Altamir - Registration Document 2016

FINANCIAL AND LEGAL INFORMATION Presentation and history of the Company

1

SNACKS DEVELOPPEMENT

1) Business description Snacks Développement is one of Europe’s leading private-label savoury snacks manufacturers. The company has developed its expertise in extruded and stackable snacks and crackers over more than 20 years. Following the 2016 acquisition of Kolak in the UK, Snacks Développement now produces more than 800 SKUs for the leading food retail chains in Europe, with a focus on France, the UK, Spain, Italy and Benelux. Its annual production is 53,000 metric tonnes. 2) Why did we invest? Snacks Développement is the undisputed leading French producer of private label savoury snacks. The companyproduces superior quality products, has state-of-the-art production facilities and has had proven international successes. Snacks Développement is committed to continuously launching new products through a structured innovation process. The quality of its products stands out in most blind panels. The company operates on a large, growing and profitable European savoury snacks market with (i) common product categories across countries (e.g. stacked crisps), (ii) growing penetration of private label products and (iii) barriers to entry. 3) How do we intend to create value? The investment thesis consists in creating a leading European-wide private label player of savoury snacks. Snacks Développement aims to pursue its growth in France and the rest of Europe, through intensive product innovation and investment in manufacturing facilities. The company also seeks to grow through acquisitions in Europe.

4) What has been achieved? Since investment, Snacks Développement has focused on a number of value creation drivers. It has increased sales in France through the development of new product categories and the penetration of new distribution channels. International sales have also grown, thanks to the development of stacked crisps volumes sold to selectedEuropean retailers. Inparticular, Snacks Développement signed a contract with the largest Spanish retailer. Lastly, the company has increasedoperational efficiency. In October 2016, the company completed the acquisition of Kolak, one of the main producers of crisps and snacks in the UK with sales of about €140m, which expanded the company’s crisps andpopcornproduct range. Thenewgroupemploys 1,400 people at six production sites. 5) How is it performing? For the 2016-17 financial year (FYE 31 January), the company posted sales of €259m vs €103m in the previous year, owing to growth of about 10% in France and to the acquisition of Kolak. The company completed its construction works enabling it to increase stackable snacks production capacity both in France, to serve international markets, and to penetrate the UKmarket. For the 2017-18 financial year, the companyprojects an additional growth in sales of about 10%. The valuation of the investment in Snacks Développement grew by €35.2m during the 2016 financial year. 6) How will we crystallise value? The company’s leadership across Western Europe and growth profilewill be highly attractive toboth trade and financial buyers.

Sector

Country

Date of investment

Residual cost in €m

Fair value in €m

% of the portfolio at fair value

France

2013

37.9

81.9

9.4

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REGISTRATION DOCUMENT 1 ALTAMIR 2016