APAX_ANNUAL_REPORT_2017

annual report 2017

Content

Profile

1 Profile 2 Interview with Eddie Misrahi CEO 4 The team 6 Business model 7 our strategy 8 ESG strategy

9 funds under management 10 2017 a positive and active year 12 investments 13 Divestments 14 2017 portfolio Value Creation

16 ESG social report 18 portfolio performance 20 Fund performance 22

T here are many entrepreneurs in France and elsewhere in Europe aiming to make their companies champions of their industries, both at home and abroad. To succeed, these entrepreneurs need the backing of a committed investor who can provide vital resources and support. We, at Apax Partners, are motivated by realising the potential of these companies and developing them. Our 45 years of experience and sector specialisation represent the key strengths that make us the right choice. They enable us to identify the most promising companies in our specialist

sectors, understand their growth drivers and support their management as they work to achieve their ambitions. Our strong values and ethics also set us apart. We pride ourselves on being a professional, respectful, exacting and bold partner. By selecting Apax Partners, entrepreneurs

Leading private equity firm in Europe.

are choosing a committed, supportive and stimulating investor who will share their vision, their strategy and their long-term development. Our success is built on the close, trust-based relationships that our teams have with our entrepreneurs and investors alike, and on our desire to succeed as a team. Apax Partners is an established, leading private equity firm both in France and in Europe. We assist entrepreneurs who have ambitious growth plans for their business.

Portfolio companies

28 Digital communication

2017 KEY FIGURES

€3.3 bn FUNDS MANAGED AND ADVISED

€278 m PROCEEDS ACROSS ALL FUNDS

€317 m INVESTMENTS AND COMMITMENTS including… €110 m CO-INVESTED BY OUR INVESTORS

24 PORTFOLIO COMPANIES AT 31 DECEMBER 2017

This report covers the activities of funds managed by Amboise Partners SA and Apax Partners SAS.

Annual report 2017 I APAX PARTNERS I 1

Interview with Eddie Misrahi CEO

In 2017, Apax Partners once again demonstrated its ability to create value in its portfolio.

Performance We invested €317m in three new companies and follow-on investments in existing portfolio companies; we received €280m in proceeds. Positive activity In 2017, our portfolio companies again demonstrated their ability to create value: their revenue grew on average by 16% and their EBITDA by 18%, and we carried out 19 build-ups. Seven of the nine mid-sized companies in our portfolio ranked among the 150 that outperformed in France, and four of them were in the top ten. European expansion 2018 is set to be just as active as 2017. Our next challenges are to complete the Development activity’s first fundraising and continue to grow in Europe. After recruiting a new Senior Advisor for the Benelux countries, we have our sights set on Italy and the opening of our new office in Milan and the recruitment of a senior advisor.

€317 m INVESTED +16% REVENUE GROWTH +18% EBITDA GROWTH

“2017 was an especially active year”

2017 FIRM OF THE YEAR IN FRANCE

In March 2018, Apax Partners received the Private Equity International Award 2017 “Firm of the year in France”. Organised since 2001, the prize is awarded by Private Equity professionals based on a list of nominees selected by the PEI revue.

Full video interview available on Apax Talks www.apax.fr/en/apaxtalks/

2 I APAX PARTNERS I Annual report 2017

Annual report 2017 I APAX PARTNERS I 3

the team

9

4

6

5

3

7

8

10

11

12

2

1

PARTNERS

1 Eddie Misrahi CEO 2 Caroline Rémus President of Apax Partners Development 3 Damien de Bettignies Partner TMT 4 Guillaume Cousseran Partner Investor Relations 5 Bertrand Pivin Partner Services and Healthcare, Head of ESG policy 6 Franck Hagège Partner Consumer

7 8 9

Olivier Le Gall Partner TMT and Consumer Isabelle Hermetet Partner TMT and Services Bruno Candelier Partner Consumer Gilles Rigal Partner TMT Thomas de Villeneuve Partner TMT Monique Cohen Partner Services, Head of Business Development

10 11 12

4 I APAX PARTNERS I Annual report 2017

Annual report 2017 I APAX PARTNERS I 5

Business model

our strategy

7 pillars

Investors

RAISES FUNDS

Pension funds, listed PE, funds of funds, family offices, insurers and banks

We take significant equity stakes in innovative, fast-growing companies that we can help with our expertise.

Sector specialisation *

TMT

CONSUMER

HEALTHCARE

SERVICES

29

25

4

14

PROVIDES LONG TERM EQUITY FINANCING

DEALS

DEALS

DEALS

DEALS

€1,100 m INVESTED

€682 m INVESTED

€889 m INVESTED

€183 m INVESTED

DEVELOPMENT € 10/30 million tickets

MIDMARKET € 50/200 million tickets

* Since 1990

Value creation Apax Partners focuses the growth strategy of its portfolio companies on three specific areas: internationalisation, build-ups and digital transformation. Focused on growth Apax Partners invests primarily in companies with strong fundamentals and a potential for accelerated growth through strategic and operational change.

Collaboration Apax Partners’ relationship with the management teams is based on a shared enterprise vision, strictly aligned financial interests, and clearly defined respective roles. Small and mid-cap Apax Partners targets investments in small and mid-size companies located in Europe.

Majority or minority stakes Apax Partners typically takes majority or significant- minority stakes and has systematic representation on the Boards of its portfolio companies. We also accept minority positions if the transaction is based on a genuine partnership with the management team, which confers us certain rights. Long-term Apax Partners typically operates on a five-year investment horizon, though this depends on the specific business plans and value creation objectives.

TMT

SERVICES

HEALTHCARE

CONSUMER

SUPPORTS ENTREPRENEURS

CREATES VALUE

Value Creation Model

DIGITAL TRANSFORMATION INTERNATIONALISATION BUILD-UP

SELLS COMPANIES SUPPORTED

6 I APAX PARTNERS I Annual report 2017

Annual report 2017 I APAX PARTNERS I 7

esg strategy

funds under management

The fundraising of Apax France IX was achieved thanks to renewed confidence from a vast majority of historical investors and more than 20 new institutional investors. over €3BN under management

Responsible investment process and monitoring.

Governance The company is managed by committees at the strategic and investment levels. Compliance Apax Partners is a portfolio management company regulated by France's financial regulatory authority ( Autorité des Marchés Financiers, AMF). The firm manages regulated funds ( Fonds Professionnels de Capital Investissement - FPCI) and complies with the EU’s Alternative Investment Fund Managers Directive (AIFMD). Apax Partners is also a member of France Invest, the French private equity association. Transparency The company continuously provides detailed reporting to its investors on the performance of investment funds and portfolio companies. A voluntary ESG approach Apax Partners decided, in 2011, to embrace a comprehensive environmental, social, and governance (ESG) strategy and joined the PRI, the world's leading proponent of responsible investment. ESG Team Apax Partners decided to allocate dedicated resources: a partner and an ESG Director to coordinate the ESG policy. For each company, Apax Partners’ ESG team provides concrete support to implement and follow through its tailor-made action plan.

A contribution at every stage of the investment process Prior to an acquisition, we: - conduct ESG due diligence; - integrate ESG principles into offers and shareholder agreements. During the holding period, we: - define a specific roadmap with management; - encourage the appointment of a company project leader; - support implementation of the action plan; - follow through the implementation and results via appropriate governance. At exit, we: - provide ESG vendor due diligence. ESG initiatives - In 2016, Apax Partners completed two pilot projects to measure ESG contribution to value creation. Both pilots confirmed a positive impact and led us to extend the initiative to other portfolio companies. - In 2015, Apax Partners launched Initiative Climate 2020 with 4 other Private Equity firms. This initiative is the first private equity commitment to manage and reduce greenhouse gas emissions in portfolio companies and comprises 17 signatories to date. Apax Partners contributes also to the PRI guide “Integrating ESG in private equity” with a dedicated Apax Partners case study. - Apax Partners is an active member of France Invest's ESG commission.

FUNDS UNDER MANAGEMENT AS OF 31 DECEMBER 2017 (in €m)

1,030

900

701

Total investments

Raised

Invested

380

99

Apax France VII 2006

EPF IV 2011

Apax France VIII 2011

Apax France IX 2016

Co-investment funds 2011-2017

BREAKDOWN OF LPS – APAX FRANCE IX

Pension funds 32% Listed PE 30% Funds of funds 16% Family offices 14%

France 49% Rest of Europe 31% North America 20%

By type

By geography

Insurers 8% Banks 0.5%

In 2017, Apax Partners was assessed by the PRI A+ in “Strategy & Governance” and A in “Private Equity”. In 2016, Apax Partners won the ESG Prize awarded by Private Equity Magazine. In 2012, Apax Partners was awarded from Pantheon the “GP Responsible Investing Award”.

8 I APAX PARTNERS I Annual report 2017

Annual report 2017 I APAX PARTNERS I 9

2017 a positive and active year

Investments

Divestments

€317m were invested and committed, including €72m of follow-on investments to develop existing portfolio companies and €110m co-invested by our investors. 3 investments in market leading businesses

6 exits

Generated €278m proceeds across all funds.

Compagny

2017 revenue

Evolution

Value creation

Position

ALTRAN TMT Activity: MidMarket

€2,282 m

+40% revenue since acquisition in 2007

From European to Global leadership 18 build-ups

Reference shareholder

Global leader in innovation and high-tech engineering consulting.

CIPRÉS ASSURANCES SERVICES

SQUAD TMT 2017 revenue: €27m

RAUTUREAU GROUP CONSUMER 2017 revenue: €40m

Sale of 8,4% of the share capital.

2017 revenue: €74m Wholesale broker for life,

GFI INFORMATIQUE TMT Activity: MidMarket Major player in value-added IT services and software in Europe. Sale of c. 12% of the share capital and voting rights. L'ATELIER DES COMPAGNONS SERVICES Activity: Development French General construction company.

Specialist in cyber-security and digital transformation.

Manufactures and distributes high-end shoes, including iconic brands such as Free Lance and No Name, as well as Jean-Baptiste Rautureau, Schmoove, Armistice and Héroïne.

€1,132 m

X2 revenue since acquisition in 2007

Business model transformation and international expansion 20 build-ups

Minority *

disability and health insurance, which designs, underwrites and manages health and protection insurance programs for self-employed workers, managers and employees of SMEs. OUR INVESTMENT PROJECT Position CIPRÉS Assurances as the leading multi-products player addressing the Entrepreneurs insurance needs by digitalising all the processes, expanding the brokers network, increasing the brokers activity rate and launching product diversification.

OUR INVESTMENT PROJECT Accelerate Squad’s growth through organic development or targeted acquisitions, to strengthen the cyber security cluster or to complete its geographical coverage.

OUR INVESTMENT PROJECT Develop Free Lance’s brand potential, whose

€50 m

x2.3 revenue since investment in 2011

ADC Lab launching, an innovative approach around Digital Building services 2 build-ups

Reference shareholder

fundamentals, product quality, brand universe and reputation remain in a good dynamic. The group will also revitalise its well-established network, implement a digital strategy and accelerate export.

GLOBE SERVICES Activity: Development French leader of shopper marketing.

€40 m

+60% revenue since investment in 2012 +60% revenue since investment in 2009

From French to European leader 2 build-ups

Reference shareholder

INVESTMENTS ACROSS ALL FUNDS 2013-2017 (in €m)

369

TELLIGO CONSUMER Activity: Development Thematic summer camp leader.

€34 m

3 build-ups

Reference shareholder

317

Total investments

Follow-on investments

238

214

New investments

3

THERMOCOMPACT TMT Activity: Development Innovative coatings and wires for high tech industry.

Number of investments

€78 m

+40% profitability since investment in 2012

Huge R&D investment in new very promising products 1 build-up

Reference shareholder

90

3

2

1

3

2

2013

2014 2015

2016

2017

* Following Mannai acquistion.

12 I APAX PARTNERS I Annual report 2017

Annual report 2017 I APAX PARTNERS I 13

2017 portfolio value creation

International activities now represent 50% of our portfolio companies’ annual revenue. Internationalisation

MELITA launched a new TV platform offering all services in OTT and set up its e-shop which now represents c. 10% of all orders. VOCALCOM launched Videosign, the first 100% digital mobile one-to-one purchasing solution, via its subsidiary Opportunity. The company also received Telephony’s Labs Innovation 2017 price for its cloud solutions dedicated to contact centers. Vocalcom has also been positioned as a Visionary in the Gartner 2017 Magic Quadrant for Contact Center as a Service. INFOVISTA continues to digitalise its operations by providing fully digitalised performance and compensation management to all employees. AFFLELOU GROUP launched its new website with the objective of increasing online sales and qualified web-to-store traffic. EUROPE SNACKS began to implement a fully integrated Manufacturing Execution System monitoring production lines in real time to reach a factory 4.0 production mode. Digitalisation

SANDAYA launched a new version of its internet site to increase online reservations and serve as base for future digital developments. The company also strengthened its team with the arrival of a managing director in charge of sales, marketing and digital. THOM EUROPE continues its omnichannel development. It has recruited an e-commerce manager to step up this business in Italy, pooled inventory to slash order delivery lead times and launched instore digital, whereby customers can order jewellery engravings instore via a tablet. MARLINK won the Safety4Sea award for its XChange Telemedecine which provides the ability for immediate diagnosis and online interaction with a doctor on shore with several medical examinations.

ALTRAN acquired US company Aricent, a global digital leader in design and engineering services, creating the undisputed global leader in ER&D services. MARLINK acquired OmniAccess, the Spanish leader of satcom solutions in the high-end yachting market, creating the worldwide leader in maritime VSAT services.

AFFLELOU GROUP continues its international development with the opening of 35 stores bringing the company’s total number of stores outside France to more than 520.

The FDA approval opens the highly attractive US market to AMPLITUDE SURGICAL .

19 Build-ups

€775m additional revenues and €205m additional EBITDA.

Portfolio Company

Build-up

2017 revenue Value Creation

Position

€2,282 m

+40% additional revenues

ALTRAN TMT Activity: MidMarket Global leader in innovation and high-tech engineering consulting. MARLINK SERVICES Activity: MidMarket Satellite communication and digital solutions. SANDAYA CONSUMER Activity: MidMarket Outdoor accommodation group with four and five-star campgrounds in France and Spain.

ARICENT Global digital leader in design and engineering services.

Reference shareholder

$423 m *

OMNIACCESS Leading specialised maritime connectivity solutions provider.

Majority

Access to Yachting, technology advanced maritime vertical

BAROMETER OF THE DIGITAL MATURITY

Barometerof thedigital maturityofmid-sized Frenchcompanies 2 nd edition Primed tostart February2018

Apax Partners and EY, with the support of the Meti (Association of French mid-size companies) have published the second edition of the Barometer on the digital maturity of mid-size companies. Based on a survey carried out on 151 French mid-size companies in October 2017 by the CSA institute, this barometer provides an overview of digital maturity among mid-size companies in France.

€47 m **

+85% ** additional revenues

Acquisition of 5 new campsites for the 2018 season.

Majority

More on http://www.apax.fr/en/2018/02/07/barometre-digital-eti/

With thesupportof

* Excluding OmniAccess. ** Pro forma of the 5 new campsites.

14 I APAX PARTNERS I Annual report 2017

Annual report 2017 I APAX PARTNERS I 15

ESG social report

2017 esg initiatives

2017 SOCIAL REPORT

60,300

5,500

56,300

3,600

As of 31 December 2017, 24 fast-growing, innovative companies in our sectors of specialisation, led by high-level entrepreneurs.

-5,100

AMPLITUDE SURGICAL Buisness ethical charter

EUROPE SNACKS Investing in employee training Carole Guérin Human Resources Manager Europe Snacks emphasises employee training, with the design and implementation of workstation-related training courses for people in production jobs. These training courses lead to Professional Qualification Certificates created and recognised by agri- food industry professionals. GFI INFORMATIQUE Partner of "Tous HanScène" Nicolas Juvin-Piron Director of Social Affairs and Operational Management of Human Resources HanScène” operation with the aim of mobilising its employees around disability. “We are determined to encourage students from our partner schools to participate in this competition, through trainees and alternates currently on assignment at our home, but also that our collaborators participate in the game and vote for their favorite video.” For the first time, Gfi Informatique became a partner of the “Tous

INFOVISTA Ensure we accompany our employees to prevent stress related difficulties

Olivier Jallabert CEO Amplitude’s business Ethical Charter intends to inspire employees' actions with customers, partners and suppliers aims and federating around values such as: world of medical devices, conflicts of interests, working environment and stock-market ethics. CIPRÉS ASSURANCES Attract and retain best talents with diverse backgrounds Diversity among its employees is a key driver to tap into the best talent pools and retain its workforce. 69% of CIPRÉS’ employees and 50% of top management are women. CIPRÉS also puts a strong focus in continuously improving work environment quality and continuing education policy. Laurent Ouazana President

31/12/2016 Total number of employees (MidMarket activity)

2017 Portfolio perimeter change * (MidMarket activity)

31/12/2017 Total number of employees (Development activity)

2017 Net employment increase (MidMarket activity)

31/12/2017 Total number of employees (MidMarket and Development activities )

Philippe Ozanian CEO

At Infovista, we believe that giving your best potential at work goes with a safe and secure work place which cares for employee’s welfare. In several of our worldwide locations, we have set up Health & Safety Committees which oversee everything from employee’s personal ergonomics to psychosocial health, and conduct regular prevention inspections. We work closely with healthcare partners or social assistants, to prevent any physical or moral stress related issues.

* Exit of Unilabs, acquisition of CIPRÉS Assurances.

competence needs, training programs and to maintain and develop our employees and performance excellence.

200 people socially fragile, including homeless, isolated elders and children who are in vulnerable social and economic situation. One of the greatest human tragedies in the cities is exclusion, we felt that together we can help to launch bridges so nobody feels excluded. Eric Grivet Environment and Energy Manager On a day-to-day basis, our teams are involved in the analysis, prevention and improvement of fluids management. In 2018, we launched the implementation of an industrial analysis system, followed by detections of our potable water networks. The sizing of our ESG investments is built on preservation of our natural and economic resources for an environmental future, shared, stable and realistic. SANDAYA "Eco Attitude"

INSEEC U. Promotion of the most deserving students

Sylvie Faucheux President of the CSR Commission INSEEC U.’s “Innovation & Diversity” endowment fund is committed to supporting deserving students whose personal or family situation jeopardises their pursuit of academic excellence. The first 17 students from business and engineering schools have been recipients of this scholarship of excellence for 2017-2018.

MELITA Reducing carbon footprint of Datacenter

Simon Montanaro CTO

Melita will progressively build out solar energy to power our data center, the largest and most advanced facility of its kind in Malta. The final goal is to produce all our energy without emitting CO2 in the atmosphere. NOWO & ONI Partner with "Serve-the-city" building bridges for the socially excluded Miguel Venâncio CEO A group of 55 employees volunteered to serve a community dinner to around

MARLINK Commitment to Our People

Birgit Sandin Vildalen Head of Q&HSE

Marlink has rolled out the HR management system “People@marlink” to create a common culture across the group and a direct dialogue with employees, to identify

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Annual report 2017 I APAX PARTNERS I 17

Portfolio performance

Operating performance Portfolio companies posted a 18% increase in their aggregate EBITDA. This performance can be benchmarked against the aggregate EBITDA of the 35 non-financial companies included in the CAC 40, which posted a 5% increase in their aggregate EBITDA. strong operating performance

Debt ratios The debt multiple of the portfolio is represented by the ratio of total net debt to EBITDA.

MidMarket The average debt multiple of the portfolio decreased at 4.2x at the end of 2017, against 4.7x at the end of 2016. This decrease of the total net debt is mainly due to the exit of Unilabs (which had a total gross debt of nearly €900m) partially compensated by the new transaction achieved in 2017, CIPRÉS Assurances. The LBO debt multiple averages 2.9x, while the average operating debt multiple is 1.3x. Regarding the repayment schedule, amortising debt (tranche A) represents 4.3% of the total LBO debt, while the remaining 95.7% is bullet debt. The portion of LBO debt with maturity dates prior to December 2019 represents 5.7% of the total.

Development The average debt multiple of the portfolio decreased from 2.4x in 2015 to 2x in 2017. This decrease is mainly due to (i) two exits in 2016 and 2017 with 4.2x leverage ratio in average and (ii) cash flow generation, partially compensated by the new transactions achieved in 2016 (Silvya Terrade Group, JVS Group and Nelite) and 2017 (Rautureau Group and Squad) with 3.7x net debt in average at the closing date.

81%

70% 50% 30% 10% -10%

20%

18%

-5%

11%

-1%

9%

3%

6%

5%

4%

2%

2013 vs. 2012 2014 vs. 2013 2015 vs. 2014 2016 vs. 2015 2017 vs. 2016

5 years combined

Apax Partners’ portfolio companies

DEBT RATIOS (net debt/last 12 months EBITDA)

CAC 40 companies (excluding financial institutions)

4.7

4.4

Gross portfolio return Gross portfolio return (GPR) measures the change over the year in portfolio valuation, including both realised and unrealised value. It is calculated on a mark-to-market basis and is expressed as a percentage of the opening portfolio value.

4.2

In 2017, although EBITDA grew by 18% in portfolio companies, Apax Partners generated a GPR of 4% across all its funds, mainly due to the decrease in comparable companies’ valuation multiples in certain sectors.

3.8

3.7

2.5

2.4

2

2

2

December 2013

December 2014

December 2015

December 2016

December 2017

MidMarket

25%

23%

20%

Development

17%

4% *

2015

2014

2016

2013

2017

* Combination of MidMarket and Development activities.

18 I APAX PARTNERS I Annual report 2017

Annual report 2017 I APAX PARTNERS I 19

fund performance

strong outperformance of apax funds

Apax France VII Apax France VII (€900m) closed in 2006 and is fully invested. By the end of 2017, nine investments had been sold (Buy Way Personal Finance, Equalliance, Faceo, Infopro Digital, Maisons du Monde, Prosodie, U10, Unilabs, and Capio) and 129% of drawdown capital has been returned to investors. The fund is still invested in five companies: Altran, Gfi Informatique, AFFLELOU Group, Royer Group and THOM Europe. Performance by fund

Apax France VIII Apax France VIII (€701m)

EPF IV EPF IV (€99m) closed in 2011 and is fully invested. By the end of 2017, six out of the fourteen investments of the fund have been sold (La Maison Bleue, ADC, Findis, AGS, ThermoTechnologies and Globe) and 69% of the drawdown capital has been returned to investors. The fund is still invested in eight companies: Consort NT, Teknimed, Sylpa, Silvya Terrade Group, JVS Group, Nelite, Rautureau Group and Squad.

closed in 2011. By the end of 2017, 97% of the fund was invested and two investments have been sold: Codilink and TEXA. The fund is still invested in eight companies: Amplitude Surgical, Europe Snacks, INSEEC U., Marlink, Melita, Nowo & ONI, SK FireSafety Group and Vocalcom. Apax France IX Apax France IX (€1,030m) started investing in 2016. By the end of 2017, 37% of the fund was invested in four companies: CIPRÉS

Our growth and sector-focused strategy has proven successful across the fully-invested funds managed by Apax Partners.

Global performance The performance is measured as the IRR (internal rate of return) of all investing and divesting cash-flows, using the portfolio value at the end of December 2017 as the terminal value. The IRR is compared to the performance of various indices applying the same stream of cash-flows over time. This allows the performance of Apax Funds to be compared

IRR of 19% (since 2000) and 13.5% (since 2006) shows the strong outperformance of Apax funds compared to stock markets.

to investments in each stock market index, based on the premise that the same amounts had been invested and divested. The chart below presents the performance of Apax funds during two different periods: - 2000–2017, 2000 being the date at which Apax France VI started investing; - 2006–2017, 2006 being the date at which Apax France VII started investing.

Assurances, InfoVista, Marlink and Sandaya.

Launched

Fund size

Net Multiple

Net Distribution

Net IRR

PERFORMANCE OF APAX FUNDS COMPARED TO STOCK MARKETS 2000-2017 (1)

(excluding Apax Partners Development)

€900 m

2006

1.6x 1.4x 1.4x 1.3x

1.3x 1.1x 0.4x 0.3x

7.5% 6.7% 11.9% 10.7%

Apax France VII

19.0%

Benchmark median

13.5%

€701 m

2011

Apax France VIII

2000-2017

Benchmark median

7.0%

5.9%

2006-2017

4.7%

3.2%

2.5%

€99 m

2011

1.2x

0.7x

6.4%

1.9%

EPF IV

1.4%

negative

negative

negative

Apax funds (2)

CAC 40 (1)

MSCI Europe S&P 500 (1)

FTSE 100 MSCI World

Sources Apax France VII and VIII: Apax Partners / Cambridge & Associates, Buyouts - Global ex. US, Q3 2017.

Note: return figures for public indices generated using gross cash flows for Apax funds. The analysis assumes that cumulative drawdowns are invested in and distributions are withdrawn from the index.

(1) Source: Euronext, MSCI, Yahoo! Finance. (2) Gross IRRs do not reflect management fees, carried interest, taxes or transaction costs and other expenses borne by investors that reduce net returns. Excluding Development activities. negative Negative IRR.

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Annual report 2017 I APAX PARTNERS I 21

portfolio companIES as of 31 december 2017

24 fast-growing, innovative companies in our sectors of specialisation, led by high-level entrepreneurs. 60,300 PEOPLE EMPLOYED 18% AVERAGE EBITDA GROWTH 16% AVERAGE REVENUE GROWTH 19 BUILD-UPS ACQUISITIONS €7.4 bn TOTAL REVENUE

CONSUMER

HEALTHCARE

TMT

SERVICES

MIDMARKET ALTRAN GFI INFORMATIQUE INFOVISTA MELITA NOWO & ONI VOCALCOM

MIDMARKET AFFLELOU GROUP EUROPE SNACKS ROYER GROUP SANDAYA THOM EUROPE

MIDMARKET AMPLITUDE SURGICAL

MIDMARKET CIPRÉS ASSURANCES

INSEEC U. MARLINK SK FIRESAFETY

DEVELOPMENT TEKNIMED

DEVELOPMENT SYLPA

DEVELOPMENT GARELLA GROUP RAUTUREAU GROUP SYLVA TERRADE GROUP

DEVELOPMENT JVS GROUP

NELITE SQUAD

22 I APAX PARTNERS I Annual report 2017

Annual report 2017 I APAX PARTNERS I 23

MIDMARKET Portfolio companies

services to consumers and now mobile services. ONI is one of the leading telecoms operators in Portugal offering services dedicated to corporate customers.

insurance programs for self- employed workers, managers and employees of SMEs.

TMT ALTRAN Dominique Cerutti CEO 2017 revenue €2,282 m

TMT INFOVISTA Philippe Ozanian CEO 2017 revenue c. $200 m Network Performance

CONSUMER EUROPE SNACKS Christophe Fenart CEO 2017 revenue €267 m

CONSUMER THOM EUROPE Eric Belmonte Executive Chairman Romain Peninque CEO 2017 revenue €644 m Leading jewellery retailer in Europe.

SERVICES INSEEC U. Catherine Lespine CEO 2017-2018 budget €220 m Leading private education Group in France.

As a global leader in Engineering and R&D services (ER&D), Altran offers its clients a new way to innovate by developing the products and services of tomorrow.

Market leader in Europe for savoury snacks sold under private labels.

TMT VOCALCOM Anthony Dinis Founder Carlo Costanzia CEO 2017 revenue €33 m Omnichannel contact center and inside sales platform helping businesses drive a more effective sales team, and create effortless customer experiences, journeys, and relationships.

Orchestration solutions for IT-intensive enterprises and communication service providers.

CONSUMER ROYER GROUP Jacques Royer CEO 2017 revenue €278 m

HEALTHCARE AMPLITUDE SURGICAL Olivier Jallabert CEO and founder 2017 revenue €93 m Leading French player on the global surgical technology market for lower-limb orthopedics.

TMT MELITA Harald Rösch CEO 2017 revenue €67 m Converged telecommunications operator in Malta offering internet, television, fixed telephony and mobile services.

TMT GFI INFORMATIQUE Vincent Rouaix CEO 2017 revenue €1,132 m

SERVICES MARLINK Erik Ceuppens CEO 2017 revenue $423 m

Designs, sources, markets and distributes branded and unbranded footwear products for the massmarket.

Major player in value-added IT services and software in Europe with a strategic position in its differentiated approach to global firms and niche entities.

The largest technology-independent satellite communication provider.

CONSUMER AFFLELOU GROUP Didier Pascual CEO 2017 revenue €373 m Europe’s leading network of franchise optical and hearing-aid stores.

SERVICES CIPRÉS ASSURANCES Laurent Ouazana Chairman Sylvie Langlois CEO 2017 revenue €74 m Wholesale broker for life,

CONSUMER SANDAYA François Georges Co-Founder 2017 revenue €47 m Outdoor accommodation group with four and five-star campgrounds in France and Spain.

SERVICES SK FIRESAFETY Ewald Draaijer CEO 2017 revenue €109 m Fire safety company with

TMT NOWO & ONI Miguel Venâncio CEO 2017 revenue €117 m

disability and health insurance, which designs, underwrites and manages health and protection

Nowo is the second-largest cable operator in Portugal. It offers pay TV, internet access, fixed telephony

innovative solutions and services rooted in deep sector knowledge.

24 I APAX PARTNERS I Annual report 2017

Annual report 2017 I APAX PARTNERS I 25

DEVELOPMENT Portfolio companies

In 2017, Apax Partners launched Apax Partners Development, its small-cap activities.

TMT JVS GROUP Nebojsa Jankovic Executive Chairman 2017 revenue €27 m Management and

TMT SQUAD Eric Guillerm and Marc Brua CEO 2017 revenue €27 m Specialist in cyber-security and digital transformation.

CONSUMER GARELLA GROUP

CONSUMER SILVYA TERRADE GROUP Grégory Declercq Executive Chairman 2017 revenue €20 m French leader in beauty and hair- styling training.

HEALTHCARE TEKNIMED Carole Léonard CEO 2017 revenue €10 m

Jean-Brice Garella Executive Chairman 2017 revenue €17 m Designs collections of women's ready-to-wear brands.

European leader in the design, manufacturing and distribution of bone cements and substitutes, biodegradable implants and related instruments for orthopaedic and spine surgery.

e-administration software for small- and medium-size local communities and water services.

CONSUMER RAUTUREAU GROUP

TMT NELITE Arnaud Berrebi Executive Chairman Maxence Censier CEO 2017 revenue €15 m Consulting, integration and outsourced IT services firm with main expertise in Microsoft infrastructure, especially cloud, cybersecurity and digital technologies.

Véronique Makarian Executive Chairman 2017 revenue €40 m

SERVICES SYLPA Pascal Fournet-Fayard Executive Chairman 2017 revenue €50 m Recognised specialist in electrical engineering, installation and maintenance.

Manufactures and distributes high-end shoes, including iconic brands such as Free Lance and No Name, as well as Jean-Baptiste Rautureau, Schmoove, Armistice and Héroïne.

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Annual report 2017 I APAX PARTNERS I 27

Digital communication

CONTACTS

Don’t forget every month to read Apax Talks, with more than 50 interviews of CEO, experts and Apax team.

Chairman and CEO Eddie Misrahi eddie.misrahi@apax.fr

Business Development Aida Ben Lamine aida.benlamine@apax.fr Communication Coralie Cornet coralie.cornet@apax.fr

Partners Damien de Bettignies damien.de-bettignies@apax.fr Bruno Candelier bruno.candelier@apax.fr Monique Cohen monique.cohen@apax.fr Guillaume Cousseran guillaume.cousseran@apax.fr Franck Hagège franck.hagege@apax.fr Isabelle Hermetet isabelle.hermetet@apax.fr Olivier Le Gall olivier.le-gall@apax.fr Bertrand Pivin bertrand.pivin@apax.fr Caroline Rémus caroline.remus@apax.fr Gilles Rigal gilles.rigal@apax.fr Thomas de Villeneuve thomas.de-villeneuve@apax.fr

Editorial Director: Coralie Cornet

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Twitter @ApaxPartners_FR

Photo credits: Serge Verglas, Getty images, DR For this annual report, Eddie Misrahi, Partners and Coralie Cornet would like to thank all the portfolio companies’ teams for their participation, availability and enthusiasm.

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LinkedIn Apax Partners sas

1 rue Paul Cézanne - 75008 Paris - France +33 (0)1 53 65 01 00 partners@apax.fr www.apax.fr

Youtube Apax Partners

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28 I APAX PARTNERS I Annual report 2017

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