ALTAMIR_REGISTRATION_DOCUMENT_2017

Presentation of the Company PRESENTATION OF THE COMPANY AND ITS ACTIVITIES

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www.sandaya.fr

1) Business description Founded in 2011, Sandaya is an integrated premium campsite operator, which has grown through the successive acquisition of independent campsites. The group operates 17 four- and five-star campsites in France and Spain, located primarily on the seashore, with high-quality accommodation (mobile homes, lodges, chalets, empty pitches for tents, caravans and camping cars) and a wide variety of leisure activities and services (water parks, kids activities, playgrounds, etc.). Customers are French (60% of sales) as well as Dutch, Belgian, British and German. Sandaya’s business model is based on a full control of the value chain of campsite operations through: (i) ownership (or long-term lease) of landwith high value seafront locations; (ii) ownership of accommodation, with a frequently renewed fleet consistent with the group’s premiumpositioning; (iii) direct management of each site, consistently applying best practices across the group and systematically monitoring customer experience; and (iv) direct distribution through an e-commercewebsite, a call centre, a paper catalogue and an ad hoc sales force for company work councils (Comités d’Entreprises). 2) Why did we invest? Sandaya operates on a growing, resilient and highly fragmented end market, with premiumisation and consolidation trends. The company has a differentiated and superior offering, with an “integrated branding” business model allowing for revenue optimisation through occupancy rate and pricing management, strict control of land, operation and distribution costs, and a uniform branding strategy. The management team includes visionary entrepreneurs, who are formerCEOsoflargestructuredplayersintheleisureaccommodation industry (Pierre et Vacances andCenter Parcs) with a proven track- record of consolidation, having successfully negotiated, integrated and optimised 16 acquisitions from 2011 to 2017. Sandaya has strong growth potential, both organically and through acquisitions. 3) How do we intend to create value? The investment strategy is based on the following drivers: (i) external growth: consolidation of a highly fragmented

premium campsites market to benefit from economies of scale; (ii) optimisation of commercial methods through digitalisation: yield management, increased occupancy rates, increased online sales, etc.; (iii) internationalisation: growing sales presence in selectedEuropean countries to optimise off-peak occupancy and pricing; and (iv) optimisation of financial structure: refinancing of land-owning subsidiary to free up the necessary cash resources to finance acquisitions. 4) What has been achieved? By June 2017, Sandaya had already acquired three campsites (adding 1,410 pitches), with a further five campsites signed for the 2018 season (1,830 pitches) and one campsite signed with a management contract giving the option to buy in 2021 (310 pitches). The company is alsoworking on optimising RevPar (Revenue per Available Room), at constant scope, with owned mobile homes replacing tour operators and empty pitches. Sandaya has also strengthened its team by hiring Jean-Yves Challies as Managing Director in charge of sales, marketing and digital and of a build-up/M&A manager. 5) How is it performing? For the 2016/17 financial year (FYE 31 October), the company generated revenueof €37m, up33%compared toprior year, owing to a 7% increase in business at constant scope (11 campsites) and the acquisition of three campsites at the start of the season. On a pro forma basis including the five sites acquired for the 2018 season, revenue increased 29% to €46.8m and EBITDAR (1) 34% compared with 2015/16. Despite a decrease in valuation multiples, the valuation of the investment in Sandaya grew by €1.2m during the financial year 2017, reflecting the company’s performance. 6) How will we crystallise value? Sandaya is expected to become a leading premium campsite operator in Europe and will therefore be attractive for both European generalist outdoor accommodation players andprivate equity funds.

SECTOR

COUNTRY

DATE OF INVESTMENT RESIDUAL COST IN €M

FAIR VALUE IN €M

% OF THE PORTFOLIO AT FAIR VALUE

2016

17.6

18.7

2.1

France

(1) EBITDAR = Earnings before interest, taxes, depreciation, amortisation and rent.

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• ALTAMIR 2017

REGISTRATION DOCUMENT