Ideas. Realised.

2014 Bridgepoint www.bridgepoint.eu Annual Review 2 Bridgepoint Annu al Review 2014 Bridgepoint Annu al Review 2014 3

Contents 4 Bridgepoint at a glance Building market leading 6 New investments in 2014 20 Managing Partner’s overview businesses across Europe 28 Our people 32 Our Values 34 Responsible and We are a long established and experienced sustainable investing private equity firm looking to invest in high- 64 Our offices performing, well-managed business that have the potential to grow through expansion, operational transformation or via acquisition. Using superior local insight, expertise and resource we aim to build stronger, broader-based businesses with greatly enhanced long-term growth potential. We are guided by a clear set of values that set out the expectations of the Firm about our culture and underscore the need to invest responsibly. And thereby contribute to our achievement of high quality returns for our investors, colleagues, portfolio companies and their employees. 4 Bridgepoint Annu al Review 2014 Bridgepoint Annu al Review 2014 5

Bridgepoint at a glance

Since it started over 25 years ago, Bridgepoint has sought to help its investors, management teams and colleagues realise their ambitions. And that means building a firm capable of delivering results as one of the leading private equity investors in Europe.

€12.4bn €20.5bn Investors by type Investors by location Current portfolio by sector current funds under of committed capital 18% 29% management raised to date Business Services Consumer 4% 23% 252 €22.5bn Financial Services Healthcare n Pension funds 56.8% n North America 51.5% bolt-on acquisitions made by total value of transactions Bridgepoint portfolio companies from €8.8 billion invested n Insurance 12.6% n Europe 37.5% 11% 15% in last 10 years since 2000 n Fund of funds 8.8% n Australasia 6.6% Manufacturing Media & & Industrial Technology n Sovereign wealth fund 6.3% n Middle East 4.4% n Endowment 5.5% n Asset manager 3.6% n Bridgepoint 3.4% n Bank 1.7% €9.3bn 174 n Family office 1.3% returned to investors employees led by in last 10 years 24 partners 6 Bridgepoint Annu al Review 2014 Bridgepoint Annu al Review 2014 7

New investments in 2014 We aim to invest in high-performing, well managed businesses Futures. that have the potential to grow through expansion, operational transformation or via acquisition.

Shaped. To achieve this, we operate as a single team Europe has global competitive advantage Fast fact seeking european across Europe and focus on six core sectors: or in businesses with high visibility of Dorna SBK companies serving attracted 2.9 global markets Business Services, Consumer, Financial earnings and contracted income. billion MotoGP Services, Healthcare, Industrials and Media and SBK TV or suited to We are especially known for helping to acquisition- & Technology. Each sector team is organised viewers in create value through market consolidation led market on a pan-European basis, with teams 2014 (by identifying and arranging funding consolidation working closely together across offices for add-on acquisitions by the platform to build knowledge and ensure proper businesses owned by Bridgepoint funds) understanding of the space as well as to or securing operational improvement to identify new and add-on investments. drive earnings growth. By exploiting our wealth of local knowledge To achieve this our investment teams are and sector expertise in Europe, we are able able to call upon expertise from a range of to identify and acquire businesses where specialists whose skills include operational significant value can be created under our expertise, debt finance structuring and ownership and where in turn businesses procurement. Bridgepoint also has a can exploit our reach and know-how to portfolio development office in Shanghai enhance their operational performance, which accelerates the development of growth prospects and market position. portfolio companies in China across In particular, we are attracted by areas such as market entry, procurement, opportunities in sectors and niches with establishing facilities, add-on acquisitions strong underlying growth, typically ahead and joint ventures with local partners. of the broader economy, segments where

For over 25 years we’ve partnered with management teams across Europe to provide the resources and experience to build great companies.

Chris Busby Partner, Head of UK Investment 8 Bridgepoint Annu al Review 2014 Bridgepoint Annu al Review 2014 9

Azzurri £250m Transaction size

Azzurri is a UK casual dining group, with an accent on ingredients in easy known for its two Italian-themed going settings. It currently has 110 £204m brands – ASK Italian and Zizzi. It restaurants throughout the UK. Revenue operates 247 restaurants throughout Both concepts are well established the UK, with a reputation across its in the casual dining market and have six million customers for quality and significant scope, by maintaining 5,108 value-for-money. excellence in standards and consumer Employees With a focus on authentic Italian trust in their brands, for further roll-out. cuisine, both restaurants offer Further expansion is also supported by differentiated menu styles. Zizzi, a the continued consumer trend to eat Sector Tuscan-themed restaurant now in its out as well as the erosion of pub-based Consumer 16th year of operation, has an estate socialising in favour of food-based Location of 137 restaurants which offer fresh environments. United Kingdom and contemporary fare at sites with Directors their own distinctive personality and Steve Holmes character. ASK Italian, a recipient of the Jim Pickworth ‘Best Italian Restaurant’ of the Pizza, Kieran Pitcher Pasta and Italian Food Association Harvey Smyth awards, offers authentic Italian menus Bridgepoint representatives Michael Black Jason McGibbon Website www.askitalian.co.uk www.zizzi.co.uk

With a supportive new investor, our focus now is on the continued evolution of our brands, investment in our estate of restaurants and the development of our footprint in the UK casual dining market.

Steve Holmes CEO of Azzurri 10 Bridgepoint Annu al Review 2014 Bridgepoint Annu al Review 2014 11 eFront €300m Transaction size

As alternative investment funds Its solutions serve more than 750 become ever more complex and face customers and 100,000 users in 40 €86m an increasing regulatory burden, they countries, including many of the largest Revenue are turning to specialists to provide blue chip private equity investors and the technological fund management managers worldwide, typically those and reporting solutions to manage with private equity investments greater 594 their investments. One such specialist than $1bn. These include US State and Employees is eFront. European corporate pension funds, insurance companies, fund of funds eFront is the leading software provider and sovereign wealth funds as well of financial solutions for managing Sector as a number of well-known private alternative investments. It provides Media & Technology equity managers. The company is the end-to-end solutions dedicated to the Location recognised global leader in software financial services industry, specialising France solutions for private equity institutions. in enterprise risk management and Director alternative investments. The market for eFront’s services is Olivier Dellenbach forecast to grow at 13% per annum Bridgepoint eFront’s suite of solutions covers back over the next five years, driven by representatives office (fund administration and fund rising demands from private equity Morgane Bouhenic accounting), middle office (portfolio investors for detailed, complex analysis Martin Dunn monitoring and investor portal) and of underlying fund portfolios and the David Nicault front office (CRM, fund raising and deal Xavier Robert increasing institutionalisation of pipeline monitoring). Its products are private equity firms. Website highly regarded for their useability, www.efront.com industry relevance and capabilities.

A new financial partner to work with us to further accelerate our international expansion and product innovation to further facilitate our clients’ operations.

Olivier Dellenbach Founder and CEO of eFront 12 Bridgepoint Annu al Review 2014 Bridgepoint Annu al Review 2014 13

Inspired Thinking Group £28m Transaction size

Inspired Thinking Group (‘ITG’) is a significant efficiencies and cost savings. technology-led marketing services The company also offers a portfolio of £59m business which aims to challenge multi-channel marketing production Revenue traditional ways of working by helping and support services including on consumer-facing businesses execute client-site teams and centrally located their marketing plans more efficiently production facilities. 305 and effectively. It serves the growing Specialised in the ‘below-the-line’ Employees trend of decoupling the ‘creative’ from segment of marketing spend, such as the ‘execution’ phase in marketing point of sale and direct marketing, services and outsourcing the latter. ITG offers services in packaging and Sector There is a growing requirement for digital services such as website design Business Services marketers across all industry sectors and social media. ITG has developed Location to manage increasingly complex an impressive client list across United Kingdom campaigns, increase speed to the retail, brand, automotive and Directors market, and at the same time hospitality sectors, with clients typically Mark Lovett reduce expenditure. characterised by large marketing budgets Stevie Spring with complex marketing campaigns. Simon Ward ITG’s marketing workflow and digital Bridgepoint asset management platform, Media This investment was made by BDC, the representative Centre, provides 24/7 multi-media Bridgepoint fund that invests in small Adrian Willetts artwork production and procurement and mid-cap companies. Website services, delivering businesses www.inspired thinkinggroup.com

Working to deliver our plans for further growth, both within the UK where we will continue to develop our range of marketing services and expertise, as well as internationally where we have recently had new business success.

Simon Ward CEO of Inspired Thinking Group 14 Bridgepoint Annu al Review 2014 Bridgepoint Annu al Review 2014 15

Moneycorp £212m Transaction size

Moneycorp is a UK headquartered payments market is expected to grow specialist foreign exchange business by 11 % p.a. as customers continue £130m with operations in the UK, Ireland, to switch away from banks and the Revenue France, Spain and the US. It operates awareness of and trust in specialist three main businesses, International providers increases. Payments, Retail and Wholesale. Moneycorp has been a leader in 911 International Payments serves the emergence of specialist foreign Employees small and medium sized businesses exchange providers that have competed and individuals looking to make successfully on price and service to international foreign exchange transfers displace traditional banks. Banks Sector while the business’ Retail division increasingly view the SME and private Financial Services operates from bureaux de change individual market as non-core, preferring Location and ATMs at Gatwick, Stansted, three to focus on core lending products and United Kingdom other UK airports and central London FX and treasury for large corporates. Directors locations. The Wholesale division Colin Buchan There is significant potential for further supplies banknotes to banks and Nick Haslehurst international roll-out, potentially via financial institutions worldwide. Mark Horgan acquisition, particularly in the Middle Paul Lever This specialist segment of financial East and Latin America, as well as new Bridgepoint services is well positioned to continue product development. representatives its growth in capturing share of a £400 Stephen Green billion market. The UK international Rob Moores Website www.moneycorp.com

We are setting out to make Moneycorp the first choice in international payments and foreign exchange in the UK and have the opportunity to realise our broader ambitions and to grow internationally with Bridgepoint.

Mark Horgan CEO of Moneycorp 16 Bridgepoint Annu al Review 2014 Bridgepoint Annu al Review 2014 17

Phlexglobal £42m Transaction size

Every time a pharmaceutical clinical trial number of clinical trials, greater is undertaken a collection of documents complexity of those trials, stronger £15.7m is generated that is required by law to regulatory scrutiny of them and an Revenue demonstrate compliance with regulatory increasing propensity to outsource standards for the proper conduct of the TMF software provision and services. trial process. This is known as a ‘trial Phlexglobal therefore represents an 230 master file’ or ‘TMF’. opportunity to build market share, in and Employees Established in 1997, with offices in outside Europe, in a niche market with a the UK and the US, Phlexglobal is a strong outsourcing trend. The Company recognised leader in technology-led is well placed to take share though its Sector solutions for the management of TMFs market leading brand, differentiated Healthcare and serves a global customer base of offering and best in class expertise. Location pharmaceutical and biotech sponsors as In particular, there is an opportunity United Kingdom / well as clinical research organisations. to leverage Phlexglobal’s TMF service United States pre-eminence to become a leading eTMF Directors The company offers an end to provider, especially with new customers Stella Donoghue end solution to cater for all TMF currently using paper TMFs. Steve Kent requirements, from fully outsourced Peter McNaney technology enabled solutions (known This investment was made by BDC, the Karen Roy as ‘eTMFs’) to a range of ancillary Bridgepoint fund that invests in small Bridgepoint services such as TMF quality control and mid-cap companies. representatives and remediation projects. Matt Legg Alan Payne The £200m global outsourced market for Website TMF software and services is forecast to www.phlexglobal.com grow at 12% p.a. driven by an increasing

We share a strong vision of how we can grow the business rapidly over the next few years by further enhancing our technology and services and extending our geographic reach to new customers.

Steven Kent Chairman of Phlexglobal 18 Bridgepoint Annu al Review 2014 Bridgepoint Annu al Review 2014 19

Trustly N ot disclosed Transaction size

Trustly provides a proprietary online benefits from underlying structural SEK100m banking e-payments solution which growth, as e-commerce and purchases Revenue is designed to make online payments of digital goods take an increasing share more convenient, faster, simpler and of total trade. safer. One of Sweden’s fastest growing Trustly’s platform is available for all 75 technology companies, the business devices (including mobile) and has a Employees targets online merchants who value cross-border payment function which safety, high sales conversion, consumer makes it well-suited for international convenience and those who are at the e-commerce. The company is on an forefront of adopting new technology, Sector international development journey, Media & Technology especially those with large volumes of experiencing strong growth outside pay-ins / pay-outs who value real-time Location its core Nordic region with the aim processing and account reconciliation Sweden of making cross-border European functionalities. Directors payments as seamless, safe and Andreas Bernstrom There are several online payment convenient as domestic payments. Lukas Gratte options available, including a payment Carl Wilsson BDC, the Bridgepoint fund that invests solution that enables instant deposits/ in small mid-cap companies, took a Bridgepoint pay-ins and express pay-outs/refunds representatives significant minority stake in Trustly for the end-consumer. Johan Dahlfors to support the continued growth Magnus Gottas The European online payments market of the business. Website is large (forecast to grow from €37 www.trustly.com billion to c. €65 billion by 2020) and

We look forward to continuing our European expansion to enable consumers and merchants to engage in cross-border ecommerce, and to further strengthen our team.

Carl Wilsson CEO of Trustly 20 Bridgepoint Annu al Review 2014 Bridgepoint Annu al Review 2014 21

Managing Partner’s overview Bridgepoint has been investing in Europe, and specifically Impact. in middle market businesses, for over 25 years. It is a place we know and understand. The Firm has been able to do so successfully thanks to its people, its network and relationships across the region. These have generated for us an Created. exceptionally deep and broad flow of high quality investment opportunities as well as compelling returns for our investors.

In 2014 I am very pleased to report that we By the end of the year Bridgepoint had Fast fact our portfolio once again enjoyed a strong year thanks in also made the final platform investment Pret sold 73m companies sandwiches, from its fourth fund, Bridgepoint Europe collectively no small part to the consistent performance 55m coffees employ over of the businesses owned by Bridgepoint IV. This is a fund of 24 investments with a and 4.6m 100,000 people funds and the Bridgepoint team’s ability to total enterprise value at acquisition of €8.5 bananas in invest and sell well. billion and a portfolio diversified by assets 2014 headquartered in 10 different European Operating Highlights countries operating in each of Bridgepoint’s In 2014 Bridgepoint Europe Funds, and six core investment sectors. The majority of Bridgepoint Development Capital II (‘BDC these investments were primary buyouts, ll’) invested €741 million and €85 million with a high proportion resulting from off- respectively to acquire six European based market transactions – a testament to the businesses in deals totalling over €1 billion. depth and reach of our network of teams We completed 20 add-on acquisitions across Europe. for existing investments as we pursued a Market environment strategy of consolidating sectors to build 2014 was very much a year of two halves scale and improve the competitive position in terms of the economic environment of the businesses we support. we faced across Europe. The year started

Volatility itself always creates interesting investment opportunities and despite the intensity of competition that we face in our market place we continued to source attractively priced opportunities during the year.

William Jackson Managing Partner 22 Bridgepoint Annu al Review 2014 Bridgepoint Annu al Review 2014 23

strongly, if unevenly, as economic recovery For a fourth consecutive year our funds’ Fast fact Dr Gerard provided a more favourable background investments collectively generated 12% produced for portfolio company trading and and 11% year-on-year average revenue 26,000 tonnes confidence. This was followed by a change and EBITDA growth. This superior of biscuits in in macroeconomic outlook and a resultant trading performance was driven by 2014 varied pace of recovery in the latter half a number of factors. of the year, demonstrating just how much A number of our companies benefitted market volatility has now become the ‘new from a series of business revenue normal’ in Europe. development initiatives such as significant Paradoxically, European volatility created new contract wins that were seen at Dorna interesting investment opportunities with and Infront, or store roll-out programmes attractively priced opportunities arising such as those undertaken by Histoire d’Or in the autumn of 2014. It also demanded a in France, and the construction of new care highly targeted approach to investment and homes by Care UK. led us to focus particularly on opportunities In a similar vein, there were continued high within sectors with higher growth or export levels of add-on acquisition activity such potential, especially those which exploit as Médipôle’s transforming acquisition European intellectual property, industrial of Médi-Partenaires to create the second expertise or service skills. largest private French healthcare group Investment Momentum or the smaller in-fill acquisitions made at Bridgepoint portfolio companies Infront, Oasis or AHT. BE IV as a whole has again demonstrated their resilience in now made over 110 add-on acquisitions for 2014. Despite a relatively low-growth existing investments. environment throughout much of the year, Operational improvement initiatives, a key I’m pleased to report that our portfolio feature of many Bridgepoint investments, companies took advantage of variously also provided a source of profit growth improving economic conditions.

Portfolio performance

Revenue growth EBITDA growth 2014 12% 2014 11% 2013 11% 2013 13% 2012 10% 2012 11% 24 Bridgepoint Annu al Review 2014 Bridgepoint Annu al Review 2014 25

Capital returned

2014 €2.0bn 2013 €1.2bn 2012 €892m

technology-enabled document management We are already fortunate in the breadth and Fast fact solutions and other support services to the depth of talent we have developed over the Diaverum global clinical research market and Trustly, years. But we always recognise that new has 25,500 patients and a Stockholm-based online payments individuals bring different perspectives. administered services provider. In 2014 we recruited 28 new team members 3.8m treatments across the Firm to help us achieve just that. in 2014 In addition, BDC successfully exited four Our ability to develop our own people and investments – Pulsant, ESG, Ansel and attract new colleagues therefore remains Hallmark Hotels – and completed three critical to our success and we recognise that material add-on acquisitions for existing if we are to improve we must evolve. investments. Looking to 2015 delivering gross margin improvements or growth companies that characterise Developing our people Bridgepoint has enjoyed a strong start to productivity increases and cost savings. Bridgepoint’s middle market activities. People who work at Bridgepoint have many 2015 both in terms of new investment and This has meant that our investments now An extremely things in common but above all else is an Today, Bridgepoint’s portfolio of companies realisation activity as well as in the robust enjoy meaningful liquidity, headroom and productive year absolute determination to build successful across Europe employs collectively over trading performance of our investments flexibility as they grow. for us: our results businesses. That is why we work as a single 100,000 people. across our Funds. The New Year also saw reflect focused deal team across Europe to allow colleagues to This is significant for two reasons: it not Bridgepoint complete raising a successor Returning capital to our investors origination, the fulfil those ambitions. only funds returns of capital to our investors fund to BE IV, securing €4 billion of A key objective of any fund is to provide successful use of our but more importantly raises significant resources to drive returns of capital to its investors via additional capital to fund earnings growth value and the timely either sales of investments or interim re- initiatives of the companies we back. exploitation of market financings. In 2014 Bridgepoint investments conditions. returned over €2 billion via seven exits Progress in lower middle market and 11 refinancings. Our lower middle market fund, Bridgepoint William Jackson Development Capital (‘BDC’), which Managing Partner In the first half of 2014 in particular, specialises in smaller buyouts and growth Bridgepoint took advantage of buoyant capital transactions, had an extremely active conditions in the European leveraged year in 2014. It made three new investments loans market to complete a number of in the UK and the Nordic region: The transactions across its portfolio, allowing Inspired Thinking Group, a UK specialist it to balance the opportunity presented ‘below the line’ marketing services group, for better borrower-friendly terms with Phlexglobal, the specialist provider of the need for prudent leverage in the 26 Bridgepoint Annu al Review 2014 Bridgepoint Annu al Review 2014 27

Fast fact AHT sold over 310,000 supermarket refrigeration units in 2014

commitments from global blue chip In conclusion, 2014 was an extremely investors in private equity. This new fund, productive year for us: our results reflect Bridgepoint Europe V, will continue to play focused deal origination, the successful We are fortunate in to Bridgepoint’s key strengths and pursue use of our resources to drive value and the the breadth and depth similar investment themes whilst also being timely exploitation of market conditions to of talent we have very alert to new types of opportunity deliver value growth in a dislocated external developed over the arising from recovery. environment in Europe. years. But we always recognise that new The political and economic developments Behind these achievements lie the individuals bring of early 2015 may yet prove to be beneficial: commitment and hard work of a different perspectives. improvements in the US economy could be very dedicated group of people – the In 2014 we recruited good news for European businesses who management teams and employees of 28 new team members export to the US; lower exchange rates as the companies we back. I and my fellow across the Firm. a result of the fall in the euro are a massive partners thank all of them for their drive, boost to exporters across Europe, the energy and discipline over the last 12 world’s largest exporting economy; and the months. With their continued help and 50% reduction in oil prices for Europe’s oil that of our own talented, hardworking importing economy should translate to a colleagues across Europe, Bridgepoint major boost to consumer net income. remains fit and hungry for the challenges and opportunities presented by these times. Perhaps counter intuitively, political and economic instability might look a threat to investment performance, but in these sometimes uncertain markets we continue to generate good opportunities to acquire middle market companies in Europe. In executing its strategy, Bridgepoint focuses on investing in businesses operating in higher growth niches and acquiring companies with operationally-led transformation potential, with strong financial metrics and the ability to grow both organically through domestic and international sales growth and by add- William Jackson on acquisitions. Managing Partner 28 Bridgepoint Annu al Review 2014 Bridgepoint Annu al Review 2014 29

Our people We work as a single firm across borders with people People. comprising 19 nationalities who are proud to work at Bridgepoint, where our investors and the companies Inspired. we back can feel part of our business. Bridgepoint is led by 24 partners and The firm also benefits from the input of a Fast fact managed by Bridgepoint Advisers Group. European Advisory Board. This comprises Rodenstock produced A common This is the group comprising some of distinguished individuals from different 23m spectacle determination to our most experienced people, led by aspects of corporate and political life who lenses in 2014 work as a team our Managing Partner, with executive provide the Firm with external perspectives across Europe to build successful responsibility for the strategic direction on strategic, political, social and other businesses of our business. It ensures that the shared matters to supplement the expertise of values and business objectives we have set the Bridgepoint team. It works with team ourselves are upheld. members to provide insight and allows us to use their knowledge and experience to Investment decisions are taken by an make more informed decisions about our Investment Advisory Committee comprising investments and development as a firm. members of our Board as well as our partners with specific sector or operating experience.

Bridgepoint’s small-mid cap growth capital and buyout fund, Bridgepoint Development Capital (‘BDC’) is led by five partners.

Local, on the ground insight into individual markets as well as longstanding networks allow us to originate unique transaction opportunities.

Frédéric Pescatori Partner, Head of Investment in France 30 Bridgepoint Annu al Review 2014 Bridgepoint Annu al Review 2014 31

Partners Bridgepoint Development Capital Bridgepoint is led by 24 partners and managed by Partners a Group Board. This Board Charles Barter John Barber n Benoît Bassi n Chris Bell Michael Black Johan Dahlfors Olivier Nemsguern Alan Payne has executive responsibility Bridgepoint’s small-mid for setting the Firm’s cap growth capital and strategy and ensuring buyout fund, Bridgepoint that the shared values Development Capital (‘BDC’) and business objectives is led by five partners. that we have set ourselves are upheld and met. Two Michael Black n Chris Busby n Michael Davy Martin Dunn Adrian Willetts Operating Committees, one for each of our two areas of activity, Bridgepoint Europe and Bridgepoint Development Capital, are charged with executive responsibility for Patrick Fox Hamish Grant Stephen Green Vince Gwilliam our day to day operations, including team and European transaction resourcing. Advisory Board Investment decisions are reached through an Investment Advisory The firm also benefits from Committee comprising Raoul Hughes n William Jackson n José María Maldonado n Jason McGibbon the input of a European Henry WK Chow Dr Hubertus Erlen Alan Milburn Lord Rose members of the group Advisory Board. This board as well as other comprises distinguished partners with specific individuals from different sector or operating aspects of corporate expertise. and political life who provide the Firm with n Group Board member Rob Moores James Murray William Paul Frédéric Pescatori n external perspectives on Christian Streiff Lord Patten strategic, political, social and other matters to supplement the expertise of the Bridgepoint team. It works to provide insight, knowledge and experience Xavier Robert Khai Tan Guy Weldon n Jamie Wyatt to allow Bridgepoint team members to make better informed decisions about investments and development as a firm.

Our People are the key to our success. That’s why we’re Our European Advisory Board works to committed to attracting and retaining exceptional talent provide insight, knowledge and experience and ensuring that our team members are nurtured and to allow Bridgepoint team members to make developed through our leadership and professional better informed decisions about investments development programmes. and development as a firm.

Toni Gillespie Alan Milburn Head of People Chairman, Bridgepoint European Advisory Board 32 Bridgepoint Annu al Review 2014 Bridgepoint Annu al Review 2014 33

Our Values We aim to be the international private equity manager of Values. choice – for investors, management teams and employees. Everything we do is therefore guided by a set of values that Amplified. define and articulate our culture and outlook. These are shared across our Firm and governance and allow us to apply high Fast fact A common are fundamental to our professional and standards of professionalism uniformly Oasis Dental determination to delivered 2.3m personal conduct. We believe they help us across the Firm. work as a team check-ups and that has helped maintain the highest levels of corporate fitted 1.9m us back over 300 fillings in 2014 companies in Europe Judgement Meritocracy

Pause, calculate and think. It’s all about A work ethic rooted in excellence where intelligent decisions made without prejudice talent and ability are allowed to flourish and calling upon the collective experience of advancement is based on merit. the Firm. Integrity Open mindedness

Not just what we believe but also how A ready ear, and a knowledge that fresh and we act. The highest standards in our powerful ideas can find their origins in the professional and ethical conduct are most unexpected places. fundamental. Teamwork

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

Financial and operational capabilities are just part of how we work. Equally fundamental are the shared values we bring to bear in our professional and personal behaviour.

Guy Weldon Chief Investment Officer 34 Bridgepoint Annu al Review 2014 Bridgepoint Annu al Review 2014 35

Responsible and sustainable investing We build responsible investing principles into all of our work Ideas. and business practices, recognising that being a responsible investor is quite simply good for our business. That is why we have put in place strong environmental, social and Realised. governance principles.

Bridgepoint has a well-defined set of Our approach to responsible investing is Fast fact since 2000 we values to guide its teams that set out the overseen by our Audit & Risk Committee, Infinitas had have completed 2.3m individual comprising senior members of the team transactions expectations of the Firm about the way that users of its totalling €22.5bn we should conduct ourselves and represent and led by the chairman of our Advisory digital books the Firm. These values in turn are reflected Board. It ensures that Bridgepoint maintains in 2014 in our responsible investing policy. appropriate and effective systems and controls relating to its accounting practices, As a signatory of the United Nations’ its risk management and risk assessment, Principles for Responsible Investment we taking into account the reputational risks also publicly undertake to demonstrate associated with the Firm’s and its portfolio our commitment to embed relevant companies’ activities. environmental, social and governance criteria into our decision making and ownership practices.

What we do before we make an investment

For new investments, Bridgepoint identifies with statutory or regulatory requirements, material environmental and social risks Bridgepoint agrees plans with management and opportunities as part of the investment for remedying this within an appropriate process. We do so by requiring that pre- time period. investment proposals include an analysis of In addition, we expect each portfolio ESG issues that are brought to the attention company to assess the material of our Investment Advisory Committee. environmental risks of their operations Naturally, we expect our portfolio and to work towards relevant international companies to comply with relevant good practice standards to mitigate environmental and employment laws, environmental risks with targets and particularly in relation to employees’ health timelines for improvement. This is normally and safety, rights and welfare. Where a included within our 100 day plan when we company is only in partial compliance acquire a business. 36 Bridgepoint Annu al Review 2014 Bridgepoint Annu al Review 2014 37

How we manage our firm

As well as complying with the relevant Bridgepoint is managed by a Group Board Fast fact legal requirements of the jurisdictions which has executive responsibility for Ponant took 6,600 in which it and its investee companies setting the Firm’s strategy and ensuring passengers to operate, Bridgepoint has a number that the shared values and business the Poles in of governance structures designed to objectives that we have set ourselves 2014 ensure that it remains accountable and are upheld and met. Two Operating transparent, and that there is complete Committees, one for each of our two alignment of interest between the Firm areas of activity, Bridgepoint Europe and and its investors. Bridgepoint Development Capital, are charged with executive responsibility for Companies in which Bridgepoint invests our day to day operations. Investment have similar governance structures in decisions are reached through an place to ensure compliance with the Investment Advisory Committee law and effective monitoring of their comprising members of the group board performance. These are also structured as well as other partners with specific so that major decisions by a portfolio sector or operating expertise. company can only be reached with the agreement of Bridgepoint.

Risk management

A partner-level General Counsel is representatives of investors in that fund to Fast fact responsible for ensuring that the Firm provide a forum for discussion of the fund’s Hobbycraft sold 3.1m balls respects and adheres to internal policies investment strategy or performance and of yarn in 2014 and operating procedures. Internal any potential or actual conflicts of interest. guidelines are also in place to eliminate Bridgepoint also benefits from a European conflicts of interest, taking into account Advisory Board whose membership is drawn the Firm’s obligations under its fund from distinguished individuals in the fields management agreements and fiduciary of government and industry to provide duties. In addressing conflicts, it seeks to additional external perspectives on strategic, do so with integrity, professionalism and political, social and related matters. in the best interest of its investors.

Each Bridgepoint fund also has an Investors’ Committee drawn from 38 Bridgepoint Annu al Review 2014 Bridgepoint Annu al Review 2014 39

What we do after we make an investment How we manage ourselves Building responsible and Once a company becomes part of our portfolio, we work with their Bridgepoint has a number of governance structures to ensure that management teams to implement appropriate environmental and it remains accountable and transparent, and that there is complete social policies in their operations and procedures that are both alignment of interest between the Firm and its investors. sustainable investment relevant to their sector and in accordance with industry standards. A group board, Bridgepoint Advisers Group, has executive responsibility We encourage investee companies to work with like-minded for setting the Firm’s strategy and ensuring that the shared values and trading partners to assess the material environmental and social business objectives we have set ourselves are upheld and met. principles risks of their operations and to work towards relevant international Operating Committees for each of our two areas of activity, Bridgepoint good practice standards to mitigate future risks with targets and Europe and Bridgepoint Development Capital, are charged with our day to timelines for improvement. day operations in these areas. Investment decisions are reached through an Investment Advisory Committee comprising members of the group board as well as other partners with specific sector or operating expertise. Remuneration, Audit and Risk Committees ensure the proper and fair allocation of the laws and regulatory practices.

ESG What we expect from Environmental Social Governance analysis future portfolio companies factors factors factors Bridgepoint identifies any material, We expect our portfolio companies to minimally comply with relevant Environmental factors we typically Through our board representatives, Companies in which Bridgepoint environmental, social and governance environmental and employment laws, particularly in relations to focus on are energy use, waste we work with management teams of invests have similar governance risks as part of its overall investment employees’ health and safety, rights and welfare. Where a company is and recycling, water use and investee companies to implement structures in place to ensure process before deciding to proceed only in partial compliance with statutory or regulatory requirements, conservation, and supply chain appropriate social policies in their compliance with the law and with an investment. Bridgepoint agrees plans to with management for remedying this, environmental management. operations and procedures. Typically, effective monitoring of their normally within our 100 day plan when we require it. We expect suppliers to be able to these focus on employeehealth and performance. They are also demonstrate material compliance safety, labour rights and welfare. structured so that major decisions Investing in with relevant local, national and Minimally, we expect suppliers to by a portfolio company can only the broader international environmental laws. be able to demonstrate material be reached with the agreement community compliance with local, national and of Bridgepoint. international labour laws including those relating to health and safety. Risk management Reinvest Before After investment investment Sharing best practice

Investment Investment opportunities 40 Bridgepoint Annu al Review 2014 Bridgepoint Annu al Review 2014 41 42 Bridgepoint Annu al Review 2014 Bridgepoint Annu al Review 2014 43

Integrating responsible and sustainable investing into our portfolio Case study Case study Case study Ponant Rodenstock Oasis Dental

Case study Case study AHT Pret

Pret A Manger (‘Pret’) is a leading calories, sugar, saturated fat and international retailer of ready-to- salt in all new products. Progress eat natural food and beverages was also made to reduce primarily targeting busy urban sugar with the introduction of Ponant is a specialist luxury cruise Rodenstock is Germany’s leading Oasis Dental is a leading UK provider consumers. It operates over 280 grape extract being used as a operator and the market leader in manufacturer of ophthalmic lenses, of dental care to both the private and stores in the UK, 60 in the US, sweetener in still drinks. Polar ‘expedition’ cruises, transporting spectacles and frames. At the public sectors and is the only branded 14 in Hong Kong, 11 in Paris and Minimising waste at all over 22,000 passengers a year to the heart of the company’s sustainable operator of scale in its market with in 2014 opened its first shop in stages of the supply chain and Polar regions and other locations. manufacturing strategy is a over 300 practices and 1,300 dentists. AHT Cooling Systems (‘AHT’) is the leading With ship designs that already focus on raw material and energy In 2014 Oasis Dental expanded mainland China. food production means that manufacturer of commercial ‘plug-in’ seek to eliminate harmful emissions efficiency and the continuous its support for dental education with The company sets out five Pret is now sending less and refrigeration equipment for some of the and discharges, Ponant introduced a reduction of material used in the every local practice partnering with a key sustainability strands in its less to landfill: in the UK that largest food retailers worldwide. further initiative in 2104 as part of its manufacturing process. primary school to enhance children’s operations, reflecting the current means that 100% has been The company has recognised the benefits clean ship programme. A new paint Following a successful pilot in understanding of dental health. global trends around food, diverted from its London shops of improving resource use in production. reduces the resistance of the ships 2014, the company identified an It also worked with Bridge2Aid, a energy, ecosystem security and 80% in the regions. It has A range of measures, from new product reducing fuel usage by 4%. alternative source to the rare earth dental charity designed to help and health and well-being. set itself the target of achieving models to the inclusion of improved Ponant’s newly delivered luxury minerals it used in its manufacturing train rural-based health workers in Core to its mission is zero waste to landfill by components, variable speed compressors, mega yacht, Le Soleal, also takes process, substituting 40% of them developing countries and give them energy saving fans mean that AHT’s key providing balanced nutritious improving recycling rates, lighting to a new level with the use with siliceous earth which is more the skills, equipment and resources products now consume 50% less energy. The food. 2014 saw the company sending all kitchen waste and of LED-based lights. As well as the readily available and accessible. to provide emergency dental care. company is leading the way by introducing expand its offering and introduce coffee grinds to be composted energy saving benefits and reduced 2014 also saw it reduce the Oasis Dental is also providing its propane-based natural refrigerant technology, CO2 emissions, the new lights last up material required to produce high own dentists the opportunity to controlled reduced levels of or turned into energy. replacing hydrochlorofluorocarbons (HFC). to 10 times longer than halogen. index lenses, bringing to €2 million volunteer abroad. Each year AHT takes on up to 12 The company also continues to the cumulative savings made from Oasis Dental also measures apprentices who receive professional support biodiversity by investing in reduced material in lens production. waste recycling levels at its clinics training in different aspects of its business, two partnership programmes: the and this has resulted in an increase in ranging from electrical, mechanical and Fondation Jacques Rougeirie and the recycling to 85% of waste recycled. manufacturing engineering to administration. Oceano-Scientific Programme. These are offered as an alternative to further higher education options.

Case study Case study Infinitas Learning Diaverum Infinitas Learning (‘Infinitas’) is a leading European educational publisher with a portfolio of strong brands, providing primary, Diaverum is a leading global operator the company’s commitment to being Allied to patient satisfaction is the secondary and vocational education material of private dialysis clinics with facilities a responsible care provider. In 2014 ability of the company to manage its LONG-SIGHTED and services in five European countries. in 19 countries across the world the company achieved above target systems. In 2014 Diaverum continued In 2014 all of the company’s procurement serving 25,500 patients and is the patient satisfaction ratings of 89% to roll out Environmental Management Electric vans, energy-ef cient lighting, ‘again and again’ bags, recycled card...Nicki is militant. contracts were renewed to ensure alignment She drives our environmental department with a biodegradable cardboard st. She invented our unique second largest corporate dialysis and that of its sector. In addition, Systems (such as ISO 14001) and in-shop recycling stations (cleverly disguised as bins). Thanks to Nicki and her team, 96% of our with its Code of Conduct. Each year 100% clinic operator in Europe. a positive correlation between Quality Management Systems (such rubbish can now be recycled. There’s much more to do, but we’re making headway. of key suppliers undergo an audit to ensure Understanding and improving the employee engagement and patient as ISO 9001) and achieved its target these practices are aligned. And as part of level of satisfaction amongst patients satisfaction per clinic was identified of being certified in 10 of the 18 No.42 suppler renewal, all key suppliers are audited each year to check labour standards meet the with regard to quality of care received when the company measured level of countries where it operates. requirements of the Ethical Trading Initiative is critical amongst other things to engagement amongst its employees. Base Code. 44 Bridgepoint Annu al Review 2014 Bridgepoint Annu al Review 2014 45

Bridgepoint and the Fryshuset Fryshuset is a Swedish charity, identified by our colleagues in Stockholm, which broader community supports some 14,000 young people in Stockholm, Gothenburg and Malmö The Bridgepoint Charitable Trust (‘BCT’) is BCT matches the charitable fund raising around three inter-related platforms of education, social projects and leisure our non-profit charitable foundation formed efforts of individual staff members and interests. Thanks to the BCT donation and funded by Bridgepoint and its employees supports the charities sponsored by Fryshuset was able to launch a successful that focuses on charitable activities in the colleagues or companies having a close ‘youth entrepreneurship’ project in 2013 and support it again in 2014. The scheme broad areas of education and the environment relationship with the Firm. offers coaching and training to budding entrepreneurs, via a newly designed within Europe. In 2014 we donated over £150,000 to four website that provides information about The Trust has 10 trustees (including three charities – Fryshuset in Stockholm and Un courses, lectures, mentors and discussion independent trustees). Each year our aim is Orchestre a l’École in France which we have forums. (see www.fryshuset.se). to provide medium term support to adopted been supporting for three years, Teens & charities in the geographies where we have Toddlers in the UK, which we are supporting offices as well as support to individual team for a second year, and Gut Hausen in Germany. member charitable work. Candidate charities To date, BCT has donated over £750,000 are suggested by local offices for the trustees to five charities across Europe. to consider, from which a short-list is drawn Un Orchestre à l’École Gut Hausen up and then voted on by team members In France we renewed our support for Un Gut Hausen is a small charity founded in 2008 to promote across the Firm. Orchestre à l’École (‘OAE’), a non-profit environmental conservation and education, particularly through organisation that transforms an entire class in its work with kindergarten and primary schools. (see www.wunder- a primary or junior secondary school into an stiftung.de). BCT funding is being used to build a new Kindergarten Teens and Toddlers orchestra. OAE, registered by the French Ministry outdoor area within a 2.5 hectare site within central Frankfurt that of Education, works in schools across France with will provide consulting, therapy, educational as well as leisure time Teens and Toddlers is a UK charity that seeks to underprivileged pupils. Under the scheme, pupils activities for families, children, teenagers and adults who deal with inspire young people to achieve the self-belief, are entrusted with a high quality instrument disabled people. skills and qualifications they need to succeed in that they are responsible for keeping in good education, at work and in life. They achieve this by condition that they learn to play individually placing teenagers in nurseries for three hours per and as part of a team. BCT will fund up to six week where they mentor a toddler as well as receive orchestras. (see www.orchestre-ecole.com) life skills coaching. (see www.teensandtoddlers.org). BCT supports the charity by funding a programme that will help 80 young people and 80 vulnerable children, and train 10 local facilitators.

Fast fact TüvTurk carried out 7.9m car inspections in Turkey in 2014 46 Bridgepoint Annu al Review 2014 Bridgepoint Annu al Review 2014 47

Bridgepoint leadership outreach programme

In 2014 Bridgepoint entered the final year of Yogesh Bhange, influencing policy How Chen Jiao opened up health services a three year leadership outreach programme for deaf and mute children to 700 of Beijing’s migrant children Earlier I had never dreamed that I would to communities outside its European sphere be trying to bring change at policy level. After their 2-year-old son was diagnosed with a 90% Beijing is home to over 500,000 migrant children. Unable to But the Core and Advanced Fellowship has of operations. hearing loss, Yogesh and his wife created Voice obtain residency permits, they have little or no access to education taught me to dream big and has given me of the Voiceless, an organisation which provides and healthcare. the confidence to look ahead at the bigger This has involved providing support and speech therapy for deaf and mute children and As a Bridgepoint Fellow, Chen Jiao implemented a healthcare picture and work towards it. sponsorship for 111 Bridgepoint Fellows who parental guidance to aid their development. During programme with an NGO that supports migrant workers and their his Bridgepoint Fellowship, Yogesh learned how to Chen Jiao work in marginalised communities in China families. She recruited and trained 86 volunteers to carry out health run his organisation more effectively, improving its Bridgepoint Fellow checks in local schools. and India (the States of Maharashtra and support to deaf children and their parents. Karnataka). Its aim: to enable grassroots As a result, nearly 700 children received medical examinations and Yogesh is looking to spend the next three years health advice. The information was documented and any serious Fast fact leaders to deliver projects in their local implementing his model project in order to have a Médipôle issues were referred to parents and teachers, so that the children detailed report based on the outcome of the project Partenaires communities and at the same time improve could get treatment. Chen Jiao also trained 76 parents in preventative to present to the state government policy makers (to delivered their leadership skills. healthcare and involved 50 teachers in awareness programmes. 19,000 babies the make the necessary provisions for deaf and mute in 2014 With our support these local community children, enabling them to access essential support The NGO continues to expand Chen Jiao’s health programmes in and care for their development). Beijing, with the potential to benefit up to 10,000 migrant children. leaders undergo incredible transformations, To date, Yogesh has helped 35 kids develop their from victims of circumstance to agents speech completely. He continues to give speech of change. Each fellow has undergone therapy to more children as they enroll. a remarkable personal journey, and dramatically improved the quality of life in their communities. They now work together to tackle larger, more complex issues that Some people think their position in confront people. We are proud that we have society is down to bad luck. I don’t agree with that. inspired grassroots movements. Yogesh Bhange Bridgepoint Fellow

Fast fact Moneycorp processed foreign exchange transactions Chen Jiao and migrant children during health checks totalling £14.7bn in 2014 48 Bridgepoint Annu al Review 2014 Bridgepoint Annu al Review 2014 49 50 Bridgepoint Annu al Review 2014 Bridgepoint Annu al Review 2014 51

Our portfolio Bridgepoint is the only truly pan-European private equity Growth. investor focussed on the needs of middle market businesses. With a long-established network of people and offices, together with a substantial industrial presence gained from the companies in which we are invested, we are constantly Accelerated. looking for market-leading business with potential which are looking for expertise to create significant value.

Since we began investing 25 years ago, This is achieved typically via international Fast fact We have helped we have backed over 300 companies expansion or buy-and-build strategies, Histoire d’Or over 300 companies sold 880,000 by expanding a company’s products in Europe in across Europe, giving us and the rings in 2014 transactions businesses we back skills learnt over or services, or through comprehensive totalling €20.5bn multiple economic cycles. business transformation.

As an agile investor, capable of responding Well-defined investment criteria and a to changing market conditions, we look preference for businesses that are able to drive value in the businesses we to take advantage of our experience and acquire. With Europe home to numerous skills to create value has resulted in our world-leading domestic and international working with companies with market, enterprises supporting a high quality product or service leadership in sectors range of middle market businesses, we where we have substantial experience seek to build strong market leaders. This and deep local knowledge. typically involves transformation strategies involving earnings growth generation either organically or by acquisition.

With markets active across Europe we are selectively identifying attractive growth companies which play to our differentiated international capabilities, such as our recent investments in Trustly in Sweden and MVF in the UK.

Michael Black Partner 52 Bridgepoint Annu al Review 2014 Bridgepoint Annu al Review 2014 53

1st Credit AHT Cooling Systems Beck & Pollitzer BigHand

1st Credit is a UK debt purchasing agency that acquires debt AHT Cooling Systems is the leading manufacturer of commercial Beck & Pollitzer is a leading engineering services business specialising BigHand is the largest provider of productivity enhancing software portfolios from banks, utility suppliers and telecoms companies. ‘plug-in’ refrigeration equipment for some of the largest and fastest in the installation and relocation of industrial plant & machinery and for busy time focused professionals in the legal, healthcare and Having raised £120m in 2013, it was able to acquire £31m of debt growing food retailers and food and beverage producers in the world. associated services. professional services markets. portfolios and in 2014 secure an additional £40m of purchases. In 2014, the company, which is known for its lower cost, energy The company has a blue chip client base across a wide range of sectors It currently supports over 250,000 professionals globally across efficiency, flexibility and speed of delivery, made significant progress including automotive, canning, pharmaceutical & aerospace, and 1,950 customer organisations with offices in London, Chicago, Sydney, in rolling out its new product range – plug-in wall-mounted cabinets – is growing on the back of strong investment in Central & Eastern Toronto and Eindhoven. It recently acquired Esquire Innovations on across Europe. It also made significant investment in its Austrian and Europe and by broadening its service offering. the west coast of the US, adding significant scale to the business’ Chinese production facilities and opened a new facility in Brazil This investment is managed by Bridgepoint Development Capital. North American operations. to serve the attractive Latin America market. This investment is managed by Bridgepoint Development Capital.

£67m £42m 174 Not disclosed €385m 1,170 £55m £70m 526 £48m £23m 146 Transaction size revenue Employees Transaction size revenue Employees Transaction size revenue Employees Transaction size revenue Employees

Sector Directors Bridgepoint Sector Director Bridgepoint Sector Directors Bridgepoint Sector Directors Bridgepoint Financial Services Simon Dighton representatives Industrials Hans Aage Joergensen representatives Business Services Andrew Hodgson representatives Media & Technology Jon Ardron representatives Location Charles Holland Patrick Fox Location Christoph Bracks Location Janusz Lach Stephen Bonnard Location Graham Gilbert Alan Payne United Kingdom Bruce McLaren Stephen Green Austria Michael Davy United Kingdom Charles Matthews Robert Jenkins United Kingdom Rob Lancashire Mark Stroud Eddie Nott Marc Zügel Romain Provoust Sam Toulson Date acquired Website Date acquired Date acquired Website Date acquired Website Leith Robertson Fraser Ruciman 2004 www.1stcredit.com 2013 Website 2007 www.beck-pollitzer.com 2012 www.bighand.com www.aht.at/en/

A-Katsastus Group Azzurri Borawind Cambridge Education Group

A-Katsastus is the leading vehicle inspection company in Northern ASK Italian and Zizzi restaurants are two of the UK’s leading Borawind is a wind energy generation business comprising a portfolio Cambridge Education Group is one of the largest international schools Europe with 270 stations in Finland, Sweden, Poland, Estonia and casual-dining groups, operating 247 restaurants throughout the of eight wind farms in the Castilla y Leon region of Spain. With a total groups in Europe, providing pre-university education to more than Latvia. Its services include compulsory vehicle inspections, drivers’ UK, with a reputation for quality and value-for-money. They focus output of 330 megawatts (MW), it is one of the largest non-utility 4,000 students recruited from over 100 countries. examinations and vehicle insurance and registration services. on authentic Italian cuisine, with both restaurants offering owned platform of wind energy generation plants in Spain. In June Cambridge Education Group (CEG) operates four divisions in three In 2014 the group continued its network expansion in Sweden and differentiated menu styles. Zizzi, is a Tuscan-themed restaurant 2014 the Government of Spain set a new regulatory framework which countries: ‘CATS’ a Junior and Senior High School network with entered the collision damage assessment market in Finland. now in its 16th year of operation and ASK Italian offers Italian turned the Spanish renewable energy sector into a Regulated Asset campuses in Cambridge, Canterbury, London, and Boston in the US; menus with an accent on ingredients. Base model. ‘Foundation Campus’ programmes through partnerships with 20 universities in the UK, US and the Netherlands; the College of Visual & Performing Arts in Cambridge; and English as Foreign Language (EFL) schools in the UK and US, operating under the ‘Stafford House’ brand.

Not disclosed €112m 1,230 £250m £204m 5,108 €400m €55m 9 £185m £102m 1,053 Transaction size revenue Employees Transaction size revenue Employees Transaction size revenue Employees Transaction size revenue Employees

Sector Directors Bridgepoint Sector Directors Bridgepoint Sector Director Bridgepoint Sector Directors Bridgepoint Business Services Kari Kivikoski representatives Consumer Steve Holmes representatives Manufacturing & Josu Arlaban representatives Business Services Fergus Brownlee representatives Location Ilkka Rantasalo Michael Davy Location Jim Pickworth Michael Black Industrials Ignacio García-Altozano Location Hetal Shah Chris Bell Finland Terhi Vähähyyppä Patrick Fox United Kingdom Kieran Pitcher Jason McGibbon Location Felipe Moreno United Kingdom Mark Stanton Chris Busby Mika Herold Harvey Smyth Sir John Sunderland Date acquired Date acquired Website Spain Website Date acquired Website 2006 Website 2015 www.askitalian.co.uk Date acquired www.borawind.eu 2013 www.cambridge www.a-katsastus.fi www.zizzi.co.uk 2012 eductiongroup.com 54 Bridgepoint Annu al Review 2014 Bridgepoint Annu al Review 2014 55

Care UK Casino France Operations Diaverum DMC Power

Care UK is the leading private provider of health and social care services to Casino France Operations (CFO) (formerly a sister company of the Diaverum is the third largest corporate provider of dialysis treatment DMC Power sells permanent couplings and associated tooling to the the public and private sectors. It provides residential and community based JOA Groupe) is an independent player in the French gaming sector in the world and the second largest independent dialysis service North American electricity transmission and distribution industry for social care, as well as primary/secondary healthcare services. that operates two casinos under a franchise agreement with JOA provider in Europe. use primarily in high voltage electricity sub-stations. Its technology is Since investment, Care UK has grown the number of care homes from Groupe. Bridgepoint has invested in CFO alongside Loto Québec, It treats c.25,500 patients through 307 clinics located in 19 countries unique in its industry and is successfully displacing welded and bolted 59 to 113 and nearly doubled the number of residents to c.6,000. one of the world’s leading gaming operators, as a strong across Europe, South America, Australia, Middle East and Asia. connection techniques, which it materially outperforms. corporate partner. In 2014 the company launched a new product to join high voltage CFO’s first permanent casino began operations at the beginning electricity transmission cables, which is now achieving high adoption of December 2014, with a second one, currently running out of rates among customers. a temporary site, scheduled to open in its permanent location DMC Power was part of another Bridgepoint investment, Permaswage, in early 2016. the market leader in the manufacture of permanent and separable couplings for aerospace companies, before the latter was sold to PCC, with Bridgepoint retaining its stake in DMC Power.

£414m £728m 22,000 Not disclosed €5m 50 Not disclosed €512m 5,800 Not disclosed $24m 130 Transaction size revenue Employees Transaction size revenue Employees Transaction size revenue Employees Transaction size revenue Employees

Sector Directors Bridgepoint Sector Directors Bridgepoint Sector Directors Bridgepoint Sector Directors Bridgepoint Healthcare Mike Parish representatives Consumer Claude Poisson representatives Healthcare Anders Althin representative Manufacturing & Eben Kane representative Location Phil Whitecross Raoul Hughes Location Alain de Pouzihac Benoît Bassi Location Dag Andersson Rob Moores Industrials Tony Ward Michael Davy United Kingdom Rob Moores France Nicholas Hirschi Sweden Annette Kumlien Website Location Website Alan Milburn Date acquired Website Date acquired Website Date acquired www.diaverum.com United States www.dmcpower.com www.joa-casino.com 2010 www.careuk.com 2010/2005 2007 Date acquired 2007

Compagnie Stéphanoise de Santé (C2S) CTL Logistics Dorna SBK Dr Gerard

Compagnie Stéphanoise de Santé is the principal independent CTL Logistics is Poland’s largest private rail logistics company Dorna SBK is an international sports management business that holds Dr Gerard is one of the largest producers of branded and co-branded operator of clinics in the Rhône-Alpes region of France. It was founded and one of the leading private rail operators in Europe with operations the exclusive global rights to organise the FIM Road Racing World label biscuits in Poland, selling leading brands and high quality in 2005 through the combination of three clinics and the subsequent across Poland and the neighbouring countries. It provides tailor-made Championship (MotoGP) until 2036 and the FIM World Superbike products through all retail distribution channels. addition of further facilities in the Rhône-Alpes, Aquitaine and logistics solutions focusing on rail transportation, freight forwarding, Championship (SBK) until 2026. The company generates its revenues Established in 1993, the company operates from three sites across Auvergne regions. It now operates from seven sites, mainly polyclinics siding management and waste management for a wide range of from race circuit fees, TV broadcast contracts, sponsorship and Poland where it employs over 1,000 people. It has transformed itself that offer a broad range of specialist medicine and surgery. sectors from coal and coke, fuels and oil, to agricultural and consumer advertising as well as corporate hospitality services. from a local single-channel producer into a multi-channel operation This investment is managed by Bridgepoint Development Capital. industries. It operates in some of the largest markets in Europe, including with sizeable international presence. the strategically important East-West rail corridor.

Not disclosed €100m 1,100 Not disclosed €172m 1,769 Not disclosed €281m 240 Not disclosed €70m 1,013 Transaction size revenue Employees Transaction size revenue Employees Transaction size revenue Employees Transaction size revenue Employees

Sector Directors Bridgepoint Sector Directors Bridgepoint Sector Directors Bridgepoint Sector Directors Bridgepoint Healthcare Bruno Limonne representatives Business Services Jacek Bieczek representatives Media & Technology Enrique Aldama representatives Consumer Benôit Testard representatives Location Jean Rigondet Pierre Colasson Location Mariola Hola-Chwastek Jakub Chechelski Location Carmelo Ezpeleta William Jackson Location Jaroslaw Zawadzki Jason McGibbon France Olivier Nemsguern Poland Michał Jóźwiak Khai Tan Spain José María Maldonado Poland Khai Tan Jaroslaw Krol Maciej Zuzałek William Paul Maciej Zużałek Date acquired Website Date acquired Date acquired Date acquired 2011 www.groupec2s.fr 2008 Website 2013 Website 2013 Website www.ctl.pl www.dorna.com www.drgerard.eu 56 Bridgepoint Annu al Review 2014 Bridgepoint Annu al Review 2014 57

eFront Evander Foncia Groupe Moniteur / Infopro

eFront is the leading software provider of financial solutions for Evander is the UK’s largest nationwide 24/7 emergency response Foncia is the market leader in residential property management Groupe Moniteur is the number one services and information managing alternative investments. It provides end-to-end solutions and repair provider of locks and glazing. services in France, where it manages 1.4 million properties and provider for the construction and local authority sectors in France. dedicated to the financial services industry, specialising in enterprise It completes more than 100,000 response and repair jobs per has operations in Germany, Switzerland and Belgium. In December 2013, Groupe Moniteur merged with Infopro creating risk management and alternative investments. annum and typically partners with insurance companies to supply It manages apartment buildings on behalf of all residents collectively the #1 professional information group in France. The group provides Its solutions serve more than 750 customers and 100,000 users in policyholders with emergency repair services. and provides a lettings management service to owners of individual quality and value added content for various sectors such as automotive, construction and local authorities. It is today one of the most advanced 40 countries, including many of the largest blue chip private equity This investment is managed by Bridgepoint Development Capital. apartments. It also provides ancillary services including valuations investors and managers worldwide, typically those with private equity and insurance broking and real estate transaction services. information groups following its migration from print to digital media. investments greater than $1bn.

€300m €86m 594 Not disclosed £40m 520 Not disclosed €641m 7,600 Not disclosed €288m 2,500 Transaction size revenue Employees Transaction size revenue Employees Transaction size revenue Employees Transaction size revenue Employees

Sector Director Bridgepoint Sector Directors Bridgepoint Sector Directors Bridgepoint Sector Directors Bridgepoint Media & Technology Olivier Dellenbach representatives Business Services Rick Francis representatives Business Services Benoît Fournial representatives Media & Technology Henry Capelle representative Location Morgane Bouhenic Location Debbie Hewitt Kevin Reynolds Location Marc Frappier Benoît Bassi Location Christophe Czajka Benoît Bassi France Martin Dunn United Kingdom David Hughes Mark Stroud France Bruno Keller Vincent-Gaël Baudet France Thomas de Villeneuve Website David Nicault Anne Lalou Frédéric Pescatori Eddie Misrahi Date acquired Date acquired Website Date acquired Date acquired www.groupemoniteur.com Xavier Robert Jacques Lenormand 2014 2011 www.evander.com 2011 Website 2006 www.infopro-digital.com Website Wilfried Piskula www.fonica.fr www.efront.com

Fat Face Flexitallic Histoire d’Or Hobbycraft

Fat Face is a UK retailer of modern, casual clothes with an ‘outdoor The Flexitallic Group is the market leader in customised high Histoire d’Or is the largest jewellery retailer in France. It was acquired Hobbycraft is the leading arts, crafts and hobbies specialist retailer in lifestyle’ theme, operating a multi-channel model of over 200 directly performance mission-critical sealing solutions and products to the simultaneously with the market No. 2, Marc Orian, and both were merged the UK with 81 superstores. Under Bridgepoint ownership and with owned stores with a rapidly growing e-commerce business and an global oil, gas and power generation industries. securing significant synergies. a new management team in place, it has undergone an extensive active wholesale operation. A total of 80 stores have been added Headquartered in France, the company has eight production sites in The majority of the Marc Orian estate was converted to the Histoire operational improvement programme to support growth within the under Bridgepoint’s ownership. the US, Canada, UK, France, Middle East and China with almost three d’Or format. Today the combined group operates over 560 stores existing estate, further store roll-out and multi-channel development. quarters of its revenues sourced from North America. It serves a under three banners (Histoire d’Or, Marc Orian and Trésor) including long-standing client base of over 900 clients thanks to a technical sales a small and expanding network in Belgium and Italy. force who set industry-leading standards of service and reliability.

£360m £204m 3,106 €450m $246m 1,200 €599m €354m 2,660 Not disclosed £141m 1,895 Transaction size revenue Employees Transaction size revenue Employees Transaction size revenue Employees Transaction size revenue Employees

Sector Directors Bridgepoint Sector Directors Bridgepoint Sector Directors Bridgepoint Sector Directors Bridgepoint Consumer Will Crumbie representatives Manufacturing & Erwann Le Ligné representatives Consumer Loïc Armand representatives Consumer Lawrence Christensen representatives Location Simon Greene Benoît Alteirac Industrials Gerry Maters Thierry Coloigner Location Eric Belmonte Benoît Bassi Location James Heese Emma Watford United Kingdom Simon Pickering Guy Weldon Location Jon Stokes Michael Davy France Bruno Candelier Gwenaelle Le Ho Daguzan United Kingdom Dominic Jordan Guy Weldon Lord Rose Ian Dugan Jordi Constans Frédéric Pescatori Catriona Marshall Date acquired Website France/Global Date acquired Date acquired Website Mark Seagar Frédéric Pescatori Jacques Pancrazi Will Newton 2007 www.fatface.com Date acquired 2010 Website 2010 www.hobbycraft.co.uk Anthony Thompson Thomas Simon Archie Norman 2013 Website www.histoiredor.com www.flexitallicgroup.com Maurice Tchenio

Le premier bijoutier de France 58 Bridgepoint Annu al Review 2014 Bridgepoint Annu al Review 2014 59

Infinitas Learning Inspired Thinking Group Leeds Bradford International Airport LGC

Infinitas Learning is one of Europe’s leading educational content Inspired Thinking Group (ITG) is a technology-led marketing services Leeds Bradford International Airport (LBIA) serves Yorkshire & LGC is an international life sciences measurement and testing companies, providing a range of innovative and engaging products business which serves the growing trend of decoupling the ‘creative’ Humberside, a region of 5.3 million inhabitants. solutions company, providing reference materials, genomics and services for teaching and learning. from the ‘execution’ phase in marketing services Since Bridgepoint’s acquisition LBIA has consistently been one of solutions and analytical testing products and services. Its principal activities are in the Netherlands, Sweden and Belgium and outsourcing the latter. the fastest growing airports in the UK. Following an £11m terminal LGC serves 20,000 customers in over 150 countries from a global sales where it has market leading positions, providing content and e-learning In 2014, it won contracts with global brands such as Heineken upgrade in 2012, LBIA has introduced a range of new routes and network and laboratories in 22 countries including US, India, China, materials for primary schools, secondary schools and further and deepened existing relationships with notable clients such as airlines including British Airways, Monarch and Thomson. Russia and Brazil. It works with customers in the pharmaceuticals, education colleges. It also has a small business in Germany targeted at M&S and Sainsbury’s. agricultural biotechnology, food, environment, security and sports vocational e-learning engineering businesses. Products span interactive This investment is managed by Bridgepoint Development Capital. sectors as well as with governments and academia. It is also the software, online learning, e-books, audio books and text books. It also UK’s designated National Measurement Institute for chemical and has an active product development programme to meet the needs of biochemical analysis and hosts the UK’s Government chemist function. new and developing curricula. Since Bridgepoint’s investment, LGC has made nine add-on acquisitions.

€774m €213m 747 £28m £59m 305 £145m £28m 200 £247m £223m 2,031 Transaction size revenue Employees Transaction size revenue Employees Transaction size revenue Employees Transaction size revenue Employees

Sector Directors Bridgepoint Sector Directors Bridgepoint Sector Directors Bridgepoint Sector Directors Bridgepoint Media & Technology Clive Hay-Smith representatives Business Services Mark Lovett representative Business Services Paul French representatives Business Services Dr. Derek Craston representatives Location Martyn Leese Michael Davy Location Stevie Spring Adrian Willetts Location David Gornall Michael Davy Location Graham Love Christopher Brackmann The Netherlands Natascha van Raoul Hughes United Kingdom Simon Ward Website United Kingdom Tony Hallwood Patrick Fox United Kingdom Simon Parsons Chris Busby Nieuwenburg John Parkin Tim Robinson Alastair Gibbons Date acquired Website Date acquired www.inspiredthinking Date acquired Website Date acquired www.infinitaslearning.com Simon Whitby Lord Stevens 2007 2014 group.com 2007 www.leedsbradford 2010 Website airport.co.uk www.lgc.co.uk

John Brown Media Group KGH Customs Services Limoni LOC Group

John Brown is a leading content publishing agency, operating in KGH is the leading independent customs services provider in Europe Limoni is the market leader in the Italian perfumery retail sector with a LOC Group is an international provider of marine and engineering London, South Africa, Dubai and Hong Kong. The business provides with operations in ten countries and over 14,000 customers. network of c.400 stores. It also provides a wholesale service to smaller assurance services to the offshore oil & gas and shipping markets. It is a content for both digital and printed distribution to some of the leading In 2014, KGH continued to build its geographical footprint by opening independent Italian perfumeries. leading provider of marine warranty surveys required for the transport brands in its countries of operation, including John Lewis, Spinneys, offices in France and Italy and invested heavily in building the next and installation of offshore capital equipment, and the market leader Edgars, Orange France and Royal Bank of Scotland. generation software platform to further differentiate it from local in marine casualty consultancy for shipping insurers in high profile competition. incident and dispute cases. This investment is managed by Bridgepoint Development Capital. The company was established in 1979 and operates from over 30 offices located around the globe. Headquartered in London, LOC employs over 400 staff including master mariners, naval architects, and marine and structural engineers. This investment is managed by Bridgepoint Development Capital.

£36m £38.9m 223 Not disclosed S EK540m 600 Not disclosed €233m 1,761 Not disclosed £65m 400 Transaction size revenue Employees Transaction size revenue Employees Transaction size revenue Employees Transaction size revenue Employees

Sector Directors Bridgepoint Sector Directors Bridgepoint Sector Directors Bridgepoint Sector Directors Bridgepoint Media & Technology Lani Carstens representative Business Services Vidar Gundersen representatives Consumer Enrico Ceccato representatives Business Services David Ballands representatives Location John Farrell David Wilkinson Location Michael Olsson Johan Dahlfors Location Giancarlo De Marchi Benoît Bassi Location Robin Bidwell Mayank Kanga United Kingdom Andrew Hirsch Website Sweden Magnus Sjöqvist Johan Gustafsson Italy Paolo Frigati Raoul Hughes United Kingdom Nadim Butt Kevin Reynolds Libby Kay www.johnbrownmedia.com Fabio Pampani Andrew Squire Date acquired Date acquired Website Date acquired Website Date acquired Website Kashmir Sohi Richard Simonin 2004 2013 www.kghcustoms.com 2006 www.limoni.com 2013 www.loc-group.com 60 Bridgepoint Annu al Review 2014 Bridgepoint Annu al Review 2014 61

Médipôle Partenaires Memnon Networks Phlexglobal Ponant

Médipôle Partenaires (created by the merger of Médipôle with Memnon Networks is a provider of transport management software Phlexglobal is a specialist provider of technology-enabled document Ponant (formerly known as Compagnie du Ponant) is a specialist luxury Médi-Partenaires in June 2014) is the second largest independent solutions in the Nordic region, with a growing position internationally. management solutions and other support services to the global cruise operator and the market leader in Polar ‘expedition’ cruises, private hospital group in France. The group operates 38 clinics and Through its proprietary software platform Memnon facilitates pharmaceutical market. It is a recognised leader in technology-led transporting over 22,000 passengers a year to the Polar regions and 6,300 beds in France’s most demographically attractive regions and information flow between parties in the supply chain. In 2014, solutions for the management of Trial Master Files (TMF), a key other locations. covers the patient’s full 'care pathway' including high margin pre Memnon acquired its closest competitor Unifaun, improving its component of clinical trials. Headquartered in Marseilles, France, the company operates in the and post-operative care. geographic footprint and adding customers in the fast growing It specialises in software and services used by global pharmaceutical, growing luxury cruise segment and in 2015 will take delivery of its fifth parcel segment. In addition, Memnon opened an office in biotech sponsors and clinical research organisations to manage their ship, giving the company one of the youngest and best invested fleets Poland to further drive international growth. TMFs which are at the centre of the inspection regime that oversees in its market. This investment is managed by Bridgepoint Development Capital. the conduct of any clinical trial. This investment is managed by Bridgepoint Development Capital.

Not disclosed €840m 12,000 Not disclosed SEK170m 110 £42m £15.7m 230 Not disclosed €100m 177 Transaction size revenue Employees Transaction size revenue Employees Transaction size revenue Employees Transaction size revenue Employees

Sector Directors Bridgepoint Sector Directors Bridgepoint Sector Directors Bridgepoint Sector Directors Bridgepoint Healthcare Benoît Fournial representatives Media & Technology Per Eriksson representatives Healthcare Stella Donoghue representatives Consumer Yann Caillère representatives Location Marcel Hermann Benoît Bassi Location Martin Randel Johan Dahlfors Location Steve Kent Matt Legg Location Patrick Molis David Nicault France Vincent-Gaël Baudet Sweden Andreas Randel Johan Gustafsson United Kingdom / Peter McNaney Alan Paye France Hervé Novelli Frédéric Pescatori William Paul Karen Roy Philippe Videau Xavier Robert Date acquired Date acquired Website United States Website Date acquired Fabrice Turcq www.memnonnetworks.com 2011 2012 Date acquired www.phlexglobal.com 2012 Website Website 2014 www.ponant.com www.medi-partenaires.com

Moneycorp Oasis Dental Pret A Manger Quotient Clinical

Moneycorp is a UK headquartered specialist foreign exchange Oasis is the leading branded provider of public and private dentistry in Pret A Manger is the UK’s leading retailer of high quality natural, ready- Quotient, a leading provider of early stage outsourced drug business with operations in the UK, Ireland, France, Spain and the the UK and Ireland. Acquired in 2013 with c.200 practices, the business to-eat sandwiches, salads and drinks. Founded in 1986, it has over 370 development services, helps customers worldwide – ranging from top US. It operates three main businesses, International Payments, has grown through acquisition to over 320 practices. shops in the UK, US, Hong Kong, France and China and employs over tier pharmaceutical companies through to small-medium sized biotech Retail and Wholesale. In 2014 the company completed the £30m acquisition of Smiles, a chain 9,000 people. organisations – to get new drugs to market quickly and safely. International Payments serves small and medium-sized businesses and of 77 largely private-pay focused practices. In 2014 Pret continued its roll-out programme adding a net 22 shops, Quotient has developed a proprietary platform which offers an individuals looking to make international foreign exchange transfers including a new opening in Shanghai, representing Pret’s first shop integrated approach to formulation development, ‘real-time’ drug while the business’ Retail division operates from bureaux de change in mainland China. product manufacturing and clinical testing. Using this platform and ATMs at Gatwick, Stansted, three other UK airports and central has been proven to significantly reduce the time and cost of the London locations. The Wholesale division supplies banknotes to banks early-stage drug development process. and financial institutions worldwide. This investment is managed by Bridgepoint Development Capital.

£212m £130m 911 £183m £245m 2,900 £364m £604m 9,231 Not disclosed £26m 230 Transaction size revenue Employees Transaction size revenue Employees Transaction size revenue Employees Transaction size revenue Employees

Sector Directors Bridgepoint Sector Directors Bridgepoint Sector Directors Bridgepoint Sector Directors Bridgepoint Financial Services Colin Buchan representatives Healthcare Justin Ash representatives Consumer Sinclair Beecham representatives Healthcare Gordon Cameron representatives Location Nick Haslehurst Stephen Green Location Bill Colvin Patrick Fox Location Laurence Billett Vince Gwilliam Location Richard Connell Stephen Bonnard United Kingdom Mark Horgan Rob Moores United Kingdom Jordi Gonzalez Jamie Wyatt United Kingdom Nick Candler William Jackson United Kingdom Mark Egerton Alan Payne Paul Lever David Leatherbarrow Anders Dahlvig Date acquired Website Date acquired Website Date acquired Website Date acquired Website Julian Perry Clive Schlee 2014 www.moneycorp.com 2013 www.oasisdentalcare.com 2008 www.pret.com 2013 www.quotientclinical.com Lord Rose 62 Bridgepoint Annu al Review 2014 Bridgepoint Annu al Review 2014 63

Rodenstock Shimtech Industries Trustly TüvTurk

Rodenstock is a leading manufacturer of both optical lenses and Shimtech is the global leader in the manufacture and supply of shims, a key Trustly provides a proprietary online banking e-payments solution TüvTurk is the monopoly provider of statutory vehicle inspections eyewear, the only company worldwide able to offer both products. component used in the assembly of large commercial aircraft. Shimtech which is designed to make online payments more convenient, operating 203 stations across Turkey. The company has a 20 year It is the No 3 and No 4 respectively in Europe and the world within the manufactures shims in either solid or laminated peelable form from a faster, simpler and safer. monopoly concession until 2027 and has franchised its operations in optical lenses market, enjoying strong brand recognition and a high variety of materials including alloys, polymers and composites; it is the Founded in 2008 it currently handles close to 1 million payments 81 regions to 48 franchisees. reputation for technology leadership in its field among opticians. leading player in this niche segment of the aerospace sector. per month. One of Sweden’s fastest growing technology companies, Thanks to improvements in the legislation relating to vehicle In 2014, Rodenstock continued to drive top and bottom line growth Shimtech was acquired from Hampson plc in 2011. At acquisition the group the business targets online merchants who value safety, high sales inspection in Turkey, 2014 was especially productive in terms of as a result of increasing the business with independent opticians and comprised four facilities located in the UK and US, and has subsequently conversion, consumer convenience and those who are at the forefront increased capture rates (up from 68% to 73%) as well as the optical chains in its core European markets. It also continued to expanded its footprint via two acquisitions in the US which have added of adopting new technology, especially those with large volumes increased traffic safety in the country. increase its exposure to emerging markets through the acquisition scale to Shimtech’s composite materials offer. of pay-ins / pay-outs who value real-time processing and account of a distributor. This investment is managed by Bridgepoint Development Capital. reconciliation functionalities. This investment is managed by Bridgepoint Development Capital.

Not disclosed €408m 4,200 £54m £55m 562 Not disclosed SEK100m 75 TRY347m TRY104m 841 Transaction size revenue Employees Transaction size revenue Employees Transaction size revenue Employees Transaction size revenue Employees

Sector Directors Bridgepoint Sector Directors Bridgepoint Sector Directors Bridgepoint Sector Directors Bridgepoint Consumer Oliver Kastalio representatives Manufacturing & Alastair Fanning representatives Media & Technology Andreas Bernstrom representatives Business Services Husnu Akhan representatives Location Michael Kleer Christoph Braks Industrials Howard Kimberley Kevin Reynolds Location Lukas Gratte Johan Dahlfors Location Matthias Rapp Martin Dunn Germany Peter Körfer-Schün Ian Dugan Location Clive Snowdon Adrian Willetts Sweden Carl Wilsson Magnus Gottås Turkey Klemens Schmiederer Patrick Fox Sven Schirmer Bernie Schuler Erman Yerdelen Date acquired United Kingdom Website Date acquired Website Date acquired Website Robert Schlitt 2007 Website Date acquired www.shimtechgroup.com 2014 www.trustly.com 2009 www.tuvturk.com.tr www.rodenstock.com 2011

Siblu Holdings Solhaga Wiggle

Siblu owns and operates premium family friendly holiday parks in Solhaga is a leading specialist care service provider in the full- Wiggle is a leading global online retailer of cycling and tri-sports attractive locations across France. responsibility high acuity autism segment, providing high quality, equipment. It is the leading operator of the owner occupier holiday park model in individually tailored care programmes to 1,000 service users The company has an attractive and loyal customer base: the business the fragmented French market and has in excess of 7,000 mobile home in more than 100 care facilities across Sweden. It provides now has over 1.3 million active customers and over 2.1 million shopping owners and 8,000 pitches. It is currently pursuing a strategy of growth accommodation services, daily activities, schools, diagnostic visits to its websites per week with c.50% of its sales to international through the acquisition and conversion of parks from the holiday hire services and leisure activities. markets. Wiggle has established a market leading business in the UK to the owner occupier model. In 2014, Solhaga continued to strengthen its market leading and is now acting to replicate this success in other attractive markets, This investment is managed by Bridgepoint Development Capital. position through the opening of new facilities and made two particularly Europe. add-on acquisitions. This investment is managed by Bridgepoint Development Capital.

Not disclosed €74m €98m 537 SEK817m 950 £180m £182m* 444 Fast fact Transaction size revenue Employees Transaction size revenue Employees Transaction size revenue Employees Wiggle had

Sector Directors Bridgepoint Sector Director Bridgepoint Sector Directors Bridgepoint 110m website Consumer Simon Crabbe representative Healthcare Michael Creutz representatives Consumer Stefan Barden representatives visits in 2014 Location Leslie Hurst Mark Stroud Location Meg Tivéus Johan Dahlfors Location Andy Bond Patrick Fox France Chris Mutter Website Sweden Magnus Gottås United Kingdom Giles David Xavier Robert Paul Popplestone Mikael Lövgren Date acquired www.siblu.com Date acquired Date acquired Website Ian Smith Fast fact 2006 2010 Website 2011 www.wiggle.co.uk www.solhagagruppen.se Foncia managed 1.4m properties in France in 2014 * Year-ending Jan 2015 64 Bridgepoint Annu al Review 2014 Bridgepoint Annu al Review 2014 65

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