Altamir - 2018 Registration document

Business description and activities

Presentation of the Company

1

SNACKS DÉVELOPPEMENT

Snacks Développement

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 acquisition of Kolak (UK) in 2016 and Ibersnacks (Spain) in October 2018, Snacks Développement now produces around 2 billion bags of savoury snacks for the leading food retail chains in Europe, with a focus on France, the UK, Spain, Italy and Benelux. Its annual production is over 90,000 tonnes. 2) Investment rationale Snacks Développement is a leading pan-European producer of private label savoury snacks. The company produces 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) Sources of value creation The investment thesisconsists increatinga leadingEuropean-wide private label player in savoury snacks. Snacks Développement aims topursue its growth inFrance 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) Achievements 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 newdistribution channels. International sales have also grown, thanks to the development of stacked crisps volumes sold to selected European retailers. InOctober 2016, the company completed the acquisitionof Kolak, one of the main producers of crisps and snacks in the UK with sales of about €140m, which expanded the company’s crisps and popcorn product range. In September 2018, the company acquired the Spanish company Ibersnacks. With sales of about €80m, Ibersnacks is the preferred private label supplier in the savoury snacks category to Mercadona, Spain’s leading food retailer, bringingadditional scale, product diversification and a broader geographical footprint to the company. The new group employs around 1,900 people at eight production sites, with €350m in revenue and a commercial presence in 10 European countries. 5) Performance Revenue for the 2018/19 financial year (FYE 31 January) should reach €353m, up 31% compared with the previous year (up 3% on a pro forma basis). 6) Exit The company’s leadership across Western Europe and growth profile will be attractive to both trade and financial buyers.

DATE OF INVESTMENT

PORTFOLIO AT FAIR VALUE

SECTOR

COUNTRY

RESIDUAL COST

FAIR VALUE

2013

37.7 m

76.6 m

7.7 %

€

€

F R A N C E

27

ALTAMIR 2018

Registration document