Altamir - 2018 Registration document

Business description and activities

Presentation of the Company

1

www.businessintegrationpartners.com

1) Business description BIP is a management, IT and digital transformation consulting firm, born as a spin off from Deloitte in 2003. It is the 4th largest consulting company in Italy, which still accounts for the majority of revenues. BIP serves 300 clients, with most revenues coming from large blue-chip clients in various industries including TMT, Energy & Utilities and Financial Services. 2) Investment rationale BIP addresses a growingmarket, focusing notably on Italy, which is catchingupwithother Europeanconsultingmarketswithannual growth of 7% since 2013 and over 5% expected in coming years. BIP enjoys a differentiated positioning between traditional management consulting and IT services, with a strong emphasis on digital transformation. This has allowed it to significantly outperformgrowth in the Italian consultingmarket. Its businessmodel is particularly efficient with high utilisation rates and limited SG&Aandmarketing spend. As a result, its solutions are profitable and its staff quality remains high. Its blue-chip customer base is very loyal with an average tenure of over 13 years for the top 10 clients.

3) Sources of value creation Our investment thesis relies on BIP’s proven positioning, which it uses to outperformthe Italianmarket while continuing todevelop digital practices and an international presence, notably through bolt-on acquisitions. 4) Achievements since the investment by Apax Partners SAS in March 2018 In 2018, a strong recruiting push (+520 net FTEs vs 2017) enabled the company to benefit from the Italian market’s strong growth while maintaining excellent service quality and healthy margins. An M&A programme has been launched, with several sizable targets under investigation both internationally (Germany, UK, Spain, France) and in Italy (focusing on Digital). 5) Performance In 2018 BIP’s performance was significantly over budget and the business plan, with year-on-year growth in revenue and EBITDA of ca. 28% and 39%, respectively, fuelled by intensive recruiting in Italy and increasing utilisation rates. 6) Exit The company’s stronggrowth track record (+15%expectedCAGR in revenue over 2017-22), excellent operating performance and strong cash conversion should be highly attractive at exit. Exit routes include IPO, tertiary LBO and trade sale.

DATE OF INVESTMENT

PORTFOLIO AT FAIR VALUE

SECTOR

COUNTRY

RESIDUAL COST

FAIR VALUE

2018

31.1 m

43.8 m

4.4 %

€

€

I TA LY

31

ALTAMIR 2018

Registration document