Ideas. Realised. - Bridgepoint Capital · Ideas. Realised. 2014 Bridgepoint Annual Review . We are...

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Ideas. Realised. 2014 Bridgepoint Annual Review www.bridgepoint.eu

Transcript of Ideas. Realised. - Bridgepoint Capital · Ideas. Realised. 2014 Bridgepoint Annual Review . We are...

Ideas.Realised.

2014 Bridgepoint Annual Review

www.bridgepoint.eu

We are a long established and experienced private equity firm looking to invest in high-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.

Contents4 Bridgepoint at a glance6 New investments in 201420 Managing Partner’s overview28 Our people32 Our Values34 Responsible and

sustainable investing64 Our offices

Building market leading businesses across Europe

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18%Business Services

Current portfolio by sector

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.

Bridgepoint at a glance

€12.4bn

€9.3bn 174

252 €22.5bn

€20.5bncurrent funds under management

returned to investorsin last 10 years

employees led by 24 partners

bolt-on acquisitions made by Bridgepoint portfolio companies in last 10 years

total value of transactions from €8.8 billion invested since 2000

of committed capital raised to date

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4%Financial Services

23%Healthcare

11%Manufacturing & Industrial

15%Media & Technology

29%Consumer

Investors by locationInvestors by type

n North America 51.5%n Europe 37.5%n Australasia 6.6%n Middle East 4.4%

n Pension funds 56.8%n Insurance 12.6%n Fund of funds 8.8%n Sovereign wealth fund 6.3%n Endowment 5.5%n Asset manager 3.6%n Bridgepoint 3.4%n Bank 1.7%n Family office 1.3%

Futures.Shaped.

To achieve this, we operate as a single team across Europe and focus on six core sectors: Business Services, Consumer, Financial Services, Healthcare, Industrials and Media & Technology. Each sector team is organised on a pan-European basis, with teams working closely together across offices to build knowledge and ensure proper understanding of the space as well as to identify new and add-on investments.

By exploiting our wealth of local knowledge and sector expertise in Europe, we are able to identify and acquire businesses where significant value can be created under our ownership and where in turn businesses can exploit our reach and know-how to enhance their operational performance, growth prospects and market position.

In particular, we are attracted by opportunities in sectors and niches with strong underlying growth, typically ahead of the broader economy, segments where

Europe has global competitive advantage or in businesses with high visibility of earnings and contracted income.

We are especially known for helping to create value through market consolidation (by identifying and arranging funding for add-on acquisitions by the platform businesses owned by Bridgepoint funds) or securing operational improvement to drive earnings growth.

To achieve this our investment teams are able to call upon expertise from a range of specialists whose skills include operational expertise, debt finance structuring and procurement. Bridgepoint also has a portfolio development office in Shanghai which accelerates the development of portfolio companies in China across areas such as market entry, procurement, establishing facilities, add-on acquisitions and joint ventures with local partners.

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

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SeekIng european CoMpanIeS ServIng gloBal MarkeTS or SuITed To aCquISITIon-led MarkeT ConSolIdaTIon

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

Chris BusbyPartner, Head of UK Investment

Fast factDorna SBK attracted 2.9 billion MotoGP and SBK TV viewers in 2014

Azzurri is a UK casual dining group, known for its two Italian-themed brands – ASK Italian and Zizzi. It operates 247 restaurants throughout the UK, with a reputation across its six million customers for quality and value-for-money.

With a focus on authentic Italian cuisine, both restaurants offer differentiated menu styles. Zizzi, a Tuscan-themed restaurant now in its 16th year of operation, has an estate of 137 restaurants which offer fresh and contemporary fare at sites with their own distinctive personality and character. ASK Italian, a recipient of the ‘Best Italian Restaurant’ of the Pizza, Pasta and Italian Food Association awards, offers authentic Italian menus

with an accent on ingredients in easy going settings. It currently has 110 restaurants throughout the UK.

Both concepts are well established in the casual dining market and have significant scope, by maintaining excellence in standards and consumer trust in their brands, for further roll-out. Further expansion is also supported by the continued consumer trend to eat out as well as the erosion of pub-based socialising in favour of food-based environments.

Sector Consumer

Location United Kingdom

Directors Steve Holmes Jim Pickworth Kieran Pitcher Harvey Smyth

Bridgepoint representatives Michael Black Jason McGibbon

Website www.askitalian.co.uk www.zizzi.co.uk

Azzurri £250m trAnsAction size

£204m

revenue

5,108

employees

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 HolmesCEO of Azzurri

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As alternative investment funds become ever more complex and face an increasing regulatory burden, they are turning to specialists to provide the technological fund management and reporting solutions to manage their investments. One such specialist is eFront.

eFront is the leading software provider of financial solutions for managing alternative investments. It provides end-to-end solutions dedicated to the financial services industry, specialising in enterprise risk management and alternative investments.

eFront’s suite of solutions covers back office (fund administration and fund accounting), middle office (portfolio monitoring and investor portal) and front office (CRM, fund raising and deal pipeline monitoring). Its products are highly regarded for their useability, industry relevance and capabilities.

Its solutions serve more than 750 customers and 100,000 users in 40 countries, including many of the largest blue chip private equity investors and managers worldwide, typically those with private equity investments greater than $1bn. These include US State and European corporate pension funds, insurance companies, fund of funds and sovereign wealth funds as well as a number of well-known private equity managers. The company is the recognised global leader in software solutions for private equity institutions.

The market for eFront’s services is forecast to grow at 13% per annum over the next five years, driven by rising demands from private equity investors for detailed, complex analysis of underlying fund portfolios and the increasing institutionalisation of private equity firms.

Sector Media & Technology

Location France

Director Olivier Dellenbach

Bridgepoint representatives Morgane Bouhenic Martin Dunn David Nicault Xavier Robert

Website www.efront.com

eFront €300m trAnsAction size

€86m

revenue

594

employees

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

Olivier DellenbachFounder and CEO of eFront

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Inspired Thinking Group (‘ITG’) is a technology-led marketing services business which aims to challenge traditional ways of working by helping consumer-facing businesses execute their marketing plans more efficiently and effectively. It serves the growing trend of decoupling the ‘creative’ from the ‘execution’ phase in marketing services and outsourcing the latter.

There is a growing requirement for marketers across all industry sectors to manage increasingly complex campaigns, increase speed to market, and at the same time reduce expenditure.

ITG’s marketing workflow and digital asset management platform, Media Centre, provides 24/7 multi-media artwork production and procurement services, delivering businesses

significant efficiencies and cost savings. The company also offers a portfolio of multi-channel marketing production and support services including on client-site teams and centrally located production facilities.

Specialised in the ‘below-the-line’ segment of marketing spend, such as point of sale and direct marketing, ITG offers services in packaging and digital services such as website design and social media. ITG has developed an impressive client list across the retail, brand, automotive and hospitality sectors, with clients typically characterised by large marketing budgets with complex marketing campaigns.

This investment was made by BDC, the Bridgepoint fund that invests in small and mid-cap companies.

Sector Business Services

Location United Kingdom

Directors Mark Lovett Stevie Spring Simon Ward

Bridgepoint representative Adrian Willetts

Website www.inspired thinkinggroup.com

Inspired Thinking Group £28m trAnsAction size

£59m

revenue

305

employees

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 WardCEO of Inspired Thinking Group

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Moneycorp is a UK headquartered specialist foreign exchange business with operations in the UK, Ireland, France, Spain and the US. It operates three main businesses, International Payments, Retail and Wholesale.

International Payments serves small and medium sized businesses and individuals looking to make international foreign exchange transfers while the business’ Retail division operates from bureaux de change and ATMs at Gatwick, Stansted, three other UK airports and central London locations. The Wholesale division supplies banknotes to banks and financial institutions worldwide.

This specialist segment of financial services is well positioned to continue its growth in capturing share of a £400 billion market. The UK international

payments market is expected to grow by 11 % p.a. as customers continue to switch away from banks and the awareness of and trust in specialist providers increases.

Moneycorp has been a leader in the emergence of specialist foreign exchange providers that have competed successfully on price and service to displace traditional banks. Banks increasingly view the SME and private individual market as non-core, preferring to focus on core lending products and FX and treasury for large corporates.

There is significant potential for further international roll-out, potentially via acquisition, particularly in the Middle East and Latin America, as well as new product development.

Sector Financial Services

Location United Kingdom

Directors Colin Buchan Nick Haslehurst Mark Horgan Paul Lever

Bridgepoint representatives Stephen Green Rob Moores

Website www.moneycorp.com

Moneycorp £212m trAnsAction size

£130m

revenue

911

employees

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 HorganCEO of Moneycorp

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Every time a pharmaceutical clinical trial is undertaken a collection of documents is generated that is required by law to demonstrate compliance with regulatory standards for the proper conduct of the trial process. This is known as a ‘trial master file’ or ‘TMF’.

Established in 1997, with offices in the UK and the US, Phlexglobal is a recognised leader in technology-led solutions for the management of TMFs and serves a global customer base of pharmaceutical and biotech sponsors as well as clinical research organisations.

The company offers an end to end solution to cater for all TMF requirements, from fully outsourced technology enabled solutions (known as ‘eTMFs’) to a range of ancillary services such as TMF quality control and remediation projects.

The £200m global outsourced market for TMF software and services is forecast to grow at 12% p.a. driven by an increasing

number of clinical trials, greater complexity of those trials, stronger regulatory scrutiny of them and an increasing propensity to outsource TMF software provision and services.

Phlexglobal therefore represents an opportunity to build market share, in and outside Europe, in a niche market with a strong outsourcing trend. The Company is well placed to take share though its market leading brand, differentiated offering and best in class expertise. In particular, there is an opportunity to leverage Phlexglobal’s TMF service pre-eminence to become a leading eTMF provider, especially with new customers currently using paper TMFs.

This investment was made by BDC, the Bridgepoint fund that invests in small and mid-cap companies.

Sector Healthcare

Location United Kingdom / United States

Directors Stella Donoghue Steve Kent Peter McNaney Karen Roy

Bridgepoint representatives Matt Legg Alan Payne

Website www.phlexglobal.com

Phlexglobal £42m trAnsAction size

£15.7m

revenue

230

employees

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 KentChairman of Phlexglobal

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Trustly provides a proprietary online banking e-payments solution which is designed to make online payments more convenient, faster, simpler and safer. One of Sweden’s fastest growing technology companies, the business targets online merchants who value safety, high sales conversion, consumer convenience and those who are at the forefront of adopting new technology, especially those with large volumes of pay-ins / pay-outs who value real-time processing and account reconciliation functionalities.

There are several online payment options available, including a payment solution that enables instant deposits/pay-ins and express pay-outs/refunds for the end-consumer.

The European online payments market is large (forecast to grow from €37 billion to c. €65 billion by 2020) and

benefits from underlying structural growth, as e-commerce and purchases of digital goods take an increasing share of total trade.

Trustly’s platform is available for all devices (including mobile) and has a cross-border payment function which makes it well-suited for international e-commerce. The company is on an international development journey, experiencing strong growth outside its core Nordic region with the aim of making cross-border European payments as seamless, safe and convenient as domestic payments.

BDC, the Bridgepoint fund that invests in small mid-cap companies, took a significant minority stake in Trustly to support the continued growth of the business.

Sector Media & Technology

Location Sweden

Directors Andreas Bernstrom Lukas Gratte Carl Wilsson

Bridgepoint representatives Johan Dahlfors Magnus Gottas

Website www.trustly.com

Trustly not disclosed trAnsAction size

Sek100m

revenue

75

employees

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 WilssonCEO of Trustly

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In 2014 I am very pleased to report that we once again enjoyed a strong year thanks in no small part to the consistent performance of the businesses owned by Bridgepoint funds and the Bridgepoint team’s ability to invest and sell well.

Operating Highlights In 2014 Bridgepoint Europe Funds, and Bridgepoint Development Capital II (‘BDC ll’) invested €741 million and €85 million respectively to acquire six European based businesses in deals totalling over €1 billion.

We completed 20 add-on acquisitions for existing investments as we pursued a strategy of consolidating sectors to build scale and improve the competitive position of the businesses we support.

By the end of the year Bridgepoint had also made the final platform investment from its fourth fund, Bridgepoint Europe IV. This is a fund of 24 investments with a total enterprise value at acquisition of €8.5 billion and a portfolio diversified by assets headquartered in 10 different European countries operating in each of Bridgepoint’s six core investment sectors. The majority of these investments were primary buyouts, with a high proportion resulting from off-market transactions – a testament to the depth and reach of our network of teams across Europe.

Market environment 2014 was very much a year of two halves in terms of the economic environment we faced across Europe. The year started

Managing Partner’s overviewBridgepoint has been investing in Europe, and specifically 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 exceptionally deep and broad flow of high quality investment opportunities as well as compelling returns for our investors.

Impact.Created.

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 JacksonManaging Partner

our porTFolIo CoMpanIeS ColleCTIvely eMploy over 100,000 people

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Fast factPret sold 73m sandwiches, 55m coffees and 4.6m bananas in 2014

strongly, if unevenly, as economic recovery provided a more favourable background for portfolio company trading and confidence. This was followed by a change in macroeconomic outlook and a resultant varied pace of recovery in the latter half of the year, demonstrating just how much market volatility has now become the ‘new normal’ in Europe.

Paradoxically, European volatility created interesting investment opportunities with attractively priced opportunities arising in the autumn of 2014. It also demanded a highly targeted approach to investment and led us to focus particularly on opportunities within sectors with higher growth or export potential, especially those which exploit European intellectual property, industrial expertise or service skills.

Investment Momentum Bridgepoint portfolio companies again demonstrated their resilience in 2014. Despite a relatively low-growth environment throughout much of the year, I’m pleased to report that our portfolio companies took advantage of variously improving economic conditions.

For a fourth consecutive year our funds’ investments collectively generated 12% and 11% year-on-year average revenue and EBITDA growth. This superior trading performance was driven by a number of factors.

A number of our companies benefitted from a series of business revenue development initiatives such as significant new contract wins that were seen at Dorna and Infront, or store roll-out programmes such as those undertaken by Histoire d’Or in France, and the construction of new care homes by Care UK.

In a similar vein, there were continued high levels of add-on acquisition activity such as Médipôle’s transforming acquisition of Médi-Partenaires to create the second largest private French healthcare group or the smaller in-fill acquisitions made at Infront, Oasis or AHT. BE IV as a whole has now made over 110 add-on acquisitions for existing investments.

Operational improvement initiatives, a key feature of many Bridgepoint investments, also provided a source of profit growth

portfolio performance

12%2014 11%2014

11%2013 13%2013

10%2012 11%2012

Revenue growth EBITDA growth

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Fast factDr Gerard produced 26,000 tonnes of biscuits in 2014

technology-enabled document management solutions and other support services to the global clinical research market and Trustly, a Stockholm-based online payments services provider.

In addition, BDC successfully exited four investments – Pulsant, ESG, Ansel and Hallmark Hotels – and completed three material add-on acquisitions for existing investments.

Developing our people People who work at Bridgepoint have many things in common but above all else is an absolute determination to build successful businesses. That is why we work as a single team across Europe to allow colleagues to fulfil those ambitions.

We are already fortunate in the breadth and depth of talent we have developed over the years. But we always recognise that new individuals bring different perspectives. In 2014 we recruited 28 new team members across the Firm to help us achieve just that. Our ability to develop our own people and attract new colleagues therefore remains critical to our success and we recognise that if we are to improve we must evolve.

Looking to 2015 Bridgepoint has enjoyed a strong start to 2015 both in terms of new investment and realisation activity as well as in the robust trading performance of our investments across our Funds. The New Year also saw Bridgepoint complete raising a successor fund to BE IV, securing €4 billion of

delivering gross margin improvements or productivity increases and cost savings.

Today, Bridgepoint’s portfolio of companies across Europe employs collectively over 100,000 people.

Returning capital to our investors A key objective of any fund is to provide returns of capital to its investors via either sales of investments or interim re-financings. In 2014 Bridgepoint investments returned over €2 billion via seven exits and 11 refinancings.

In the first half of 2014 in particular, Bridgepoint took advantage of buoyant conditions in the European leveraged loans market to complete a number of transactions across its portfolio, allowing it to balance the opportunity presented for better borrower-friendly terms with the need for prudent leverage in the

growth companies that characterise Bridgepoint’s middle market activities. This has meant that our investments now enjoy meaningful liquidity, headroom and flexibility as they grow.

This is significant for two reasons: it not only funds returns of capital to our investors but more importantly raises significant additional capital to fund earnings growth initiatives of the companies we back.

Progress in lower middle market Our lower middle market fund, Bridgepoint Development Capital (‘BDC’), which specialises in smaller buyouts and growth capital transactions, had an extremely active year in 2014. It made three new investments in the UK and the Nordic region: The Inspired Thinking Group, a UK specialist ‘below the line’ marketing services group, Phlexglobal, the specialist provider of

Capital returned

€2.0bn2014

€1.2bn2013

€892m2012

An extremely productive year for us: our results reflect focused deal origination, the successful use of our resources to drive value and the timely exploitation of market conditions.

William JacksonManaging Partner

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Fast factDiaverum has 25,500 patients and administered 3.8m treatments in 2014

commitments from global blue chip investors in private equity. This new fund, Bridgepoint Europe V, will continue to play to Bridgepoint’s key strengths and pursue similar investment themes whilst also being very alert to new types of opportunity arising from recovery.

The political and economic developments of early 2015 may yet prove to be beneficial: improvements in the US economy could be good news for European businesses who export to the US; lower exchange rates as a result of the fall in the euro are a massive boost to exporters across Europe, the world’s largest exporting economy; and the 50% reduction in oil prices for Europe’s oil importing economy should translate to a major boost to consumer net income.

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-on acquisitions.

In conclusion, 2014 was an extremely productive year for us: our results reflect focused deal origination, the successful use of our resources to drive value and the timely exploitation of market conditions to deliver value growth in a dislocated external environment in Europe.

Behind these achievements lie the commitment and hard work of a very dedicated group of people – the management teams and employees of the companies we back. I and my fellow partners thank all of them for their drive, energy and discipline over the last 12 months. With their continued help and that of our own talented, hardworking colleagues across Europe, Bridgepoint remains fit and hungry for the challenges and opportunities presented by these times.

William Jackson Managing Partner

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We are fortunate in the breadth and depth of talent we have developed over the years. But we always recognise that new individuals bring different perspectives. In 2014 we recruited 28 new team members across the Firm.

Fast factAHT sold over 310,000 supermarket refrigeration units in 2014

Bridgepoint is led by 24 partners and managed by Bridgepoint Advisers Group. This is the group comprising some of our most experienced people, led by our Managing Partner, with executive responsibility for the strategic direction of our business. It ensures that the shared values and business objectives we have set ourselves are upheld.

Investment decisions are taken by an Investment Advisory Committee comprising 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.

The firm also benefits from the input of a European Advisory Board. This comprises distinguished individuals from different aspects of corporate and political life who provide the Firm with external perspectives on strategic, political, social and other matters to supplement the expertise of the Bridgepoint team. It works with team members to provide insight and allows us to use their knowledge and experience to make more informed decisions about our investments and development as a firm.

Our peopleWe work as a single firm across borders with people comprising 19 nationalities who are proud to work at Bridgepoint, where our investors and the companies we back can feel part of our business.

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

Frédéric PescatoriPartner, Head of Investment in France

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People.Inspired.

a CoMMon deTerMInaTIon To work aS a TeaM aCroSS europe To BuIld SuCCeSSFul BuSIneSSeS

Fast factRodenstock produced 23m spectacle lenses in 2014

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Michael Black

Frédéric Pescatori n

John Barber n

Chris Busby n

Benoît Bassi n

Michael Black n

partners

Bridgepoint is led by 24 partners and managed by a Group Board. This Board has executive responsibility for setting the Firm’s strategy and ensuring that the shared values and business objectives that we have set ourselves are upheld and met. Two Operating Committees, one for each of our two areas of activity, Bridgepoint Europe and Bridgepoint Development Capital, are charged with executive responsibility for our day to day operations, including team and transaction resourcing. 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.

Martin Dunn

William Jackson n José María Maldonado nRaoul Hughes n

Charles Barter Chris Bell

Michael Davy

Patrick Fox Hamish Grant Stephen Green Vince Gwilliam

Jason McGibbon

Rob Moores James Murray William Paul

Xavier Robert Jamie WyattGuy Weldon nKhai Tan

Bridgepoint development Capital partners

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

Johan Dahlfors Olivier Nemsguern

Adrian Willetts

n Group Board member

Our European Advisory Board works to provide insight, knowledge and experience to allow Bridgepoint team members to make better informed decisions about investments and development as a firm.

Alan MilburnChairman, Bridgepoint European Advisory Board

Our People are the key to our success. That’s why we’re committed to attracting and retaining exceptional talent and ensuring that our team members are nurtured and developed through our leadership and professional development programmes.

Toni GillespieHead of People

Alan Payne

european advisory Board

The firm also benefits from the input of a European Advisory Board. This comprises distinguished individuals from different aspects of corporate and political life who provide the Firm with external perspectives on strategic, political, social and other matters to supplement the expertise of the Bridgepoint team. It works to provide insight, knowledge and experience to allow Bridgepoint team members to make better informed decisions about investments and development as a firm.

Henry WK Chow Lord RoseDr Hubertus Erlen Alan Milburn

Christian Streiff Lord Patten

Values. Amplified.

These are shared across our Firm and are fundamental to our professional and personal conduct. We believe they help us maintain the highest levels of corporate

governance and allow us to apply high standards of professionalism uniformly across the Firm.

Our ValuesWe aim to be the international private equity manager of choice – for investors, management teams and employees. Everything we do is therefore guided by a set of values that define and articulate our culture and outlook.

JudgementPause, calculate and think. It’s all about intelligent decisions made without prejudice calling upon the collective experience of the Firm.

MeritocracyA work ethic rooted in excellence where talent and ability are allowed to flourish and advancement is based on merit.

IntegrityNot just what we believe but also how we act. The highest standards in our professional and ethical conduct are fundamental.

open mindednessA ready ear, and a knowledge that fresh and powerful ideas can find their origins in the most unexpected places.

TeamworkListen 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.

a CoMMon deTerMInaTIon To work aS a TeaM THaT HaS Helped uS BaCk over 300 CoMpanIeS In europe

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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 WeldonChief Investment Officer

Fast factOasis Dental delivered 2.3m check-ups and fitted 1.9m fillings in 2014

Ideas.Realised.

Bridgepoint has a well-defined set of values to guide its teams that set out the expectations of the Firm about the way that we should conduct ourselves and represent the Firm. These values in turn are reflected in our responsible investing policy.

As a signatory of the United Nations’ Principles for Responsible Investment we also publicly undertake to demonstrate our commitment to embed relevant environmental, social and governance criteria into our decision making and ownership practices.

Our approach to responsible investing is overseen by our Audit & Risk Committee, comprising senior members of the team and led by the chairman of our Advisory Board. It ensures that Bridgepoint maintains appropriate and effective systems and controls relating to its accounting practices, its risk management and risk assessment, taking into account the reputational risks associated with the Firm’s and its portfolio companies’ activities.

Responsible and sustainable investingWe build responsible investing principles into all of our work 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 governance principles.

SInCe 2000 we Have CoMpleTed TranSaCTIonS ToTallIng €22.5bn

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what we do before we make an investment

For new investments, Bridgepoint identifies material environmental and social risks and opportunities as part of the investment process. We do so by requiring that pre-investment proposals include an analysis of ESG issues that are brought to the attention of our Investment Advisory Committee.

Naturally, we expect our portfolio companies to comply with relevant environmental and employment laws, particularly in relation to employees’ health and safety, rights and welfare. Where a company is only in partial compliance

with statutory or regulatory requirements, Bridgepoint agrees plans with management for remedying this within an appropriate time period.

In addition, we expect each portfolio company to assess the material environmental risks of their operations and to work towards relevant international good practice standards to mitigate environmental risks with targets and timelines for improvement. This is normally included within our 100 day plan when we acquire a business.

Fast factInfinitas had 2.3m individual users of its digital books in 2014

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How we manage our firm

As well as complying with the relevant legal requirements of the jurisdictions in which it and its investee companies operate, Bridgepoint has a number of governance structures designed to ensure that it remains accountable and transparent, and that there is complete alignment of interest between the Firm and its investors.

Companies in which Bridgepoint invests have similar governance structures in place to ensure compliance with the law and effective monitoring of their performance. These are also structured so that major decisions by a portfolio company can only be reached with the agreement of Bridgepoint.

Bridgepoint is managed by a Group Board which has executive responsibility for setting the Firm’s strategy and ensuring that the shared values and business objectives that we have set ourselves are upheld and met. Two Operating Committees, one for each of our two areas of activity, Bridgepoint Europe and Bridgepoint Development Capital, are charged with executive responsibility for our day to day operations. 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.

Fast factPonant took 6,600 passengers to the Poles in 2014

risk management

A partner-level General Counsel is responsible for ensuring that the Firm respects and adheres to internal policies and operating procedures. Internal guidelines are also in place to eliminate conflicts of interest, taking into account the Firm’s obligations under its fund management agreements and fiduciary duties. In addressing conflicts, it seeks to do so with integrity, professionalism and in the best interest of its investors.

Each Bridgepoint fund also has an Investors’ Committee drawn from

representatives of investors in that fund to provide a forum for discussion of the fund’s investment strategy or performance and any potential or actual conflicts of interest.

Bridgepoint also benefits from a European Advisory Board whose membership is drawn from distinguished individuals in the fields of government and industry to provide additional external perspectives on strategic, political, social and related matters.

Fast factHobbycraft sold 3.1m balls of yarn in 2014

How we manage ourselvesBridgepoint has a number of governance structures to ensure that it remains accountable and transparent, and that there is complete alignment of interest between the Firm and its investors. A group board, Bridgepoint Advisers Group, has executive responsibility for setting the Firm’s strategy and ensuring that the shared values and business objectives we have set ourselves are upheld and met. Operating Committees for each of our two areas of activity, Bridgepoint Europe and Bridgepoint Development Capital, are charged with our day to 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.

Building responsible and sustainable investment principles

What we do after we make an investmentOnce a company becomes part of our portfolio, we work with their management teams to implement appropriate environmental and social policies in their operations and procedures that are both relevant to their sector and in accordance with industry standards.We encourage investee companies to work with like-minded trading partners to assess the material environmental and social risks of their operations and to work towards relevant international good practice standards to mitigate future risks with targets and timelines for improvement.

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Governance factors

Companies in which Bridgepoint invests have similar governance structures in place to ensure compliance with the law and effective monitoring of their performance. They are also structured so that major decisions by a portfolio company can only be reached with the agreement of Bridgepoint.

Environmental factors

Environmental factors we typically focus on are energy use, waste and recycling, water use and conservation, and supply chain environmental management. We expect suppliers to be able to demonstrate material compliance with relevant local, national and international environmental laws.

Social factors

Through our board representatives, we work with management teams of investee companies to implement appropriate social policies in their operations and procedures. Typically, these focus on employeehealth and safety, labour rights and welfare. Minimally, we expect suppliers to be able to demonstrate material compliance with local, national and international labour laws including those relating to health and safety.

ESG analysisBridgepoint identifies any material, environmental, social and governance risks as part of its overall investment process before deciding to proceed with an investment.

What we expect from future portfolio companiesWe expect our portfolio companies to minimally comply with relevant environmental and employment laws, particularly in relations to employees’ health and safety, rights and welfare. Where a company is only in partial compliance with statutory or regulatory requirements, Bridgepoint agrees plans to with management for remedying this, normally within our 100 day plan when we require it.

Rein

vest

Investing in the broader community

Risk management

Sharing best practice

After investment

Before investment

Investmentopportunities

Investment

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C A S E S T U D Y

Oasis Dental

Diaverum is a leading global operator of private dialysis clinics with facilities in 19 countries across the world serving 25,500 patients and is the second largest corporate dialysis clinic operator in Europe.

Understanding and improving the level of satisfaction amongst patients with regard to quality of care received is critical amongst other things to

the company’s commitment to being a responsible care provider. In 2014 the company achieved above target patient satisfaction ratings of 89% and that of its sector. In addition, a positive correlation between employee engagement and patient satisfaction per clinic was identified when the company measured level of engagement amongst its employees.

Allied to patient satisfaction is the ability of the company to manage its systems. In 2014 Diaverum continued to roll out Environmental Management Systems (such as ISO 14001) and Quality Management Systems (such as ISO 9001) and achieved its target of being certified in 10 of the 18 countries where it operates.

C A S E S T U D Y

Diaverum

C A S E S T U D Y

AHT

AHT Cooling Systems (‘AHT’) is the leading manufacturer of commercial ‘plug-in’ refrigeration equipment for some of the largest food retailers worldwide.

The company has recognised the benefits of improving resource use in production. A range of measures, from new product models to the inclusion of improved components, variable speed compressors, energy saving fans mean that AHT’s key products now consume 50% less energy. The company is leading the way by introducing propane-based natural refrigerant technology, replacing hydrochlorofluorocarbons (HFC).

Each year AHT takes on up to 12 apprentices who receive professional training in different aspects of its business, ranging from electrical, mechanical and manufacturing engineering to administration. These are offered as an alternative to further higher education options.

No.42

Electric vans, energy-ef�cient lighting, ‘again and again’ bags, recycled card...Nicki is militant.

She drives our environmental department with a biodegradable cardboard �st. She invented our unique

in-shop recycling stations (cleverly disguised as bins). Thanks to Nicki and her team, 96% of our

rubbish can now be recycled. There’s much more to do, but we’re making headway.

LONG-SIGHTED

C A S E S T U D Y

Pret

Pret A Manger (‘Pret’) is a leading international retailer of ready-to-eat natural food and beverages primarily targeting busy urban consumers. It operates over 280 stores in the UK, 60 in the US, 14 in Hong Kong, 11 in Paris and in 2014 opened its first shop in mainland China.

The company sets out five key sustainability strands in its operations, reflecting the current global trends around food, energy, ecosystem security and health and well-being.

Core to its mission is providing balanced nutritious food. 2014 saw the company expand its offering and introduce controlled reduced levels of

calories, sugar, saturated fat and salt in all new products. Progress was also made to reduce sugar with the introduction of grape extract being used as a sweetener in still drinks.

Minimising waste at all stages of the supply chain and food production means that Pret is now sending less and less to landfill: in the UK that means that 100% has been diverted from its London shops and 80% in the regions. It has set itself the target of achieving zero waste to landfill by improving recycling rates, sending all kitchen waste and coffee grinds to be composted or turned into energy.

C A S E S T U D Y

Infinitas LearningInfinitas Learning (‘Infinitas’) is a leading European educational publisher with a portfolio of strong brands, providing primary, secondary and vocational education material and services in five European countries.

In 2014 all of the company’s procurement contracts were renewed to ensure alignment with its Code of Conduct. Each year 100% of key suppliers undergo an audit to ensure these practices are aligned. And as part of suppler renewal, all key suppliers are audited each year to check labour standards meet the requirements of the Ethical Trading Initiative Base Code.

Integrating responsible and sustainable investing into our portfolio

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C A S E S T U D Y

Ponant

Ponant is a specialist luxury cruise operator and the market leader in Polar ‘expedition’ cruises, transporting over 22,000 passengers a year to the Polar regions and other locations.

With ship designs that already seek to eliminate harmful emissions and discharges, Ponant introduced a further initiative in 2104 as part of its clean ship programme. A new paint reduces the resistance of the ships reducing fuel usage by 4%.

Ponant’s newly delivered luxury mega yacht, Le Soleal, also takes lighting to a new level with the use of LED-based lights. As well as the energy saving benefits and reduced CO2 emissions, the new lights last up to 10 times longer than halogen.

The company also continues to support biodiversity by investing in two partnership programmes: the Fondation Jacques Rougeirie and the Oceano-Scientific Programme.

C A S E S T U D Y

Rodenstock

Rodenstock is Germany’s leading manufacturer of ophthalmic lenses, spectacles and frames. At the heart of the company’s sustainable manufacturing strategy is a focus on raw material and energy efficiency and the continuous reduction of material used in the manufacturing process.

Following a successful pilot in 2014, the company identified an alternative source to the rare earth minerals it used in its manufacturing process, substituting 40% of them with siliceous earth which is more readily available and accessible.

2014 also saw it reduce the material required to produce high index lenses, bringing to €2 million the cumulative savings made from reduced material in lens production.

Oasis Dental is a leading UK provider of dental care to both the private and public sectors and is the only branded operator of scale in its market with over 300 practices and 1,300 dentists.

In 2014 Oasis Dental expanded its support for dental education with every local practice partnering with a primary school to enhance children’s understanding of dental health. It also worked with Bridge2Aid, a dental charity designed to help train rural-based health workers in developing countries and give them the skills, equipment and resources to provide emergency dental care. Oasis Dental is also providing its own dentists the opportunity to volunteer abroad.

Oasis Dental also measures waste recycling levels at its clinics and this has resulted in an increase in recycling to 85% of waste recycled.

Teens and Toddlers

Teens and Toddlers is a UK charity that seeks to inspire young people to achieve the self-belief, skills and qualifications they need to succeed in education, at work and in life. They achieve this by placing teenagers in nurseries for three hours per week where they mentor a toddler as well as receive 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.

gut Hausen

Gut Hausen is a small charity founded in 2008 to promote environmental conservation and education, particularly through its work with kindergarten and primary schools. (see www.wunder-stiftung.de). BCT funding is being used to build a new Kindergarten outdoor area within a 2.5 hectare site within central Frankfurt that will provide consulting, therapy, educational as well as leisure time activities for families, children, teenagers and adults who deal with disabled people.

Fryshuset

Fryshuset is a Swedish charity, identified by our colleagues in Stockholm, which supports some 14,000 young people in Stockholm, Gothenburg and Malmö around three inter-related platforms of education, social projects and leisure interests. Thanks to the BCT donation Fryshuset was able to launch a successful ‘youth entrepreneurship’ project in 2013 and support it again in 2014. The scheme offers coaching and training to budding entrepreneurs, via a newly designed website that provides information about courses, lectures, mentors and discussion forums. (see www.fryshuset.se).

Bridgepoint and the broader community

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un orchestre à l’École

In France we renewed our support for Un Orchestre à l’École (‘OAE’), a non-profit organisation that transforms an entire class in a primary or junior secondary school into an orchestra. OAE, registered by the French Ministry of Education, works in schools across France with underprivileged pupils. Under the scheme, pupils are entrusted with a high quality instrument that they are responsible for keeping in good condition that they learn to play individually and as part of a team. BCT will fund up to six orchestras. (see www.orchestre-ecole.com)

Fast factTüvTurk carried out 7.9m car inspections in Turkey in 2014

The Bridgepoint Charitable Trust (‘BCT’) is our non-profit charitable foundation formed and funded by Bridgepoint and its employees that focuses on charitable activities in the broad areas of education and the environment within Europe.

The Trust has 10 trustees (including three independent trustees). Each year our aim is to provide medium term support to adopted charities in the geographies where we have offices as well as support to individual team member charitable work. Candidate charities are suggested by local offices for the trustees to consider, from which a short-list is drawn up and then voted on by team members across the Firm.

BCT matches the charitable fund raising efforts of individual staff members and supports the charities sponsored by colleagues or companies having a close relationship with the Firm.

In 2014 we donated over £150,000 to four charities – Fryshuset in Stockholm and Un Orchestre a l’École in France which we have been supporting for three years, Teens & Toddlers in the UK, which we are supporting for a second year, and Gut Hausen in Germany.

To date, BCT has donated over £750,000 to five charities across Europe.

yogesh Bhange, influencing policy for deaf and mute children

After their 2-year-old son was diagnosed with a 90% hearing loss, Yogesh and his wife created Voice of the Voiceless, an organisation which provides speech therapy for deaf and mute children and parental guidance to aid their development. During his Bridgepoint Fellowship, Yogesh learned how to run his organisation more effectively, improving its support to deaf children and their parents.

Yogesh is looking to spend the next three years implementing his model project in order to have a detailed report based on the outcome of the project to present to the state government policy makers (to the make the necessary provisions for deaf and mute children, enabling them to access essential support and care for their development).

To date, Yogesh has helped 35 kids develop their speech completely. He continues to give speech therapy to more children as they enroll.

Some people think their position in society is down to bad luck. I don’t agree with that.

Yogesh BhangeBridgepoint Fellow

In 2014 Bridgepoint entered the final year of a three year leadership outreach programme to communities outside its European sphere of operations.

This has involved providing support and sponsorship for 111 Bridgepoint Fellows who work in marginalised communities in China and India (the States of Maharashtra and Karnataka). Its aim: to enable grassroots leaders to deliver projects in their local communities and at the same time improve their leadership skills.

With our support these local community leaders undergo incredible transformations, from victims of circumstance to agents of change. Each fellow has undergone 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 confront people. We are proud that we have inspired grassroots movements.

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How Chen Jiao opened up health services to 700 of Beijing’s migrant children

Beijing is home to over 500,000 migrant children. Unable to obtain residency permits, they have little or no access to education and healthcare.

As a Bridgepoint Fellow, Chen Jiao implemented a healthcare programme with an NGO that supports migrant workers and their families. She recruited and trained 86 volunteers to carry out health checks in local schools.

As a result, nearly 700 children received medical examinations and health advice. The information was documented and any serious issues were referred to parents and teachers, so that the children could get treatment. Chen Jiao also trained 76 parents in preventative healthcare and involved 50 teachers in awareness programmes.

The NGO continues to expand Chen Jiao’s health programmes in Beijing, with the potential to benefit up to 10,000 migrant children.

Earlier I had never dreamed that I would be trying to bring change at policy level. But the Core and Advanced Fellowship has taught me to dream big and has given me the confidence to look ahead at the bigger picture and work towards it.

Chen JiaoBridgepoint Fellow

Bridgepoint leadership outreach programme

Chen Jiao and migrant children during health checks

Fast factMoneycorp processed foreign exchange transactions totalling £14.7bn in 2014

Fast factMédipôle Partenaires delivered 19,000 babies in 2014

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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 BlackPartner

Growth.Accelerated.

Since we began investing 25 years ago, we have backed over 300 companies across Europe, giving us and the businesses we back skills learnt over multiple economic cycles.

As an agile investor, capable of responding to changing market conditions, we look to drive value in the businesses we acquire. With Europe home to numerous world-leading domestic and international enterprises supporting a high quality range of middle market businesses, we seek to build strong market leaders. This typically involves transformation strategies involving earnings growth generation either organically or by acquisition.

This is achieved typically via international expansion or buy-and-build strategies, by expanding a company’s products or services, or through comprehensive business transformation.

Well-defined investment criteria and a preference for businesses that are able to take advantage of our experience and skills to create value has resulted in our working with companies with market, product or service leadership in sectors where we have substantial experience and deep local knowledge.

Our portfolioBridgepoint is the only truly pan-European private equity 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 looking for market-leading business with potential which are looking for expertise to create significant value.

we Have Helped over 300 CoMpanIeS In europe In TranSaCTIonS ToTallIng €20.5bn

Fast factHistoire d’Or sold 880,000 rings in 2014

1st Credit1st Credit is a UK debt purchasing agency that acquires debt portfolios from banks, utility suppliers and telecoms companies. Having raised £120m in 2013, it was able to acquire £31m of debt portfolios and in 2014 secure an additional £40m of purchases.

Beck & pollitzerBeck & Pollitzer is a leading engineering services business specialising in the installation and relocation of industrial plant & machinery and associated services. The company has a blue chip client base across a wide range of sectors including automotive, canning, pharmaceutical & aerospace, and is growing on the back of strong investment in Central & Eastern Europe and by broadening its service offering. This investment is managed by Bridgepoint Development Capital.

BigHandBigHand is the largest provider of productivity enhancing software for busy time focused professionals in the legal, healthcare and professional services markets. It currently supports over 250,000 professionals globally across 1,950 customer organisations with offices in London, Chicago, Sydney, Toronto and Eindhoven. It recently acquired Esquire Innovations on the west coast of the US, adding significant scale to the business’ North American operations. This investment is managed by Bridgepoint Development Capital.

a-katsastus groupA-Katsastus is the leading vehicle inspection company in Northern Europe with 270 stations in Finland, Sweden, Poland, Estonia and Latvia. Its services include compulsory vehicle inspections, drivers’ examinations and vehicle insurance and registration services. In 2014 the group continued its network expansion in Sweden and entered the collision damage assessment market in Finland.

aHT Cooling SystemsAHT Cooling Systems is the leading manufacturer of commercial ‘plug-in’ refrigeration equipment for some of the largest and fastest growing food retailers and food and beverage producers in the world. In 2014, the company, which is known for its lower cost, energy efficiency, flexibility and speed of delivery, made significant progress in rolling out its new product range – plug-in wall-mounted cabinets – across Europe. It also made significant investment in its Austrian and Chinese production facilities and opened a new facility in Brazil to serve the attractive Latin America market.

azzurriASK Italian and Zizzi restaurants are two of the UK’s leading casual-dining groups, operating 247 restaurants throughout the UK, with a reputation for quality and value-for-money. They focus on authentic Italian cuisine, with both restaurants offering differentiated menu styles. Zizzi, is a Tuscan-themed restaurant now in its 16th year of operation and ASK Italian offers Italian menus with an accent on ingredients.

Borawind Borawind is a wind energy generation business comprising a portfolio of eight wind farms in the Castilla y Leon region of Spain. With a total output of 330 megawatts (MW), it is one of the largest non-utility owned platform of wind energy generation plants in Spain. In June 2014 the Government of Spain set a new regulatory framework which turned the Spanish renewable energy sector into a Regulated Asset Base model.

Cambridge education group Cambridge Education Group is one of the largest international schools groups in Europe, providing pre-university education to more than 4,000 students recruited from over 100 countries.Cambridge Education Group (CEG) operates four divisions in three countries: ‘CATS’ a Junior and Senior High School network with campuses in Cambridge, Canterbury, London, and Boston in the US; ‘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.

£67m

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revenue

174

employees

£55m

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£70m

revenue

526

employees

£48m

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£23m

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146

employees

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€112m

revenue

1,230

employees

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€385m

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1,170

employees

£250m

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5,108

employees

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9

employees

£185m

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£102m

revenue

1,053

employees

Sector Financial Services

Location United Kingdom

Date acquired 2004

Directors Simon Dighton Charles Holland Bruce McLaren Eddie Nott Leith Robertson

Bridgepoint representatives Patrick Fox Stephen Green

Website www.1stcredit.com

Sector Business Services

Location United Kingdom

Date acquired 2007

Directors Andrew Hodgson Janusz Lach Charles Matthews Romain Provoust Fraser Ruciman

Bridgepoint representatives Stephen Bonnard Robert Jenkins

Website www.beck-pollitzer.com

Sector Media & Technology

Location United Kingdom

Date acquired 2012

Directors Jon Ardron Graham Gilbert Rob Lancashire Sam Toulson

Bridgepoint representatives Alan Payne Mark Stroud

Website www.bighand.com

Sector Business Services

Location Finland

Date acquired 2006

Directors Kari Kivikoski Ilkka Rantasalo Terhi Vähähyyppä

Bridgepoint representatives Michael Davy Patrick Fox Mika Herold

Website www.a-katsastus.fi

Sector Industrials

Location Austria

Date acquired 2013

Director Hans Aage Joergensen

Bridgepoint representatives Christoph Bracks Michael Davy Marc Zügel

Website www.aht.at/en/

Sector Consumer

Location United Kingdom

Date acquired 2015

Directors Steve Holmes Jim Pickworth Kieran Pitcher Harvey Smyth

Bridgepoint representatives Michael Black Jason McGibbon

Website www.askitalian.co.uk www.zizzi.co.uk

Sector Manufacturing & Industrials

Location Spain

Date acquired 2012

Director Josu Arlaban

Bridgepoint representatives Ignacio García-Altozano Felipe Moreno

Website www.borawind.eu

Sector Business Services

Location United Kingdom

Date acquired 2013

Directors Fergus Brownlee Hetal Shah Mark Stanton Sir John Sunderland

Bridgepoint representatives Chris Bell Chris Busby

Website www.cambridge eductiongroup.com

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Care uk Care UK is the leading private provider of health and social care services to the public and private sectors. It provides residential and community based social care, as well as primary/secondary healthcare services. Since investment, Care UK has grown the number of care homes from 59 to 113 and nearly doubled the number of residents to c.6,000.

diaverumDiaverum is the third largest corporate provider of dialysis treatment in the world and the second largest independent dialysis service provider in Europe. It treats c.25,500 patients through 307 clinics located in 19 countries across Europe, South America, Australia, Middle East and Asia.

dorna SBkDorna SBK is an international sports management business that holds the exclusive global rights to organise the FIM Road Racing World Championship (MotoGP) until 2036 and the FIM World Superbike Championship (SBK) until 2026. The company generates its revenues from race circuit fees, TV broadcast contracts, sponsorship and advertising as well as corporate hospitality services.

dr gerard Dr Gerard is one of the largest producers of branded and co-branded label biscuits in Poland, selling leading brands and high quality products through all retail distribution channels. Established in 1993, the company operates from three sites across Poland where it employs over 1,000 people. It has transformed itself from a local single-channel producer into a multi-channel operation with sizeable international presence.

dMC powerDMC Power sells permanent couplings and associated tooling to the North American electricity transmission and distribution industry for use primarily in high voltage electricity sub-stations. Its technology is unique in its industry and is successfully displacing welded and bolted connection techniques, which it materially outperforms. In 2014 the company launched a new product to join high voltage electricity transmission cables, which is now achieving high adoption rates among customers. DMC Power was part of another Bridgepoint investment, Permaswage, 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.

Compagnie Stéphanoise de Santé (C2S) Compagnie Stéphanoise de Santé is the principal independent operator of clinics in the Rhône-Alpes region of France. It was founded in 2005 through the combination of three clinics and the subsequent addition of further facilities in the Rhône-Alpes, Aquitaine and Auvergne regions. It now operates from seven sites, mainly polyclinics that offer a broad range of specialist medicine and surgery.This investment is managed by Bridgepoint Development Capital.

CTl logisticsCTL Logistics is Poland’s largest private rail logistics company and one of the leading private rail operators in Europe with operations across Poland and the neighbouring countries. It provides tailor-made logistics solutions focusing on rail transportation, freight forwarding, siding management and waste management for a wide range of sectors from coal and coke, fuels and oil, to agricultural and consumer industries. It operates in some of the largest markets in Europe, including the strategically important East-West rail corridor.

£414m

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5,800

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240

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$24m

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130

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€100m

revenue

1,100

employees

not disclosed trAnsAction size

€172m

revenue

1,769

employees

Sector Healthcare

Location United Kingdom

Date acquired 2010

Directors Mike Parish Phil Whitecross

Bridgepoint representatives Raoul Hughes Rob Moores

Website www.careuk.com

Sector Healthcare

Location Sweden

Date acquired 2007

Directors Anders Althin Dag Andersson Annette Kumlien Alan Milburn

Bridgepoint representative Rob Moores

Website www.diaverum.com

Sector Media & Technology

Location Spain

Date acquired 2013

Directors Enrique Aldama Carmelo Ezpeleta

Bridgepoint representatives William Jackson José María Maldonado William Paul

Website www.dorna.com

Sector Consumer

Location Poland

Date acquired 2013

Directors Benôit Testard Jaroslaw Zawadzki

Bridgepoint representatives Jason McGibbon Khai Tan Maciej Zużałek

Website www.drgerard.eu

Sector Manufacturing & Industrials

Location United States

Date acquired 2007

Directors Eben Kane Tony Ward

Bridgepoint representative Michael Davy

Website www.dmcpower.com

Sector Healthcare

Location France

Date acquired 2011

Directors Bruno Limonne Jean Rigondet

Bridgepoint representatives Pierre Colasson Olivier Nemsguern

Website www.groupec2s.fr

Sector Business Services

Location Poland

Date acquired 2008

Directors Jacek Bieczek Mariola Hola-Chwastek Michał Jóźwiak Jaroslaw Krol

Bridgepoint representatives Jakub Chechelski Khai Tan Maciej Zuzałek

Website www.ctl.pl

Casino France operations Casino France Operations (CFO) (formerly a sister company of the JOA Groupe) is an independent player in the French gaming sector that operates two casinos under a franchise agreement with JOA Groupe. Bridgepoint has invested in CFO alongside Loto Québec, one of the world’s leading gaming operators, as a strong corporate partner. CFO’s first permanent casino began operations at the beginning of December 2014, with a second one, currently running out of a temporary site, scheduled to open in its permanent location in early 2016.

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€5m

revenue

50 employees

Sector Consumer

Location France

Date acquired 2010/2005

Directors Claude Poisson Alain de Pouzihac

Bridgepoint representatives Benoît Bassi Nicholas Hirschi

Websitewww.joa-casino.com

Histoire d’or Histoire d’Or is the largest jewellery retailer in France. It was acquired simultaneously with the market No. 2, Marc Orian, and both were merged securing significant synergies.The majority of the Marc Orian estate was converted to the Histoire d’Or format. Today the combined group operates over 560 stores under three banners (Histoire d’Or, Marc Orian and Trésor) including a small and expanding network in Belgium and Italy.

eFront eFront is the leading software provider of financial solutions for managing alternative investments. It provides end-to-end solutions dedicated to the financial services industry, specialising in enterprise risk management and alternative investments.Its solutions serve more than 750 customers and 100,000 users in 40 countries, including many of the largest blue chip private equity investors and managers worldwide, typically those with private equity investments greater than $1bn.

Foncia Foncia is the market leader in residential property management services in France, where it manages 1.4 million properties and has operations in Germany, Switzerland and Belgium. It manages apartment buildings on behalf of all residents collectively and provides a lettings management service to owners of individual apartments. It also provides ancillary services including valuations and insurance broking and real estate transaction services.

Hobbycraft Hobbycraft is the leading arts, crafts and hobbies specialist retailer in the UK with 81 superstores. Under Bridgepoint ownership and with a new management team in place, it has undergone an extensive operational improvement programme to support growth within the existing estate, further store roll-out and multi-channel development.

groupe Moniteur / InfoproGroupe Moniteur is the number one services and information provider for the construction and local authority sectors in France. In December 2013, Groupe Moniteur merged with Infopro creating the #1 professional information group in France. The group provides quality and value added content for various sectors such as automotive, construction and local authorities. It is today one of the most advanced information groups following its migration from print to digital media.

evander Evander is the UK’s largest nationwide 24/7 emergency response and repair provider of locks and glazing. It completes more than 100,000 response and repair jobs per annum and typically partners with insurance companies to supply policyholders with emergency repair services. This investment is managed by Bridgepoint Development Capital.

€300m

trAnsAction size

€86m

revenue

594 employees

not disclosed trAnsAction size

€641m

revenue

7,600 employees

€599m trAnsAction size

€354m

revenue

2,660 employees

not disclosed trAnsAction size

£141m

revenue

1,895 employees

not disclosed trAnsAction size

€288m

revenue

2,500 employees

not disclosed trAnsAction size

£40m

revenue

520 employees

Sector Media & Technology

Location France

Date acquired 2014

Director Olivier Dellenbach

Bridgepoint representatives Morgane Bouhenic Martin Dunn David Nicault Xavier Robert

Website www.efront.com

Sector Business Services

Location France

Date acquired 2011

Directors Benoît Fournial Marc Frappier Bruno Keller Anne Lalou Jacques Lenormand Wilfried Piskula

Bridgepoint representatives Benoît Bassi Vincent-Gaël Baudet Frédéric Pescatori

Website www.fonica.fr

Sector Consumer

Location France

Date acquired 2010

Directors Loïc Armand Eric Belmonte Bruno Candelier Jordi Constans Jacques Pancrazi Thomas Simon Maurice Tchenio

Bridgepoint representatives Benoît Bassi Gwenaelle Le Ho Daguzan Frédéric Pescatori

Website www.histoiredor.com

Sector Consumer

Location United Kingdom

Date acquired 2010

Directors Lawrence Christensen James Heese Dominic Jordan Catriona Marshall Will Newton Archie Norman

Bridgepoint representatives Emma Watford Guy Weldon

Website www.hobbycraft.co.uk

Sector Business Services

Location United Kingdom

Date acquired 2011

Directors Rick Francis Debbie Hewitt David Hughes

Bridgepoint representatives Kevin Reynolds Mark Stroud

Website www.evander.com

Fat FaceFat Face is a UK retailer of modern, casual clothes with an ‘outdoor lifestyle’ theme, operating a multi-channel model of over 200 directly owned stores with a rapidly growing e-commerce business and an active wholesale operation. A total of 80 stores have been added under Bridgepoint’s ownership.

Flexitallic The Flexitallic Group is the market leader in customised high performance mission-critical sealing solutions and products to the global oil, gas and power generation industries. Headquartered in France, the company has eight production sites in the US, Canada, UK, France, Middle East and China with almost three quarters of its revenues sourced from North America. It serves a long-standing client base of over 900 clients thanks to a technical sales force who set industry-leading standards of service and reliability.

£360m

trAnsAction size

£204m

revenue

3,106

employees

€450m

trAnsAction size

$246m

revenue

1,200

employees

Sector Consumer

Location United Kingdom

Date acquired 2007

Directors Will Crumbie Simon Greene Simon Pickering Lord Rose Mark Seagar Anthony Thompson

Bridgepoint representatives Benoît Alteirac Guy Weldon

Website www.fatface.com

Sector Manufacturing & Industrials

Location France/Global

Date acquired 2013

Directors Erwann Le Ligné Gerry Maters Jon Stokes

Bridgepoint representatives Thierry Coloigner Michael Davy Ian Dugan Frédéric Pescatori

Website www.flexitallicgroup.com

Sector Media & Technology

Location France

Date acquired 2006

Directors Henry Capelle Christophe Czajka Thomas de Villeneuve Eddie Misrahi

Bridgepoint representative Benoît Bassi

Website www.groupemoniteur.com www.infopro-digital.com

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Le premier bijoutier de France

Infinitas learning Infinitas Learning is one of Europe’s leading educational content companies, providing a range of innovative and engaging products and services for teaching and learning. Its principal activities are in the Netherlands, Sweden and Belgium where it has market leading positions, providing content and e-learning materials for primary schools, secondary schools and further education colleges. It also has a small business in Germany targeted at vocational e-learning engineering businesses. Products span interactive software, online learning, e-books, audio books and text books. It also has an active product development programme to meet the needs of new and developing curricula.

kgH Customs ServicesKGH is the leading independent customs services provider in Europe with operations in ten countries and over 14,000 customers. In 2014, KGH continued to build its geographical footprint by opening offices in France and Italy and invested heavily in building the next generation software platform to further differentiate it from local competition.This investment is managed by Bridgepoint Development Capital.

leeds Bradford International airportLeeds Bradford International Airport (LBIA) serves Yorkshire & Humberside, a region of 5.3 million inhabitants. Since Bridgepoint’s acquisition LBIA has consistently been one of the fastest growing airports in the UK. Following an £11m terminal upgrade in 2012, LBIA has introduced a range of new routes and airlines including British Airways, Monarch and Thomson.

John Brown Media group John Brown is a leading content publishing agency, operating in London, South Africa, Dubai and Hong Kong. The business provides content for both digital and printed distribution to some of the leading brands in its countries of operation, including John Lewis, Spinneys, Edgars, Orange France and Royal Bank of Scotland.

Inspired Thinking group Inspired Thinking Group (ITG) is a technology-led marketing services business which serves the growing trend of decoupling the ‘creative’ from the ‘execution’ phase in marketing services and outsourcing the latter. In 2014, it won contracts with global brands such as Heineken and deepened existing relationships with notable clients such as M&S and Sainsbury’s. This investment is managed by Bridgepoint Development Capital.

€774m

trAnsAction size

€213m

revenue

747 employees

£145m trAnsAction size

£28m revenue

200 employees

£36m trAnsAction size

£38.9m

revenue

223 employees

£28m

trAnsAction size

£59m revenue

305 employees

Sector Business Services

Location Sweden

Date acquired 2013

Directors Vidar Gundersen Michael Olsson Magnus Sjöqvist

Bridgepoint representatives Johan Dahlfors Johan Gustafsson

Website www.kghcustoms.com

Sector Business Services

Location United Kingdom

Date acquired 2007

Directors Paul French David Gornall Tony Hallwood John Parkin Simon Whitby

Bridgepoint representatives Michael Davy Patrick Fox

Website www.leedsbradford airport.co.uk

Sector Business Services

Location United Kingdom

Date acquired 2014

Directors Mark Lovett Stevie Spring Simon Ward

Bridgepoint representative Adrian Willetts

Website www.inspiredthinking group.com

Sector Media & Technology

Location The Netherlands

Date acquired 2007

Directors Clive Hay-Smith Martyn Leese Natascha van Nieuwenburg

Bridgepoint representatives Michael Davy Raoul Hughes

Websitewww.infinitaslearning.com

Sector Media & Technology

Location United Kingdom

Date acquired 2004

Directors Lani Carstens John Farrell Andrew Hirsch Libby Kay Kashmir Sohi

Bridgepoint representative David Wilkinson

Websitewww.johnbrownmedia.com

not disclosed trAnsAction size

revenue

600 employees

Sek540m

lgC LGC is an international life sciences measurement and testing solutions company, providing reference materials, genomics solutions and analytical testing products and services. LGC serves 20,000 customers in over 150 countries from a global sales network and laboratories in 22 countries including US, India, China, Russia and Brazil. It works with customers in the pharmaceuticals, agricultural biotechnology, food, environment, security and sports sectors as well as with governments and academia. It is also the UK’s designated National Measurement Institute for chemical and biochemical analysis and hosts the UK’s Government chemist function. Since Bridgepoint’s investment, LGC has made nine add-on acquisitions.

limoni Limoni is the market leader in the Italian perfumery retail sector with a network of c.400 stores. It also provides a wholesale service to smaller independent Italian perfumeries.

£247m trAnsAction size

£223m revenue

2,031 employees

not disclosed trAnsAction size

€233m revenue

1,761 employees

Sector Business Services

Location United Kingdom

Date acquired 2010

Directors Dr. Derek Craston Graham Love Simon Parsons Tim Robinson Lord Stevens

Bridgepoint representatives Christopher Brackmann Chris Busby Alastair Gibbons

Website www.lgc.co.uk

Sector Consumer

Location Italy

Date acquired 2006

Directors Enrico Ceccato Giancarlo De Marchi Paolo Frigati Fabio Pampani Richard Simonin

Bridgepoint representatives Benoît Bassi Raoul Hughes

Website www.limoni.com

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loC group LOC Group is an international provider of marine and engineering assurance services to the offshore oil & gas and shipping markets. It is a leading provider of marine warranty surveys required for the transport and installation of offshore capital equipment, and the market leader in marine casualty consultancy for shipping insurers in high profile incident and dispute cases.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.

not disclosed trAnsAction size

£65m

revenue

400 employees

Sector Business Services

Location United Kingdom

Date acquired 2013

Directors David Ballands Robin Bidwell Nadim Butt Andrew Squire

Bridgepoint representatives Mayank Kanga Kevin Reynolds

Website www.loc-group.com

phlexglobal Phlexglobal is a specialist provider of technology-enabled document management solutions and other support services to the global pharmaceutical market. It is a recognised leader in technology-led solutions for the management of Trial Master Files (TMF), a key component of clinical trials. It specialises in software and services used by global pharmaceutical, biotech sponsors and clinical research organisations to manage their TMFs which are at the centre of the inspection regime that oversees the conduct of any clinical trial. This investment is managed by Bridgepoint Development Capital.

Médipôle partenaires Médipôle Partenaires (created by the merger of Médipôle with Médi-Partenaires in June 2014) is the second largest independent private hospital group in France. The group operates 38 clinics and 6,300 beds in France’s most demographically attractive regions and covers the patient’s full 'care pathway' including high margin pre and post-operative care.

£42m trAnsAction size

£15.7m

revenue

230 employees

not disclosed trAnsAction size

€840m

revenue

12,000 employees

Sector Healthcare

Location United Kingdom / United States

Date acquired 2014

Directors Stella Donoghue Steve Kent Peter McNaney Karen Roy

Bridgepoint representatives Matt Legg Alan Paye

Website www.phlexglobal.com

Sector Healthcare

Location France

Date acquired 2011

Directors Benoît Fournial Marcel Hermann

Bridgepoint representatives Benoît Bassi Vincent-Gaël Baudet William Paul Fabrice Turcq

Website www.medi-partenaires.com

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Memnon networks Memnon Networks is a provider of transport management software solutions in the Nordic region, with a growing position internationally. Through its proprietary software platform Memnon facilitates information flow between parties in the supply chain. In 2014, Memnon acquired its closest competitor Unifaun, improving its geographic footprint and adding customers in the fast growing parcel segment. In addition, Memnon opened an office in Poland to further drive international growth. This investment is managed by Bridgepoint Development Capital.

not disclosed trAnsAction size

Sek170m

revenue

110 employees

ponantPonant (formerly known as Compagnie du Ponant) is a specialist luxury cruise operator and the market leader in Polar ‘expedition’ cruises, transporting over 22,000 passengers a year to the Polar regions and other locations.Headquartered in Marseilles, France, the company operates in the growing luxury cruise segment and in 2015 will take delivery of its fifth ship, giving the company one of the youngest and best invested fleets in its market.

not disclosed trAnsAction size

€100m

revenue

177

employees

Sector Consumer

Location France

Date acquired 2012

Directors Yann Caillère Patrick Molis Hervé Novelli Philippe Videau

Bridgepoint representatives David Nicault Frédéric Pescatori Xavier Robert

Website www.ponant.com

Sector Media & Technology

Location Sweden

Date acquired 2012

Directors Per Eriksson Martin Randel Andreas Randel

Bridgepoint representatives Johan Dahlfors Johan Gustafsson

Websitewww.memnonnetworks.com

oasis dentalOasis is the leading branded provider of public and private dentistry in the UK and Ireland. Acquired in 2013 with c.200 practices, the business has grown through acquisition to over 320 practices.In 2014 the company completed the £30m acquisition of Smiles, a chain of 77 largely private-pay focused practices.

pret a MangerPret A Manger is the UK’s leading retailer of high quality natural, ready- to-eat sandwiches, salads and drinks. Founded in 1986, it has over 370 shops in the UK, US, Hong Kong, France and China and employs over 9,000 people.In 2014 Pret continued its roll-out programme adding a net 22 shops, including a new opening in Shanghai, representing Pret’s first shop in mainland China.

quotient Clinical Quotient, a leading provider of early stage outsourced drug development services, helps customers worldwide – ranging from top tier pharmaceutical companies through to small-medium sized biotech organisations – to get new drugs to market quickly and safely. Quotient has developed a proprietary platform which offers an integrated approach to formulation development, ‘real-time’ drug product manufacturing and clinical testing. Using this platform has been proven to significantly reduce the time and cost of the early-stage drug development process. This investment is managed by Bridgepoint Development Capital.

Moneycorp Moneycorp is a UK headquartered specialist foreign exchange business with operations in the UK, Ireland, France, Spain and the US. It operates three main businesses, International Payments, Retail and Wholesale.International Payments serves small and medium-sized businesses and individuals looking to make international foreign exchange transfers while the business’ Retail division operates from bureaux de change and ATMs at Gatwick, Stansted, three other UK airports and central London locations. The Wholesale division supplies banknotes to banks and financial institutions worldwide.

£183m trAnsAction size

£245m

revenue

2,900 employees

£364m trAnsAction size

£604m

revenue

9,231 employees

not disclosed trAnsAction size

£26m

revenue

230 employees

£212m trAnsAction size

£130m

revenue

911 employees

Sector Healthcare

Location United Kingdom

Date acquired 2013

Directors Justin Ash Bill Colvin Jordi Gonzalez David Leatherbarrow Julian Perry Lord Rose

Bridgepoint representatives Patrick Fox Jamie Wyatt

Website www.oasisdentalcare.com

Sector Consumer

Location United Kingdom

Date acquired 2008

Directors Sinclair Beecham Laurence Billett Nick Candler Anders Dahlvig Clive Schlee

Bridgepoint representatives Vince Gwilliam William Jackson

Website www.pret.com

Sector Healthcare

Location United Kingdom

Date acquired 2013

Directors Gordon Cameron Richard Connell Mark Egerton

Bridgepoint representatives Stephen Bonnard Alan Payne

Website www.quotientclinical.com

Sector Financial Services

Location United Kingdom

Date acquired 2014

Directors Colin Buchan Nick Haslehurst Mark Horgan Paul Lever

Bridgepoint representatives Stephen Green Rob Moores

Website www.moneycorp.com

rodenstockRodenstock is a leading manufacturer of both optical lenses and eyewear, the only company worldwide able to offer both products. It is the No 3 and No 4 respectively in Europe and the world within the optical lenses market, enjoying strong brand recognition and a high reputation for technology leadership in its field among opticians.In 2014, Rodenstock continued to drive top and bottom line growth as a result of increasing the business with independent opticians and optical chains in its core European markets. It also continued to increase its exposure to emerging markets through the acquisition of a distributor.

Shimtech IndustriesShimtech is the global leader in the manufacture and supply of shims, a key component used in the assembly of large commercial aircraft. Shimtech manufactures shims in either solid or laminated peelable form from a variety of materials including alloys, polymers and composites; it is the leading player in this niche segment of the aerospace sector.Shimtech was acquired from Hampson plc in 2011. At acquisition the group comprised four facilities located in the UK and US, and has subsequently expanded its footprint via two acquisitions in the US which have added scale to Shimtech’s composite materials offer.This investment is managed by Bridgepoint Development Capital.

TüvTurk TüvTurk is the monopoly provider of statutory vehicle inspections operating 203 stations across Turkey. The company has a 20 year monopoly concession until 2027 and has franchised its operations in 81 regions to 48 franchisees. Thanks to improvements in the legislation relating to vehicle inspection in Turkey, 2014 was especially productive in terms of increased capture rates (up from 68% to 73%) as well as the increased traffic safety in the country.

wiggle Wiggle is a leading global online retailer of cycling and tri-sports equipment.The company has an attractive and loyal customer base: the business now has over 1.3 million active customers and over 2.1 million shopping visits to its websites per week with c.50% of its sales to international markets. Wiggle has established a market leading business in the UK and is now acting to replicate this success in other attractive markets, particularly Europe.

Solhaga Solhaga is a leading specialist care service provider in the full- responsibility high acuity autism segment, providing high quality, individually tailored care programmes to 1,000 service users in more than 100 care facilities across Sweden. It provides accommodation services, daily activities, schools, diagnostic services and leisure activities. In 2014, Solhaga continued to strengthen its market leading position through the opening of new facilities and made two add-on acquisitions. This investment is managed by Bridgepoint Development Capital.

Siblu Holdings Siblu owns and operates premium family friendly holiday parks in attractive locations across France. It is the leading operator of the owner occupier holiday park model in the fragmented French market and has in excess of 7,000 mobile home owners and 8,000 pitches. It is currently pursuing a strategy of growth through the acquisition and conversion of parks from the holiday hire to the owner occupier model. This investment is managed by Bridgepoint Development Capital.

Trustly Trustly provides a proprietary online banking e-payments solution which is designed to make online payments more convenient, faster, simpler and safer. Founded in 2008 it currently handles close to 1 million payments per month. One of Sweden’s fastest growing technology companies, the business targets online merchants who value safety, high sales conversion, consumer convenience and those who are at the forefront of adopting new technology, especially those with large volumes of pay-ins / pay-outs who value real-time processing and account reconciliation functionalities. This investment is managed by Bridgepoint Development Capital.

not disclosed trAnsAction size

€408m

revenue

4,200 employees

£54m trAnsAction size

£55m

revenue

562 employees

£180m trAnsAction size

£182m*

revenue

444 employees

not disclosed trAnsAction size

Sek817m

revenue

950 employees

€74m trAnsAction size

€98m

revenue

537 employees

not disclosed trAnsAction size

Sek100m revenue

75 employees

Sector Consumer

Location Germany

Date acquired 2007

Directors Oliver Kastalio Michael Kleer Peter Körfer-Schün Sven Schirmer Robert Schlitt

Bridgepoint representatives Christoph Braks Ian Dugan Bernie Schuler

Website www.rodenstock.com

Sector Manufacturing & Industrials

Location United Kingdom

Date acquired 2011

Directors Alastair Fanning Howard Kimberley Clive Snowdon

Bridgepoint representatives Kevin Reynolds Adrian Willetts

Website www.shimtechgroup.com

Sector Business Services

Location Turkey

Date acquired 2009

Directors Husnu Akhan Matthias Rapp Klemens Schmiederer Erman Yerdelen

Bridgepoint representatives Martin Dunn Patrick Fox

Website www.tuvturk.com.tr

Sector Consumer

Location United Kingdom

Date acquired 2011

Directors Stefan Barden Andy Bond Giles David

Bridgepoint representatives Patrick Fox Xavier Robert

Website www.wiggle.co.uk

Sector Healthcare

Location Sweden

Date acquired 2010

Director Michael Creutz Meg Tivéus

Bridgepoint representatives Johan Dahlfors Magnus Gottås Mikael Lövgren

Website www.solhagagruppen.se

Sector Consumer

Location France

Date acquired 2006

Directors Simon Crabbe Leslie Hurst Chris Mutter Paul Popplestone Ian Smith

Bridgepoint representative Mark Stroud

Website www.siblu.com

Sector Media & Technology

Location Sweden

Date acquired 2014

Directors Andreas Bernstrom Lukas Gratte Carl Wilsson

Bridgepoint representatives Johan Dahlfors Magnus Gottås

Website www.trustly.com

* Year-ending Jan 2015

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Fast factFoncia managed 1.4m properties in France in 2014

Fast factWiggle had 110m website visits in 2014

Try347m trAnsAction size

Try104m

revenue

841 employees

FrankfurtNeue Mainzer Straße 2860311 Frankfurt am MainGermanyTel: +49 (0) 69 210 877 [email protected]

IstanbulVisnezade MahallesiSuleyman Seba CaddesiBJK Plaza no:48A blok 9.kat D:93-94Akaretler/IstanbulTurkeyTel: +90 212 310 [email protected]

london95 Wigmore StreetLondon W1U 1FBUnited KingdomTel: +44 (0) 20 7034 [email protected]

luxembourg2, avenue Charles de GaulleL-1653LuxembourgTel: +352 26 47 [email protected]

MadridC/. Rafael Calvo 39A-4º28010 MadridSpainTel: +34 91 702 24 [email protected]

paris82 rue de Courcelles75008 ParisFranceTel: +33 (0) 1 70 22 53 [email protected]

Shanghai21F Unit 2110-2111Shanghai One ICC999 Huaihai Road (Middle)200031 ShanghaiChinaTel: +86 21 6193 [email protected]

StockholmMäster Samuelsgatan 1111 44 StockholmSwedenTel: +46 (0) 8 545 168 [email protected]

warsawul. Rondo ONZ 100-124 WarszawaPolandTel: +48 22 544 82 [email protected]

our offices

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