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The time for divestments in Spain 2015

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The time for Private Equity divestments in Spain.

July 2015. Release 1.0 Webcaprisk Servicios S.L. is the owner of www.webcapitalriesgo.com

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INTRODUCTION

The Private Equity activity in Spain has experienced very difficult times in recent years. The crash of and the subprime crisis largely complicated the activity of PE firms, which had to focus even more in the management of investee firms. It has been a very difficult task to ob- tain the funding needed to complete a new . It also was not the right moment to divest, with stock markets closed and industrial investors trying to balance their accounts. The pantry was beginning to be empty and funds had to think about starting to raising money for their new vehi- cles, with the risk premium at a maximum level and the threat of a bail out. After a long journey in the desert local player started to convince limited partners that PE remained as a profitable finan- cing alternative in Spain.

The Spanish economy was gradually soaring and foreign investors showed again its confidence in the country. Even though some PE firms disappeared, many of them withstood the pressure and continued to provide value to their portfolio firms. A priceless experience that started to show posi- tive results in 2014, and continues in 2015, with the opening of an extraordinary divestment period in Spain.

This report details the keys of the divestment activity and its connection with the fundraising and activity.

The Time for Private Equity divestments in Spain report includes: interviews (only in the Spanish version), insights on activity1, list of active investors and links to 148 related news2.

Webcapitalriesgo.com wishes to express its gratitude to the sponsors of the report, PwC and COFI- DES , and to Bridgepoint for its support in sustaining www.webcapitalriesgo.com.

Marcos Salas de la Hera Partner at Webcapitalriesgo.com

1. The information supplied by more than 250 investors was obtained by Webcapitalriesgo.com, in conjunction with the Asociación Española de Entidades de Capital Riesgo (ASCRI), and constitutes the basis for the elaboration of the official VC and Private Equity statistics published in the ASCRI´s 2015 Annual Report. The Private Equity activity was separated from the general information. 2. The information comes from the press briefings sent by investors and news releases published in the media.

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INDEX

PAGE

Outstanding Divestment Activity 5

Special: 2006-2014 Divestment ratings 10

List to Active Investors 13 44 PE investors carried out at least one new investment in 2014 Related News 15 148 News related to Investment, Divestment and Fundraising in 2014

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OUTSTANDING DIVESTMENT ACTIVITY

The volume divested at cost in that year N+1 and Blackstone were the incoming inves- amounted to €4.77 billion, exceeding for the tors that exited in 2014. Other sales carried out first time at this century the amount invested in last year were the sale of Grupo hospitalario the year (€3.46 billion), as stated in the AS- Quirón (Doughty Hanson) to IDC Salud, CRI´s 2015 Annual Report. This level of acti- leading its merger, or the Hofmann sale vity has remained in the first half of 2015. 90% (Portobello and Realza) to the British company of the activity developed by Venture Capi- Photobox. tal/Private Equity in Spain corresponds to the Private Equity3 segment. The two largest Spanish commercial banks were present in two of the largest divestments Trade Sales peaked in the first half of 2015. First, Banco Santander and the U.S. private equity firms Warburg Pin- Trade sales (industrial or financial) drove this cus and , agreed to merge the significant volume last year, exceeding the pro- fund management firm Santander Asset Mana- ceeds in the previous six years through this me- gement with Pioneer , resulting in a chanism, featuring the sale of the cable opera- leading global asset management firm in Euro- tor ONO to Vodafone, which accounted for pe and Latin America. Second, the private almost a third of the total. This divestment re- equity subsidiary of BBVA Valanza, sold its ported significant gains to the six investors in- 57.5% stake in the hotel chain Occidental Ho- volved in that deal: CCMP, Candover, Provi- teles to the tourism-related group Barceló. In dence, Quadrangle, Thomas Lee and Santander early 2015, we should also highlight the sale of Capital Desarrollo. funds advised by N+1 and Dinamia in Teltro- nic to the British company Sepura, which The sale of the helicopter operator Inaer to Bri- amounted to €124 million, representing a cash tish company Babcock by Investindustrial (6x) out of 2.4 times the investment in the company and KKR (2.5x); and the sale of Mivisa to the specializing in the manufacture of electronic US group Crown Holdings by N+1 and Bla- systems and components. ckstone (2.4x), also reported significant gains. The Murcia-based manufacturer of tinplate for Regarding IPO activity, the returns of eDreams the food , is one of the most profitable and Applus+ IPOs in 2014, owned by companies for Private Equity activity in Spain, and Carlyle Group and Investindustrial, respec- having completed 3 investment/divestment cy- tively, should also be highlighted. cles. In 2001, PAI and Suala invested in the company, to sell the stake to CVC later in 2005. Subsequently, CVC and Oquendo (shareholder in 2008) divested again in 2011.

3 Deals in firms in the expansion stage and consolidated firms: leveraged acquisitions (), Replacement of shareholders, Turnaround and others, and any successive add-ons that there might later be in them are included.

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Renewed IPO activity In sum, several international investors have also managed to obtain significant gains for 2014 was a good year for VC/PE activity in their limited partner through this exit mecha- Spain from all points of view, with a divest- nism, albeit after a long and uncertain period. ment activity that broke all historical records. Secondary buyouts (SBOs) also registered a Also in the first half of 2015, the train manu- significant activity in the period analyzed. Two facturing company Talgo completed an IPO in large SBOs should be mentioned in 2014. the Spanish stock exchange, allowing the par- tial exit of Trilantic and MCH. In addition, the- The first is the sale of Grupo Quirón, owned by re were also extis from private investments in Dougthy Hanson, to IDC Salud (CVC), which public equity in Applus+ (Carlyle) and in resulted in the merger of the two hospital Abertis (CVC). Even in early July 2015, the groups. The second is the 49.9% sale of the Basque cable operator Euskaltel completed an stake held by Investindustrial in Port Aventura IPO in the Spanish stock exchange, which to KKR. In sum, international firms played an allowed divestments for Trilantic and Investin- important role in the overall investment acti- dustrial. vity in Spain in 2014 (see next page), with their commitment representing the 78% total Table1 amount invested in Spain. They were involved Main divestments in 2014 in 26 mid- and large-size deals, with active par- Divestment mecha- Private Equity firm Company nism ticipation from 16 investors. But SBO activity has decreased in 2015 due to existence of other Cunext Cooper Corpfin Trade Sale (Industrial) Industries exit alternatives, such as IPOs and, specially, / Baring Derprosa Trade Sale (Industrial) by the increasing competition of industrial in- 3i / Hutton Collins / Lan- Everis Trade Sale (Industrial) vestors. With the improved economic outlook don and the renewed access to credit, industrial in- Doughty Hanson Grupo Quirón Secondary buyout (SBO) vestors are becoming buyers of portfolio firms Portobello / Realza Hofman Trade Sale (Industrial) and strong competitors of PE in the invest- Investindustrial / KKR Inaer Trade Sale (Industrial) ments that have been completed in the last few N+1 / Blackstone Mivisa Trade Sale (Industrial) months. CCMP / Candover / Provi- dence / Quadrangle / Thomaslee / Ono– Auna Trade Sale (Industrial) Santander Capital Desarro- SBOs do not lag behind llo MCH / Suma Parkare Group Trade Sale (Industrial) However, in the first half of this year, several MCH Repasa Trade Sale (Industrial) outstanding SBOs took place, as the sale of the N+1 Xanit Trade Sale (Industrial) stake held by ProA and Talde in the food group CVC Zena Group Trade Sale (Industrial) Palacios to ; the transfer of Qualitas Garnica Plywood Trade Sale (Financial) the recovery consumer credit platform Gesco- Santander Capital Desarro- Invin Trade Sale (Industrial) llo bro by Miura to the U.S. fund Cerberus; or the 3i Café & Té Secondary buyout (SBO) sale of funds advised by AC Desarrollo in Li- Baring Nace Secondary buyout (SBO) talsa, the independent provider of services in Investindustrial Port Aventura Secondary buyout (SBO) lithography and varnishing for packaging ma- First Reserve Abengoa Post IPO sales of shares nufacturers and shutters, to Realza Capital. Carlyle / Investindustrial Applus (IPO) Initial Public Offering Permira eDreams (IPO)

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Summary of Investment activity

International funds led, as usual, the list of the largest deals carried out by CVC. Other deals that also exceeded the (11). Besides the mentioned deals in IDC and Quirón and €100 million threshold were Grupo Alfonso Gallardo and in Port Aventura, we should also highlight the investment Telepizza (KKR), Bizkaia Energía (ArcLight), Goldcar of Eurazeo Capital in the fashion chain Desigual, which (Investindustrial), Endeka Ceramics (Alchemy) and Savera represented its first deal in Spain; the acquisition of the (Partners Group). neutral optical fiber operator Ufinet by ; and the acquisition of the oil group Deoleo, also

Table 2

Largest Private Equity deals in 2014

PE firm Company Deal Industry Typo of Investor CVC IDC-Quirón Buyout (MBO) Health care International Eurazeo Desigual Expansion Consumer related International

Cinven Ufinet Telecom Buyout (MBO) Communications International CVC Deoleo Buyout (LBO) Consumer related International

KKR Grupo Alfonso Gallardo Refinancing Industrial products&serv International

KKR Port Aventura Replacement Industry/Leisure International ArcLight Capital Bizkaia Energía, S.L. Buyout (LBO) Energy International

Investindustrial Goldcar Buyout (MBO) Other Services International Alchemy Endeka ceramics Turnaround Construction International

KKR Telepizza Buyout (MBO) Industry/Leisure International

Partners Group Savera Buyout (MBO) Industrial products&serv International Avenue / JZ International Petrocorner Buyout (MBO) Consumer related International

Magnum Nace Buyout (LBO) Other Services Domestic Private Springwater Aernnova Replacement Industrial products&serv International Cofides Acciona, S.A. Expansion Energy Domestic Public

Cofides OHL Concesiones Expansion Transportation Domestic Public South East U.P. Power Cofides Expansion Energy Domestic Public Transmission Company Realza Capital Industrias Dolz Expansion Industrial products&serv Domestic Public

Tradebe Environmental Cofides Expansion Other Services Domestic Public Services

Corpfin El Fornet d’En Rossend Buyout (MBO) Consumer related Domestic Private Springwater Adveo (Unipapel) Buyout (LBO) Consumer related International

Platinum Terratest Expansion Other Services International Miura The Visuality Corporation Buyout (MBO) Consumer related Domestic Private Diana Bq Expansion Computer: Hardware Domestic Private

Oquendo Terratest Expansion Other Services Domestic Private

Grupo Compañía del H.I.G. España Replacement Industry/Leisure International Trópico

Cofides Isolux Corsán Concesiones Expansion Energy Domestic Public

Magnum Geriatros Buyout (MBO) Health care Domestic Private

MCH Lenitudes Expansion Health care Domestic Private

Miura TiendAnimal Expansion Consumer related Domestic Private

OpCapita La Sirena Buyout (LBO) Consumer related International

Baring PE Forus Deporte y Ocio Expansion Other Services Domestic Private

Diana Gocco Confec. S.A. Expansion Consumer related Domestic Private

Nazca Gestair Expansion Transportation Domestic Private

Rotor Componente ProA Expansion Consumer related Domestic Private Tecnológicos

Springwater Grupo Monesa Buyout (MBI) Industrial products&serv International

Springwater Pullmantur-Nautalia Buyout (LBO) Industry/Leisure International

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Private sector-related domestic players showed a Table 3 slightly different pattern. They experienced serious diffi- Most active Private Equity investors culties in materializing new investments between 2008 Number of new deals between 2012- and 2010, due to the restricted access to bank financing. 2014 This situation even worsened in the following years due to Num- Type Private Equity firm the lack of fresh money as the investment periods in their ber existing funds finalized. As a consequence of the scarcity of own resources the investment activity in 2013 was very PHI Industrial 6 limited. Nevertheless, there was an improvement in Torsa Capital 6 2014, which is expected to be even higher in 2015, as Domestic Miura Private Equity 4 more investors have again new funds to invest. The con- Private Nazca Capital 4 tribution of public sector-related funds has remai- ned stable in recent years, mainly due to the contribution Oquendo Capital 4 of Cofides. Cofides 108

Domestic The contribution of private sector-related domestic funds Gestión de Capital Public Riesgo del Páis Vasco 9 to the middle market segment (€10 and €100 million) (GCRPV) was significant. 33 mid-size deals4 were recorded in 2014, Springwater Capital 9 exceeding the minimum of 19 deals completed in 2013. Some deals to be highlighted are: the educational group H.I.G. España 4 Nace (Magnum), Industrias Dolz (Realza Capital), BQ International JZ International 4 (Diana), Tiendanimal (Miura), Rotor (ProA), Gestair

(Nazca) or El Fornet d 'en Rossen (Corpfin). KKR 4

The public sector-related entity Cofides, also materialized important deals, such as the support for the international 7 international PE firms invested for the first time in Spain last year: Alchemy Capital Management, ArcLight expansion of Acciona or Grupo Isolux. The middle mar- ket segment also showed a solid activity in the first half of Capital Partners, Aurelius, Avenue Capital, Eurazeo, Op 2015, with 19 deals (€552 million) compared to 12 (€243 Capita and Platinum Equity; and one domestic investor, million) in the first half of 2014, according to ASCRI’s Black Toro Capital. preliminary statistics. In contrast, transactions of more than €100 million were not recorded in the first half of 2015. Some mid-size deals to be highlighted are Indus- trias Alimentarias de Navarra (Carretilla), Cegasa, Cualin Quality, El Granero Integral, FoodBox, Fundiciones del Estanda, Litalsa or Vitalia Home. More than half of the amount invested went to those deals conducted by interna- tional funds, as Palacios, Saloro, Telvent Global Services or Bodybell.

4 Of which, 28 were Private Equity and 5 deals. 2013 did not registered any VC middle market transaction..

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This divestment activity is allowing the closure Summary of Fundraising activity of the investment cycle of many PE funds, which facilitates new fundraising activity (see Private-sector domestic PE management firms are closing their new funds more easily due to the improvement of the column). If we estimate conservatively that the Spanish economy and the growing interest of foreign in- investors involved in final divestments in trade vestors in our country. Part of the "success" is also due to sales (industrial or financial) in 2014 had in- the FOND-ICO Global, which is acting as a creased by 1.5 times their investment, their Li- catalyst and guarantor for them, and also to some interna- mited Partners would recover around €3.5 bi- tional firm, with more capacity to convince other Limited llion that could return to the system via commit- Partners to invest in their funds. ments to new funds. This has been an incentive Among private-sector domestic players, the new funds to raise new funds, which was a real headache launched by Portobello (€375 million), Corpfin (€255 of the VC/PE industry in recent years. As a re- million), ProA Capital (first closing of €250 million), Miu- sult, new funds raised in Spain (including the ra (€200 million), Sherpa, (€100 million), Espiga (€105 allocation of international funds for their invest- million) or PHI Industrial should be highlighted. Some of them received money from FOND-ICO Global in 20145, ments in Spain, totaled €480 billion in 2014 along with the funds sponsored by Diana and Oquendo, (+109%). which were launched in 2013.

Regarding public-sector-related investors, Cofides was the only investor that recorded a substantial increase in new

funds in 2014.

In 2015, more than a dozen of domestic players continue raising funds to start a new investment cycle. A sample of

them is Abac, Baring Private Equity Partners, Blacktoro, Clave Mayor, CRB Inverbío, MCH, Magnum, N+1, Nauta, Cheetah, Qualitas, Talde or Suanfarma.

Table 4 Main Private Equity funds raised in 2014

Private Equity Amount Fund firm (€Million)

Portobello Portobello CFIII 375 ProA Capital Iberian ProA Capital 331 Buyout Fund II

Corpfin Capital Corpfin Capital Fund IV 255

Miura Private Miura Fund II 200 Equity

Espiga Capital Espiga Equity Fund, FCR 105

Sherpa Capital Sherpa II, FCR 100

PHI Industrial PHI Fund II Conf.

5 The funds committed by FOND-ICO to other PE investors, such as Bridgepoint, MCH or Black Toro Capital, in its third call will be accounted for in 2015 because the respective funds did not complete a first closing before December 31, 2104. The same situation applies to the investors selected at the fourth call (GED or Magnum).

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Special: 2006-2014 Divestment SBO, and sales to industrial more prolific than ratings IPOs. However, in the absence of more accurate data, the method is based on the sample size and

reliability of data provided by investors. The objective pursued by an investor in any as- set class is to obtain a profit that compensates for Table 5 the risk faced. VC/PE activity is not an excep- Score according the type of divest- ment tion. Maybe some perspective is lost because it is a type of investment with a medium to long Divestment Scoring term perspective (about 6 years on average) and mechanism far from transparent. It is not easy to conduct a Trade Sales (Industrial) 10 good exit, and when it takes place, the investor Trade Sales (Financial) 10 and the company sometimes do not disclose the Secondary Buyout 10 returns for confidentiality reasons. That is why (SBO) the "successful exit" propagation is cut and a Initial Public Offering 10 chance of spreading the benefits of this financial (IPO) activity is missed sometimes. Post IPO sale of shares 10

Owner’s buyback 5 Can the quality of the Private Equity di- Write-off 0 vestments be measured?

There are almost no data about investment re- turns In Spain, with the exception of Dinamia According to the divestments analyzed in the (listed company) and isolated comments made period, 268 Owner’s buybacks (31%), 243 Write by some investor in conferences, interviews and -offs (28%), 196 Trade sales (22.6%), 72 Sales private conversations. Therefore, we introduce a to other financial investors (8.3%), 68 Secondary method to estimate a proxy of the overall Buyouts (7.8%) and 22 offerings (2.5%), of which 14 were IPOs and 8 Post IPO performance found in 869 PE final divest- sale of shares. ments in Spain from 2006 to 2014, covering a period in which this financial activity experien- Some interesting conclusions can be extracted ced peaks and valleys. The methodology consists from this clasiffication. First, more than one out in assigning a 0, 5 or 10 points score to each di- of four investments were entirely lost. Second, it vestment depending on the mechanism used. Di- is very hard for a Spanish company to go public. vestments written-off by the investor or the li- A high weight of no man's land deals, repurcha- quidation of the company scores 0 points; 5 ses, and an encouraging 38.7% of profitable di- points for owner’s buyback, either "forced" that vestments (industrial, financial and other PE almost hardly allows to retrieve some of the in- firms) is observed. vestment, or agreed at the time of the initial in- vestment. In the remaining situations, it can be If the proposed scale is applied, a total of 4,920 considered that the operation has been points and an average of 5.7 points per di- "successful", rating with 10 points trade sales to industrial, to other PE firm or to another finan- vestment is obtained, slightly above the score set for the repurchase category. cial investor, and the divestment by IPO (IPO and post-IPO).

There have been some cases of agreed repurcha- ses more profitable than sales to industrial or

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However, the outlook improves significantly when analyzing the 2014 data, with 7.3 points (43 Trade sales), which makes it the best year of the last decade, along with the one in 2006, with fewer sales to third parties (38).

Regarding the type of investor involved (Table

XXX), the international funds achieved the highest overall score for the entire period, with 7.6 points on 108 divestments. The highest score of 8.6 points was obtained in 2014 (22 di- vestments). The private-sector-related domestic PE firms obtained 6.3 points on average, featu- ring 539 definitive divestments. Their score also peaked to 7.4 points in the 52 divestments ca- rried out in 2014. Finally, the public-sector- related PE firms reached an average below 5 points in the period analyzed (222 divestments). This score is caused by the buyback contracts signed with the managers of most investee firms.

Table 6 Rating of definitive divestments between 2006-2014 by type of investor

Type of 2006 2007 2008 2009 2010 2011 2012 2013 2014 Avg. investor

Domestic 7.5 7.4 7.1 6.2 6.1 6.3 4.3 5.4 7.4 6.3 Private

Internat. 8.3 6.9 7.8 4.4 6.7 7.5 8.0 8.0 8.6 7.6

Average 7.3 6.4 5.7 5.5 5.9 4.7 3.9 4.4 7.3 5.7 /year

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LIST OF DOMESTIC PRIVATE-PUBLIC AND INTERNATIONAL PE INVESTORS IN 2014

Investors having conducted at least one initial investment in 2013

DOMESTIC PE PRIVATE INVESTORS DOMESTIC PE PUBLIC INVESTORS INTERNATIONAL PE INVESTORS 1. Black Toro Capital LLP 1. AXIS Participaciones Empresariales, SGECR, S.A.U. 2. Baring Private Equity Partners España, S.A. 2. Compañía Española de Financiación del Desarrollo 1. Alchemy 3. Corpfin Capital Asesores, SA, SGECR (COFIDES) 2. ArcLight Capital Partners LLC 4. Corporación Empresarial de Extremadura, SA 3. Extremadura Avante 3. Aurelius AG 5. Diana Capital, SGECR, S.A. 4. Gestión de Capital Riesgo del País Vasco, SGECR, 4. Avenue Capital Group 6. Hiperion Capital Management, SGECR, S.A. S.A. 5. Cinven Limited 7. Institut Català de Finances Capital SGECR (ICF) 5. InverCLM (SODICAMAN) 6. CVC Capital Partners Limited 8. Magnum Industrial Partners 6. SEPI Desarrollo Empresarial, S.A. (SEPIDES) 7. Demeter Partners 9. MCH Private Equity S.A 7. Sociedad Regional Promoción del Principado de Astu- 8. Eurazeo Capital 10. Miura Private Equity rias, S.A. (SRP) 9. H.I.G. European Capital Partners 11. Nazca Capital, SGECR, S.A. Spain, S.L.U. 12. Oquendo Capital 10. Investindustrial Advisors, S.A. 13. Phi Industrial Acquisitions 11. JZ International 14. Proa Capital de Inversiones SGECR, SA 12. & Co. 15. Realza Capital SGECR L.P. 16. Sherpa Capital Gestión 13. OpCapita 17. Suma Capital Private Equity 14. Partners Group 18. Taiga Mistral de Inversiones 15. Platinum Equity Capital Partners 19. Talde Gestión, SGECR, S.A. 16. Springwater Capital 20. Torreal, S.C.R., S.A. 21. Torsa Capital SGECR, SA

Investors having conducted at least one follow-on investment in 2014

DOMESTIC PE PRIVATE INVESTORS DOMESTIC PE PUBLIC INVESTORS INTERNATIONAL PE INVESTORS 1. Artá Capital SGECR, SA 1. Compañía Española de Financiación del Desa- 2. ADE Capital Sodical, SCR rrollo (COFIDES) 1. Aurelius AG 3. Baring Private Equity Partners España, S.A. 2. Gestión de Capital Riesgo del País Vasco, 2. Ergon Capital Advisors Spain SL 4. Cantabria Capital, SGECR, S.A. SGECR, S.A. 3. Springwater Capital 5. Corpfin Capital Asesores, SA, SGECR 3. InverCLM (SODICAMAN) 6. GED Iberian Private Equity, SGECR, SA 4. Sociedad de Desarrollo de Navarra, S.A. 7. Institut Català de Finances Capital SGECR (ICF) (SODENA) 8. Landon Investment, S.C.R. 5. Sociedad para el Desarrollo Industrial de Ex- 9. Magnum Industrial Partners tremadura, S.A. (SODIEX) 10. MCH Private Equity S.A 6. Sociedad para el Desarrollo Económico de 11. N+1 Private Equity Canarias, S.A. (SODECAN) 12. Navarra Iniciativas Empresariales, S.A. (GENERA) 7. Sociedad Regional Promoción del Principado 13. Oquendo Capital de Asturias, S.A. (SRP) 14. Phi Industrial Acquisitions 15. Riva y García Gestion, S.A. 16. Santander Private Equity, S.A., SGECR 17. Torsa Capital SGECR, SA 18. Vigo Activo, S.C.R. de Régimen Simplificado, S.A.

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List of investors with active portfolio at 31/12/2014

INTERNATIONAL DOMESTIC PE PRIVATE INVESTORS PE INVESTORS

1. AC Desarrollo, SGECR 57. Qualitas Equity Partners 1. 3i plc (Sucursal en España) 2. ADE Capital Sodical, SCR 58. Realza Capital SGECR 2. Advisory, S.L. 3. Ahorro Corporación Infraestructuras 59. Riva y García Gestion, S.A. 3. Alchemy 4. Aldebarán Riesgo SCR de régimen simplificado 60. Santander Capital Desarrollo, SGECR, S.A. 4. España, SA 5. Alia Private Equity 61. Santander Private Equity, S.A., SGECR 5. ArcLight Capital Partners LLC 6. Anexa Capital SCR 62. SES Iberia Private Equity, S.A. 6. Argos Soditic 7. Arnela Capital Privado, S.C.R. de Régimen 63. Sherpa Capital Gestión 7. Aurelius AG Simplificado, S.A. 64. Suanfarma Biotech SGECR 8. Avenue Capital Group 8. Artá Capital SGECR, SA 65. Suma Capital Private Equity 9. 9. Atlas Capital Private Equity SGECR, SA 66. Taiga Mistral de Inversiones 10. Bridgepoint 10. Banesto SEPI Desarrollo F.C.R. 67. Talde Gestión, SGECR, S.A. 11. Bruckmann, Rosser, Sherrill & Co 11. Bankinter Capital Riesgo, SGECR 68. Thesan Capital 12. Candover España, S.L. (Intergestora) 69. Torreal, S.C.R., S.A. 13. Cinven Limited 12. Baring Private Equity Partners España, S.A. 70. Torsa Capital SGECR, SA 14. CVC Capital Partners Limited 13. Black Toro Capital LLP 71. Up Capital 15. Demeter Partners 14. BS Capital 72. Valanza 16. DLJ South America Partners 15. Cantabria Capital, SGECR, S.A. 73. Valmenta Inversiones, S.C.R., S.A. 17. Ergon Capital Advisors Spain SL 16. Clave Mayor SGECR, S.A. 74. Vigo Activo, S.C.R. de Régimen Simplificado, 18. Eurazeo Capital 17. CMC XXI SA, SCR Sociedad de Régimen S.A. 19. First Reserve Simplificado 75. Vista Capital de Expansión, S.A. 20. G Square Capital 18. Corpfin Capital Asesores, SA, SGECR 21. General Atlantic 19. Corporación Empresarial de Extremadura, SA 22. 20. Corporación Sant Bernat, S.A. (CORSABE) 23. H.I.G. European Capital Partners Spain, 21. Diana Capital, SGECR, S.A. DOMESTIC PC PUBLIC INVESTORS S.L.U. 22. EBN Capital SGECR, S.A. 24. Investindustrial Advisors, S.A. 23. Eland Private Equity SGECR SA 1. AXIS Participaciones Empresariales, SGECR, 25. JZ International 24. Espiga Capital Gestión SGECR, S.A. S.A.U. 26. Kohlberg Kravis Roberts & Co. L.P. 25. Fides Capital, S.C.R., S.A. 2. Compañía Española de Financiación del Desarrollo 27. L Capital 26. Gala Capital Partners Equity SCR S.A (COFIDES) 28. Magenta Partners 27. GED Iberian Private Equity, SGECR, SA 3. Extremadura Avante 29. Oaktree Capital Management, L.P. 28. Gescaixa Galicia, SGECR, S.A. 4. Gestión de Capital Riesgo del País Vasco, SGECR, 30. OpCapita 29. Going Investment Gestión SGECR S.A. 31. PAI partners 30. Hiperion Capital Management, SGECR, S.A. 5. InverCLM (SODICAMAN) 32. Palamon Capital Partners 31. Impala Capital Partners, S.L. 6. Inversión y Gestión de Capital Riesgo de Andalucía, 33. Partners Group 32. iNova Capital Management, SGECR, S.A. S.A. - Invercaria 34. Permira Asesores 33. Institut Català de Finances Capital SGECR 7. SEPI Desarrollo Empresarial, S.A. (SEPIDES) 35. Platinum Equity Capital Partners (ICF) 8. Sociedad de Desarrollo de Navarra, S.A. (SODENA) 36. Riverside España Partners, S.L 34. Inverpyme SCR de Régimen Común, S.A. 9. Sociedad para el Desarrollo Industrial de Extrema- 37. Springwater Capital 35. Inversiones Progranada, S.A. dura, S.A. (SODIEX) 38. , Inc 36. Inversiones Valencia Capital Riesgo SCR, 10. Sociedad para el Desarrollo de las Comarcas Mine- 39. The Carlyle Group España, S.L. S.A. ras, S.A. (SODECO) 40. Trilantic Partners 37. Investing Profit Wisely 11. Sociedad para el Desarrollo Económico de Cana- 41. Triton Partners 38. Landon Investment, S.C.R. rias, S.A. (SODECAN) 42. 39. Lealtad Desarrollo, SCR, SA 12. Sociedad para el Desarrollo Industrial de Aragón, 40. Madrigal Participaciones S.A. (SODIAR) 41. Magnum Industrial Partners 13. Sociedad para el Desarrollo Regional de Cantabria, 42. MCH Private Equity S.A S.A. (SODERCAN) 43. Miura Private Equity 14. Sociedad Regional Promoción del Principado de 44. Monitor Capital Partners Asturias, S.A. (SRP) 45. Murcia Emprende Sociedad de Capital Riesgo, 15. XesGALICIA, SGECR, S.A. S.A. 46. N+1 Eolia SGECR SA 47. N+1 Private Equity 48. Navarra Iniciativas Empresariales, S.A. (GENERA) 49. Nazca Capital, SGECR, S.A. 50. Netaccede, SCR de Régimen Simplificado, S.A 51. Next Capital Partners, SGECR, S.A 52. Ona Capital Privat SCR, de régimen simplifi- cado S.A. 53. Oquendo Capital 54. Phi Industrial Acquisitions 55. Portobello Capital 56. Proa Capital de Inversiones SGECR, SA

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WEBCAPITALRIESGO

DEALS’ DESCRIPTION (LINKS) 2014

INVESTMENTS DIVESTMENTS FUNDRAISING

INVESTMENTS Mercapital and Capio awarded with CRC assets

KKR acquires to Investindustrial the 49.9% in Port Aventura

January Springwater Capital buys the industrial business unit of Adveo for €16 million

Springwater and Gowaii agree with Pullmantur the entry in the shareholding

February Cofides finances with €1 million the Russian consolidation of Inoxpa

Cofides finances with €9.5M the Czech Republic consolidation of Barceló Corporación

Springwater acquires 100% of Inspiring Benefits

FCC sells FCC Logística to Corpfin Capital for €32 million Tryo Technologies, owned by N+1 Mercapital, acquires Mier Comunicaciones March Springwater Capital acquires 30% of Aernnova Group

Baring takes a minority stake in Forus by €10 million Magnum Partners acquires Geriátricos del Principado Proa Capital takes a minority stake in Rotor for €10 million Dogi approves the entry of Sherpa Capital in its shareholding

French VC/PE firm Eurazeo buys 10% of Desigual for €285 million

ICF fund Capital Expansió FCR invests €1 million in fashion chain Aïta

April Diana Capital buys 40% of Gocco, a leading Spanish children clothing firm

Nazca Capital acquires 100% stake in Gestair Cofides finances the Colombia expansion of La Sepulvedana Demeter Partners and Axis take a minority stake in Suaval. Enisa also provides funding

Secuoya, owned by N+1, buys 55% of BGL to founders

May Cofides and IFE to drive forward the presence of Spanish companies in Angola

Cofides finances Inbobe Group with €525,000 to strenghthen its presence in Brazil

Magnum becomes shareholder of NACE, one of the five major world educational groups

Cofides finances Grupo Navec with €1.1M to consolidate its presence in Mexico

KKR acquires Cementos Balboa and Papresa to Gallardo Group

Arclight Capital Partners acquires 100% of Bizkaia Energía

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WEBCAPITALRIESGO

Ingesport, owned by Corpfin and Oquendo, will open in Madrid the largest gym in Spain June Talde invests in Ñaming AMC Juices expands in Holland with Cofides funding Cofides joins forces with Codorniu to strengthen its international expansion CVC materilalizes 29.9% acquisition of Deoleo, which refinance €600M debt Caucho Metal Productos strengthens its production in Romania with financial support from

Cofides Cofides supports the international development of OHL Concesiones Cofides backs Russula R&D division in the U.S. July Realza Capital acquires a majority stake in Industrias Dolz Cofides funds with €1 million the Mexican deployment of Panelfisa Springwater buys Monesa to create an engineering group in the Basque country PHI Industrial acquires Wesper to strenghten Hitecsa Cofides finances Ecenarro with €600,000 for its Mexican expansion Cofides funds Pacadar with €1.25 million for its Saudi Arabia expansion August HIG Capital agrees the acquisition of Café&Té to 3i Cofides funds Acciona with €30 million to boost its international expansion Cofides finances with €1,5M the expansion in China of Ikor Sistemas Electrónicos Cofides finances Vondom with €270,000 for the creation of a commercial showroom in New

York Cofides finances with €897,250 the Romanian consolidation of Agrovin Clever Tecnología consolidates its presence in Peru with Cofides financial support Partners Group acquires 75% of Savera by $325 million Cofides finances with €382,125 the Miami expansion of Apartments Only Cinven completes the acquisition of Gas Natural Fenosa Telecomunicaciones (GNF Telecom)

by €510M September Gijón Invierte I takes a minority stake in Altabox KKR acquires a 36% stake in Telepizza and Permira reduces stake to 51% Springwater Capital awarded with Establiments Miró Sherpa Capital 67% owner of Dogi after the €2.6M capital increase Miura Private Equity invests in The Visuality Corporation Springwater agrees with Grupo Espirito Santo the purchase of its travel division October Cofides will finance Cales de Pachs with €3,5M for its international expansion Diana Capital agrees to become shareholder in Megafood Springwater Capital completes the acquisition of Daorje British fund Alchemy acquires a majority stake in Endeka Ceramics Platinum Equity acquires 90% of Terratest KKR becomes shareholder of Telepizza that reduces debt in 200 million

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WEBCAPITALRIESGO

Miura Private Equity acquires 51% of TiendAnimal Competition accepts the merger of IDC Salud (CVC) and Quirón (Doughty Hanson) Springwater Capital buys a minority stake in the travel agency Nuba Cofides supports Phibo with €534,900 for its Mexican expansion Cofides grants a €120.000 loan to Clavijo Group for its Chile expansion November Cofides finances the commercial deployment of S2 Group with €143,000 Black Toro agrees the acquisition of Antibióticos and will invest €25 million Cofides will finance the international expansion of Sesé Group in Romania and U.S Investindustrial acquires 80% stake in the low cost car rental company Goldcar Ergon acquires a 13% stake owned by Carandell family in Benito Urban Cofides finances with €400,000 the Dominican Republic expansion of Medcom Tech Hiperion Capital awarded with Grupo Playa Sol Cofides will fund the international expansion of Isolux Corsan Group with €15M December Diana Capital invests in Bq to stregthen its international expansion Cofides funds with €383,000 the expansion of Molecor Cofides supports Financiera Maderera with €5M for its Portugal expansion JZ Capital and Avenue Capital invest €300M in the gas station chain PetroCorner Cofides finances with €7 million the international expansion of Tecnocom Sesé Group consolidates its internationalisation in Mexico with Cofides support CVC acquires a 18.10% additional in Deoleo´s bid and raises stake to 48% Cofides finances Alsina Group with €2.5M to consolidate its growth in Latin America Cofides finances the expansion to Latin America of Ezentis with €3 million Cofides finances Walter Pack Group with €1 million for its India and Mexico expansion Cofides finances Gestamp Solar with €1.09 million for its South Africa consolidation Suma Capital agrees the 22.5% acquisition of Party Fiesta Cofides supports the international expansion of Teknia Group with €3 million Cofides supports P4Q in their USA internationalisation process with €500,000 Corpfin Capital acquires a majority stake in Fornet D´en Rossend Opcapita invests €4.7 million in La Sirena

DIVESTMENTS

NTT Data acquires Everis amounting to €559M. 3i, Hutton Collins and Landon exit Investindustrial sells to KKR 49.9% of Port Aventura

January Bankia sells a 12.6% stake in NH Hoteles

March Corpfin Capital divests stake in Cunext Cooper Industries

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WEBCAPITALRIESGO

The European Commission confirms Mivisa´s sale by N+1 Mercapital to Crown Holdings Aldebarán SCR (Caser) divests stake in MásMóvil KKR and Investindustrial sell Inaer by €2Bn with major gains April eDreams debuts in the Stock Exchange Qualitas sells Garnica Plywood to Spanish family offices reaching 3.7 times the investment 3i and Baring divest stake in Derprosa Film N+1 Mercapital completes Mivisa´s sale to Crown Holdings May Baring sells its stake in NACE to Magnum Capital Applus+ debuts in Spanish stock market with a 4.48% raise to €15.15 Capital reduces by 70% the book value of its renewable energy assets in Spain Capital Riesgo Global sells to Abertis its 42.3% in two Chilean highways by €291M Zriser invests €125,386 to revive Punt Mobles. Valcapital divests stake EBN Banco de Negocios divests stake in Europac with the sale of shares to the company International School Partnership (Partners Group) completes the acquisition of Colegios Lau-

de. Dinamia and N+1 divest stake July The European Commission confirms Ono´s sale to Vodafone N+1 Mercapital, Akina and Partners Group sale Xanit to Vithas Group August CVC sells Zena group to Alsea and Alia Capital by €270 million HIG Capital agrees the acquisition of Café&Té to 3i 3i sells Daorje to Springwater after 7 years in the company ACS regains 100% ownership of Clece with the 25% acquisition to N+1 Mercapital by €130M September First Reserve sells 4.25% of Abengoa October Atento debuts on the U.S. Stock Exchange and accumulate a 20% drop MCH and Suma Capital divest stake in Parkare Group CNMC approves the acquisition of El Árbol by Dia. Madrigal divests stake IDC Salud (CVC) and Quirón merge with the sale of stake of Doughty Hanson November Photobox buys Hofmann. Realza and Portobello divest stake García Carrión repurchases a 26% stake. EBN and other four financial entities divest stake Sinia XXI (Bidsa) and Adelanta Corporación, sell Part Eolic Veciana Cabaro to Avenue Capi-

tal and Exus December Dinamia divests stake in Colegios Laude Eurofragance repurchases to Aurica XXI its stake

FUNDRAISING

Mediterrània Capital II raises €90 million in first closing

January Riverside closes second fund at $1.5 billion

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WEBCAPITALRIESGO

February Former Apax Partners executives launch Abac Capital aimed at raising around €300M Basque Government launches the Regional VC/PE fund Basque FCR with €28M March Diana and Ambar receive the first two FOND-ICO Global capital injections April Cofides and FIAB opt to finance the internationalisation of the food and beverage industry Corpfin Capital raises the first buyouts fund in Spain since 2010 (€150-200M) Suma Capital Growth will have €45 million to invest in Catalan SMEs Cofides and AMRE agree to create a capital fund dedicated to finance the internationalisation

projects of Spanish companies May VC/PE firm Aurelius looks for settling in Spain

Sherpa Capital closes second fund amounting to €100 million FOND-ICO Global distributes €248M between Axon, Caixa CR, Forbion, Seaya, Espiga,

Oquendo, PAI and Trilantic June Basque Government launches Basque FCR fund to boost Basque SMEs Permira closes Permira V fund at €5.3 Billion Trea and Black Toro plan the closing of its €300M fund for september September Miura Private Equity closes its second fund at its €200 million hard cap ProA Capital completes the closing of its second €250 million fund Portobello Capital raises €375 million with third fund October Aurelius, the listed mid-market pan-European investor, opens office in Madrid MCH Private Equity sells 57.01% of Repasa November Espiga Capital conducts a first closing of the new fund for more than €100M Fond-ICO Global announces the 9 VC/PE management firms selected in the third call Ambar Capital launches the social investment fund Vivergi

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