2012 bridgepoint.eu Annual Review

Today’s insight, tomorrow’s inspiration Bridgepoint’s combination of Bridgepoint in 2012 financial strength, industrial and 02 Bridgepoint in 2012 04 Pushing forward: Managing Partner’s Statement strategic skills makes it a private equity manager trusted by its In Brief investors and sought after by 08 Bridgepoint in Numbers businesses seeking expertise to 10 Bridgepoint in Values sustain growth and prosperity. About Bridgepoint 14 China & our portfolio 16 Our Fund Investors 18 Our Partners

Portfolio 22 Our Portfolio 23 Portfolio Update: 2012 new investments 36 Our current portfolio

Our Commitment

64 Responsible investing from Bridgepoint 72 Our Community

76 Our Offices 2 3

Bridgepoint Bridgepoint Buyout Fund Development Capital

Bridgepoint Four new investments completed Two new investments completed in 2012 €1.9bn €107m Seeking out best opportunities Acquisitions Each year we focus on investing in leading €838 million committed to six new investments with middle market businesses headquartered a total transaction value of €1.9 billion. across Europe. Our success lies in our ability to identify opportunities to position BigHand our portfolio companies for long-term Borawind growth by assembling the best management and investment teams with Compagnie du Ponant Total transaction value of Total transaction value relevant sector and transaction experience. Dorna SBK investments made in the year of investments made in the year Memnon Networks Quilter € Realisations 892m €892 million realised.

Aenova Alain Afflelou Dorna Symington’s Returned to investors in the past 12 months from Bridgepoint funds

Denotes a Bridgepoint Development Capital investment 4 5

Pushing forward Repeated investment in areas where Europe has global competitive advantage and in assets with international expansion potential, often combined with the opportunity for meaningful business transformation, is reflected in the profit growth, job creation and capital investment visible at the vast majority of our businesses.

Every company, however it is owned, has had to think some time to come as different countries within This origination strength can be seen in four proprietary long and hard about how to react to economic conditions Europe move through the cycle, monetary union has platform acquisitions completed in 2012 as well as in and market volatility over the past 12 months. These survived in much better health than the most pessimistic attractive entry multiples, often reflecting the vendor’s conditions undoubtedly created risk and challenge but fears expressed by commentators at the start of the need for a deliverable, discreet and timely sale. they also brought some great opportunities both for year. Policy action by the ECB to reduce risk and cap new investment and for successful businesses to drive yields in the summer has been followed by gradually During 2012, our principal buyout fund, Bridgepoint forward their development plans. In 2012 Bridgepoint improving economic fundamentals. Europe IV, committed €737 million in total to four new and the portfolio of companies it manages was able investments in the European middle market: Borawind, to take advantage of these conditions and as a result While the operating environment in Europe is undoubtedly an independent platform of wind generation plants in enjoyed another year of strong performance. recovering, successful private equity investment Spain, Compagnie du Ponant, the Marseilles-based Bridgepoint itself ended the year in robust health. outperforms other forms of ownership as a result of global leader in luxury cruises to the polar regions, a ‘micro’ focus on specific assets, end markets and Dorna SBK, the Spanish-headquartered owner of the The economic dislocation in Europe and continuing action plans rather than a complete dependence on MotoGP and World Superbikes Motorcycle World concerns about the Euro’s survival provided or indeed ‘macro’ economic trends to drive business growth and Championships and Quilter, a UK private wealth William Jackson created, a backdrop against which we were able to seek value creation. In this respect, Bridgepoint’s repeated management business. In parallel, the Fund completed Managing Partner out good opportunities at attractive prices for our Funds investment in areas where Europe has global competitive 22 add-on acquisitions at highly accretive multiples, Bridgepoint to invest in middle market European businesses. In fact advantage and in assets with international expansion leading to both operating and financial benefits for its during the year we committed over €800m of new equity potential, often combined with the opportunity for portfolio companies. Some 80% of BE IV’s capital to some €1.9 billion of new acquisitions including completing meaningful business transformation, is reflected in available for new investments is now committed to 17 36 add-on acquisitions for existing companies. the profit growth, job creation and capital investment assets, creating a portfolio well diversified by sector, visible at the vast majority of our businesses during geography and vintage year. It is well positioned to In 2012 Bridgepoint portfolio companies also pushed the year. generate premium returns. forward their development and expansion, delivering double-digit revenue and earnings growth across the New investment Our lower middle market fund, Bridgepoint Development portfolio as a whole. This reflects an overall portfolio Bridgepoint’s size and geographic spread brings many Capital (which specialises in smaller buyouts), has focus on growing sectors and demonstrates the advantages in middle market investing in Europe. Our continued to make excellent progress during the year quality of the products and services they offer to pan-European origination network and contact base and completed two new investments in 2012, committing customers in nearly 100 countries around the globe. in the middle market, our long-standing reputation, over €100 million: BigHand, a UK-based provider of our strength and depth of experienced professionals, digital dictation and workflow software and Memnon, 2012 also ended with a visible improvement in economic many of whom have operating backgrounds, and the the market leading system for transport booking and sentiment across Europe compared to the first half industrial insights we gain from our existing investments administration in the Nordic region. of the year. Although Europe has a way to go in its all combine to provide a powerful competitive advantage recovery and uncertainty is likely to be with us for in sourcing compelling investment opportunities. 6 7

The improving outlook towards the end of 2012 led to the Our Funds’ investments collectively generated 10% and 11% re-emergence of international strategic buyers, particularly from year-on-year average revenue and EBITDA growth respectively, the US, who are starting to perceive good value in Europe. the third year of double digit rates of growth.

Portfolio momentum It is also playing an increasing role in supporting the and their implementation across our businesses. It is accommodate generational change within the Firm. The material investment by Bridgepoint’s portfolio evaluation of new investment opportunities in Europe also a signatory to the United Nations’ Principles for Both ensure that Bridgepoint remains well placed to companies to sustain top-line momentum over recent where growth potential in Asia has the potential to Responsible Investment. A voluntary code, it is perform strongly in the current market. In particular, years again led to significant market outperformance make a meaningful difference to achieving business designed to help firms like Bridgepoint to incorporate we welcomed a seasoned European industrialist to our in 2012. Our Funds’ investments collectively generated objectives and returns. environmental, social and corporate governance issues Advisory Board member, Christian Streiff, who was 10% and 11% year-on-year average revenue and into their investment practices. formerly CEO of PSA Peugeot Citroën S.A., Executive EBITDA growth respectively, the third year of double Returning capital to investors Chairman of Airbus SAS and deputy CEO of Saint Gobain. digit rates of growth. Following value creation at our Funds’ more mature The Firm’s charitable foundation, The Bridgepoint He is currently a non-executive director of ThyssenKrupp assets, Bridgepoint’s portfolio strategy is to realise Charitable Trust, which is funded by Bridgepoint and AG, Finmeccanica Spa and Crédit Agricole. During 2012 a huge amount of work continued at investments in a timely way to maximise returns to its employees to make charitable donations in the each business to grow market share, expand into new investors. Although the lower than expected levels of areas of education and the environment, continues its Looking ahead markets and accelerate growth via add-on acquisitions. M&A activity of late 2011 persisted into early 2012, work in the communities in which we have activities While the outlook for Europe is unquestionably more In parallel, our investments’ profits and progress were the Firm was able to capitalise on windows of opportunity and beyond. In 2012 it financed projects with charities favourable than 12 months ago, national economies will € further boosted in a number of cases by comprehensive in the exit and financing markets to return 892m in the UK, France and Sweden as well as other worthwhile continue to experience economic headwinds. As in 2012, business transformation programmes and improved from four successful realisations (at an average multiple causes bolstered by the charitable efforts of our own though, we believe that Bridgepoint’s innate strengths capital allocations to produce sustained growth and of cost of 2.6x). The improving outlook towards the team members. Outside Europe, we completed our – its competitive position, broad network and long higher quality earnings. While some of the Funds’ end of 2012 led to the re-emergence of international second year of a three year leadership outreach experience – will allow it to acquire good companies at assets continue to face difficult, late-cycle markets, strategic buyers (particularly from the US), who are programme to communities in Brazil, China and India. compelling prices in the most attractive markets, and, particularly consumer-facing businesses in Southern starting to perceive good value in Europe. Under this scheme, 111 ‘Bridgepoint Fellows’, typically importantly, to return capital profitably to its investors. Europe, those most affected by the downturn are grassroots leaders, have been sponsored to deliver a generally now emerging leaner and fitter and are set Bridgepoint and the broader community diverse range of projects covering topics such as As always, the Partners of Bridgepoint are very grateful to return to growth. By the very nature of the companies it owns and where sustainable farming, youth education and women’s to the leaders and colleagues at the companies in which they operate, Bridgepoint touches many spheres of empowerment in their local communities and at the we are invested for their hard work, creative energy Increasingly, many of our businesses are taking business and society. With that range of activity comes same time improve their own leadership skills. and discipline. I thank them all for their contribution advantage of Bridgepoint’s portfolio development significant responsibilities – to our own employees and over the last 12 months. With their help, and the focused office in Shanghai. As China makes an ever more those of the companies to which we commit capital, to Welcoming new talent efforts of our own team across Europe, Bridgepoint is important contribution to our portfolio companies, the communities where we work and our companies Bridgepoint has a talented team that has worked hard fit for the opportunities presented by our times and our team in Shanghai has been able to assist with operate, and especially to the investors who place their to deliver strong performance for its investors. We are well positioned for the future. revenue generation, product sourcing, industrial trust in us to make intelligent investments on their fortunate in the breadth and depth of talent we can production and business development initiatives. behalf. Through its responsible investing programme call upon within the Firm but are also keen to learn and a Firm-wide set of values that express our from others. In 2012 we attracted new individuals to principles and commitments, Bridgepoint has been an the business to bring new perspectives to what we active proponent of ‘ESG’ policies (see pages 64-69) do and also evolved our organisational structure to 8 9

77,300 80

Employees in Bridgepoint Investment professionals led by Bridgepoint portfolio companies 26 partners in numbers 168 45

Bolt-on acquisitions made by Bridgepoint portfolio companies in last 10 years Portfolio companies across Europe €12bn 54

Of committed capital to date from Transactions completed in last 10 years a world class investor base totalling €18.3 billion 10 11

Bridgepoint in Values

We aim to be the international private equity manager of choice for our investors, as well as for the management and employees of the portfolio companies we back.

To achieve this, we strive to maintain the highest levels of corporate governance, applying standards of professionalism uniformly across the Firm. We work hard to maintain these standards, and this is reflected not only in our management structure but through five core guiding values that we believe help us manage Bridgepoint, and the businesses we own, more effectively.

Everything we do is guided by this set of values and over time has helped us define and articulate our culture and outlook. These are shared across our Firm and are fundamental to our professional and personal conduct. 12 13

Integrity 14 15 20%

Of Bridgepoint investments already have extensive product sourcing and supply in China & China our portfolio

With some 1.3 billion inhabitants representing almost Additionally, and underlining the importance 20% of the world’s population, China remains a Bridgepoint attaches to this area of portfolio support, global economic powerhouse. Reflecting the absolute our team of four Chinese nationals spends significant size of this market as well as the pace of its economic time in Europe and is closely integrated into the Firm’s growth, China is also core target market for many of investment team to ensure acceleration of a portfolio our portfolio companies who increasingly trade in company’s revenue development as well as its product some form with China, underscoring its potential sourcing, manufacturing and supply. influence on the development of our investments as well as their ultimate valuation at exit. Since its Looking ahead, extensive local relationship building and inception, Bridgepoint’s portfolio development office education is also ensuring that, when required, potential in Shanghai has provided substantial assistance acquisition and exit routes are being maximised for the to portfolio companies with operations in China, Bridgepoint portfolio. With middle market European assisting them with their sourcing, production and businesses proving increasingly acquisitive, our Chinese business development activities, as well as supporting portfolio development office can also identify Bridgepoint executives with the evaluation of new appropriate targets for bolt-on acquisitions for our investment opportunities in Europe where China can investments who may in turn become acquisition targets make a meaningful difference to their overall success. for well capitalised Chinese acquirers.

Although in some cases the revenue contribution can be initially modest, the rate of growth is not. Supporting the business development needs in Similarly, while 20% of Bridgepoint investments China of our portfolio companies. already have extensive product sourcing and supply in China, significant opportunity exists for many • Cost-effective sourcing of products. more, as well as in optimising existing structures. The Shanghai portfolio development office is adding • Establishment of manufacturing units. value through the optimisation of Asian sourcing • Market entry and revenue development. practice for many of our consumer investments as well as the strategic planning and implementation • Assisting with M&A involving bolt-on of migration of significant product handling to acquisitions and joint ventures in China. China. It also provides local knowledge and expertise • Managing local due diligence, legal to compress time schedules, shorten learning curves, processes and market research. avoid mistakes, mitigate risk and integrate businesses into the local community. 16 17

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

Type of investors 50.8% North America

37.9% Europe

• Asset Manager 3.7% • Bank 1.4% • Bridgepoint 3.5% 4.5% • Endowment 5.7% • Family Office 1.4% Middle East • Fund of Funds 7.4% • Insurance 13.0% • Pension 57.3% • Sovereign Wealth Fund 6.6% 6.8% Australia 18 19

Raoul Hughes ■ Rob Moores Rod Selkirk

James Murray William Jackson ■ Khai Tan Managing Partner Our Partners Håkan Johansson ■ William Paul Guy Weldon ■

José Maria Frédéric Pescatori ■ Jamie Wyatt Maldonado ■

Bridgepoint is led by 26 partners and an Operating In this way we work as one firm across borders with Jason McGibbon Xavier Robert Committee chaired by our Managing Partner. This people who are proud to work here and where our group is responsible for ensuring that the shared investors and the companies we back can feel part of values and objectives we have set ourselves are our business. upheld and met.

European Advisory Board

John Barber ■ Chris Busby Alastair Gibbons Henry WK Chow Alan Milburn Sir Stuart Rose

Charles Barter Michael Davy Hamish Grant Dr Hubertus Erlen Lord Patten Christian Streiff

Benoît Bassi ■ Martin Dunn ■ Stephen Green ■

Michael Black ■ Patrick Fox Vince Gwilliam

■ Member of Operating Committee 20 21

Teamwork 22 23

2012 New investments BigHand

Sector Media & Technology Original deal size E61.5 million Location UK Our Portfolio A Bridgepoint Development Capital investment Borawind Compagnie Bridgepoint evaluates many new investment du Ponant opportunities every year across a range of sectors for the two funds it is currently investing. We 54 Sector Sector seek to invest in businesses that combine existing Business services Consumer strengths (in terms of market share, exposure to Transactions completed by Bridgepoint Original deal size favourable/growing markets, brand strength, quality funds in the last ten years. Original deal size of products or services and first-rate management) E400 million Not disclosed with the capacity for further enhancement through Location Location international growth, operational improvement, Spain France refocusing of strategies, and add-on acquisitions.

Bridgepoint’s current €4.8 billion buyout fund provides private equity capital to established companies in six principal sectors where we have significant expertise in understanding, buying and €18.3bn Memnon Quilter supporting businesses. Transactions completed by Bridgepoint

funds in last ten years. Networks We fund buy-outs and buy-ins as well as helping companies de-list from their local stock exchange. Sector Typically, we will make equity investments between Media & Technology Sector €100 million and €400 million in companies Original deal size Financial services capitalised between €200 million and €1 billion. Not disclosed Original deal size Bridgepoint Development Capital, our lower-middle Location Not disclosed market business, specialises in businesses valued up to 77,300 Sweden Location €150 million and looks to invest between €10 million A Bridgepoint Development Capital investment UK to €75 million of equity in individual businesses. Employees in Bridgepoint portfolio companies. 24 25 160,000

BigHand currently supports over 160,000 professionals globally across 1,450 organisations from offices in London, BigHand Chicago, Sydney and Toronto

BigHand is the largest provider of voice productivity Sector software to the legal, healthcare and professional Media & Technology services market in the UK and has a growing international client base. It currently supports over Location 160,000 professionals globally. UK

Voice productivity software is designed to help business Original deal size professionals become more efficient. It achieves this by E61.5 million managing the efficient workflow of digital dictation in industries where the time of professionals is both limited Revenue and expensive. The company is the branded market E18 million leader in the supply of voice productivity solutions to the UK legal market and is the No 1 supplier in the US, Employees Dutch and Australian legal market. In healthcare, it is a 103 leading accredited supplier to the UK’s National Health Service. Directors Jon Ardron BigHand provides the workflow software, including Graham Gilbert integrated speech recognition technology, that makes Rob Lancashire the creation, distribution and processing of voice files Guy Millward more efficient and secure. Its software allows a user to dictate from any device and route that voice file to Bridgepoint representatives the required recipient for transcription and formatting. Alan Payne Mark Stroud Bridgepoint believes that BigHand represents an opportunity to acquire a market leading software business in the technology sector with growth potential both from international expansion and further penetration of other industries. Continued market growth is also likely to be favoured by increasing demand from mobile users and recent advances in voice-to-text conversion technology. www.bighand.com A Bridgepoint Development Capital investment 26 27 330

With 330 MW of installed capacity, Borawind is one of the largest non-utility owned platforms of wind energy generation Borawind plants in Spain

With a total output of 330 megawatts (“MW”), Sector this portfolio of eight wind farms is one of the Business services largest non-utility owned platforms of wind energy generation plants in Spain. It was acquired from Location ACS, the listed Spanish construction conglomerate. Spain The renewable energy industry is a global growth sector and Spain has been a pioneer in the Original deal size E development of the wind industry. 400 million

As one of the largest independent wind energy Revenue E60 million operators, Borawind is well positioned to capitalise

on the consolidation opportunity of the wind enery Employees generation sector in Spain. Small and medium sized 10 developers currently own 5,200 MW of installed capacity, representing a significant growth opportunity Director for the business as a well-established operator. Josu Arlaban

The aim is to create one of the largest independent Bridgepoint representatives renewable energy businesses in Europe at a time Felipe Moreno when traditional electricity generation technologies Borja del Olmo are being displaced and utilities and integrated energy companies are increasingly expanding into the renewable sector.

www.borawind.com 28 29 20,000

Compagnie du Ponant transports over Compagnie 20,000 passengers per year to the polar regions and other locations and is market leader in luxury expedition cruises du Ponant

Compagnie du Ponant (‘CDP’) is the market leader in Sector luxury polar cruises. Headquartered in Marseilles, Consumer France, the company operates in the growing luxury cruise segment and currently owns three ships, Location transporting over 20,000 passengers per year to the France polar regions and other locations. Original deal size The luxury cruise market offers premium service and Not disclosed differentiated cruises on vessels that typically cater for 100-1,000 passengers. The polar cruise market in Revenue particular enjoys significant demand, yet capacity is E84.4 million limited due to the specialist nature of ships able to operate there. It is a distinct and under-penetrated Employees segment of the broader cruising market that has 90 demonstrated robust growth, driven by an expanding population of affluent and time-rich retirees in Europe Directors and the US and an increasing trend towards Patrick Beauvisage ‘trading-up’ travel consumption. Patrick Molis Philippe Videau Bridgepoint acquired the business from its shipping group owner in an off-market transaction, working Bridgepoint representatives with the company’s founder and CEO. It was attracted Frédéric Pescatori by the growing and resilient nature of the global Xavier Robert luxury cruise niche, the visibility of earnings from advanced booking and CDP’s clear market leadership of the polar cruise market as well as that of the French speaking European cruise market.

CDP has the youngest and best invested fleet in its market, with another vessel joining the fleet in 2013, allowing the company to capitalise on the growing demand within this specialist cruising niche. www.ponant.com 30 31 15

The European market in transport Memnon administration is projected to grow at 15% per annum, with Memnon set to increase market share in Sweden and internationally Networks

Memnon Networks is a provider of transport Sector administration software solutions in the Nordic region. Media & Technology Through its proprietary software platform, the company simplifies the connection between end users and Location transporters, enabling parties to exchange automated Sweden and reliable information in the logistics booking process using a web-based connection. Original deal size Not disclosed The European market in transport administration is projected to grow at 15% per annum as logistics Revenue companies switch from manual to electronic E11 million bookings. Memnon is well positioned to benefit from this growth, thereby increasing its already strong Employees share of the Swedish market and extending its 75 international reach. Directors Increasing efficiency in the transport supply chain is Andreas Randel forecast to be a key growth driver across the industry Martin Randel for some time to come and will therefore position Memnon as a leading player in its space. Bridgepoint representatives Johan Dahlfors Magnus Gottås

www.memnonnetworks.com A Bridgepoint Development Capital investment 32 33

£12bn

The combined funds under management following Quilter’s acquisition of Cheviot Asset Management just nine months after Bridgepoint first invested Quilter

Quilter is a long established and highly regarded UK Sector private wealth management business with assets under Financial services management at the time of our acquisition of £7.6 billion. The business operates from 13 offices across the Location UK, Jersey and Ireland from which it provides bespoke UK discretionary investment management services to clients including charities and trusts, pension funds, Original deal size corporate bodies, life companies and individuals. Not disclosed

The acquisition of Quilter was made via a primary Revenue buyout from Morgan Stanley with Bridgepoint able to #94.1 million use its knowledge of the sector from prior investment in wealth management to secure the deal. The Employees company benefits from a loyal customer base of over 390 28,000 discretionary accounts with very low historic churn rates. As a result of its quality, growing Directors platform, it is able to take advantage of the expanding Martin Baines £1 trillion UK wealth management market. Mark Macleod Additionally, the UK government’s ‘Retail Distribution Chris Meares Review’ is likely to increase the propensity of IFAs Stephen Vakil (independent financial advisers) to outsource the investment management of client money to third Bridgepoint representatives party providers such as Quilter. Michael Black Stephen Green Quilter is also capitalising on the opportunity to accelerate the growth in its assets under management by using its market leading infrastructure to support greater volumes of business via consolidation of the market: in November it signed an agreement to acquire independently owned discretionary investment firm, Cheviot Asset Management. As a result, the combined business now has total assets under management of more than £12 billion. www.quilter.co.uk 34 35

Judgement 36 37

Company Sector Page 1st Credit Financial services 38 A-Katsastus Group OY Business services 38 Ansel Healthcare 39 Beck & Pollitzer Business services 39 BigHand Media & Technology 40 Borawind Business services 40 CABB Manufacturing & Industrials 41 Our current Care UK Healthcare 41 CFP Flexible Packaging Manufacturing & Industrials 42 Compagnie du Ponant Consumer 42 Compagnie Stéphanoise de Santé (C2S) Healthcare 43 CTL Logistics Business services 43 portfolio Diaverum Healthcare 44 Dorna SBK Media & Technology 44 Evander Glazing & Locks Business services 45 Fat Face Consumer 45 Foncia Business services 46 Groupe Moniteur Media & Technology 46 Hallmark Hotels Consumer 47 Bridgepoint evaluates many investment opportunities every year Histoire d’Or Consumer 47 across a range of sectors and throughout Europe. Hobbycraft Consumer 48 Infinitas Learning Media & Technology 48 Infront Sports & Media Media & Technology 49 We seek to acquire companies with strong market positions and JOA Groupe Consumer 49 John Brown Media Group Media & Technology 50 earnings growth potential where significant additional value can La Gardenia Consumer 50 be created through expansion and operational improvement Leeds Bradford International Airport Business services 51 under our ownership. LGC Business services 51 Limoni Consumer 52 Médipôle Sud Santé Healthcare 52 Memnon Networks Media & Technology 53 Mezzo di Pasta Consumer 53 Permaswage Manufacturing & Industrials 54 Pret A Manger Consumer 54 Pulsant Media & Technology 55 Quilter Financial services 55 Rodenstock Consumer 56 Shimtech Industries Manufacturing & Industrials 56 Siblu Holdings Consumer 57 Solhaga Healthcare 57 SPTS Manufacturing & Industrials 58 Terveystalo Healthcare 58 The Energy Solutions Group Business services 59 TüvTurk Business services 59 Wiggle Consumer 60

Denotes a Bridgepoint Development Capital investment 38 39

1st Credit Ansel

1st Credit is a leading UK debt purchase and collection Date acquired Directors Ansel provides assessment, treatment and rehabilitation Date acquired Directors business that focuses on the acquisition and collection of 2004 Simon Dighton of adults with a wide range of mental disorders, 2008 Richard Broughton impaired debt portfolios from credit providers such as including individuals with a personality disorder and Charles Holland Tom Burns banks, credit card companies and utilities. Original deal size learning disabilities. Working in partnership with health Original deal size Eddie Nott Angela Lane #103m and social care commissioners, the group is being Not disclosed Leith Robertson developed organically across the UK with a focus on the Dan Ryan Revenue provision of high quality care focussed on delivering an Revenue # # 59m Bridgepoint integrated approach. The original investment in Ansel 2.7m Bridgepoint representatives was made by Hermes Private Equity but is now managed representative Employees by Bridgepoint Development Capital. Employees Patrick Fox Robert Jenkins 160 72 Stephen Green

Location Location www.anselgroup.co.uk UK www.1stcredit.com UK

A-Katsastus Group Beck & Pollitzer

Headquartered in Helsinki, A-Katsastus is the leading Date acquired Directors Beck & Pollitzer is a leading engineering services business Date acquired Directors vehicle inspection company in Northern Europe with 2006 Kari Kivikoski specialising in the installation and relocation of industrial 2007 Janusz Lach 290 inspection stations in Belgium, Denmark, Estonia, plant & machinery and associated services. The company Ilkka Rantasalo Charles Matthews Finland, Latvia, Poland and Sweden. Its main activity is Original deal size has a blue chip client base across a wide range of sectors Original deal size Tony Percival the provision of compulsory vehicle inspections and Not disclosed including automotive, printing, pharmaceutical & #78m certifications for all light and heavy motor vehicles over Bridgepoint aerospace, and is pursuing a strategy of growth through Romain Provoust three years of age. It is also licensed to offer statutory Revenue representatives geographic expansion on the back of strong investment Revenue Fraser Runciman drivers’ examinations and is the Finnish market leader in #172m Michael Davy into Central & Eastern Europe, and through broadening #79m vehicle registrations as well as providing related services Patrick Fox its service offering. The original investment in Beck & Bridgepoint such as vehicle insurance. It is also the market leader in Employees Pollitzer was made by Hermes Private Equity but is now Employees representatives the recently deregulated Swedish market. Since it was 1,922 managed by Bridgepoint Development Capital. 450 www.a-katsastus.fi Stephen Bonnard acquired by Bridgepoint in 2006 it has completed 11 Robert Jenkins add-on acquisitions. Location Location Finland UK www.beck-pollitzer.com 40 41

BigHand CABB

BigHand is the largest provider of voice productivity Date acquired Directors CABB is a speciality chemicals manufacturer headquartered Date acquired Directors software to the legal, healthcare and professional 2012 Jon Ardron in Germany with global market leadership, proprietary 2011 Tony Clinch services market in the UK and has a growing technology and significant international expansion Graham Gilbert Dr. Hans Elmsheuser international client base. It currently supports over Original deal size potential. The company is the largest producer globally of Original deal size Rob Lancashire Dr. Uwe Salzer 160,000 professionals globally, across 1,450 E61.5m ultra high purity monochloroacetic acid (‘MCAA’), an Not disclosed organisations and has offices in London, Chicago, Sydney Guy Millward essential component for a wide range of end markets Dr. Carl Voigt and Toronto. Investing via its lower mid-market business, Revenue including personal care, the food industry and herbicides. It Revenue Dr. Martin # Wienkenhöver Bridgepoint Development Capital, Bridgepoint believes E18m Bridgepoint also has a significant custom manufacturing division, 427m that BigHand represented an opportunity to acquire a representatives principally for the agrochemical industry. In 2011, shortly market leading software business in the technology Employees after its acquisition by Bridgepoint, CABB acquired Kemfine, Employees Bridgepoint Alan Payne sector with growth potential both from international 103 a leading custom manufacturing business in the Nordic 1,014 representatives expansion and further penetration of other industries. Mark Stroud region, thereby materially advancing its market position. Ian Dugan Location Location Marc Zügel UK www.bighand.com Germany

www.cabb-chemicals.com

Borawind Care UK Borawind is a wind energy generation business Date acquired Director comprising a portfolio of eight wind farms in the 2012 Josu Arlaban Care UK is the leading provider of healthcare and social Date acquired Directors Castilla y Leon region of Spain. With a total output of Original deal size care (principally elderly care) services to the public and 2010 330 megawatts (“MW”), this portfolio is the one of Bridgepoint John Allan #400m private sectors, providing residential and community-based the largest non-utility owned platform of wind energy representatives Paul Humphreys generation plants in Spain. It was acquired from ACS, social care as well as primary/secondary healthcare services. Original deal size Revenue Felipe Moreno # Mike Parish the listed Spanish construction conglomerate. The 480m #60m Borja del Olmo In a UK market experiencing significant change in public renewable energy industry is a global growth sector sector health procurement, Care UK is the top ranking, best Revenue and Spain has been a pioneer in the development of Bridgepoint Employees capitalised healthcare operator. In addition, quality ratings #598m representatives the wind industry. 10 constitute the key metric in Government contract awards and Rob Moores Care UK’s residential care portfolio has the highest ranking of Employees The aim is to create one of the largest independent Location any private provider. At the time of our acquisition, 96% of 18,700 Jamie Wyatt renewable energy businesses in Europe at a time Spain its residential facilities ranked as ‘good’ or ‘excellent’ by the when traditional electricity generation technologies UK Government’s Care Quality Commission. Location www.careuk.com are being displaced and utilities are increasingly UK expanding into the renewable sector. Since investment, Care UK has made significant progress in consolidating its market organically via significant contract wins and via acquisitions. 42 43

CFP Flexible Packaging Compagnie Stéphanoise de Santé (C2S) C S

CFP Flexible Packaging is a leading European producer of Date acquired Directors Compagnie Stéphanoise de Santé is the principal Date acquired Directors specialty films for the flexible packaging industry. It 2002 Angelo Bonissoni independent operator of clinics in the Rhône-Alpes 2011 Bruno Limonne produces bi-axis oriented polyamide (BOPA) film, utilised region of France. It was founded in 2005 through the Maurizio De Costanzo Jean Rigondet for wrapping in the food and healthcare industries. Original deal size combination of three clinics and the subsequent addition Original deal size #131m of further facilities in the Rhône-Alpes, Aquitaine and Not disclosed Bridgepoint Auvergne regions. It now operates from seven sites, Bridgepoint Revenue representative mainly polyclinics that offer a broad range of specialist Revenue representatives #46m Cesare Zetti medicine and surgery. This investment is managed by #95m Olivier Binet Bridgepoint Development Capital. Pierre Colasson Employees Employees www.cfp-flex.it 109 1,000 www.groupec2s.fr Location Location Italy France

Compagnie du Ponant CTL Logistics

Compagnie du Ponant (‘CDP’) is the market leader in Date acquired Directors CTL Logistics is Poland’s leading private rail logistics Date acquired Directors luxury polar cruises. Headquartered in Marseilles, France, 2012 Patrick Beauvisage company and one of the largest private rail operators in 2008 Cezary Nowakowski the company operates in the growing luxury cruise Europe with operations in six countries. It provides Patrick Molis Jarosław Pawluk segment and currently owns three ships, transporting Original deal size tailor-made logistics solutions focusing on rail Original deal size Philippe Videau over 20,000 passengers per year to the polar regions Not disclosed transportation, freight forwarding, siding management and Not disclosed and other locations. CDP has the youngest and best waste disposal for the coal & coke, fuels & oil, chemicals, Bridgepoint invested fleet in its market, with another vessel joining Revenue Bridgepoint construction material and steel industries. It operates some Revenue representatives the fleet in 2013, allowing the company to capitalise on #84.4m representatives of the busiest freight markets in Europe, including the #175m Jakub Chechelski the growing demand within this specialist cruising niche. Frédéric Pescatori strategically important East-West rail corridor. Patrick Fox Employees Xavier Robert Employees Khai Tan 90 1,885 . Maciej Zuzałek

Location www.ponant.com Location France Poland www.ctl.pl 44 45

Diaverum Evander Glazing & Locks

Diaverum is the second largest corporate dialysis clinic Date acquired Directors Evander is the UK’s largest nationwide 24/7 emergency Date acquired Directors operator in Europe with operations in South America, Middle 2007 Anders Althin response and repair provider of locks and glazing. 2011 Alan Brooks East and Australia. Headquartered in Sweden, it has over It completes more than 100,000 response and repair jobs Dag Andersson Debbie Hewitt 250 clinics in 17 countries serving over 20,500 patients. Original deal size per annum and typically partners with insurance companies Original deal size Annette Kumlien Alan Horton Not disclosed to supply policyholders with emergency repair services. Not disclosed Under Bridgepoint ownership, Diaverum has made Alan Milburn This investment is managed by Bridgepoint Development James Ong 40 bolt-on acquisitions and increased the number of Revenue Capital. Revenue # # patients it treats by over 70%. It continues to drive 440m Bridgepoint 55m Bridgepoint growth through a combination of higher treatment representatives representatives volumes at existing clinics, entry into new markets and Employees Employees Kevin Reynolds the consolidation of its sector. 5,500 Håkan Johansson 600 Tim Thomas Rob Moores Location Location Sweden www.diaverum.com UK www.evander.com

Dorna SBK Fat Face

Dorna is an international sports management business Date acquired Directors Fat Face is the UK’s leading ‘active lifestyle’ clothing Date acquired Directors and holds exclusive global rights (until 2036) to organise the 2006 Enrique Aldama brand, operating a multi-channel model of over 200 2007 Alan Giles MotoGP Motorcycle World Championship, the motorcycling directly owned retail stores, mail order catalogues, Carmelo Ezpeleta Simon Greene racing series, currently via 18 races worldwide. Original deal size an internet store, and a wholesale format (including Original deal size Simon Pickering Not disclosed via the John Lewis Partnership in the UK). #543m The company generates its revenues from race circuit Bridgepoint Sir Stuart Rose (designate) fees, TV broadcast contracts, sponsorship and Revenue representatives Revenue Mark Seagar advertising as well as corporate hospitality and services. #201m William Jackson #211m Anthony Thompson José Maria Maldonado In 2012 it acquired World Superbikes to create one of the Employees William Paul Employees Bridgepoint world’s leading sport franchises. 189 2,400 representatives

Benoît Alteirac Location www.dorna.com Location Spain UK Guy Weldon

www.fatface.com 46 47

Foncia Hallmark Hotels

Foncia is the market leader in residential property Date acquired Directors Hallmark Hotels is an owner and operator of four star Date acquired Directors management services in France, where it manages 2011 Benoît Fournial hotels based in UK regional markets. It was created as a 2007 James Hawksworth 1.3 million properties and has operations in Germany, vehicle to build a group of hotels through acquisition. Marc Frappier Arnold Schnegg Switzerland and Belgium. It manages apartment Original deal size The investment strategy is based upon acquiring Original deal size Bruno Keller buildings on behalf of all residents collectively and Not disclosed underperforming three star hotels and converting them Not disclosed provides a lettings management service to owners of Anne Lalou to four star hotels through a combination of operational Bridgepoint individual apartments. It also provides ancillary services Revenue Jacques Lenormand improvement and managed refurbishment. It was an Revenue representative including valuations and insurance broking and real #565m Wilfried Piskula investment made by Hermes Private Equity that is now #24m Mark Stroud estate transaction services. managed by Bridgepoint Development Capital.

Employees Employees Bridgepoint www.hallmarkhotels.co.uk 6,896 representatives 600

Benoît Bassi Location Location France Vincent-Gaël Baudet UK Frédéric Pescatori

www.fonica.fr

Histoire d’Or

Groupe Moniteur Histoire d’Or is the largest jewellery retailer in France and Date acquired Directors was acquired simultaneously with the market No.2, Marc 2010 Loïc Armand Orian and both were merged. The combined group Eric Belmonte Groupe Moniteur is the number one services and Date acquired Directors operates over 500 stores including a small but expanding Original deal size Bruno Candelier information provider for the construction and local 2006 Patrick Beauvisage network in Italy and Belgium. Following the acquisition, #599m authority sectors in France, providing quality and value Franck Hagège Yves de Chaisemartin the majority of the Marc Orian estate was converted to added content (via 22 publications), classified and display Original deal size Jacques Pancrazi Eric Giuily the Histoire d’Or format and the merger has produced Revenue advertising, online services (via 30 websites and digital Not disclosed significant synergies including cost savings as well as #344m Georges Spitzer services), databases, exhibitions and training courses. improved procurement and sourcing. Maurice Tchenio Revenue Bridgepoint Employees #165m representatives 2,374 Bridgepoint Matteo Perale representatives Employees Xavier Robert Location 1,050 France Benoît Bassi Paolo Frigati Location www.groupemoniteur.com Frédéric Pescatori France www.histoiredor.com 48 49

Hobbycraft Infront Sports & Media

Hobbycraft is the leading arts, crafts and hobbies Date acquired Directors Infront Sports & Media is the second largest sports Date acquired Directors specialist retailer in the UK with 75 superstores. As a 2010 Simon Burke marketing agency globally, with a network of 20 offices 2011 Philippe Blatter founder-owned business, it had generated strong across Europe, Asia and Latin America and a premium Mike Giffin Marco Bogarelli growth but had not fully exploited its potential. Original deal size portfolio of clients. It is responsible for commercialising Original deal size James Heese Günter Netzer Not disclosed Dominic Jordan a number of world’s largest and most prestigious Not disclosed Under Bridgepoint ownership and with a new Catriona Marshall sporting events in football, skiing, ice hockey, basketball management team in place, it has undergone an Revenue Katherine Paterson and other winter and summer sports as well as 18 world Revenue Bridgepoint extensive operational improvement programme to #143m championship events. #552m representatives support growth within the existing estate, further store Bridgepoint Benoît Bassi roll-out and online. Employees The business helps sporting clubs, federations and other Employees Matteo Perale 2,004 representatives owners to maximise the revenue potential of their 520 Xavier Robert Emma Watford sports rights. It is also the world’s leading TV producer Location Guy Weldon of sports content with the FIFA World Cup being the Location UK largest global sports rights production event. Switzerland www.infrontsports.com www.hobbycraft.co.uk

JOA Groupe Infinitas Learning JOA Groupe is the third largest casino operator in France Date acquired Directors Infinitas Learning is a major European educational Date acquired Directors with 20 casinos in a sector that generates c.€2.3 billion 2005 Raymond-Max Aubert of gross gaming revenues. Shortly after it acquired the publisher focused on curriculum based education and 2007 Clive Hay-Smith Patrick Beauvisage learning solutions in the primary, secondary, higher and business, Bridgepoint introduced one of the world’s Original deal size Martyn Leese Jean Houde vocational education markets in six countries, serving Original deal size leading operators, Loto Quebec, to co-invest and work #480m Alain de Pouzilhac over 90,000 schools. #774m alongside JOA as a strong corporate partner. Bridgepoint Revenue Claude Poisson Revenue representatives #107m Pierre Pharand #271m Michael Davy Raoul Hughes Employees Bridgepoint Employees 1,333 representatives 992 Benoît Bassi www.infinitaslearning.com Location Nicholas Hirschi Location France The Netherlands www.joa-casino.com 50 51

John Brown Media Group Leeds Bradford International Airport

John Brown Media Group is an international content Date acquired Directors Leeds Bradford International Airport (“LBIA”) serves Date acquired Directors creation agency producing high quality customer 2004 Lani Carstens Yorkshire & Humberside, a region of 5.6 million inhabitants 2007 Sophie Brown magazines, catalogues and digital content for a range of including Leeds, the third largest city in the UK. Andrew Hirsch Tony Hallwood high profile clients. It is noted for its creativity and Original deal size Original deal size Libby Kay Alan Lewis editorial content and ability to generate incremental #52m The region historically had a poor range of air services. #235m revenue for its clients from the publications it produces. Alex Silcox Bridgepoint acquired the airport following a decision by five John Parkin Founded in 1987 as a division of a larger publishing Revenue Geoff Stevens West Yorkshire councils to privatise the airport to ensure its Revenue # # interest, it rapidly established itself as a market leading 49m continued expansion and improved service to its users. 29.4m Bridgepoint operator in its field with clients including John Lewis, Bridgepoint Since Bridgepoint’s acquisition LBIA has consistently been representative RBS, Orange and Waitrose. Employees representative one of the fastest growing airports in the UK. Employees Adrian Williams 219 David Wilkinson 194 In 2011, new business development was active In 2012, the airport completed an £11 million upgrade to internationally with new business gains in South Africa and Location its terminal and introduced a range of new routes and Location www.leedsbradfordairport.co.uk Hong Kong. In 2012 this continued with John Brown UK & South Africa www.johnbrownmedia.com airlines including British Airways, Monarch and Thomson. UK growing international and green field operations in South Africa and Dubai respectively, both of which are forecast to provide an increasing share of group EBITDA in 2012/13.

LGC

La Gardenia LGC is a leading provider of ultra accurate testing Date acquired Directors services and consumables from a network of over 30 2010 Dr. Derek Craston locations in 15 countries. LGC serves both the public La Gardenia is a specialist perfume retailer with over 170 Date acquired Directors Graham Love stores in Italy and is the second largest operator in its 2011 and private sector within areas such as food chain Original deal size Fabio Pampani # Simon Parsons market. The business has the leading estate of premium security, genomics, forensics and the provision of 283m Silvano Storer regulated reference materials to end markets such as David Richardson sites, primarily located in shopping malls and high Original deal size Lord Stevens footfall city centre locations targeting the ‘selective Not disclosed Pharma and food. The company is also the UK’s Revenue # perfumery market’ which is a higher margin part of the Bridgepoint designated national Measurement Institute for chemical 207m perfume and cosmetics (P&C). In keeping with its Revenue representatives and biochemical analysis and hosts the UK’s Government Bridgepoint Chemist function. Employees representatives premium positioning, La Gardenia has a strong branded #127m Filippo Mazzotta 1,633 perfume product range and make-up, with the balance Chris Busby Galeazzo Pecori Giraldi LGC, which provides ‘mission critical’ services to its of its sales being toiletries, other cosmetics and skincare Employees Cesare Zetti Alastair Gibbons products. 859 global client base delivered via highly skilled staff, is Location strongly positioned to consolidate its fragmented sectors UK www.lgc.co.uk Location www.lagardenia.com through focussed acquisitions to build scale in the UK Italy and internationally. Since Bridgepoint’s investment in 2010, LGC has made eight add-on acquisitions. 52 53

Limoni Memnon Networks

Limoni is the market leader in the Italian perfumery retail Date acquired Directors Memnon Networks is a provider of transport Date acquired Directors sector with a network of over 400 stores. It also provides 2006 Enrico Ceccato administration software solutions in the Nordic region. 2012 Andreas Randel a wholesale service to smaller independent Italian Through its proprietary software platform, the company Ross McInnes Martin Randel perfumeries. Original deal size simplifies the connection between end users to shippers Original deal size Andrea Nappa Not disclosed and transporters, enabling parties to exchange automated Not disclosed Gilles Quey and reliable information in the logistics booking process Bridgepoint Revenue Paolo Scarlatti using a web-based connection. Revenue representatives #265m Richard Simonin #11m Johan Dahlfors Increasing efficiency in the transport supply chain will be a Magnus Gottås Employees Bridgepoint key growth driver across the industry for some time to Employees 2,050 representatives come and will therefore position Memnon as a leading 75 player in its space. www.memnonnetworks.com Benoît Bassi Location Location Paolo Frigati Italy Sweden

www.limoni.com

Mezzo di Pasta Médipôle Sud Santé Mezzo di Pasta leads the French pasta fast food market, Date acquired Directors operating both franchised and owned restaurants in city 2011 Médipôle Sud Santé is the largest private hospital group Date acquired Directors Alain Béral centres and shopping malls. It serves pasta and sauces to in South East France, specialising in general medicine, 2011 Frédéric Dubuisson Benoit Fournial order as well as salads and desserts. Original deal size surgery and obstetrics and operating 15 sites now (versus Laurent Lassiaz Marcel Hermann Not disclosed 10 at the time of acquisition). Original deal size The French fast food market is large and growing and Not disclosed pasta food chains have developed significantly, Revenue Bridgepoint Bridgepoint was attracted by the group’s excellence of Bridgepoint positioning themselves as an attractive alternative to #11m representatives care reputation, its demographically attractive market Revenue representatives traditional bakery/burger/sandwich chains as customers and the opportunities to grow the business organically #248m Vincent-Gaël Baudet Olivier Binet become more health and price conscious. Employees through operational improvement and, via market Pierre Colasson Kim Nguyen 150 consolidation. Employees William Paul 3,000 Location www.mezzodipasta.fr

France Location www.medipolesudsante.fr France 54 55

Permaswage Pulsant

Permaswage is a market-leading aerospace component Date acquired Directors Pulsant, supported by Bridgepoint Development Capital, Date acquired Directors supplier manufacturing permanent and separable couplings 2007 Laurent Chassepot is a UK based provider of IT infrastructure services 2010 Rob Davies used to connect hydraulic, air, fuel or other tubing in all including hosting, managed services and connectivity to Olivier Robert Mark Howling types of civil and military aircraft. It also has a fast growing Original deal size SME clients. The original business was acquired as a Original deal size Andrew Roberts Pieter Knook business supplying couplings for electricity sub-stations. #274m platform ‘buy and build’ to create an integrated national Not disclosed provider of data centre-based IT infrastructure services to Aydin Kurt-Elli The company enjoys an embedded position on all Revenue Bridgepoint a fragmented and underserved market. Revenue Matt Lovell significant new and existing commercial aircraft #120.5m representatives #45m Graeme MacKenzie platforms and has successfully accelerated its growth Vincent-Gaël Baudet The Pulsant group now comprises four acquisitions: with continued expansion of its smaller power Employees Lumison, the initial platform business, with two data Employees Chris Bell Bridgepoint components division and with selected in-fill acquisitions. 760 centres and a broad service capability; Blue Square 175 Michael Davy representatives In 2011 it began manufacturing locally in China to serve Data, a colocation services provider with data centres in the requirements of a growing local OEM customer base. Location Maidenhead and Milton Keynes; DediPower, a managed Location Alan Payne . France www.permaswage.com hosting and cloud-based services provider with three UK Kevin Reynolds data centres in Reading; and Scolocate, a provider of colocation and managed services in Edinburgh. www.pulsant.co.uk

Pret A Manger Quilter Pret A Manger is the UK’s leading retailer of high quality, Date acquired Directors natural, ready-to-eat sandwiches, salads and drinks. 2008 Sinclair Beecham Founded in 1986, it has over 300 shops in the UK, US, Quilter is a long established and highly regarded UK Date acquired Directors Laurence Billett Hong Kong and France and employs over 7,100 people. Original deal size private wealth management business with assets under 2012 Nick Candler Martin Baines In 2012 Pret continued its roll-out programme, opening #499m management at the time of our acquisition of £7.6 Mark Macleod 30 new sites, including its first four new sites in Paris. Anders Dahlvig billion. The business operates from 13 offices across the Original deal size Chris Meares Revenue Clive Schlee UK, Jersey and Ireland from which it provides bespoke Not disclosed Stephen Vakil #545.9m discretionary investment management services to clients Bridgepoint including charities and trusts, pension funds, corporate Revenue Employees representatives bodies, life companies and individuals. #94.1m Bridgepoint 7,100 representatives Vince Gwilliam In November it concluded an agreement with fellow Employees William Jackson Michael Black Location independently owned discretionary investment firm 390 Stephen Green UK Cheviot Asset Management to combine their two www.pret.com businesses. The combined business will be known as Location Quilter Cheviot and will have total assets under UK www.quilter.co.uk management of more than £12 billion. 56 57

Rodenstock Siblu Holdings

Rodenstock is Germany’s leading manufacturer of optical Date acquired Directors Siblu Holdings is France’s leading owner and operator of Date acquired Directors lenses and the No 3 and No 4 in Europe and the world, 2007 Oliver Kastalio holiday parks. It is the single largest operator of holiday 2006 Simon Crabbe respectively. It also designs frames. The company enjoys parks in what is a fragmented French market, with 14 Michael Kleer Leslie Hurst strong brand recognition and a high reputation for Original deal size sites on France’s west and Mediterranean coasts, and Original deal size Peter Körfer-Schün Kate Locke technology leadership in its field amongst opticians. Not disclosed over 8,000 caravan pitches. The business is pursuing a Not disclosed Sven Schirmer strategy of growth through the acquisition and Chris Mutter In 2012 Rodenstock completed the acquisition of its Revenue Robert Schlitt conversion of parks from the holiday hire to the caravan Revenue Paul Popplestone distributor in Brazil, IGAL, giving it direct exposure to this #388m Valérie Texier ownership model. The investment in Siblu was made #98m Ian Smith high growth market. originally by Hermes Private Equity but is now managed Employees Bridgepoint by Bridgepoint Development Capital. Employees Bridgepoint 4,120 representatives 308 representative Christoph Bracks Mark Stroud Location Ian Dugan Location Germany France www.siblu.co.uk www.rodenstock.com

Shimtech Industries Solhaga

Shimtech is the global leader in the manufacture and Date acquired Directors Solhaga is a leading specialist care service provider in the Date acquired Director supply of shims, a key component used in the assembly 2011 Alastair Fanning full-responsibility high acuity autism segment, providing 2010 of large commercial aircraft . Shims are critical Meg Tivéus Howard Kimberley high quality, individually tailored care programmes to components used to isolate two materials in the Original deal size Clive Snowdon over 450 service users in 70 facilities across Sweden. It Original deal size assembly of aircraft structures. Shimtech manufactures #60m offers a complete range of services including adult and Not disclosed Bridgepoint shims in either solid or laminated peelable form from a children accommodation, daily activities, schools, representatives variety of materials including alloys, polymers and Revenue Bridgepoint short-term accommodation, diagnostic services and Revenue Johan Dahlfors composites; it is the leading player in this niche segment #39m representatives leisure activities. In 2012, Solhaga has continued to #56m Mikael Lövgren of the aerospace sector. The group is comprised of four Kevin Reynolds strengthen its market leading position through the facilities located in the UK and US and was acquired from Employees Adrian Willetts opening of new facilities and one further acquisition. Employees Hampson lndustries plc in 2011. 193 www.solhagagruppen.se This investment is managed by Bridgepoint Development 700

Capital. This is an attractive time to invest in the aerospace sector Location www.shimtechgroup.com Location which is enjoying a period of record order backlogs and UK Sweden increasing production rates. 58 59

SPTS The Energy Solutions Group

SPTS is an international capital equipment provider serving Date acquired Directors The Energy Solutions Group (“ESG”) is one of two Date acquired Directors high-growth manufacturing applications within the global 2011 Kevin Crofton independent national players in the long-term support 2010 Steve Dalton microchip industry. It designs, manufactures, sells and and implementation of intelligent building energy William Johnson Derek Lloyd supports advanced capital equipment for highly Original deal size management systems in the UK. It specialises in Original deal size Henry Nothhaft Tony Lochery differentiated niches of the microchip market, in particular Not disclosed supporting building owners to control, monitor and Not disclosed the production of ultra small mechanical sensors or Richard Rees reduce energy usage via the efficient use of building Veronica Niven ‘MEMS’ which are used in smartphones, tablet computers, Revenue energy management systems and related services. Revenue Bob Savage game consoles and automotive applications. #155m Bridgepoint #60m Brin Sheridan representatives By leveraging and broadening the company’s core support Employees and project work and its remote energy monitoring Employees Chris Bell Bridgepoint 490 capability, it can develop a more comprehensive managed 371 Kevin Reynolds representatives energy solutions offer and transform the business into a Location broader player in the fast growing market for energy Location Robert Jenkins UK/US www.spts.com management. ESG has made two bolt-on acquisitions to UK Robin Lawson date: Marsh Systems and Evolve Energy which add important capabilities in line with the strategic vision. www.theenergysolutionsgroup.co.uk

Terveystalo TüvTurk

Terveystalo is the largest private healthcare service Date acquired Directors TüvTurk is the monopoly provider of statutory vehicle Date acquired Directors provider in Finland, offering a unique integrated care 2009 Esko Aho inspections operating 196 stations across Turkey. 2009 Husnu Akhan package of healthcare and hospital services through Bridgepoint acquired a joint controlling stake in the Yrjö Närhinen Peter Klein more than 130 centres nationwide. This includes Original deal size company in October 2009 in a transaction that valued the Original deal size Jari Onniselkä Horst Schneider occupational health, primary healthcare (such as GP #308m entire business at #356 million. The opportunity arose Not disclosed practices), diagnostics and surgical treatment. Founded Matti Rihko following a decision by one of its three institutional Erman Yerdelen in 2001 and listed on the Helsinki stock exchange, it Revenue shareholders, Akfen Holding A.S, to realise its investment. Revenue was acquired in February 2009 when Bridgepoint #455m Bridgepoint #33.6m Bridgepoint launched a recommended cash tender offer. representatives Established in 2005, TüvTurk has a 20 year monopoly representatives Employees Håkan Johansson concession until 2027 and has franchised its operations Employees Martin Dunn Under Bridgepoint ownership the company has made 3,500 in 81 regions to 48 franchisees although TüvTurk 735 Mikael Lövgren Jason McGibbon 14 bolt-on acquisitions, including Finland’s fourth and shareholders retain ownership and operation of the Tolga Sengel fifth largest private healthcare providers respectively. Location largest region, Istanbul. The acquisition also gives Location These acquisitions significantly strengthened the clinic Finland www.terveystalo.com Bridgepoint 100% ownership of TüvMersin, the fourth Turkey network and underlined Terveystalo’s clear leading largest franchise. The company has demonstrated strong www.tuvturk.com.tr position in the market. revenue growth since it was acquired, reflecting the favourable market dynamics (Turkish car sales in 2012 were the highest on record). 60 61

Wiggle

Wiggle is a leading global online retailer of cycling and Date acquired Directors tri-sports equipment. 2011 Andy Bond Humphrey Cobbold Founded in 1999, Wiggle has grown rapidly, aided by a Original deal size Martin Talbot strong consumer shift to internet retailing and strong #211m structural drivers such as fitness, healthy living and the increasing popularity of cycling and tri-sports. The Bridgepoint Revenue company has an attractive and loyal customer base: the representatives #169m business now has over 850,000 ‘live’ customers and over Vince Gwilliam 1.5 million shopping visits to its websites per week with Nick Heslop some 60% of its sales to international markets. Employees 338 Bridgepoint was attracted by the company’s international www.wiggle.co.uk

potential: Wiggle has already established market leading Location businesses in Australia and Japan and there is significant UK scope for its business model to be developed in other more nascent markets. Additionally, cycling, running and swimming markets also benefit from lifestyle drivers and are evidencing total growth rates outperforming the general retail market. 62 63

Meritocracy 64 65

Responsible investing Being a responsible investor is quite simply good for business and requires the Firm to have strong environmental, social from Bridgepoint and governance principles.

Bridgepoint believes that being a responsible investor This Committee also reviews the Firm’s annual financial is quite simply good for business and requires the Firm statements prior to submission to the Partners, having to have strong environmental, social and governance reviewed reports from our finance team, met with our principles. We do so in the long term interest of our external auditors on accounting and internal control investors, our employees, the companies in which we matters and ensured that our finance function is invest and their stakeholders and achieve this by building working effectively and that arrangements are in place responsible investing principles into all of our work and to provide assurance on risk management and internal business practices. We have a well-defined set of Values control. Additionally, it reviews the risk management to guide our teams that set out the expectations of the systems and risk assessment policies and practices of Firm about the way that we should conduct ourselves the Firm this includes its regulatory and compliance and represent Bridgepoint. It is our intention that these functions, activities, policies and procedures to ensure Values are reflected in our responsible investing policy. that these are up to date, appropriate and proportionate to our business and of the standard expected of the Bridgepoint is also a signatory of the United Nations’ Bridgepoint Group by its regulators and investors. Principles for Responsible Investing. By incorporating these principles into our business, we have publicly In addition to complying with regulatory requirements undertaken to demonstrate our commitment to in this area, Bridgepoint, with the full endorsement of adopting relevant environmental, social and governance its Partners, works to educate team members and the issues into our decision making and ownership practices. companies we back to invest responsibly in the normal course of business. Our Audit & Risk Committee, comprising senior members of our team and led by the chairman of our We understand that the decisions that we take can Advisory Board, oversees our approach to responsible have an impact upon all the business communities with investing. It ensures that Bridgepoint maintains which we interact. We therefore strive to ensure that our appropriate and effective systems and controls relating business conducts itself in an appropriate manner in all to its accounting practices, its risk management and risk of its activities in the interests of its employees, investors, assessment, taking into account the reputational risks portfolio companies and trading partners alike. associated with the Firm’s, and its portfolio companies’, activities.

66 67

Bridgepoint continues its leadership outreach programme to communities outside its European sphere of operations.

Commitment to environmental issues in partial compliance with statutory or regulatory Commitment to social issues Commitment to governance issues Bridgepoint is conscious of the impact it has on the requirements, Bridgepoint must be satisfied that Bridgepoint’s commitment to social issues is made through In addition to compliance with the relevant legal environment in the countries in which it operates management has realistic plans for remedying this its investee companies and the Bridgepoint Charitable requirements of the jurisdictions in which it and its through the goods and services it purchases, the within an appropriate time period. Trust. The Firm requires all investee companies to comply investee companies operate, Bridgepoint has in place a products it consumes, the investee companies it acquires with relevant employment law, particularly as it relates to number of governance structures designed to ensure and the investment processes it undertakes. There is an on-going obligation, post-investment, on employees’ rights and welfare. It also encourages investee that the Firm remains accountable and transparent, and the executive management team to ensure that the companies to work with likeminded trading partners who that there is complete alignment of interest between the Our environmental policy focuses on three areas: company complies with environmental legislation and, source products responsibly from eco-friendly suppliers. Firm and its investors. should a breach occur, that it is reported immediately – Minimising the impact on the environment of and transparently to the Bridgepoint representative on The Firm is a responsible corporate citizen and seeks Bridgepoint is managed by an Operating Committee our own operations the board of that company. to contribute to the communities in which it operates. which is charged by the Firm’s Partners to provide In terms of the impact from its own direct operations, It does so through a charitable giving programme leadership and strategic direction. An Investment Bridgepoint aims to reduce its carbon footprint by – Encouraging existing investee companies to administered through the Bridgepoint Charitable Trust. Advisory Committee, whose members are drawn identifying more efficient use of resources, recycling adopt appropriate policies The Trust focuses in particular on two areas – education from the most experienced partners, takes investment opportunities and, where necessary, by purchasing For existing portfolio companies, Bridgepoint, and environment – and seeks to identify and support decisions for the Firm, and Remuneration, Audit and carbon offset products to neutralise the impact of its through its board representatives, commits to smaller charities where Bridgepoint’s involvement can Adjudication Committees ensure the proper and fair operations. Certain Bridgepoint funds are also compliant encourage management teams to implement be more meaningful. application of the laws and regulatory practices of with the UK Government’s CRC Energy Efficiency the appropriate environmental policies in their each of the countries where it operates. A partner-level Scheme, a mandatory energy reduction initiative under operations and procedures, as is relevant to their In addition to financial donations, Bridgepoint may also General Counsel is also responsible for ensuring that which we report each ‘CRC year’, buying allowances sector. Typically these will focus on energy use, provide technical and management support through the Firm respects and adheres to internal policies and where required for the energy used in the UK by the waste and recycling, water use and conservation, local team contribution and engagement, recognising operating procedures. portfolio companies in those funds. and supply chain environmental management. It individual team member effort through a matched will also include implementation and subsequent giving policy and Give As You Earn Scheme. Similarly, In turn, companies in which Bridgepoint invests – Assessing environmental impact prior to making monitoring of environmental policies and the inclusion many of our investee companies also have charitable have similar governance structures in place to ensure a new investment of environmental considerations in any due diligence giving programmes. compliance with the law and effective monitoring of For proposed new investments, Bridgepoint seeks undertaken during any acquisitions made by the performance. These are also structured so that major to identify environmental risks prior to investment. investee company. Bridgepoint continues its leadership outreach decisions by a portfolio company can only be reached We do so by requiring that pre-investment proposals programme to communities outside its European with the agreement of Bridgepoint. include an analysis of a business’s impact on such sphere of operations. Now in its second of a three issues as water use, waste management, energy year programme, it has sponsored 111 ‘Bridgepoint and sourcing or a confirmation that there are none Fellows’ in Brazil, China and India to enable grassroots that ought to be brought to the attention of the leaders to deliver projects in their local communities Investment Committee. Where a company is only and at the same time improve their leadership skills. 68 69

Each year our aim is to provide medium term support to adopted charities in the geographies where we have offices as well as support to individual team member charitable work.

Internal guidelines are also in place to eliminate conflicts The Bridgepoint Charitable Trust In 2012 we continued to support two adopted charities In France we launched our support for Un Orchestre à of interest, taking into account the Firm’s obligations The Bridgepoint Charitable Trust (‘BCT’), our non-profit in the UK and Sweden within the broad educational l’ecole (‘OAE’), a non-profit organisation that transforms under its fund management agreements and fiduciary charitable foundation formed and funded by Bridgepoint sphere and identified a third for new support in France. an entire class in a primary or junior secondary school duties. In addressing conflicts, it seeks to do so with and its employees, was established with the aim of In addition, Bridgepoint supported a number of smaller into an orchestra. OAE, registered by the French Ministry integrity, professionalism and in the best interest of its better coordinating our charitable giving. It is part initiatives across our network that were related to some of Education, works in schools across France with investors. of Bridgepoint’s ‘responsible investing programme’, of our business relationships. underprivileged pupils. Under the scheme, pupils are reflecting the key Environmental, Social and Governance entrusted with a high quality instrument that they are Each Bridgepoint fund also has an Investors’ Committee (ESG) principles at the heart of the Firm’s values. BeatBullying is a fast growing UK charity aimed at responsible for keeping in good condition that they learn drawn from representatives of investors in that fund to reducing the incidence of bullying and providing ancillary to play individually and as part of a team. BCT will fund provide a forum for discussion of the fund’s investment Specifically, BCT aims: counselling services. BCT provided finance to fund four up to six orchestras, (see www.orchestre-ecole.com). strategy or performance and any potential or actual new counsellors for one year to act as full time ‘cyber conflicts of interest. • To assist the development of charities operating mentors’ for young victims of bullying as well as support primarily in either the broad areas of Education and for its social network site, (see www.beatbullying.org). Bridgepoint also benefits from a European Advisory the Environment within Europe. Committee whose membership is drawn from • To match the charitable fund raising efforts of Fryshuset is a Swedish charity, identified by our distinguished individuals in the fields of government and individual staff members. colleagues in Stockholm, which supports some industry to provide additional external perspectives on • To support charities which are sponsored by 14,000 young people in Stockholm, Gothenburg strategic, political, social and related matters. individuals or companies having a close relationship and Malmo around three inter-related platforms of with the Firm. education, social projects and leisure interests. Thanks to the BCT donation Fryshuset will receive support The Bridgepoint Charitable Trust (BCT) has 10 trustees for an ‘entrepreneurship’ project that offers coaching (including three independent trustees). Each year our and training to budding entrepreneurs, via a newly aim is to provide medium term support to adopted designed website that will provide information about charities in the geographies where we have offices as courses, lectures, mentors and discussion forums, well as support to individual team member charitable (see www.fryshuset.se). work. Candidate charities are suggested by local offices who work up proposals for the Trustees to consider, from which a short-list is drawn up and then voted on by team members across the Firm. 70 71

Open mindedness 72 73

Our Community. Inspiring children in a school in rural Shaanxi to value education. Qiu Xiaoling’s story

Less than 5% of students from poor rural areas in China So Qiu Xiaoling designed with her mentor a enrol in higher education as opposed to 70% in urban programme of activities for two classes totalling 61 areas. The Bridgepoint Fellow implemented exciting children. She bought books to encourage reading and classes to develop the children’s interest in education purchased flowerpots for planting. The gardening through creative activities, including gardening and activities connected the children to their rural letter correspondence to children in other parts of China. surroundings, engaging them with their parents’ Working closely with three teachers and 61 children, she farming activities and encouraging shared learning then used her success to influence all 16 teachers locally across the community. to adopt the new methods for the benefits of the 202 children of the school. Qiu Xiaoling also worked in partnership with Li Mingxing, a Bridgepoint Fellow based in Guangxi, Growing up in rural Shaanxi, Qiu Xiaoling experienced to set up a correspondence between the children in first-hand the struggles confronting local communities in Shaanxi and those in Guangxi. The children shared the face of poverty and isolation. Driven by a deep desire news about their daily lives, broadening their horizons to improve the quality of life in rural western China, she by discovering the differences between north and studied a Masters in Sociology and Rural Development at south China while improving their writing skills. university. After graduation, and despite pressure from her family to find employment in the city, she returned Through her fellowship training, Qiu Xiaoling learned her province as a Bridgepoint Fellow. how to empower others to influence change. She built strong bonds with the children and teachers, During her fellowship training, Qiu Xiaoling says she encouraging them to develop their own initiatives. began to understand how to use education as a tool The teachers welcomed the changes and opened up for self-development in rural areas. As part of her to new subjects and teaching methods. Qiu Xiaoling fellowship research, she visited local primary schools worked with local organisations and leaders to where she found the teaching methods rigid and expand her creative projects to other schools around focused on core subjects such as Maths, Chinese and Shaanxi. Teacher Zhao says: “Qiu Xiaoling adapted Qiu Xiaoling English. With little attention to creative subjects and well, transitioning from a university graduate to a Bridgepoint Fellow a disconnect to rural life, she found the teaching staff respected member of the community.” China struggled to inspire and motivate the children in their learning which failed to encourage them to continue Qiu Xiaoling plans to continue to work in rural their studies and see the benefits for their future. development by using her fellowship experience to, in turn, empower others to lead change. 74 75

Ensuring food security for marginalised groups in her community in Maharashtra.

Vanita Waghmare, a semi-literate mother of three, The fellowship training provided Vanita with the tools has challenged officials and unscrupulous vendors to to survey the food security needs of families, and secure access to food for her Katkari tribal community. address how their rights can be fulfilled. Armed with Our Community. She helped people apply for entitlements and created this knowledge, she confronted the officer in charge savings groups for families to maximise their limited of ration card supplies about the actions of dishonest resources. A school-leaver aged 10, she became a shopkeepers. Vanita Waghmare’s story volunteer with an organisation which recognised her leadership potential and recommended her for the With the help of her mentor, a former fellow, she has Bridgepoint fellowship programme. successfully submitted applications for 35 families to receive ration cards, and her work is beginning to The Katkari are a tribe in Maharashtra who suffer from be replicated in nearby villages. She has also helped poor access to education, economic marginalisation, people obtain proofs of identity, vital for accessing and low status in the Indian caste system. They live government programmes, and set up a revolving fund in small groups, where alcoholism is common, often to allow families to pool their money and stabilise working as labourers on farms or construction sites their purchasing power. 67 people now have health with no job security from one day to the next. Living in insurance, and she secured scholarships for 21 students. remote areas, with no transport, makes it difficult for them to access local services and discourages teachers Within the community she is now a respected leader and coming to work in their schools. a positive role model for others. People from outside the locality are now willing to ignore the rigid caste system, Food security is a major concern for the Katkari, who and the social prejudices which have marginalised are eligible for government ration card schemes but the Katkari, to seek her help and advice. Vanita plans lack the official proofs of identity required to access the to continue her work on food rights, and is part of a entitlements. Members of the tribe rely upon these cards campaign, in collaboration with 20 current and former to obtain food staples for adequate nutrition, but some fellows, to promote food security across the region. shopkeepers take advantage of the scheme and sell their Vanita Waghmare stock on the black market for more profit. So far, they have held workshops on ration rights which Bridgepoint Fellow have been attended by more than 4,300 people from India 54 villages. 76

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