Altamir - 2018 Registration document

Business description and activities

Business description

1.3.6 ALTAMIR’S INVESTMENT STRATEGY

The main competitive advantages arising from this strategy of sectoral specialisation are as follows: n access to the best investment opportunities; n proprietary deals; n limited competition for acquisitions, generating better scope for return on investment; n rigorous investment procedures; and n value creation, strong commitment from Apax teams. Acquiring a company through an LBO-type operation is generally performed through one or more holding companies specifically created to carry out the acquisition. The acquisition is financed through a combination of long-term debt (generally with a seven-year minimum term) and equity. The majority of the debt is repayable at maturity, and a portion of the interest is also paid on the sale of the company. The assets or shares of the underlying company are the only security provided to creditors, the funds themselves provide no guarantee. Consequently, in the case of default, only the equity invested in the operation is at risk. The other assets held by the private equity funds are not at risk, as the debt is “non-recourse”. LBO/GROWTH CAPITAL OPERATIONS

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The Company’s investment strategy is based on that of Apax PartnersSA.ThisisaconsequenceoftheCompany’sco-investment in the funds Amboise Partners SA manages, in accordance with the co-investment agreement, and of the Company’s investment in the Apax France VIII-B, Apax France IX-B, Apax VIII-LP and Apax IX LP funds.

GROWTH COMPANIES

The Apax Partners’ strategy consists in backing companies with high growth potential, primarily through LBOand growth capital transactions. The fundsmanagedbyApax Partners invest ingrowth companies active in their sectors of specialisation, with the objective of making them leading companies in their respective sectors. Investments are acquired with an average holding period of five years. These companies are characterised by sound fundamentals. The key investment criteria are as follows: n excellent entrepreneurs, with ambitious business development projects; n competitive advantage (technology, concept, brand, etc.) or unique businessmodel (barriers to entry, resilient profile in the event of a cyclical downturn); n leader or the potential to become the leader in its sector at the domestic, European or worldwide level. The Apax Partners strategy is to invest in four sectors of specialisation: TMT(Technologies,MediaandTelecom), Consumer, Healthcare and Services. The investment teams are organised around these sectors of specialisation. Apax Partners SAS and Apax Partners LLP have dedicated teams for each sector. With roughly 30 professionals in Paris, and around 120 professionals across the seven Apax LLP offices around theworld, theApax Partners investment teams are among the largest andmost experienced private equity teams in France and worldwide. Each investment is followed by the same team, from acquisition, through development and until divestment. Apax Partners employs experienced specialists in each sector. Owing to thiswell-staffed team, ApaxPartners can simultaneously (i) actively search for opportunities, (ii) conduct in-depth due diligence on various transactions, (iii) provide real assistance to companies in the portfolio and (iv)maintain an ongoing dialogue with investors. SECTOR SPECIALISATION

POSITION OF MAJORITY OR LEAD SHAREHOLDER

Apax Partners always focuses on taking significant majority or minority ownership stakes. As a result, it is in a strong position for negotiating terms of entry, has a more significant impact on the company’s strategy and significantly influences the nature and timing of the exit process. Apax Partners considers that this approach facilitates value creation.

AMBITIOUS VALUE-CREATION OBJECTIVES

The partners can leverage their in-depth industrial and business experience to offer practical support to the executives of the companies in the portfolio as they address challenges and exploit opportunities. The sector investment teams use their in-depth knowledge of their respective sectors to develop advice on the main strategic and operational initiatives. Within Apax Partners LLP, they benefit from the support of the Operational Excellence team and from a dedicated ESG Committee, which together make a vital contribution to Apax’s value creation strategy, inparticular in areas such as strengthening the management teams, improving operational efficiency, optimising IT systems and digital transformation. Furthermore, theCompanyhas aCapital Markets team, whichcreates innovative financing solutions for portfolio companies.

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ALTAMIR 2018

Registration document