Altamir - Registration Document 2016

FINANCIAL AND LEGAL INFORMATION Presentation and history of the Company

1

www.skfiresafetygroup.com

1) Business description SK FireSafety Group specialises in fire safety and aeronautical safety equipment maintenance. It manufactures and maintains extinguishers, hydrants and other fire safety products and designs fire detection and extinction systems for critical environments. Based in the Netherlands, the group is the result of the combination of several companies in the sector (ten acquisitions between 2010 and 2014) operating in the Benelux countries, in the United Kingdom and in Norway. 2) Why did we invest? The fire safetymarket offers robust fundamentals and recurring revenues. SK FireSafety has developed specific know-how in the sale and maintenance of critical safety equipment in both the fire safety and the aviation industries. It dominates the domestic market (the Netherlands), where it is positioned at the high end. The company successfully participated in consolidating this market and is well poised to pursue other acquisitions. SK FireSafety has a profitable, cash-generative businessmodel, a large customer base and strong international growth potential in its various market segments. 3) How do we intend to create value? SK FireSafety Group aims to become a major player in fire safety in Europe. To accomplish this, it is seeking to strengthen its leadership in its historical markets and carry out targeted acquisitions elsewhere in Europe. In addition to these acquisitions, international expansion in selected operations (e.g. Products and Aviation) and robust cash generation will drive value creation. 4) What has been achieved? Since investment, SK FireSafety has expanded its service offerings in the Aviation segment through the successful

acquisition of Team Aero Services in the United States. It also launched a new business in the Aviation sector in Malaysia (a joint venture with a local player). The company significantly improved the operational efficiency of its Norwegian subsidiary, which was in a turnaround at the time of the acquisition. In the context of a difficult Oil & Gas market, SK FireSafety restructured its operations and implemented significant cost savings. 5) How is it performing? In January 2016, the Apax Funds and the management team collectively invested €10.5m in the company. This amount was used to repay debt and lower the leverage ratio. Following the collapse of theOil &Gasmarket, the company also renegotiated the covenants in its credit contracts. In 2016, the group generated revenues of €105.9m, up 12% vs. 2015, and reported a 55% rise in EBITDA. The considerable cost saving measures implemented and the good performance of recurring businesses drove an impressive rebound. The Products, Systems and Aviation business units all reported record revenue in 2016, with growth rates of 9%, 23% and 13%, respectively, vs. 2015. The Norwegian unit (NOHA) confirmed its turnaround and generated a positive EBITDA. The Oil & Gas business unit continues to be impacted by the deteriorated market, as oil prices decline. The measures taken by the management reduced costs significantly, however, and enabled the company to achieve a positive EBITDA. Taking into account these elements, the valuation of the investment in SK FireSafety Group gained €5.1m during the financial year 2016. 6) How will we crystallise value? The company’s competitive positioning in selectedmarket sub- segments should attract interest from strategic buyers at exit.

Sector

Country

Date of investment

Residual cost in €m

Fair value in €m

% of the portfolio at fair value

Netherlands

2014

31.5

31.0

3.5

33

REGISTRATION DOCUMENT 1 ALTAMIR 2016