolfo.it www.vetroresina.com & Forestry Sector: Manufacturing Sector: Chemicals Sector: Engineering Sector: Manufacturing Sector: Manufacturing Revenue: €30M to €40M Revenue: €100M to €150M Revenue: €20M to €30M Revenue: €100M to €150M Revenue: €75M to €100M Revenue: €50M to €75M

UAB KURANA PHARMA MT LTD MARGARITELLI FERROVIARIA NARDI SPA PARMOVO SRL SPECIAL SPRINGS SRL VHERNIER SPA www.kurana.lt MANNELLI ELECTRONICS S.A www.specialsprings.com www.pharmamt.com SPA www.nardigarden.it www.parmovo.com www.vhernier.it Sector: Chemicals www.mannelli.lu Sector: Manufacturing Sector: Wholesale www.margaritelliferroviaria.com Sector: Manufacturing Sector: Food & Drink Sector: Wholesale Revenue: €20M to €30M Sector: Professional Services Sector: Manufacturing Revenue: €30M to €40M Revenue: €100M to €150M Revenue: €30M to €40M Revenue: €20M to €30M Revenue: €20M to €30M Revenue: €0M to €10M Revenue: €75M to €100M UAB YUKON ADVANCED STILCURVI SCOTTS LTD PHSHOP SR VITILLO SPA OPTICS WORLDWIDE VOYAGES EMILE WEBER www.stilcurvi.it www.scotts.com.mt MARINI IMPIANTI www.phshop.it www.vitillo.it www.yukonopticsglobal.com www.voyages-weber.lu Sector: Manufacturing Sector: Retail www.mariniimpianti.it Sector: Pharmaceutical & Science Sector: Manufacturing Sector: Wholesale Sector: Travel & Leisure Revenue: €20M to €30M Revenue: €40M to €50M Sector: Engineering Revenue: €50M to €75M Revenue: €40M to €50M Revenue: €20M to €30M Revenue: €100M to €150M Revenue: €20M to €30M PIETRO ROSA TBM SUGAR S.R.L WALDNER TECNOLOGIE www.pietrorosatbm.it www.sugar.it MEDICALI SRL SU Malta Netherlands Sector: Engineering Sector: Retail www.waldner.co Luxembourg Revenue: €40M to €50M Revenue: €50M to €75M Sector: Wholesale AIRX GROUP PG 76 AMSTERDAM MEAT CO AMECO Revenue: €30M to €40M ACCUEIL CK BV www.ck-online.lu www.airx.aero SUTTER INDUSTRIES S.P.A. www.amsterdammeatcompany.nl PROVASI Sector: Professional Services Sector: Aviation Services www.provasi.com www.sutter.it Sector: Food & Drink Revenue: €30M to €40M Revenue: €40M to €50M Sector: Design Sector: Manufacturing Revenue: €75M to €100M Revenue: €50M to €75M Latvia Revenue: €30M to €40M AQUABIOTECH GROUP CEL ARN BV BELAM www.cel.lu www.aquabt.com TECNAU SRL www.arnbv.nl RASELLI FRANCO www.belam.lv Sector: Manufacturing & Engineering Sector: Environmental Services www.gruppoerrepi.com www.tecnau.com Sector: Environmental Services Sector: Professional Services Revenue: €20M to €30M Revenue: €0M to €10M Sector: Design Sector: Machining Revenue: €50M to €75M Revenue: €40M to €50M Revenue: €50M to €75M Revenue: €75M to €100M CAMILLERI PARIS MODE LTD GROSBUSCH SÀRL ARNOLD SUHR NETHERLANDS DPA SIA www.grosbusch.lu www.camilleriparismode.com TECNIPLAST SPA BV RIELLO ELETTRONICA GROUP www.squalio.com Sector: Wholesale Sector: Consumer Services www.riello-elettronica.com www.tecniplast.it www.arnoldsuhr.com Sector: IT & Technology Revenue: €40M to €50M Revenue: €0M to €10M Sector: Technology Sector: Manufacturing Revenue: €20M to €30M Sector: Chemicals Revenue: €150M to €250M Revenue: €150M to €250M Revenue: €30M to €40M

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AWETA G&P BV ENRAF – NONIUS BV 1000 COMPANIES www.aweta.com www.enraf-nonius.com Sector: Agriculture/Farming/Forestry Sector: Fitness & Health Revenue: €30M to €40M Revenue: €40M to €50M LITHUANIA SNAPSHOT BE ALLBRASS INDUSTRIAL NL ENZA ZADEN SEED www.bons-evers.nl OPERATIONS BV LITHUANIA’S COMPANIES ENJOY AN AVERAGE REVENUE OF €31M. FOR Sector: Manufacturing www.enzazaden.com Revenue: €40M to €50M Sector: Food & Drink A FULL LIST OF COMPANIES FROM LITHUANIA, TURN TO PAGE 137 Revenue: €150M to €250M BOLIDT KUNSTSTOFTOEPASSING BV EUROL BV www.bolidt.nl www.eurol.com Sector: Manufacturing Sector: Utilities Revenue: €50M to €75M Revenue: €50M to €75M 5 BRB INTERNATIONAL BV EW FACILITY SERVICES www.brb-international.com www.ew.nl NUMBER OF €31M Sector: Professional Services Sector: Cleaning Services Revenue: €100M to €150M Revenue: €50M to €75M COMPANIES AVERAGE REVENUE BRIBUS BV FLORENSIS BV www.bribus.nl www.florensis.com KONINKLIJKE EUROMA BV PRODRIVE BV Sector: Manufacturing Sector: Agriculture & Farming www.euroma.com www.prodrive-technologies.com Revenue: €40M to €50M & Forestry Sector: Food & Drink Sector: Technology Revenue: €50M to €75M Revenue: €75M to €100M Revenue: €100M to €150M BUGABOO INTERNATIONAL BV PG 65 H.Z. LOGISTICS BV NOOTEBOOM TRAILERS BV RADEMAKER BV www.bugaboo.com www.hztransport.com www.nooteboom.com www.rademaker.nl Sector: Manufacturing & Engineering Sector: Transportation Sector: Machining Sector: Machining Revenue: €100M to €150M Revenue: €30M to €40M Revenue: €50M to €75M Revenue: €75M to €100M

BURO SCAN BRIT HAVENS GRAANHANDEL NV OPERATOR GROEP DELFT BV RHUMVELD WINTER & KONIJN www.buroscanbrit.nl www.havens.nl www.ogd.nl BV Sector: Travel & Leisure Sector: Food & Drink Sector: IT & Technology www.rhumveld.com Revenue: €20M to €30M Revenue: €100M to €150M Revenue: €40M to €50M Sector: Wholesale Revenue: €75M to €100M COROOS CONSERVEN BV HIGHLITE INTERNATIONAL BV ORTEC BV www.coroos.nl www.highlite.nl www.ortec.nl RIWAL INTERNATIONAL Sector: Wholesale Sector: Wholesale Sector: IT & Technology www.riwal.com Revenue: €50M to €75M Revenue: €40M to €50M Revenue: €50M to €75M Sector: Leasing Revenue: €40M to €50M DE JONG VERPAKKING BV HOTEL SCHIPHOL OTTEVANGER MILLING 2-YEAR JOB MANUFACTURING PG 50 www.hotelschiphol.nl ENGINEERS BV ROUVEEN & ENGINEERING www.dejongverpakking.nl Sector: Travel & Leisure www.ottevanger.com KAASSPECIALITEITEN GROWTH Sector: Manufacturing & Engineering Revenue: €20M to €30M Sector: Machining www.rouveen-kaasspecialiteiten.nl COMPANIES Revenue: €100M to €150M Revenue: €50M to €75M Sector: Food & Drink HOTEL OKURA AMSTERDAM Revenue: €20M to €30M % DELICIA BV www.okura.nl PLIEGER BV 42 www.delicia.nl Sector: Travel & Leisure www.plieger.nl SEACON LOGISTICS BV 1 Sector: Food & Drink Revenue: €40M to €50M Sector: Wholesale www.seaconlogistics.com Revenue: €50M to €75M Revenue: €150M to €250M Sector: Logistics INTERGAS VERWARMING BV Revenue: €100M to €150M DUNEA NV www.intergasverwarming.nl PLOEGER MACHINES BV www.dunea.nl Sector: Energy www.ploeger.com SIOUX EMBEDDED SYSTEMS BV Sector: EnvironmentalServices Revenue: €75M to €100M Sector: Agriculture & Farming www.sioux.eu % Revenue: €100M to €150M & Forestry Sector: IT & Technology Revenue: €40M to €50M Revenue: €20M to €30M 47 KOBOUT BV ELHO BV www.kobout.nl 3-YEAR COMPOUND www.elho.nl Sector: Wholesale PQR BV SNACK CONNECTION BV Sector: Landscape Services Revenue: €30M to €40M www.pqr.com www.snack-connection.nl ANNUAL GROWTH Revenue: €50M to €75M Sector: IT & Technology Sector: Wholesale RATE Revenue: €100M to €150M Revenue: €75M to €100M

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SUPERTAPE BV ARLEN TEXTILE GROUP JURAJSKA SP. Z O.O. MDM NT POLAND DE MEDICINA LABORATORIAL FAN COURIER SLOVANET AICOX SOLUCIONES www.supertape.nl www.arlen.com.pl www.jurajska.pl www.mdmsa.com www.germanodesousa.com www.fancourier.ro www.slovanet.net www.aicox.com Sector: Manufacturing Sector: Consumer Services Sector: Food & Drink Sector: Textiles Sector: Health Sector: Logistics Sector: Telecommunications Sector: Telecommunications Revenue: €30M to €40M Revenue: €100M to €150M Revenue: €20M to €30M Revenue: €20M to €30M Revenue: €20M to €30M Revenue: €75M to €100M Revenue: €40M to €50M Revenue: €20M to €30M

TRIOLIET BV BG PRODUCTION SP. Z O.O. MASTERMEDIA CIOCZEK I MEGATEL SP. Z O.O. IGUARIVARIUS PG 74 GRADINARIU IMPORT EXPORT ALBET www.trioliet.nl www.bgproduction.eu WÓJCIAK GP www.megatel.com.pl www.iguarivarius.pt www.gradinariu.ro Slovenia www.albet.es Sector: Agriculture & Farming Sector: Food & Drink www.mastermediauk.com Sector: IT & Technology Sector: Professional Services Sector: Motor Vehicle Retail Sector: Veterinary Services Revenue: €50M to €75M Revenue: €20M to €30M & Forestry Revenue: €30M to €40M Sector: Import & Export Revenue: €20M to €30M Revenue: €50M to €75M LEDINEK GROUP Revenue: €50M to €75M Revenue: €50M to €75M www.ledinek.com BTS OIL SP. Z O.O. OMIDA SP. Z O.O. LUSIAVES MEDIST GROUP Sector: Machining ALCANZIA TWENTE MILIEU NV www.btsoil.pl MAX COMPUTERS SP. Z O.O. www.omida.pl www.grupolusiaves.pt www.medist-ipoc.ro Revenue: €20M to €30M www.alcanzia.es www.twentemilieu.nl Sector: Utilities www.maxcomputers.pl Sector: Logistics Sector: Food & Drink Sector: Machining Sector: Energy Revenue: €50M to €75M Revenue: €50M to €75M Sector: Environmental Services Revenue: €20M to €30M Sector: Retail Revenue: €40M to €50M Revenue: €20M to €30M LEONE Revenue: €30M to €40M Revenue: €100M to €150M www.leone.si CENTRUM ELEKTRYCZNE ANIA PERFUMESCO.PL SP. Z O.O. S.K. SOCÉM MICROFRUITS Sector: Food & Drink ALE-HOP VAN HOUTUM BV www.centrumelektryczne.pl www.perfumesco.pl www.socem.pt www.microfruits.ro Revenue: €30M to €40M www.ale-hop.net www.vanhoutum.nl Sector: Professional Services Sector: Retail Sector: Manufacturing Sector: Wholesale Sector: Retail Revenue: €20M to €30M Revenue: €50M to €75M Sector: Chemicals Revenue: €40M to €50M Revenue: €20M to €30M Revenue: €20M to €30M MASS DOO Revenue: €50M to €75M www.mass.si CERAMIKA – KOŃSKIE SILTEC SP. Z O.O. SOVENA NEPTUN Sector: Retail ALMENDRAS BONANY WATERDRINKER SP. Z O.O. www.siltec.pl www.sovenagroup.com www.neptun-gears.ro Revenue: €30M to €40M www.almendrasbonany.com AALSMEER BV www.ceramikakonskie.pl Sector: Technology Sector: Agriculture & Farming Sector: Manufacturing & Engineering Sector: Food & Drink www.waterdrinker.nl Sector: Manufacturing Revenue: €20M to €30M & Forestry Revenue: €20M to €30M Revenue: €40M to €50M Revenue: €40M to €50M MDM DOO Sector: Wholesale Revenue: €50M to €75M www.mdm.si Revenue: €150M to €250M SOLUMUS SP. Z O.O. PG 80 VOX CARRIER Sector: Manufacturing ARMON DRUKPOL.FLEXO SP. Z O.O. S.K. www.solumus.pl VECTOR MAIS www.voxcarrier.com Revenue: €40M to €50M www.astillerosarmon.com WEMO INTERNATIONAL BV www.drukpolflexo.pl Sector: Consumer Services www.vectormais.com Sector: Telecommunications Sector: Engineering www.wemo.nl Sector: Professional Services Revenue: €150M to €250M Sector: Design Revenue: €30M to €40M Revenue: €50M to €75M Sector: Machining Revenue: €20M to €30M Revenue: €20M to €30M Spain Revenue: €20M to €30M TRANSLOT SP. Z O.O. AURA ENERGIA ELEKTRIX S.A. www.translot.com.pl VISION BOX Slovakia www.aura-energia.com WILCO BV www.elektrix.com.pl Sector: Transportation www.vision-box.com ACEITERA PENINSULAR Sector: Energy www.wilco.nl Sector: Energy Revenue: €40M to €50M Sector: Security ESPAÑOLA Revenue: €30M to €40M ANDREA SHOP Sector: Business Services Revenue: €50M to €75M Revenue: €20M to €30M www.aceiterapeninsular.com www.andreashop.sk Revenue: €40M to €50M Sector: Food & Drink TRANSOIL SP. Z OO, Sector: Retail Revenue: €20M to €30M BEST OPTION MEDIA EXCELSIOR ATLANTIC www.transoil.pl WIT SOFTWARE PG 30 Revenue: €30M to €40M www.bestoptionmedia.com www.polishtrout.com Sector: Utilities www.wit-software.com Sector: Media Sector: Technology ACEITES ABASA S.A. Revenue: €30M to €40M Poland Sector: Food & Drink Revenue: €40M to €50M AXASOFT, A. S. Revenue: €50M to €75M Revenue: €20M to €30M www.aceitesabasa.net www.axasoft.eu Sector: Food & Drink OTCF WISS GROUP Sector: Technology Revenue: €20M to €30M BODEGAS GALLEGO & LAPORTE www.otcf.pl GADUS SP. Z O.O. www.wiss.com.pl Revenue: €30M to €40M www.bodegasgallegolaporte.com Sector: Clothing www.gadus.pl Sector: Manufacturing Romania Sector: Food & Drink Sector: Logistics Revenue: €100M to €150M Revenue: €50M to €75M Revenue: €75M to €100M DELTECH A.S Revenue: €40M to €50M ALL VIEW PG 64 www.deltech.sk ABET SP. Z O.O. X-KOM SP. Z O.O. www.allview.ro Sector: Facilities Services www.abet.pl GETRESPONSE SP. Z O.O. www.x-kom.pl Sector: Manufacturing & Engineering Revenue: €20M to €30M Sector: Manufacturing www.getresponse.com Sector: Retail Revenue: €50M to €75M Sector: IT & Technology Revenue: €150M to €250M Revenue: €20M to €30M ENCINGER, SPOL.S R.O. Revenue: €20M to €30M B&B COLLECTION www.encinger.sk ALLGAME SA www.bbcollection.ro Sector: Food & Drink www.allgame.pl HOME.PL SA Portugal Sector: Consumer Services Revenue: €50M to €75M Sector: Electronics www.home.pl Revenue: €50M to €75M Sector: IT & Technology Revenue: €75M to €100M CARVALHOS INTERBLOCK GAMING Revenue: €75M to €100M www.couroazul.pt COMPLET ELECTRO SERV www.interblockgaming.com ALMA SA Sector: Wholesale www.completelectroserv.com Sector: Manufacturing www.alma.biz.pl INTARIS SP. Z O.O. Revenue: €50M to €75M Sector: Electronics Revenue: €40M to €50M Sector: IT & Technology www.intaris.pl Revenue: €30M to €40M Revenue: €20M to €30M Sector: IT & Technology ELASTRON Revenue: €30M to €40M www.elastrongroup.com ELBI ELECTRIC & LIGHTING AQMET SP. Z.O.O. Sector: Wholesale www.elbielectric.ro www.aqmet.com.pl Revenue: €20M to €30M Sector: Consumer Servcices Sector: Machining Revenue: €50M to €75M Revenue: €30M to €40M GERMANO DE SOUSA – CENTRO

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FACTOR CO2 ISB TV OLEUM HISPANIA TORRONS VICENS PG 38 APOEX BOLON www.factorco2.com www.isbtv.es www.oleumhispania.com www.vicens.com www.apoex.se www.bolon.com Sector: Environmental Services Sector: Media Sector: Food & Drink Sector: Food & Drink Sector: Health Sector: Manufacturing Revenue: €20M to €30M Revenue: €20M to €30M Revenue: €40M to €50M Revenue: €20M to €30M Revenue: €150M to €250M Revenue: €20M to €30M PARCITANK TRADEINN PG 68 FREIRE SHIPYARD KHATNANI GROUP www.parcitank.com www.tradeinn.com APOTEA DANIEL WELLINGTON www.freireshipyard.com www.khatnani.es Sector: Manufacturing Sector: Consumer Services www.apotea.se www.danielwellington.com Sector: Engineering Sector: Retail Revenue: €30M to €40M Revenue: €40M to €50M Sector: Pharmaceutical & Science Sector: Design Revenue: €75M to €100M Revenue: €20M to €30M Revenue: €50M to €75M Revenue: €150M to €250M PATATAS MELENDEZ TRAVELGENIO FRUSELVA KIDS LICENSING www.patatasmelendez.com www.travelgenio.es AUDIOPRO PG 28 EXB MEDIA MARKETING www.fruselva.com www.kidslicensing.com Sector: Agriculture & Farming Sector: Travel & Leisure www.audiopro.com www.exb.se Sector: Food & Drink Sector: Manufacturing & Forestry Revenue: €30M to €40M Sector: Technology Sector: Marketing Revenue: €50M to €75M Revenue: €20M to €30M Revenue: €40M to €50M Revenue: €30M to €40M Revenue: €20M to €30M TVITEC GASHOGAR ENERGÍA KP SPORT PLANASA www.tvitec.com BJORKS GIERTZ VINIMPORT www.gashogar.info www.kpsport.com www.planasa.com Sector: Construction & Property www.bjorksresor.nu www.giertz.se Sector: Energy Sector: Wholesale Sector: Agriculture & Farming Revenue: €75M to €100M Sector: Travel & Leisure Sector: Import & Export Revenue: €20M to €30M Revenue: €50M to €75M & Forestry Revenue: €100M to €150M Revenue: €250M+ Revenue: €30M to €40M UNIELECTRICA GLOBOMATIK K-TUIN www.unielectrica.com ICOMERA www.globomatik.com www.k-tuin.com PLASTIC FORTE Sector: Energy www.icomera.com Sector: Electronics Sector: Electronics www.plasticforte.com Revenue: €50M to €75M Sector: IT & Technology Revenue: €50M to €75M Revenue: €150M to €250M Sector: Manufacturing Revenue: €20M to €30M Revenue: €30M to €40M VETURIS GOME OLIVA LA VEGUILLA www.veturis.com IN FRONT IT PARTNER www.gomeoliva.com www.veguilla.com SALTOKI Sector: Travel & Leisure www.infrontitpartner.se Sector: Food & Drink Sector: Agriculture & Farming www.saltoki.es Revenue: €75M to €100M Sector: IT & Technology Revenue: €40M to €50M & Forestry Sector: Wholesale Revenue: €20M to €30M Revenue: €50M to €75M Revenue: €30M to €40M VIAJES TRANSVIA GRUPO SUREASTE www.viajestransvia.com IVAR LUNDH & CO www.gruposureste.es LABORATORIES DR. LARRASA, SECOEX Sector: Travel & Leisure www.ilco.se Sector: Security www.laboratorioslarrasa.com www.gruposecoex.com Revenue: €40M to €50M Sector: Transportation Revenue: €20M to €30M Sector: Research & Development Sector: Security Revenue: €20M to €30M CALCONUT CONESA Revenue: €75M to €100M Revenue: €20M to €30M XTI www.calconut.com www.conesagroup.com www.xti.es Sector: Food & Drink HISPANO TEX PG 52 JOLLYROOM Sector: Agriculture & Farming SHACKLETON Sector: Retail Revenue: €100M to €150M www.hispanotex.com LEEWARD INTERNATINAL www.jollyroom.se & Forestry Sector: Textiles WORLDWIDE LOGISTICS www.shackletongroup.com Revenue: €75M to €100M Sector: Retail Revenue: €100M to €150M Revenue: €30M to €40M www.leewardcorp.com Sector: Marketing Revenue: €40M to €50M CALLE CRUZADA Sector: Logistics Revenue: €20M to €30M ZAMAKONA YARDS www.callecruzada.com EIBAR Revenue: €30M to €40M www.zamakonayards.com Sector: Media HOTEL GLOBALES KINNARPS www.sdeibar.com SIRENIS HOTELS Sector: Engineering Revenue: €20M to €30M www.hotelesglobales.com www.kinnarps.se Sector: Travel & Leisure Sector: Travel & Leisure LIQUIDATODO www.sirenishotels.com Revenue: €100M to €150M Sector: Design Revenue: €10M to €20M Revenue: €20M to €30M www.liquidatodo.es Sector: Travel & Leisure Revenue: €50M to €75M CANOLIVA Sector: Retail Revenue: €20M to €30M www.canoliva.com ENDER Revenue: €20M to €30M Sector: Food & Drink HOVIMA HOTELS Sweden KOENIGSEGG PG 56 www.endersl.com STI NORLAND PG 106 Revenue: €50M to €75M www.hovima-hotels.com www.koenigsegg.com Sector: Wholesale www.stinorland.com Sector: Travel & Leisure MORITZ AB LUDVIG SVENSSON PG 62 Sector: Manufacturing & Engineering Revenue: €20M to €30M Sector: Green Revenue: €20M to €30M www.moritz.com www.ludvigsvensson.com Revenue: €10M to €20M CISTERNAS COBO Revenue: €20M to €30M Sector: Food & Drink Sector: Consumer Services www.cisternascobo.com EQUMEDIA Revenue: €20M to €30M Sector: Machining ICP TECH SOLUTIONS Revenue: €50M to €75M LYKO www.equmedia.es SUN AIR ONE ENERGY Revenue: €20M to €30M www.techsolutions.icp.es www.lyko.se Sector: Media www.sunaironeenergy.es Sector: Telecommunications MOY SEAFOOD ACCEDO Sector: Retail Revenue: €100M to €150M Sector: Energy Revenue: €20M to €30M www.moyseafood.com www.accedo.tv Revenue: €30M to €40M CLAVIJO GROUP Revenue: €40M to €50M Sector: Food & Drink Sector: Telecommunications www.grupoclavijo.net ESB SISTEMAS Revenue: €30M to €40M Sector: Manufacturing INCOM GROUP Revenue: €20M to €30M www.esbsistemas.com TELICE Revenue: €30M to €40M www.incomgroup.es Sector: Telecommunications www.telice.es Sector: Manufacturing & Engineering MUNDOSOL QUALITY ANEBYHUS GRUPPEN Revenue: €20M to €30M Sector: Engineering Revenue: €40M to €50M www.frusemur.com www.anebyhusgruppen.se CONDIS Revenue: €20M to €30M Sector: Agriculture & Farming Sector: Construction & Property www.condis.es ESCRIBANO & Forestry Sector: Retail INTECAT ISTORE Revenue: €30M to €40M www.mecaes.es Revenue: €40M to €50M THE SIZE SURFACES Revenue: €20M to €30M www.intecat.com Sector: Manufacturing & Engineering Sector: Electronics www.thesize.es Revenue: €20M to €30M Revenue: €20M to €30M Sector: Manufacturing Revenue: €50M to €75M

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M FORCE APOGEE BELGRADE INSULATIONS AND CLICK TRAVEL www.mforce.se United www.apogeecorp.com DRYLINING www.clicktravel.com Sector: Facilities Services Sector: Administrative Services www.belgradeinsulations.com Sector: Business Services Revenue: €20M to €30M Kingdom Revenue: €150M to €250M Sector: Wholesale Revenue: €150M to €250M Revenue: €30M to €40M NOS ABEL AND COLE ARMSTRONG LOGISTICS LTD COHENS CHEMISTS www.n-o-s.eu www.abelandcole.co.uk www.armstrong-logistics.co.uk BREWDOG www.cohenschemist.co.uk Sector: Transportation Sector: Food & Drink Sector: Logistics www.brewdog.com Sector: Pharmaceutical & Science Revenue: €30M to €40M Revenue: €100M to €150M Revenue: €30M to €40M Sector: Food & Drink Revenue: €150M to €250M Revenue: €50M to €75M

OCCASION ADEY STEEL GROUP AT MEDICS COLEMAN AND CO www.adeysteelgroup.co.uk www.occasion.se www.atmedics.com BYRON HAMBURGERS www.coleman-co.com Sector: Manufacturing Sector: Marketing Sector: Health www.byronhamburgers.com Sector: Construction & Property Revenue: €10M to €20M Revenue: €10M to €20M Revenue: €20M to €30M Sector: Food & Drink Revenue: €40M to €50M Revenue: €75M to €100M

OCTOWOOD ADVANCED INSULATION AVMI COMFORT CALL www.advancedinsulation.com www.octowood.se www.avmi.com CAMERON MACKINTOSH www.comfortcall.co.uk Sector: Engineering Sector: Manufacturing Sector: Media www.cameronmackintosh.com Sector: Health Revenue: €75M to €100M Revenue: €20M to €30M Revenue: €50M to €75M Sector: Travel & Leisure Revenue: €40M to €50M Revenue: €150M to €250M

ROTTNE AHK GROUP BARTLETT MITCHELL COMPLETE OFFICE SOLUTIONS www.ahkgroup.com www.rottne.com www.bartlettmitchell.co.uk CASTLE BUILDING SERVICES www.c-o-s.co.uk Sector: Research & Development Sector: Motor Vehicle Retail Sector: Food & Drink www.castlebs.co.uk Sector: Business Services Revenue: €50M to €75M Revenue: €50M to €75M Revenue: €40M to €50M Sector: Facilities Services Revenue: €40M to €50M Revenue: €40M to €50M

SBB AIKEN GROUP BATH ASU PG 48 CONSERVATORY OUTLET www.aikengroup.com www.signal-banbyggarna.se www.bathasu.com CHARLES WILSON ENGINEERS www.conservatoryoutlet.co.uk Sector: Engineering Sector: Engineering Sector: Manufacturing & Engineering LIMITED Sector: Manufacturing Revenue: €30M to €40M Revenue: €20M to €30M Revenue: €50M to €75M www.cwplant.co.uk Revenue: €20M to €30M Sector: Leasing

SEMANTIX AMBERON LTD BBI GROUP Revenue: €75M to €100M CONTECH www.amberontm.com www.semantix.eu www.bbi-uk.com www.contechs.co.uk Sector: Traffic Management Sector: Business Services Sector: Design CHEVRON TRAFFIC Sector: Engineering Revenue: €20M to €30M Revenue: €40M to €50M Revenue: €30M to €40M MANAGEMENT Revenue: €20M to €30M www.chevrontm.com SMARTREFILL ANESCO BE AT ONE Sector: Traffic Management CONTINUUM ATTRACTIONS DENNISON TRAILERS DRAKE AND MORGAN P.A.W. STRUCTURES www.smartrefill.se www.anesco.co.uk www.beatone.co.uk Revenue: €75M to €100M www.continuumattractions.com www.dennisontrailers.com www.drakeandmorgan.co.uk www.pawstructures.com Sector: IT & Technology Sector: Energy Sector: Food & Drink Sector: Travel & Leisure Sector: Machining Sector: Food & Drink Sector: Engineering Revenue: €50M to €75M Revenue: €250M+ Revenue: €30M to €40M CHILDRENSALON PG 66 Revenue: €20M to €30M Revenue: €50M to €75M Revenue: €30M to €40M Revenue: €20M to €30M www.childrensalon.com STENA BULK Sector: Consumer Services CORE DENTON ASSOCIATES EAGLE EQUIMEDIA www.stenabulk.com Revenue: €50M to €75M www.coretel.co.uk www.dentonassociates.com www.eaglegb.com www.equimedia.co.uk Sector: Transportation Sector: Telecommunications Sector: Design Sector: Motor vehicle retail Sector: Media Revenue: €150M to €250M CLAIMS CONSORTIUM GROUP Revenue: €50M to €75M Revenue: €20M to €30M Revenue: €30M to €40M Revenue: €20M to €30M www.claimsconsortiumgroup.co.uk STJARNAGG Sector: Business Services CREAM MEDIA DESIGN RESEARCH STUDIO ECOTRICITY PG 102 EQUIP GROUP www.stjarnagg.se Revenue: €40M to €50M www.creamuk.com www.designresearchltd.com www.ecotricity.co.uk www.equipuk.com Sector: Agriculture & Sector: Media Sector: Design Sector: Green Sector: Clothing (Manufacturing) Farming & Forestry CLARENCE COURT Revenue: €20M to €30M Revenue: €30M to €40M Revenue: €100M to €150M Revenue: €40M to €50M Revenue: €75M to €100M www.clarencecourt.co.uk Sector: Agriculture & Farming CRESCENT PHARMA DEXTRA GROUP EDENHOUSE SOLUTIONS ESENDEX TRUSTLY & Forestry www.crescentpharma.com www.dextragroup.co.uk www.edenhousesolutions.co.uk www.esendex.co.uk www.trustly.com Revenue: €20M to €30M Sector: Pharmaceutical & Science Sector: Manufacturing Sector: IT & Technology Sector: Telecommunications Sector: Financial Services Revenue: €40M to €50M Revenue: €20M to €30M Revenue: €30M to €40M Revenue: €10M to €20M Revenue: €20M to €30M CLARKSON EVANS www.clarksonevans.co.uk CURRENCIES DIRECT DIRECT TYRES EMPIRE BESPOKE FOODS ESSEX SERVICES GROUP VITAMIN WELL Sector: Facilities Services www.currenciesdirect.com www.directtyre.co.uk www.empirebespokefoods.com www.esgplc.com www.vitaminwell.com Revenue: €50M to €75M Sector: Financial Services Sector: Wholesale Sector: Food & Drink Sector: Facilities Services Sector: Fitness & Health Revenue: €30M to €40M Revenue: €20M to €30M Revenue: €30M to €40M Revenue: €75M to €100M Revenue: €30M to €40M CLEVELAND CABLE www.clevelandcable.com CV LIBRARY DOUBLEDAY GROUP ENDAVA EXPRESS VENDING Sector: Wholesale www.cv-library.co.uk www.doubledaygroup.co.uk www.endava.com www.expressvending.co.uk Revenue: €250M+ Sector: Employment Services Sector: Machining Sector: IT & Technology Sector: Retail Revenue: €20M to €30M Revenue: €40M to €50M Revenue: €100M to €150M Revenue: €30M to €40M

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FASTFLOW HARRIS PYE MILLER ARGENT 1000 COMPANIES www.fastflow.co.uk www.harrispye.com JLA www.millerargent.co.uk Sector: Facilities Services Sector: Engineering www.jla.com Sector: Manufacturing Revenue: €75M to €100M Revenue: €20M to €30M Sector: Cleaning Services Revenue: €50M to €75M HARVEY WATER SOFTENERS Revenue: €50M to €75M MALTA SNAPSHOT FERGUSON TRANSPORT AND www.harveywatersofteners.co.uk MOLSON GROUP SHIPPING Sector: Manufacturing KINGDOM SERVICES www.molsongroup.co.uk MALTA HAS FIVE COMPANIES THAT MADE THE LIST WITH AVERAGE www.fergusontransport.co.uk Revenue: €30M to €40M www.kingdom.co.uk Sector: Motor Vehicle Retail Sector: Logistics Sector: Security Revenue: €100M to €150M REVENUES OF £18M. FOR A FULL LIST OF COMPANIES FROM MALTA, Revenue: €20M to €30M HOMESEEKER PARK Revenue: €100M to €150M TURN TO PAGE 137 & LEISURE HOMES MOSS ELECTRICAL FINNEBROGUE ARTISAN PG 41 www.homeseekerhomes.co.uk KURA www.mosselectrical.co.uk www.finnebrogue.com Sector: Manufacturing www.wearekura.com Sector: Wholesale Sector: Food & Drink Revenue: €30M to €40M Sector: Business Services Revenue: €75M to €100M Revenue: €50M to €75M Revenue: €40M to €50M HORIZON CARE MUNDYCRUISING FOOTASYLUM www.horizoncare.co.uk LAGAN GROUP www.mundycruising.co.uk www.footasylum.com Sector: Education www.laganproducts.com Sector: Travel & Leisure Sector: Retail Revenue: €20M to €30M Sector: Manufacturing Revenue: €20M to €30M Revenue: €100M to €150M Revenue: €20M to €30M HSL MUNRO BUILDING GCI www.hslchairs.com LAURENCE KING SERVICES LIMITED www.gcicom.net Sector: Retail www.laurenceking.com www.munrobuildingservices.co.uk €18M Sector: IT & Technology Revenue: €50M to €75M Sector: Media Sector: Facilities Services Revenue: €50M to €75M Revenue: €40M to €50M Revenue: €30M to €40M AVERAGE IAPS GROUP 1 REVENUE GLOSTER MEP www.iapsgroup.com LOUNGERS MVF PG 78 CONSUMER www.glostermep.co.uk Sector: Retail www.thelounges.co.uk www.mvfglobal.com Sector: Facilities Services Revenue: €20M to €30M Sector: Food & Drink Sector: Technology SERVICES Revenue: €30M to €40M Revenue: €50M to €75M Revenue: €40M to €50M COMPANY INCISIVE MEDIA GRO GROUP www.incisivemedia.com LOWRI BECK NEIL SHACKLOCK PLUMBING www.gro.co.uk Sector: Media www.lowribeck.co.uk HEATING ELECTRICAL Sector: Manufacturing & Engineering Revenue: €40M to €50M Sector: Utilities www.shacklocks.com Revenue: €20M to €30M Revenue: €50M to €75M Sector: Facilities Services INGEN TECHNICAL SERVICES Revenue: €20M to €30M GROUND CONTROL www.ingen-technical-services.com M 24 SEVEN www.ground-control.co.uk Sector: Business Services www.m247.com NETWORK SPACE Sector: Landscape Services Revenue: €30M to €40M Sector: IT & Technology www.networkspace.co.uk Revenue: €30M to €40M Revenue: €20M to €30M Sector: Leasing INTERMARKETING Revenue: €75M to €100M G’S GROWERS www.intermarketing.com MAC ROOFING 5 www.gs-growers.com Sector: Marketing www.macroofing.com NORTHWOOD HYGIENE Sector: Agriculture & Farming Revenue: €20M to €30M Sector: Facilities Services www.northwood.co.uk NUMBER OF & Forestry Revenue: €20M to €30M Sector: Manufacturing COMPANIES Revenue: €50M to €75M JENKINS SHIPPING Revenue: €50M to €75M www.jenkins-shipping.com MAGAL GROUP HARRISON SPINKS Sector: Logistics www.magal.co.uk OFFSITE SOLUTIONS www.harrisonspinks.co.uk Revenue: €20M to €30M Sector: Engineering www.offsitesolutions.com Sector: Manufacturing Revenue: €75M to €100M Sector: Manufacturing Revenue: €20M to €30M Revenue: €30M to €40M % MALLAGHAN GSE 4 www.mallaghangse.com OMAR PARK HOMES Sector: Aviation Services www.omar.co.uk 3-YEAR COMPOUND Revenue: €50M to €75M Sector: Manufacturing ANNUAL GROWTH Revenue: €30M to €40M RATE METER U www.meter-u.com PALLET-TRACK Sector: Utilities www.pallet-track.co.uk Revenue: €10M to €20M Sector: Logistics Revenue: €30M to €40M MICK GEORGE LTD www.mickgeorge.com Sector: Construction & Property Revenue: €100M to €150M

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PARAGON RE-GEN WASTE SOUTH LAKELAND PARKS 1000 COMPANIES www.paragonplc.com www.regenwaste.com www.park-resorts.com Sector: Design Sector: Environmental Services Sector: Travel & Leisure Revenue: €50M to €75M Revenue: €20M to €30M Revenue: €30M to €40M ROMANIA SNAPSHOT PATHFINDER PARK HOMES RHODAR SSE AUDIO GROUP www.pathfinderhomes.co.uk www.rhodar.co.uk www.sseaudiogroup.com THE 3-YEAR COMPOUND ANNUAL GROWTH RATE ACROSS ROMANIA’S Sector: Manufacturing Sector: Construction & Property Sector: Leasing Revenue: €20M to €30M Revenue: €50M to €75M Revenue: €20M to €30M 10 COMPANIES IS 149% AND 2-YEAR JOB GROWTH STANDS AT 29%. €47M FOR A FULL LIST OF COMPANIES FROM ROMANIA, TURN TO PAGE 141 AVERAGE P.D. HOOK (HATCHERIES) LTD RP2 STAR TISSUE UK www.pdhook.co.uk www.rp2-global.com www.startissueuk.co.uk REVENUE Sector: Agriculture & Farming & Sector: Media Sector: Manufacturing Forestry Revenue: €50M to €75M Revenue: €20M to €30M Revenue: €100M to €150M S MORRIS SUDLOWS PHO CAFE www.smorris.co.uk www.sudlows.com www.phocafe.co.uk Sector: Manufacturing Sector: IT & Technology Sector: Food & Drink Revenue: €30M to €40M Revenue: €30M to €40M 10 Revenue: €20M to €30M MANUFACTURING SALISBURY POULTRY SUNSET AND VINE NUMBER OF & ENGINEERING PLAYGROUND GAMES PG 26 www.salisburypoultry.co.uk www.sunsetvine.co.uk COMPANIES COMPANIES www.playground-games.com Sector: Agriculture & Farming Sector: Media Sector: Technology & Forestry Revenue: €50M to €75M Revenue: €20M to €30M Revenue: €150M to €250M SYKES COTTAGES 2 PLF INTERNATIONAL SCOTT BROWNRIGG www.sykescottages.co.uk www.plfinternational.com www.scottbrownrigg.com Sector: Travel & Leisure Sector: Machining Sector: Design Revenue: €20M to €30M Revenue: €20M to €30M Revenue: €20M to €30M SYMBOLIC AND CHASE PORTHAVEN SCOTT DUNN www.symbolicchase.com www.porthaven.co.uk www.scottdunn.com Sector: Art Dealers Sector: Health Sector: Travel & Leisure Revenue: €20M to €30M Revenue: €20M to €30M Revenue: €100M to €150M T H BAKER PREMIER ELECTRICS SERTEC www.thbaker.co.uk www.premierelectrics.com www.sertec.co.uk Sector: Retail Sector: Facilities Services Sector: Manufacturing Revenue: €30M to €40M Revenue: €50M to €75M Revenue: €40M to €50M TCL GROUP PREQIN SHINER www.tclgrp.co.uk www.preqin.com www.shiner.co.uk Sector: Landscape Services Sector: Financial Services Sector: Wholesale Revenue: €30M to €40M Revenue: €20M to €30M Revenue: €30M to €40M 3615 TEN CONCIERGE PROTEXIN SIMPLY WASTE SOLUTIONS www.tenconcierge.com NUMBER OF www.protexin.com www.simplywastesolutions.co.uk Sector: Business Services EMPLOYEES REGISTERED Sector: Pharmaceutical & Science Sector: Environmental Services Revenue: €30M to €40M TRADEMARKS Revenue: €30M to €40M Revenue: €20M to €30M THE BLUE GROUP RADMAT BUILDING PRODUCTS SIX DEGREES www.blue-group.com www.radmat.com www.6dg.co.uk Sector: Retail 25 Sector: Facilities Services Sector: IT & Technology Revenue: €20M to €30M Revenue: €20M to €30M Revenue: €50M to €75M 2-YEAR JOB % THE CONTACT COMPANY GROWTH 149 RAPIER GROUP SKILLS TRAINING www.tcc.co.uk www.rapiergroup.com www.skillstraininguk.com Sector: Business Services 3-YEAR COMPOUND Sector: Design Sector: Education Revenue: €20M to €30M % ANNUAL GROWTH Revenue: €20M to €30M Revenue: €20M to €30M 29 RATE THE DREAM LODGE GROUP REFLEX SMITHFIELD MURRAY www.thedreamlodgegroup.co.uk www.reflexvans.com www.smithfieldmurray.com Sector: Travel & Leisure Sector: Leasing Sector: Agriculture/Farming/Forestry Revenue: €20M to €30M Revenue: €20M to €30M Revenue: €30M to €40M

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THE HOXTON (HOLBORN) LIMITED Elite companies www.thehoxton.com Sector: Travel & Leisure GRUPPO HAPPY PG 88 Revenue: €30M to €40M www.magicpack.it Sector: Food & Drink THE MARTIN GROUP Country: Italy www.hwmartin.com Revenue: €75M to €100M Sector: Traffic Management Revenue: €50M to €75M KLB GROUP PG 89 www.klbgroup.com THE NEW WORLD TRADING Sector: Technology COMPANY Country: France www.thenewworldtradingcompany. Revenue: €40M to €50M com Sector: Food & Drink Revenue: €30M to €40M SPAN PG 92 www.span.eu THE OFFICE GROUP Sector: Technology www.esselco.co.uk Country: Croatia Sector: Leasing Revenue: €30M to €40M Revenue: €75M to €100M STEKLARNA HRASTNIK PG 86 THE PARTS ALLIANCE www.steklarna-hrastnik.si www.thepartsalliance.com Sector: Manufacturing & Engineering VICTORIA + ALBERT BATHS WHITEMEADOW Sector: Wholesale Country: Slovenia Revenue: €150M to €250M www.vandabaths.com www.whitemeadow.com Sector: Design Sector: Manufacturing Revenue: €50M to €75M Revenue: €20M to €30M Revenue: €40M to €50M THE SHIELD GROUP TELDAT GROUP PG 93 www.shield-group.com www.teldat.com VIRTUS DATA CENTRES WHP TELECOMS Sector: Manufacturing Sector: Technology Revenue: €50M to €75M www.virtusdatacentres.com www.whptelecoms.com Sector: IT & Technology Sector: Telecommunications Country: Spain Revenue: €20M to €30M Revenue: €40M to €50M Revenue: €50M to €75M THE7STARS www.the7stars.co.uk JOIN A UNIQUE Sector: Media VIVALDA WILCOX LIMOUSINES Revenue: €250M+ www.vivalda.co.uk www.limousines.co.uk COMMUNITY OF Sector: Construction & Property Sector: Motor Vehicle Retail Revenue: €20M to €30M Revenue: €20M to €30M TOMMY TUCKER BUSINESS EXPERTS www.tommytucker.co.uk Sector: Food & Drink WAHACA WORLDS APART Revenue: €20M to €30M www.wahaca.co.uk www.worldsapart.com Sector: Food & Drink Sector: Manufacturing GET THE RECOGNITION Revenue: €50M to €75M Revenue: €30M to €40M TRUCTYRE YOUR BUSINESS www.tructyre.co.uk Sector: Wholesale WARWICK WARD XERETEC Revenue: €30M to €40M www.warwick-ward.com www.xeretec.co.uk DESERVES Sector: Motor Vehicle Retail Sector: Business Services Revenue: €30M to €40M Revenue: €40M to €50M TTC GROUP www.ttc-uk.com ENTER THE AWARDS Sector: Education WASDELL XL RECORDINGS Revenue: €30M to €40M www.wasdell.co.uk www.xlrecordings.com Sector: Packaging Facilities Sector: Consumer Services www.businessawardseurope.com Revenue: €20M to €30M Revenue: €100M to €150M UFORM www.uform.co.uk Sector: Wholesale WATKINS YOURS CLOTHING Revenue: €20M to €30M www.watkins.co.uk www.yoursclothing.co.uk Sector: Facilities Services Sector: Clothing Revenue: €40M to €50M Revenue: €75M to €100M UKWSL www.ukwsl.co.uk Sector: Utilities WHITEHOUSE INTERNATIONAL Z HOTELS Revenue: €30M to €40M www.whitehouseleisure.co.uk www.thezhotels.com Sector: Manufacturing Sector: Consumer Services Revenue: €50M to €75M Revenue: €40M to €50M Recognising Success, Innovation and Ethics

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2574 LSE Advert.indd 5 20/07/2017 11:39 About London Stock Exchange Group London Stock Exchange Group (LSE.L) is an international markets infrastructure business. Its diversified global business focuses on capital formation, intellectual property and risk and balance sheet management. LSEG operates an open access model, offering choice and partnership to customers across all of its businesses. The Group can trace its history back to 1698. The Group operates a broad range of international equity, ETF, bond and derivatives markets, including London Stock Exchange; Borsa Italiana; MTS (Europe’s leading fixed income market); and Turquoise (a pan-European equities MTF). Through its platforms, LSEG offers market participants, including retail investors, institutions and SMEs unrivalled access to Europe’s capital markets. The Group also plays a vital economic and social role, enabling companies to access funds for growth and development. Through FTSE Russell, the Group is a global leader in financial indexing, benchmarking and analytic services with approximately $12.5 trillion benchmarked to its indexes. The Group also provides customers with an extensive range of data services, research and analytics through Mergent, SEDOL, UnaVista, XTF and RNS. Post trade and risk management services are a significant part of the Group’s business operations. In addition to majority ownership of LCH, a multi-asset global CCP operator, LSEG owns CC&G, the Italian clearing house; Monte Titoli, a leading European custody and settlement business; and globeSettle, the Group’s CSD based in Luxembourg. LSEG is a leading developer and operator of high performance technology solutions, including trading, market surveillance and post trade systems for over 40 organisations and exchanges, including the Group’s own markets. Additional services include network connectivity, hosting and quality assurance testing. MillenniumIT, GATElab and Exactpro are among the Group’s technology companies. Headquartered in the United Kingdom, with significant operations in North America, Italy, France and Sri Lanka, the Group employs approximately 4,000 people. Further information on London Stock Exchange Group can be found at www.lseg.com Contact details ELITE enquiries Tel: +39 02 7242 6 066 Email: [email protected] Primary markets Tel: +44 (0) 20 7797 3429 Email: [email protected] Primary markets – French companies Delphine Brès, Group Manager for France Email: [email protected] Media enquiries Tel: +44 (0) 20 7797 1222 Email: [email protected]

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