2020 Annual Report

CONTENT

4 Manifesto
10 Edito by Eddie Misrahi, CEO of Apax Partners
12 2020 highlights
13 2020 key figures
14 Apax, You’re in good company
18 €4.5bn funds under management
24 Our portfolio companies:
a well-balanced portfolio
38 Value creation through a new
“Digital & Sustainability” hub
49 The Apax team
 MANIFESTO
MANIFESTO

Great entrepreneurs Pushing boundaries.

have the power Unlocking potential.
to impact our future. Accelerating growth.
We have the passion With respect, rigor, and
to help them do it. strong, trust-based
relationships.

4 5
 MANIFESTO
MANIFESTO

We’re not asset strippers We arm entrepreneurs We help them anticipate We’re listeners,
and flippers. with the expertise, trends and improve doers and deliverers.
Or opportunists support and investment decision making. Analytically driven
focused on short-term they need to fulfil So they can thrive and fact focused.
performance. their dreams, spark in today’s unstable A unique team of
We’re responsible new possibilities, environment and pragmatic problem
value creators and reach higher standards come out shining. solvers. Passionate
growth accelerators, and achieve meaningful, about people, progress
at the forefront long-lasting sustainable and technology.
of private equity, growth. And obsessed
committed to building with excellence.
industry champions.

6 7
 MANIFESTO
You’re in good company

9
 Edito
“I am pleased to say that
Apax has been very much
« business as usual » and we have
entered 2021 in a very strong position
both in terms of portfolio
by Eddie Misrahi, and performance.”
CEO of Apax Partners 2020 has been a year like no other, where volatility and uncertainty across
economies, markets and general day-to-day life became an accepted norm.
Yet despite a year characterized by disruption, I am pleased to say that Apax
has been very much “business as usual” and we have entered 2021 in a very strong
position both in terms of portfolio and performance.

2020 in a nutshell business drivers in many cases being enhanced by the

behavioural changes COVID has brought. There is also
Our portfolio comprised of well-positioned digitally
an attractive acquisition environment as our strong
enabled market-leading companies has remained
platforms continue to consolidate smaller / more
resilient throughout the market turbulence and was
impacted businesses. Over 2020, we executed
able to quickly pivot from playing defense to chasing
10 add-ons adding more than €120m in revenue
growth. In aggregate, our funds exhibited an overall
to the portfolio.
portfolio valuation increase of 20% vs. 2019.
Fund X is off to an excellent start, with three
This success is testament to the relevance
investments completed in four months across non-
of our investment strategy, the robust nature of our
cyclical, digitally enabled businesses within Apax’s
companies and the firm’s specialist capabilities in
high-growth sectors of specialisation (Tech & Telecom,
digital and value creation through both adverse
Services and Healthcare). The fund is now c. 20%
and favorable market conditions.
deployed post COVID. We are also very pleased with
the continued success of our fundraising for this fund
Highlights of the year which should reach its hard cap of €1.5bn shortly.
During 2020, €407m were invested in five new The Apax Development Fund also signed two new
companies: Diapason and the BTP Consultants Group investments in 2020 and is now 43% deployed
in the Apax Development Fund and Odigo, Groupe across Apax’s core sectors of specialisation.
Crystal and Mentaal Beter in Apax MidMarket X.
In addition, the firm realised €264m of proceeds thanks 2021 and on
to the divestiture of JVS and Squad in our Development
2021 is set to be another active and exciting year for
activity and Amplitude Surgical and SK FireSafety in
Apax. We are in full exit mode for Fund VIII and despite
our MidMarket activity.
its youth, Fund IX has four planned realisations in 2021.
The Apax platform also expanded through the launch Having already completed three investments in Fund X,
in November 2020 of Apax Private Equity Opportunities we have a full pipeline of near-term opportunities as we
(APEO), an evergreen fund dedicated to retail clients look to continue our deployment in what is likely to be
through their life-insurance contracts. The fund intends a strong fund vintage.
to primarily co-invest in all future investments made by
To reflect the dynamism of our firm, we are launching
both our Development and MidMarket teams.
through this 2020 annual report our new identity:
Finally, we have continued to strengthen our team our brand identity (our DNA) and our visual identity,
with five new recruits in 2020. which I let you discover by leafing through the
following pages…
The outlook for our portfolio is encouraging,
with no challenged investments and the underlying

10 11
2020 highlights 2020 key figures*
5 new investments | 4 realisations APAX

I N V EST M E N TS

€4.5bn +20% €264m

assets under management value creation across all funds proceeds across all funds

R E A L I SAT I O N S

investment
€443m 2 teams
 51 people
investments and commitments MidMarket and Development 33 dedicated to investments
(incl. follow on)
1 0 build-ups including  trengthening
S
2 transforming ones of the Apax team OUR PORTFOLIO COMPANIES

1 new arrivals to reinforce the investment team:

Gilles Cosyn – Senior Associate

1 new arrival in the Investor Relations team:

Joséphine Loréal - Head of Third Party
Distribution 23  portfolio
companies 2%  average
revenue growth 10 build-ups
 new advisors: Christophe Aulnette – Senior
2 adding
+€9.8m EBITDA Advisor for Tech & Telecom  and Cédric Sellin
– Technology Advisor  €120m turnover
and
 evelopment
D 11,975  total International activities

of the Apax platform

workforce representing…
€22.5m EBITDA
62%
…of portfolio companies’
 aunch of Apax Private Equity Opportunities
L annual revenue
(APEO), a dedicated fund for life insurance

+€4.8m EBITDA
contracts
2%  average
EBITDA growth
*as of December 31, 2020

12 13
 Apax, you’re
in good company

1
Who we
are We are responsible value creators and growth

Our
accelerators for ambitious entrepreneurs.
At the forefront of private equity, we are committed
to building industry champions. We share a passion

mission
for people, technology and progress.

Our
Unlock the potential of ambitious entrepreneurs,
empowering them to push boundaries and achieve
meaningful and long-lasting sustainable growth.

values
PASSION EXCELLENCE
We are passionate about people, Our standards are stubbornly high,
technology and progress. and our approach is persistently fact-based.
Motivated by a commitment to deliver meaningful, We embrace nothing less than industry-leading
long-lasting sustainable growth for all stakeholders. expertise at every phase of our business, from analysis
Excited about building champions and creating new and strategy to long-term decision making.
opportunities for businesses and investors.

TEAM SPIRIT TRUST

We believe collaboration, diversity and collective Trust doesn’t come easy. It must be earned.
intelligence are what spark new possibilities. We earn people’s trust through responsible actions.
By fostering close, trust-based relationships with Because we know, real value isn’t what we build in
entrepreneurs and investors alike, we’re able to share five years but what will continue long after we’re
good ideas, make wise decisions, tap into each other’s gone. We work to achieve the highest levels of trust,
talents, and truly succeed as a team. transparency and respect for the world around us.

14 15
 Where How
we choose we choose
to invest to invest
Apax Partners invests primarily in companies
with strong fundamentals and a potential for
MAJORITY OR MINORITY STAKES
accelerated growth through strategic and
operational change. Key to our success is also Apax Partners typically takes majority stakes with
representation on the Boards of its portfolio companies.
the relationship built with the management We also accept minority positions if the transaction
is based on a genuine partnership with the management
teams based on a shared enterprise vision, team and confers certain rights.

strictly aligned financial interests, and clearly  Equity investment

— MidMarket: €50-250m
defined respective roles. — Development: €15-50m

4 SECTORS OF SPECIALISATION
LONG-TERM
 Tech & Telecom
 Consumer Apax Partners typically operates on a five-year
 Healthcare investment horizon, though this may vary depending on
 Services specific business plans and value creation objectives.

GEOGRAPHIES
VALUE CREATION STRATEGY
 Continental Europe (France, BeneLux, Italy, Switzerland)
Apax Partners focuses the growth strategy
of its portfolio companies on four specific areas:

 Digital transformation
 ESG (Environmental, Social, Governance)
 Build-ups
 Internationalisation
COMPANY SIZE
 Target investments: small and midcap companies,
both listed and unlisted
 Enterprise value: from €10M to €1bn

16 17
 €4.5bn of funds
managed or advised

2
Apax manages or advices several funds and
co-investment funds, all dedicated to take
significant equity stakes in innovative and
fast-growing companies.

Funds managed or advised

FUNDS ADVISED OR UNDER MANAGEMENT
AS OF DECEMBER 31, 2020 (IN €M)

FUNDS ACTIVITY DATE RAISED PORTFOLIO COMPANIES

AHO20 MidMarket 2006 900*

Apax Midmarket VIII MidMarket 2011 701

Apax Midmarket IX MidMarket 2016 1,030

Apax Midmarket X** MidMarket 2020 1,200 – 1,500

EPF IV Development 2011 89

Apax
Development Fund
Development 2019 255

APEO** Co-invest 2020 22

Co-investment funds Co-invest 2011/ 2020 554

*incl. Altamir
**currently being raised

18 19
Funds performance:
a track record of
outstanding performance
Our growth and sector-focused strategy has proven
successful across the fully invested funds managed
by Apax Partners. In this section, overall fund
performance is presented first for all funds invested
since 2006 and then individually for each fund
managed by the firm since 2011.

OVERALL PERFORMANCE PERFORMANCE OF APAX FUNDS PERFORMANCE BY FUND Because we multiply opportunities
and make the choice of a diversified portfolio,
COMPARED TO STOCK MARKETS our funds performance is always above
Performance is measured as the IRR (internal
rate of return) of all investment and divestment 2006-2020* the median benchmark.
cash-flows, using the portfolio value at the end
of December 2020 as the terminal value. Apax Funds 15.15% Vintage Fund size Net Multiple Net Distribution Net IRR
The IRR is compared to the performance CAC 40 3.9%
of various indices applying the same stream Apax Midmarket VIII 2011 €701m 1.8x 1.45x 14.5%
of cash-flows over time. This allows the
MSCI Europe 4.2%
performance of Apax funds to be compared S&P 500 9.9% Median benchmark 1.4x 0.8x 8.8%
to investments in each stock market index, based FTSE 100** 4.8%
on the premise that the same amounts had been
invested and divested.
MSCI World 7.3% Apax Midmarket IX 2016 €1,030m 1.5x 0.02x 18.8%
IRR of 15.15 % (since 2006) shows the strong * Notes:
- Gross IRRs for Apax funds do not reflect management fees, Median benchmark 1.2x 0.00x 12.1%
outperformance of Apax funds compared to carried interest, taxes or transaction costs and other expenses borne
stock markets. by investors that reduce net returns. Excluding Development activities.
Indexes are calculated dividends reinvested and expressed in dollar terms
for S&P 500 and MSCI world.
- They do not replicate gross cash flows from Apax funds.
Apax Midmarket X* 2020 €1,200-1,500m

**FTSE 100 beginning 29/02/2000

EPF IV 2011 €89m 1.8x 1.7x 13.7%

Apax Development Fund* 2019 €255m

*currently being invested

Sources: Manager_Private_Equity_Benchmark_Book_2020_Q3, Buyouts - Global ex. US

20 21
A new fund
for Apax:
Apax Private Equity
Opportunities
The current situation is accelerating our desire Apax Private Equity Opportunities (APEO)
is an open-ended and evergreen private equity
to four broad sectors of specialization:
Tech & Telecom, Healthcare, Services and
to get directly involved in the real economy fund (with a lifetime of 99 years), accessible Consumer Product. The experienced Apax
via French unit-linked life assurance contracts, Partners team will apply its strict and disciplined
of our country and countries in which we have provided it is offered by the life assurance selection methods to them.
chosen to invest. That is why Apax just launched company.
APEO’s target portfolio is expected to be
Apax Private Equity Opportunities (APEO) This investment vehicle finances the real
economy by contributing to the growth
composed of around 20 investments,
of which 90% will be LBOs and 10%
an innovative product dedicated to French life and development of French and European growth capital transactions, in the midcap
companies. In October 2020, it received the segments in Continental Europe and smallcap
assurance contracts. French government’s “Label Relance”, which in France.
recognises investment funds that support French
companies, in particular SMEs, thereby helping APEO is a private equity fund intended for
to regenerate momentum in the economy. investors who (i) wish to diversify their investment
portfolio and who have an investment horizon
APEO invests alongside Apax Partners' other of at least five years, (ii) have a sufficiently
institutional funds: it invests directly in French well-diversified and stable financial investment
and European companies. profile, and (iii) are willing to accept the risk
of losing part or all of the capital they invest
These companies have sound fundamentals, in the fund.
are considered to be of high quality and belong

Private Equity
Opportunities
22 23
 Our portfolio
companies:
a well-balanced

3
portfolio As of 31 December 2020,
the Apax Partners’ portfolio
was comprised of
23 fast-growing, innovative
and entrepreneurial
companies (including 5 new
investments) in our sectors of
specialisation.

Our portfolio
companies’
performance

O P E R AT I N G P E R F O R M A N C E D E BT R AT I OS G R OS S P O RT F O L I O R E T U R N
(G P R )*

+2% revenues 4.5x MidMarket 18%

+2% EBITDA 3.8x Development
(to be compared with
a -13% decrease of the aggregate
EBITDA of the 35 non-financial
companies in the CAC40)

*except AHO20

24 25
 Tech & Telecom C EO Arnaud Affergan

DEVELOPMENT
P R ES E N TAT I O N French mobility, traceability and omnichannel
solutions provider for mobile terminals
2020 R E V E N U ES €30m
P OS I T I O N Majority
I N V EST M E N T DAT E 2019
F O U N D E R S Carlo Maria Capè, Nino Lo Bianco, Fabio Troiani
P R ES E N TAT I O N International consulting company
20 20 R E V E N U ES €305m
P OS I T I O N Majority
I N V EST M E N T DAT E 2018

C EO Daan de Wever
Consumer
P R ES E N TAT I O N Secure cloud communication solutions
provider, serving innovative companies
20 20 R E V E N U ES €87m
P OS I T I O N Majority
C EO Etienne Lecomte
I N V EST M E N T DAT E 2019
P R ES E N TAT I O N Leading pan-European private-label player in
savory snacks
2020 R E V E N U ES €380m
P OS I T I O N Majority
C EO Irwin Fouwels
I N V EST M E N T DAT E 2013
P R ES E N TAT I O N Internet connectivity provider
20 20 R E V E N U ES €175m
P OS I T I O N Majority
I N V EST M E N T DAT E 2018
C EO Didier Pascual
P R ES E N TAT I O N Europe’s leading network of franchise optical
and hearing-aid stores
MIDMARKET

2020 R E V E N U ES €321m
F O U N D E R A N D P R ES I D E N T Francis Guillemard
P OS I T I O N Minority

MIDMARKET
C EO Manuel Liedot
I N V EST M E N T DAT E 2012
P R ES E N TAT I O N Publisher and distributor in Europe and America,
of BIM (Building Information Modelling) software for design, calcu-
lation, simulation, manufacturing and collaborative management
20 20 R E V E N U ES €128m
C O - F O U N D E R François Georges
P OS I T I O N Majority
P R ES E N TAT I O N Integrated premium campsite operator
I N V EST M E N T DAT E 2019
2020 R E V E N U ES €79m
P OS I T I O N Majority
I N V EST M E N T DAT E 2016

C EO José Duarte
P R ES E N TAT I O N Network Performance Orchestration solutions
for IT-intensive companies and communication service providers
P R ES I D E N T Eric Belmonte C EO Romain Peninque
20 20 R E V E N U ES €122m
P R ES E N TAT I O N Leading jewelry retailer in Europe
P OS I T I O N Majority
2020 R E V E N U ES €620m
I N V EST M E N T DAT E 2016
P OS I T I O N Minority
I N V EST M E N T DAT E 2010

C EO Carlo Costanzia
P R ES E N TAT I O N Omnichannel contact center and inside sales
platform helping businesses drive a more effective sales team
and create effortless customer experiences, journeys,
and relationships
20 20 R E V E N U ES €28m
P OS I T I O N Majority
I N V EST M E N T DAT E 2011

26 27
 C EO Loïc Couilloud
P R ES E N TAT I O N Company specialised in production
of flavouring syrups and beverages
Healthcare
20 20 R E V E N U ES €54m
P OS I T I O N Majority
I N V EST M E N T DAT E 2019
C EO Carole Léonard

DEVELOPMENT
P R ES E N TAT I O N Leader in the design, manufacturing and distri-
bution of bone cements and substitutes, biodegradable implants
C EO Barbara Werschine
DEVELOPMENT

and related instruments for orthopedic and spine surgery

P R ES E N TAT I O N Must-have European retailer 2020 R E V E N U ES €11m
of cashmere for women, men and children P OS I T I O N Reference shareholder
20 20 R E V E N U ES €57m I N V EST M E N T DAT E 2015
P OS I T I O N Reference shareholder
I N V EST M E N T DAT E 2018

E X EC U T I V E C H A I R M A N Camilla Schiavone
P R ES E N TAT I O N Manufactures and distributes high-end shoes,
including iconic brands such as Free Lance and No Name
20 20 R E V E N U ES €35m
P OS I T I O N Reference shareholder
I N V EST M E N T DAT E 2017

Services
C EO Mario Tomasoni
P R ES E N TAT I O N Worldwide leader in biotechnological
ingredients and related services for wine, beer and food
20 20 R E V E N U ES €100m
P OS I T I O N Majority
I N V EST M E N T DAT E 2018

P R ES I D E N T Fabrice Jollois
MIDMARKET

P R ES E N TAT I O N Leading wholesale broker in Health

and Protection insurance for self-employed workers
20 20 R E V E N U ES €124m
P OS I T I O N Majority
I N V EST M E N T DAT E 2017

C EO Erik Ceuppens
P R ES E N TAT I O N The largest technology-independent
satellite communications provider
20 20 R E V E N U ES €419m
P OS I T I O N Majority
I N V EST M E N T DAT E 2016

28 29
Unlocking Value creation

potentials:
D ES C R I PT I O N Leading French +12% revenues CAGR since IPO
player on the global surgical
technology market for lower-limb 12% of market shares, making AMPLITUDE
orthopedics implants and related the French leader in orthopedic prostheses,
instruments for orthpedic and spine overthrowing the hegemony of the American

4 success
surgery giants in the sector
S ECTO R Healthcare
I N V EST M E N T DAT E 2011 IPO in 2015: €105 million raised
P OS I T I O N Majority
ACT I V I T Y Midmarket
A significant portion of the funds raised (€50m)
enabled geographic expansion and continued
growth to reach €100m turnover in 2020

stories Value creation

In 2020, 4 divestments generated proceeds D ES C R I PT I O N Management and EBITDA +60%

e-administration software
of €264m, across all funds. The result reflects S ECTO R Tech & Telecom 5 acquisitions (Better Company,
Start ABI, Sistec, Be Attractive and
Apax Partners’ ability to identify and acquire I N V EST M E N T DAT E 2016
P OS I T I O N Reference shareholder a target in exclusive negotiations)
promising companies, unlock their potential ACT I V I T Y Development
Expansion of its presence in
and optimise a profitable return on investment. Western France

Enrichment of its offering in areas

such as field service management,
childcare services, and CRM to
address the fast-growing needs of
local authorities for digital services

Value creation

D ES C R I P T I O N Fire safety Revenues doubled Value creation

company with innovative since acquisition in 2014
solutions and services rooted in
deep sector knowledge Installed base: over 1 million D ES C R I PT I O N Specialist in cyber- Very strong organic growth, represented by:
S ECTO R Services security devices security and digital transformation
I N V EST M E N T DAT E 2014 S ECTO R Tech & Telecom Revenues x2
P OS I T I O N Majority Company value increased 250% I N V EST M E N T DAT E 2017
ACT I V I T Y Midmarket P OS I T I O N Reference shareholder
EBITDA x3
14 acquisitions in five years,
ACT I V I T Y Development
despite two blank years Number of employees x3

30 31
5 new
companies Diapason is an editor of Cash and Risk
Management software solution.
This solution optimises cash
management, automates and secures

to enrich
payments, and manages risk related
to securities portfolios.

C EO Pascal Kravitzch
2020 R E V E N U ES €7m

our portfolio
N U M B E R O F E M P LOY E ES 38
S ECTO R Tech & Telecom
C O U N T RY France
P OS I T I O N Majority
A PA X T E A M Isabelle Hermetet (Partner),
Bérenger Mistral (Partner), Antoine Desjeux
(Senior Associate), Paul Carrincazeaux (Analyst)

In 2020, €443m were invested

and committed to develop our existing Why did
portfolio. we invest?
Diapason, led by a seasoned management
team, is a reference and recognised player in
a growing market. Its solution is distinguished
by its strong capacity for customisation,
enabling it to meet both the standard needs
of its customers and the most specific
requirements.

How do we intend
to create value?
Diapason plans to continue to gain market share
among large cap customers and to accelerate
its development in the midcap market.
The group also intends to continue
its international expansion and to make targeted
acquisitions to broaden its customer base or to
acquire related applications.

32 33
 Why did Odigo is a leading Contact-Center-as-
we invest? a-Service (CCaaS) solutions focusing
on large companies.
Groupe Crystal is one of France’s As a leading network of Independent C EO Erwan Le Duff
leading IFAs (Independent Financial Financial Advisors (IFAs), Groupe Crystal 2020 R E V E N U ES €163m
Advisors), offering a unique blend is a consolidation platform on a growing N U M B E R O F E M P LOY E ES 650

of services for expatriates and and fragmented market. The company S ECTO R Tech & Telecom
has a unique value proposition for specific C O U N T RY France
interprofessional channels.
professional groups, either as intermediaries P OS I T I O N Majority
A PA X T E A M Damien de Bettignies (Partner),
P R ES I D E N T Bruno Narchal (chartered accountants, notaries) or end-
Thomas de Villeneuve (Partner), Arnaud Vigier
20 20 R E V E N U ES €36.5m clients (French expatriates, professional
N U M B E R O F E M P LOY E ES 240 sportsmen).
S ECTO R Services
C O U N T RY France Groupe Crystal’s business model is resilient,
P OS I T I O N Majority
A PA X T E A M Thomas Simon (Partner),
with a large proportion of recurring revenue
and an asset-light structure with strong cash
Why did we invest?
Monique Cohen (Senior Advisor), Vincent Colomb
generation. The management team has a
(Director), Martin Denais (Senior Associate)
clear strategic vision and strong track-record Odigo operates in a fast-growing and
in both organic growth and acquisitions. relatively fragmented CCaaS market.
Moreover, Odigo is a leading European
CCaaS software editor with an attractive
How do we intend value proposition, and a recurring cloud
business model backed by a sticky blue-chip
to create value? customer base.

Our investment thesis is based on several drivers:

(I) organic growth driven by market share gains How do we intend
and new product launches; (II) leverage Groupe
Crystal as an IFA platform to industrialise M&A;
to create value?
(III) digitalisation of both customer experience
and back-office processes; (IV) roll-out of a ESG We intend to create value for Odigo by
strategy. completing the ongoing transformation from
cloud-native to a pure SaaS model. We also plan
to accelerate Odigo’s internationalisation in UK,
Benelux, Spain and Germany.

34 35
 Why did we invest? Why did
we invest?
Mental Care Group B.V. (“Mentaal We have the ambition to grow Mentaal Beter
Beter”) is a leading outpatient into a European leader in outpatient BTP Consultants is a leading player BTP Consultants is a major and recognized
provider of mental health services in mental care (for both Adults and Children) on TIC (Testing, Inspection & player in France, on a growing market
the Netherlands, operating through and learning disorders treatments Certification) in the building industry. with solid barriers to entry. The company
the brands Mentaal Beter, Mentaal (for kids / teens), with a strong digital The group is made up of three recorded an impressive growth track record,
delivery capacity. companies: BTP Consultants, demonstrating the strength and resilience
Beter Jong, Opdidakt, Vitalmindz and
Citae and MBAcity. of the business model with a robust
Alleskits.
revenue visibility.
C EO Martin de Heer How do we intend G R O U P C EO Roland Le Roux
BT P C O N S U LTA N TS C EO Jean-François Baron
20 20 R E V E N U ES €87m
N U M B E R O F E M P LOY E ES 1,100 to create value? 2020 R E V E N U ES €57m
How do we intend
S ECTO R Healthcare N U M B E R O F E M P LOY E ES 500
C O U N T RY The Netherlands S ECTO R Services
C O U N T RY France
to create value?
P OS I T I O N Majority Along with the management team, we target to
A PA X T E A M Marc Benatar (Partner), create value through: P OS I T I O N Majority
Bertrand Pivin (Partner), Vincent Colomb A PA X T E A M Isabelle Hermetet (Partner),
• Further consolidation of the pure outpatient The objective is to pursue growth through
(Director), Louis Berg (Principal) Paul Carrincazeaux (Analyst)
mental care in the Netherlands the ramp-up of the activity in regions and by
• International expansion by exporting the continuing to diversify the businesses and the
Mentaal Beter model abroad, in geographies underlying markets. The build-up strategy is
sharing similar frameworks core to increase geographical coverage, develop
• Further develop the digital development of the related activities or integrate digital tools.
group, both for therapists and patients Finally, several digitalisation projects are already
identified, to enhance processes or to foster new
services.

36 37
 Value creation
through a new
“Digital &

4
Sustainability”
hub
Two major changes are taking place in today’s
business world: digital which is disrupting how people
consume, companies operate and how we work ;
and sustainability which is about how companies
contribute to society, the environment, their
customers, their employees and all their stakeholders.

Apax Partners goes faster in its value creation

strategy and portfolio support by establishing a
“Digital and Sustainability” hub and by appointing
a dedicated Operating Partner, Gregory Salinger.
Gregory is working with Apax Partners’ Apax vision is to accelerate on all the value
investment teams to ensure the firm's portfolio creation plans implemented in our portfolio
companies clients succeed in the new digital and companies with a global, digital and more
sustainable world, and that entrepreneurs of responsible vision than ever.
more technologically advanced companies are
best in class, innovate and remain at the top of
their game over time.

38 39
Digital 4 digital
Apax is a pioneer in its approach of implementing success stories
and developing technology to drive value within
an investment. We launch bespoke initiatives
of 2020
to help enhance the profitability and growth
trajectory of a business.
Our dedicated Operating Partner - Digital
& Sustainability is proactively driving digital
transformation across Apax portfolio through
a programmatic approach.

While COVID put significant pressure

on the hospitality sector, Sandaya was able
to limit its impact thanks to its strong digital
capabilities and its customer centricity.
12 digital reviews 100% of Fund IX 9 CTOs / digital Specifically, at the peak of the crisis, Sandaya
conducted across deals have digital officers hired under had to deal with thousands of cancellation
portfolio transformation Apax’s ownership e-mails received in a week; as a result, Marlink enhanced its IT, cybersecurity
plans in process Sandaya at first focused on providing a seamless and IOT & digital offerings and solutions
customer experience via keeping clear and rapid to address the growing digitalisation and
communication concerning booking issues. security needs of its maritime and enterprise
customers.
Through the strength of its digital marketing it
was able to secure bookings at occupancy rate The new offerings continue to be developed in a
only slightly inferior to 2019 during the period in co-creation approach with its major clients such
APAX’S PROGRAMMATIC APPROACH which the sites were open. It was able to provide as CMA CGM or SeaOwl, an offshore services
a quality overall customer experience in line with operator and partners such as Schneider Electric,
the constraints of COVID such as through the in this case to-boost-IOT applications in critical-
roll out of remote check-in, queue regulation in and remote infrastructures. To accelerate its IT,
pools. cyber and digital efforts, it created a dedicated
new division in the company.
Pre Due Deal Deal Exit The launch in 2020 of the Sandaya loyalty
Deal Diligence Closed Life Process program will also provide additional levers to Marlink also made significant improvements
optimize occupancy rates and yield. During in the overall customer experience with an
2020 it also further invested in the digitalisation enhanced onboarding process for new clients
— — — — — of its operations and data capabilities to allow and an upgraded billing system. It also
Digital vision Core digital/tech Digital Digital KPIs, Digital plan the company to further scale its business and continued to invest in the digitalisation and
— assessment tranformation plan training, digital integrated VDD enable its teams with the launch of services and data enablement of its internal operations and
“Roadmap” — launched talent, board tools to improve dynamic pricing, enhance the now manage all internal operations (sales,
of initiatives Preliminary — reporting, tracking
recruitment and training of seasonal employees, hardware installation, monitoring, billing…) with
digital plan Key recruitments and review,
manage mobile homes and improve gateways to a single integrated platform enabling end-to-end
governance
tour operators and work councils. automation of all services.

40 41
 FOCUS: COVID-19
best practices
The COVID-19 crisis has been a real digital accelerator
and several spontaneous initiatives have been settled
in our portfolio companies to answer internal
as external needs.

BIP’s reaction to the pandemic was The already growing demand for network
exceptional due to the firm’s digital nature. planning and migration exploded due to the
Since BIP’s had fully deployed collaborative physical limitation posed by the pandemic.
tools prior to the pandemic, it was able to In this setting, Infovista launched
move its entire workforce online within VistaInsight, a digital replica of physical
24 hours and succesfully adopted the new assets across the network, processes, and
remote-only way to operate. systems. Such a feature enables service
providers to manage IT infrastructure in a
It also developed a “back to work” app
BIP transitioned from a traditional strategy simpler, more agile fashion.
to enable its team and clients to control
consulting firm to a leader in the digital Similarly, Infovista also introduced its new
Expereo’s digital transformation is at the core capacity attendance at their office, in
transformation consulting in the Italian Transparent Hybrid WAN (THW) capabilities
of the acceleration of its development. compliance with COVID-19 health and
market. to simplify SD-WAN migration without the
safety criteria. The state-of-the-art
The group’s new digital vision includes a
To achieve this repositioning, BIP redesigned its practices for remote working were shared need to route the hardware physically.
differentiated customer experience achieved
vision, mission, operations, and go-to-market with BIP’s clients and were often cited as an
with an end-to-end online client journey,
strategy to developed a unified approach that example to follow throughout the pandemic
a client extranet, and a renewed emphasis
combines the generalist practices with the digital and as a preview for the future of digital
on client satisfaction, measured by NPS (Net
revolution. organizational management. AEB deployed all Office 365 collaborative
Promoter Score). Expereo increased its focus
Essentially, BIP became a digitally embedded on data and on the development of cloud tools just before the pandemic hit Italy.
firm, which leverages digital expertise that solutions to complement the SD-WAN offering With the support of the best practices
was both internally developed and obtained and enable new sales. The group implemented gathered by Apax from other portfolio
via acquisitions. This transition decreased the OKR (objectives and key results) management Although Afflelou’s digital strategy had companies, AEB excelled in the adoption of
employee turnover rate at all seniority levels systems across the company to further improve already been defined in previous years, the its digital tools throughout the organization.
and increased BIP’s attractiveness for new alignment, operational efficiency, and agility pandemic accelerated the omnichannel The firm focused on training its employees
candidates, leading the firm to be certified as across the company, and it renewed its efforts. This led to the full deployment of and its salesforce, also providing them
‘Top employers Italy’. BIP could better defend the commitment to fully digitize all operations. web generated appointment across the with necessary resources to succeed
value added to its clients, resulting in above- network to comply with COVID-related in the new work environment. Especially,
Expereo also ramped up its digital marketing
industry revenue growth and the development constraints. the sales teams received online training to
initiatives aiming at establishing thought
of thought leadership in fields such as digital sell to clients exclusively using digital tools.
leadership, online visibility, client sourcing and Additionally, the e-commerce site was
transformation and nextgen technologies. Remarkably, AEB could rollout its their new
client engagement. Particularly, the group was expanded to all brands, corrective glasses,
ESG was also at the core of BIP’s strategy as the active on social media with regular webinars, contact lens subscriptions, and hearing-aid ERP, CRM, and new website despite the
firm committed more than 200 consultants to podcasts, and virtual “round tables” to help accessories, leading to a tenfold increase challenges posed by Covid-19.
‘Alleanza per #milanodigitale’, a philanthropic prospects and clients accelerate the adoption of in e-commerce turnover. In order to support
project aiming at reducing the digital divide its internet-based network services and navigate this growth, the logistics capabilities were
between different communities in Milan. the COVID-19 crisis. significantly expanded.

42 43
Apax digital Thought ESG
Leadership Apax Partners supports portfolio companies
in the development and monitoring of a
clear roadmap for Environmental, Social,
“DIGITAL BAROMETER OF MID-SIZED COMPANIES”– NOVEMBER 2020
and Governance (ESG) as a powerful driver
EY and Apax Partners, with the support of
of financial and non-financial performance.
METI (Mouvement des Entreprises de Taille
Intermédiaire - French movement of mid-sized
companies), published a new edition of the APAX PARTNERS’ ESG APPROACH
“Baromètre digital des ETI” (Digital barometer of
mid-sized companies).
Responsible investing is integral to Apax support to each company in developing and
Based on a survey carried out by the CSA Partners’ investment approach. Sustainability implementing customised action plans. The firm’s
Institute on 150 mid-sized French companies, is embedded in its investment process to sustainability program covers the lifecycle, from
the barometer presents a statement of the digital help unleash a company’s full potential. pre-investment due diligence to post-investment
transformation in French mid-sized companies Sustainability issues are raised at an early stage monitoring, value creation and reporting. Using
and focuses this year on the effects of the of any potential investment opportunity and a unique methodology, the ESG team identifies
COVID-19 crisis in its implementation. The 3 ETI leaders' interventions can be listened monitored throughout ownership. ESG policy is key performance data from portfolio companies,
on “Voice”, the Apax podcasts channel: coordinated by one of the firm’s partners and using it to drive value creation and keep
A digital wrap-up of this study was presented https://anchor.fm/apaxpartners
an ESG Director. This team provides specific stakeholders informed.
in November 2020 to ETI leaders and digital
professionals, including the experience sharing
of 3 ETI leaders: François Georges, CEO and co-
founder of Sandaya, Matthieu Leroy, President
of L-Acoustics and Alain Conrard, President of
A CONTRIBUTION AT EVERY STAGE OF THE INVESTMENT PROCESS
Prodware.

KEY TAKEAWAYS

Digital maturity is progressing The Covid-19 crisis has MSEs continue to invest Prior to acquisition During the holding period At exit
in mid-size enterprises (MSEs): accelerated the digital in digital: the crisis has seen
70% are actively committed transformation of MSEs: the investment in digital Conduct ESG Due Diligence Define a specific roadmap and KPIs Provide ESG Vendor Due Diligence
to their digital transformation crisis has encouraged the use rise 57% in MSEs with management, formalised in
of digital tools in 92% of MSEs Integrate ESG principles into offers the minutes of a board Meeting
and shareholder agreements
The changes brought by digital The role of management
Appoint an ESG project leader
are significant: for two-thirds The crisis has accelerated is critical in creating and
in the company
of MSEs, digital affects their innovation and encouraged maintaining this trend: it is
economic and operational teamwork in one out of two the driving force of digital Support implementation
models MSEs transformation in 44% of MSEs of the action plan

Regularly follow up the

implementation and results via
appropriate governance and at
Full press release : https://www.apax.fr/en/2019/02/21/third-barometer-of-the-digital-maturity-of-mid-sized-french-companies/
Infographic : https://www.youtube.com/watch?v=KqztyNzh1Js least, once a year, update during
Webinar – Replay: https://event.webcasts.com/viewer/event.jsp?ei=1402113&tp_key=6dd83b63ee a Board meeting

44 45
2020 KPIS

Reporting 21 - In 2020, Apax Partners implemented its new

intuitive and efficient digital platform to collect, analyse and
increase the speed and efficiency of reporting ESG data
across all of its portfolio companies.
The resulting output is a precise, comprehensive and
impactful ESG report that takes into account the specific
characteristics of each investment company and reinforces
Apax Partners’ position as a leader in management of ESG.

Ecology,
Environment, Climate Governance Social

Carbon footprint (SCOPE 1 & 2) 14 female members Diversity Workforce

in Board of Directors / Supervisory Boards
Direct emissions in 9 companies 7 French companies 11,975 people
published their Gender Equality Index,
285,386.21 14% of total members 3 companies above the “75” rate 57% male 43% female
tons of CO₂ equivalent

Carbon intensity: 26 independent members 21 equality plans 91% permanent 9% temporary

in Board of Directors / Supervisory Boards implemented in the portfolio
107.74
12%
in 12 companies 57% Europe 31% France rest of the world

25.5% of total members

grams of CO₂ per € of turnover
— 50% of companies 433 job creation
Note: 54% of the 18 companies participating implemented an equality plan in 2020
to the annual ESG reporting are covered in 2020.
5 companies
account employees 0.26% consolidated
Supply chain who are shareholders and members
10 collective agreements turnover
signed in 6 companies
of Directors / Supervisory Boards
 isks related to raw materials
R
Profit-sharing Learning
identified and managed in 7 companies
Responsible purchasing charter in 5 companies
8 companies 6,900
ESG monitoring of suppliers in 8 companies employees trained
ESG audit of suppliers in 6 companies shared profits
In some of them, several entities put in place voluntary
profit-sharing schemes (17 schemes at a total)
64,000
training hours

€5.4m distributed €3.1m

training expenses

46 47
 The Apax team
APAX PARTNERS AND ESG

Apax Partners has undertaken

numerous initiatives in ESG.

PRI score Apax Partners is an active member

of the France Invest’s ESG Commission
and has been a member of the steering
Apax Partners was ranked “A+” committee since 2013

5
in “Strategy & Governance” and
an A in “Private Equity” in 2020.
Commission members work for the
adoption and implementation of ESG
policies within management companies and
Gender balance charter
their portfolio companies. Apax participates
in the “Dialogue between GPs and LPs” and
Apax is a signatory of the France Invest “Initiative Climat International” working
charter on gender balance, which sets ob- groups.
jectives for its member companies of:
25% women in senior positions by 2030
and 30% by 2035; 40% of women in all International Climat Initiative
positions by 2030 in the investment teams
of management companies.
Apax Partners supports the international
Reach 30% of women in Management
Climat initiative (iCi), that was launched in
Committees by 2030 by companies sup-
November 2015 with 4 other French Private
ported by France Invest members.
Equity firms to contribute to the Paris
Agreement’s objective of limiting global
warming to well-below 2 degrees Celsius.
Apax Partners supports several
foundations in France and in Europe

Apax’s internal “ESG Club”

 lphaOmega Foundation: Apax Partners
A
is a partner fund of the AlphaOmega
Foundation which brings together The internal think tank brings together a
companies and individuals motivated to dozen employees across all Apax functions
improve equal opportunities for all. each month to work on a comprehensive
Melita Foundation: Apax Partners is a ESG plan for Apax. The Club established
founding partner and the initial donator the implementation of a zero-waste plan at
to the Melita Foundation. Apax to be achieved by the end of 2021 and
This foundation is investing funds into a ESG Sharing Days between Apax and its
range of projects focused primarily on the portfolio companies.
development of digital skills and creativity
among young people in Malta, and the
conservation of Malta’s heritage and “LABEL RELANCE” for APEO fund
environment.
The label being conditioned on high
standards for the ESG policy of the
management company.

48 49
Well-resourced team of 12 Partners with complementary
banking, operational and consulting
High calibre team of
33 investments
professionals
high calibre professionals
backgrounds and an average
of 15 years at Apax supported by portfolio expertise
across Digital, Debt and ESG

PA RT N E RS

Eddie Misrahi Caroline Rémus Marc Benatar Damien de Bettignies Bruno Candelier Guillaume Cousseran
Chairman and Head of Apax Development Apax MidMarket Team Apax MidMarket Team Apax MidMarket Team Investor Relations Team
Chief Executive Officer — Partner Healthcare Partner Tech & Telecom Partner Consumer Partner Investor Relations
Companies: Éric Bompard, — — —
Groupe Rautureau, Company: Mentaal Beter Companies: Bip, Destiny, Companies: Europe Snacks,
Maison Routin-1883 Marlink, Odigo Sandaya, THOM Group

Éric Hamou Isabelle Hermetet Berenger Mistral Bertrand Pivin Thomas de Villeneuve Thomas Simon
Apax MidMarket Team Apax Development Team Apax Development Team Apax MidMarket Team Apax MidMarket Team Apax MidMarket Team
Partner Tech & Telecom Partner Tech & Telecom Partner Tech & Telecom Partner Services and Partner Tech & Telecom Partner Services
and Services — Healthcare — —
— Companies: Diapason, — Companies: Destiny, Companies: Entoria, Europe
Companies: Diapason, Rayonnance Companies: AEB, Marlink, Expereo, Graitec, Odigo Snacks, Groupe Crystal,
Rayonnance, Mentaal Beter Sandaya, THOM Group
BTP Consultants

E X P E RTS A DV I S O RS

Gregory Salinger Annick Bitoun Aida Belamine Raphaël Delmarre Monique Cohen Christophe Aulnette Onno Sloterdijk
Operating Partner – Managing Director – Business Development CFO and Senior Advisor Tech & Telecom Senior Advisor Senior Advisor Benelux
Digital & Sustainability Debt Capital Markets Director Secretary General
Gilles Rigal Cédric Sellin Francesco Panfilo
Senior Advisor Technology Advisor Senior Advisor Italy

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