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ValueActivators
Introduction
2
Activa Capital is an independent private equity firm dedicated to SMEs and characterised by a proactive strategy of build-ups
A team of 20 professionals whoshare an entrepreneurial spirit and commitment to growth strategies
More than 100 investments made since 2003
Backed by first-class Frenchand international investors
Owned and managed by its Partners to ensuretotally independent decision making and long term continuity
€700M raised since 2003
Co-founder of the Private Equity Network-PEN alongside 3 other leading mid-market European privateequity firms: ECM (Germany), Graphite Capital (UK) and MCH (Spain)
Activa Capital’s Investors
We are backed by first-class French and international investors
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More than
€500Munder
management
Sovereign Wealth Funds
8%
Financial Institutions
25%
InsuranceCompanies
21%
FamilyOffices
15%
Pension Funds
31%
USA & Asia
11%France
13%Europe
76%
A highly focused investment strategy
We invest in companies led by ambitious managers and with sustainable growth plans: we seek firmsin leading market positions, in niche sectors and with the ability to generate a steady cash-flow
Investment type Size of Companies Investment Amounts
■ Majority or significant minorityinvestments
■ MBO, MBI, Spin-offs, public-to-privates and growth capital investments
Our core sectors
Agri-food Consumer B2B ServicesPharma, Healthcare
& EducationIndustrial &Aeronautics
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■ Enterprise value between€20M and €100M
■ Average equity investment of €20M, which can vary between€10M and €50M
Working closely withmanagement teams
Involved and reactiveshareholder
Seeking external growth opportunities
Helping with international growth
Transparent decisionmaking
Our investment strategy
5
Activa Capital team
6
2
Managing Partners
1
Chairman
2
Investment Directors
1
CFO
4
Associates
1 Finance Department
Analyst
1 Office Manager
1 Executive Assistant
Charles de LauristonAssociate - ESG & Digital
Alexandre MassonManaging Partner
Caroline BonardExecutive Assistant
Charles DiehlNon-Executive Chairman, Partner
Christophe ParierManaging Partner
Christelle PiattoCommunications &
Office Manager
David QuatrepointInvestment Director
Frédéric SingerInvestment Director
Elliot ThiéblinAssociate
Timothée HéronAssociate
Alexandre CholletCFO
Amira Oueld-El HachemiFinance Department
Analyst
Camille EminAssociate
Activa Capital’s Industrial Committee
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3
The expertise of our Industrial Committee allows us to better analyse investment opportunities and help our portfolio companies
Xavier Govare
Chairman of the IndustrialCommittee
Former CEO of Labeyrie Fine Foods
Philippe du Mesnil
Senior Advisor
Chairman of Financière Chopin(Ceva group)
Arnaud Bachelier
Managing Director of Materne-Montblanc
Jean-Louis de Bernardy
Co-founder of Activa Capital
Former chairman of AFICand Bridgepoint Capital France
Franklin Berrebi
Former Managing Directorof L’Oréal Europe
Michael Diehl
Senior Advisor
Philippe Dubouix
President of Agritubel
President of Distrifarm
Hubert François
CEO of Groupe Salins
Simone Halberstadt Harari
CEO of Effervescence
Former CEO of Télé Images
Michel Larroche
CEO of Materne-Montblanc
Philippe Latorre
Senior Advisor
Marc Oursin
CEO of Shurgard Europe
Former Managing Director of Carrefour in various countries
Anthony Pralle
Senior Partner Emeritus of TheBoston Consulting Group
Bruno Rambaud
President of FBR Conseil
Former Managing Directorof Thalès
Our portfolio
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LOOK CycleIconic French sports brand in the design and manufacture of bikes and high-end accessories
Investment type: MBITurnover: €39MJune 2016
Active AssurancesInsurance broker specialised in the digital distribution of insurance products
Investment type: MBOTurnover: €11M
May 2018
Be RelaxGlobal operator of well-being airportspas
Investment type: MBOTurnover: €21M
May 2018
ExploreLeading player in the development of B2B business intelligence solutions
Investment type: MBOTurnover: €12MJanuary 2019
MedisysLeading sofware publisher in the home-care field and for institutions specialized in dependent persons
Investment type: MBITurnover: €10MApril 2019
IngelianceIndustrial engineering and technology consulting services company
Investment type: MBOTurnover: €53MMarch 2020
Our portfolio
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Armatis-lcA leader in French contact centre outsourcing
Investment type: MBOTurnover: €224MMay 2012
AbrisudLeading European manufacturer of swimming pool covers and shelters
Investment type: MBOTurnover: €57MMarch 2011
Family ServiceLeader in direct marketing to youngparents
Investment type: MBOTurnover: €13MDecember 2012
Alliance EtiquettesPremium labels consolidation platform for the wine and foodindustriesInvestment type: Growth Capital, OBO, build-upsTurnover: €56MJuly 2015
MecadaqConsolidation platform in the manufacturing and assembly of high-precision mechanical components for the aerospace industryInvestment type : OBO, build-upsTurnover : €59MDecember 2015
Previous investments (fully realised)
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HR PathSpecialist in Information systems for human resources
Type d’investissement : MBOChiffre d’affaires : 72 M€Mars 2017April 2019
Sport 2000No. 3 French sports retail chain
Investment type: Growth CapitalTurnover : €580MJune 2008December 2018
NexeyaFrench engineering company which designs, manufactures, tests and maintains critical electronics systemsInvestment type: PtoP/MBOTurnover: €130MSeptember 2013July 2017
Atlas For MenMail order and internet retailer of men’s outdoor clothing
Investment type: MBOTurnover: €189MJuly 2016May 2019
FindisLeading French B2B distributor of home appliances and equipment
Investment type: MBOTurnover: €300MMarch 2011March 2017
Gaz EuropéenLeading French independent alternative gas distributor supplying the collective residential B2B marketInvestment type: Growth CapitalTurnover: €205MDecember 2013January 2017
La Maison BleueFrench child care nursery group
Investment type: Growth CapitalTurnover: €125MDecember 2012October 2016
ProNaturaEuropean leader in organic fruit and vegetable distribution
Investment type: OBO2014 Turnover: €143MJuly 2005November 2014
Previous investments (fully realised)
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ErgalisSpecialised platform dedicated to temporary staffing solutions and HR
Investment type: MBI2014 Turnover: €170MSeptember 2010 October 2014
LogitradeFrench outsourcing specialist focused on non-strategic industrial purchasing
Investment type: MBI2013 Turnover: €140MFebruary 2006 February 2013
Materne - Mont BlancFrench leader in longlife dairy cream and fruit compote desserts
Investment Type: BIMBO, Spin-off2010 Turnover: €186MJuly 2003 December 2010
Françoise Saget / LinvosgesLeading French catalogue and Internet retailer of household linens
Investment type: MBI2010 Turnover: €134MOctober 2006 September 2010
BFI OptilasLeading European specialist distributor of electronic and photonic products
Investment type: MBO, Spin-off2009 2009 Turnover: €129MApril 2006 December 2009
MalherbeA French leader in road haulage
Investment type: OBO2008 Turnover: €146MAugust 2004 March 2008
DelpharmPharmaceutical Contract ManufacturingOrganisation (CMO)
Investment type: MBI2007 Turnover: €94MApril 2004 June 2007
VivactisHealthcare marketing and communicaiton services
Investment type: MBO, Spin-off2007 Turnover: €30MJune 2003 February 2007
Activa Capital has a highly successful track record in corporate spin-offs
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Corporate sellers
Activa Capital investments
Mont Blanc
Turnover: €38M2003
Nestlé Turnover: €83BN
DelpharmTurnover: €54M
2004
AguettantTurnover: €0.1BN
GloriaTurnover: €10M
2004
Nestlé Turnover: €83BN
Transport Lanoux
Turnover: €54M2008
TNTTurnover: €10.3BN
BFI Optilas
Turnover: €120M2006
Avnet Turnover: €12.7BN
GroupeVivactis
Turnover: €30M 2003
TeleperformanceTurnover: €2.0BN
Activa Capital has a highly successful track record in corporate spin-offs
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Corporate sellers
Activa Capital investments
UsineSchering
Turnover: €36M2006
Bayer HealthcareTurnover: €32.9BN
Françoise Saget
Turnover: €48M2006
Yves RocherTurnover: €2.0BN
SelproBuild-upErgalis
Turnover: €63M2010
RandstadTurnover: €12.4BN
LaserBuild-up Armatis
Turnover: €103M2011
BNP ParibasGaleries Lafayette
(joint venture)
Aura Build-up Ergalis
Turnover: €50M2013
SegulaTurnover: €500M
Atlas for Men
Turnover: €142M 2016
De AgostiniTurnover: €5.1BN
Acquisitions Mergers Build-ups Diversification Buyouts Financing
Build-ups are at the heart of our investment strategy, with 60+ add-on acquisitions completed in the last 10 years
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Some examples
Turnover 2015: €13M
Turnover 2018: €56M
Turnover 2011: €163M
Turnover 2016: €300M at exit
Turnover 2012: €193M
Turnover 2018: €224M
Turnover 2012: €40M
Turnover 2016: €125M at exit
Turnover 2010: €78M
Turnover 2014: €170M at exit
Turnover 2003: €38M
Turnover 2010: €186M at exit
Turnover 2004: €87M
Turnover 2008: €146M at exit
Turnover 2006: €48M
Turnover 2010: €134M at exit
6 build-ups 4 build-ups 5 build-ups 2 build-ups
Turnover 2015: €20M
Turnover 2018:€59M
3 build-ups
5 build-ups 2 build-ups 12 build-ups 1 build-up
Note: reported revenues are on a 12-month pro-forma basis.
Case studies (1/2)
External and international growth
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Mecadaq Group■ Creation in 2015 of Mecadaq Group, a
consolidation platform in aeronauticalsubcontracting, alongside the founder JulienDubecq
■ 3 build-ups between 2016 and 2018, including theUSA
■ In parallel, integration of the acquisitions anddevelopment of support functions at group level:finance, HR and sales & marketing
■ Results: in 3 years, the platform has tripled insize, further internationalized and become oneof the « strategic supplier » groups for Airbus
Turnover 2015 : €19M Turnover 2018 : €59M
Manufacturing and assembly of high-precisionmechanical coponents
Atlas For Men■ Backed the management of Atlas For Men in
2016 in the spin-off from the Italian familygroup De Agostini
■ Atlas For Men has opened 3 new markets(Czech Republic, Slovakia and UK) between2016 and 2018
■ 11 markets outside France now represent55% of sales
■ Backed the company in its digitaldevelopment strategy
■ Results: in 2,5 years, Atlas For Men has hadan organic growth of 15% p.a. and ispursuing its pan European development
Turnover 2016 : €142M Turnover 2018 : €189M
Mail order and internet selling of outdoor clothing for men
Alliance Etiquettes■ Creation in 2015 of Alliance Etiquettes, a
consolidation platform in high-end labels forwines and foie gras, alongside the founderOlivier Laulan
■ Acquisition of 6 companies between 2015and 2018
■ The company is actively working on the groupidentity, including setting up a new group HQwith 20 staff and groupwide support systems
■ Results: in 3 years, sales have beenmultiplied by 7x et Alliance Etiquettes hasbecome the market leader
Turnover 2015 : €8M Turnover 2018 : €56M
Premium labels for the wine & food industry
Materne - Mont Blanc■ Spin-off from Nestlé of Mont Blanc, a
leading cream dessert brand (2003)
■ Build-up of Materne with the emblematic brand Pom’Potes (2006)
■ The group expands to the USA and reaches a €186M turnover: more than 4 times its turnover at the time of investment (2010)
Ergalis■ Spin-off from Randstad of Selpro, a
company offering temporary staffingsolutions (2010)
■ Acquisition of Plus RH, a specialistwithin services industries (2011)
■ A further 5 build-ups, including the acquisition of Aura RHR (2012)
■ Result: Group Ergalis controls 13 specialist brands across a network of 70 agencies in France
Case studies (2/2)
External and international growth
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Turnover 2010: €78MTurnover 2014: €170M
Turnover 2003: €38MTurnover 2010: €186M
Findis■ Findis doubled in size with the
Spin-off of Cocélec (2012)
■ Acquisions of Ronzier and David Ménager (appliances) (2013)
■ Diversification with the acquisitionof Désamais Distribution, a major player in the B2B market for DIY, hardware, house and garden (2015)
■ Result: a total of 6 brands thatmake Findis the leading B2B distributor to independent stores
Turnover 2011: €163MTurnover 2016: €300M
Electrical Appliances Temporary employment and recruitment Food and retail
■ Optimising environmental impact
■ Promoting responsible human resourcesmanagement
■ Sustainable recycling
■ Due diligence carried out by PwC’sspecialised ESG team
Activa Capital, fully engaged in implementing ESG
Internally With our portfolio companies Within the financial community
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ESG (Environmental, Social and Corporate Governance) criteria are integrated into Activa Capital’s
investment strategy. Our committment to ESG translates into concrete actions
Activa Capital is actively involved in the following charitable organisations:
■ Active member of the AFIC (French PE Association) ESG commission
■ Co-author, in 2010, of the AFIC SustainableDevelopment white paper for French Private Equity
■ One of the first signatories of the UN’sPrinciples for Responsible Investment (PRI)
1 boulevard de la Madeleine
75001 PARISFrance
activacapital.com
Tel. : + 33 1 43 12 50 12Fax : + 33 1 43 12 50 13