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  ALTAMIR company press release from 10/03/2021 - Significant growth in Altamir's NAV (13.7%) and robust activity in 2020, against the background of the Covid-19 crisis

  10/03/2021 - 18:05

Significant growth in Altamir's NAV (13.7%) and robust activity in 2020, against the background of the Covid-19 crisis

Highlights of 2020:

  • Record-high NAV as of 31 December 2020: €1,128.2m, or €30.9/share
  • 13.1% increase in average weighted EBITDA, reflecting the portfolio's overall resilience and the excellence performance of the TMT sector
  • Robust activity:
    • 8 companies acquired in a diverse range of sectors and geographies; in total, more than €113m invested and committed during the year
    • 6 companies sold, with uplift of 25%; nearly €159m in divestment proceeds and revenue generated during the year
  • Proposed dividend: €1.09 per share, including €0.92 with respect to 2020 and €0.17 as a catch-up on 2019.


Paris, 10 March 2021 – Net Asset Value per share stood at €30.90 as of 31 December 2020, following distribution of a dividend of €0.66 per share in May 2020.



Net Asset Value (shareholders' equity, IFRS basis) stood at €1,128.2m (vs €1,013.2m as of 31 December 2019). In 2020, NAV per share rose 13.7%, including the dividend paid in May, after rising 30.8% in 2019 and 1.6% during the first half of 2020.

Excluding the dividend, NAV per share rose 11.4% compared with 31 December 2019 (€27.75).


The change over the course of the year resulted from the following factors:


In €m
Portfolio Cash (Debt) Carried interest provision  Other assets and liabilities NAV
2020 NAV 31/12/2019 1,059.6 83.3 (127.6) (2.1) 1,013.2
+ Investments
144.9 (144.9) - - -
  • - Divestments
(131.9) 131.9 - - -
+ Interest and other financial income (including dividends)
- 0.2 - - 0.2
+/- Positive or negative change in fair value
217.7 18.4 (1.9) - 234.2
+/- Currency gains (losses)
(23.7) - - - (23.7)
+/- Purchases and external expenses
- (69.7) - (1.9) (71.6)
  • - Dividends
(24.1) 10.6 (10.6) (24.1)
  NAV 31/12/2020 1,266.7 (4.9) (118.9) (14.6) 1,128.2



After taking into account a negative currency effect of €23.7m, and a €33m decline in the valuation of Entoria, Altamir created value of €210.7m, reflecting the overall resilience of the portfolio in the unprecedented context of the Covid-19 crisis.

The increased valuation of the TMT sector (up €181.3m) was responsible for a large portion of Altamir's value creation in 2020 and came about because the companies in the sector performed extremely well. The pandemic served as an accelerator for them, in particular with respect to digital transformation, communication solutions and SaaS services and solutions. Value creation was particularly high for Expereo (up €44.0m), ThoughtWorks (up €27.9m), InfoVista (up €27.8m), BIP (up €20.0m) and Marlink (up €14.3m).

It also reflected the revaluation of TMT companies that were partially divested and whose value was aligned with their sale prices (Duck Creek Technologies, Genius Sports Group and Paycor).

Furthermore, the investment in SK FireSafety Group was revalued to align it with its divestment price and Snacks Développement's operating performance improved, creating significant additional value in 2020, of €14.5m and €11.0m, respectively.




As announced in the press release of 4 February 2021, Altamir had a busy year in 2020, in terms of both investment and divestment, despite the Covid-19 crisis (see the appendix for a summary of transactions realised during the year).

a) €113.1m were invested and committed during the year (vs €198.5m in 2019), including €105.0m in eight new companies.

The amount invested and committed in the new companies is slightly below the amount announced on 4 February (€103.8m vs €107.1m), principally because the amounts invested in Verint Systems and Coalfire were adjusted. These companies are held in the Apax X LP fund.

The total amount of follow-on investments was revised to €7.6m (vs €6.5m announced on 4 February), principally to take into account the amounts invested in build-ups carried out by Lexitas.


b) €158.9m in total and partial divestment proceeds were received during the year (vs €377.9m in 2019), including €112.8m related to six full divestments.

This amount is €3.1m less than the amount communicated on 4 February.




Altamir's net cash position (statutory statements) as of 31 December 2020 was €42.2m (vs €79.1m as of 31 December 2019 and €29.7m as of 30 September 2020).


As of 31 December 2020, Altamir had maximum outstanding commitments of €598.4m (including €136.0m committed but not yet called), which will be invested over the next four years, principally as follows:


2016 vintage: €47.3m, of which:

  • €33.1m in the Apax France IX fund;
  • €9.9m in the Apax IX LP fund (including €6.9m in recallable distributions);
  • €3.8m in distributions recallable by the Apax VIII LP fund.


2019 vintage: €551.1m, of which:

  • €341.3m in the Apax France X-B fund;
  • €197.8m in the Apax X LP fund (including €20m corresponding to the additional commitment Altamir made to the fund in January 2021);
  • €10.0m in the Apax Development fund;
  • €1.9m in the Apax Digital fund.


As a reminder, Altamir benefits from an opt-out clause, under which it can adjust the level of its commitment to the Apax France funds to its available cash every six months. The Company has not exercised this option on the Apax France IX fund, so its commitment over the fund's full investment period has remained at its maximum of €306m.




On 26 February 2021, Altamir sold its share in the capital of THOM Group (which had been held directly and via the AHO20 fund) for €104m, and reinvested €100m in partnership with the management team and new shareholders, to acquire all of the capital of the controlling holding company, and became the principal shareholder.

Apax Partners SAS has signed an agreement to sell part of its holding in Expereo; it will remain a minority shareholder with an investment of approximately 30% of the amount of its sale proceeds, alongside the new shareholder, Vitruvian Partners, and the management team.

Apax Partners SAS has also announced the full sale of Sandaya (an outdoor accommodation leader) to a fund managed by InfraVia. 

Apax Partners LLP has announced the acquisition, via the Apax X LP fund, of PIB Group, a leading insurance broker, and Herjavec Group a specialist in cyber security solutions.

In addition, following Apax Partners LLP's sale of its investment in Idealista (held via the Apax VIII LP fund) and Idealista's acquisition of, the Apax X LP fund took a minority stake in the company alongside its new shareholders.

On 4 March 2021, Apax Partners LLP announced that InnovAge had been listed on the Nasdaq stock exchange.  Its share price translates into an uplift of more than 100% for Altamir.

Lastly, Apax Digital announced the sale of one of its investments, and Apax Development announced the acquisition of a new company.




Altamir's Supervisory Board will propose a dividend of €1.09 per share to shareholders at their 27 April 2021 General Meeting. This amount will be composed of €0.92 with respect to the 2020 financial year (i.e. 3% of NAV as of 31 December 2020) and €0.17 as a catch-up on 2019, so as to bring the dividend with respect to that financial year to 3% of NAV as of 31 December 2019. 

The dividend will be paid on 27 May 2021 (ex-dividend date: 25 May 2021).




For the next five years, barring major external events, Altamir Gérance plans to invest €170m p.a. on average, including follow-on investments, and plans to generate divestment proceeds of €230m p.a. on average.

The companies in the portfolio are expected to continue to perform favourably, with EBITDA growing organically by around 7% p.a.




Annual Shareholders' Meeting 27 April 2021
NAV as of 31/03/2021 11 May 2021, post-trading
H1 2021 earnings and NAV as of 30/06/2021 9 September 2021, post-trading
NAV as of 30/09/2021 4 November 2021, post-trading


*    *    *    *    *    *    *    *    *    *    *    *    *    *    *




As of 31 December 2020, Altamir's portfolio was valued (IFRS basis) at €1,266.7m, vs €1,059.6m as of 31 December 2019. It was composed of 55 companies (vs 51 as of 31 December 2019), including 46 unlisted companies (more than 98% of portfolio fair value) and nine listed companies (Duck Creek Technologies, Verint Systems, KAR Global, TietoEVRY, Guotai, Huarong, Manappuram, Shriram, Zensar).

The portfolio did not include Crystal, Mentaal Beter and Azentio Software, as these acquisitions were not finalised in 2020. Conversely, it included Boats Group, as the sale of that company is not expected to be finalised until the end of the first quarter of 2021.

During 2020, the companies in Altamir's portfolio posted an increase of 13.1% in their average EBITDA, weighted by the residual amount invested in each company.


The 16 largest investments, representing more than 80% of the portfolio's total value as of 31 December 2020, are as follows, in decreasing order:


One of the world's leaders in satellite communication services
continued to enjoy robust performance despite the pandemic, with a limited, 2% decline in revenue and a 4% rise in EBITDA in 2020. These figures reflect both the vitality of the Maritime business, driven by the VSAT segment, and the rapid growth in the Enterprise division, which is particularly well positioned in Europe, the Middle East and Africa. As of the end of December, Marlink had equipped around 6,400 ships with VSAT services, which generate regular, subscription revenue. The company also had back orders for more than 1,000 additional vessels that could not be fulfilled in 2020 because the Covid-19 pandemic rendered sites inaccessible and created logistical constraints. 
Having finalised the acquisition of US company ITC Global in December 2020, Marlink will be able to strengthen its leadership in land-based, energy-sector activities.
THOM Group Leading jewellery retailer in Europe (more than 1,000 stores)
THOM Group
has proven to be highly resilient in the face of the pandemic, as its revenue and EBITDA declined by only 9.4% and 8.7%, respectively in 2019/20 (FYE 30 September). During the first three months of the new financial year (corresponding to Q4 2020), EDITDA was stable while revenue contracted by 9% owing to the various lockdowns and curfews in place from November onwards. This favourable performance owes much to the strong recovery in sales during the June-to-September period and to the ramp-up in e-commerce (online sales soared 101% in the fourth quarter alone, vs an increase of 35% over all of 2020), as the omnichannel strategy, launched in 2018, has been stepped up.
EXPEREO Global internet connectivity and managed services provider
Against the background of the Covid-19 crisis, Expereo performed extremely well in 2020, with revenue and EBITDA up 43% and 24%, respectively (including acquisitions), reflecting an increasing proportion of high valued-added segments (SD WAN and XCA) in the product mix and a significant increase in direct sales to large accounts. These direct sales accounted for 30% of 2020 sales, vs 13% in 2018, the year during which the company was acquired. In 2020, Expereo strengthened its international leadership with the transformative acquisition of Global Internet, the second-largest company in the sector, as well as that of Comsave, an intelligent connectivity platform.
BIP European leader in management, IT and digital transformation consulting

surpassed its objectives once again in 2020, in terms of both revenue (up 18% vs 2019) and EBITDA (up 26% vs 2019). Against the background of the pandemic, teleworking arrangements kept Bip's consultant utilisation rate high, and there was strong demand for activities related to digital transformation. Since the acquisition of Chaucer Consulting, Bip has continued its international expansion, acquiring Medley in the United Kingdom, thereby strengthening its exposure to digital activities and to the public sector. Bip now derives 32% of its top line from outside Italy. 
SNACKS DEVELOPPEMENT A European leader in private-label savoury snacks
Over the 2020/21 financial year (FYE 31 January) organic growth in Snacks Développement's sales should come in at 3%, driven by fast-growing sales in France, which are offsetting a more subdued performance in the United Kingdom and the negative impact of the EUR/GBP exchange rate. Measures implemented to protect employees from Coveid-19 have enabled the company to maintain satisfactory production rates.  Aside from the recent rise in raw materials prices, margins are expected to widen as a result of the operational improvement plan deployed since the start of 2020.  
THOUGHTWORKS Leading digital transformation and software development company
Growth in ThoughtWorks's sales picked up speed in the second half, reaching 7% over the full year. This reflected several factors: the company is positioned on sectors its customers consider strategic, its principal markets are growing (except for China, Australia and Brazil) and its predominant exposure is to large companies, whose financial condition is sound. The company's double-digit growth in EBITDA (48%) reflects the positive impact of cost reduction programmes deployed in 2020, principally in general & administrative costs. 
INFOVISTA Leading global provider of network performance software solutions
During the 2019/20 financial year (FYE 30 June), InfoVista's revenue contracted by 12% as a result of the disappointing performance of the Global Enterprise (SD-WAN) business unit. On the other hand, EBITDA grew by 13%, owing to significant cost reduction, particularly in sales and marketing, and because the company had less recourse to subcontracting. Over the first six months of 2020/21, revenue declined by 6%, principally because the pandemic restricted the Maintenance and Services business, and to a lesser extent because the Global Enterprise business unit saw slower growth even though companies accelerated their migration to SaaS solutions.  The Global Network business unit, supported by the development of activities related to the deployment of 5G networks, turned in a performance in line with budget. Owing to cost rationalisation efforts, EBITDA was up 15% during the period. 
ENTORIA Wholesale broker specialised in supplemental insurance protection for self-employed persons and the managers and employees of SMEs
In 2020, Entoria's revenue and EBITDA declined by 18% and 24%, respectively, for several reasons: i) the various lockdowns induced business slowdowns, ii) sales performance following the launch of new products was less than expected and iii) the terms of certain contracts negotiated with insurance companies were amended.
A new management team has been in charge since June and aims to shore up the business by strengthening the staff's technical expertise and by regenerating sales momentum once the crisis is over, while continuing to control costs. 
ALAIN AFFLELOU One of Europe's leading franchisors of optical products and hearing aids (more than 1,400 stores)
During the 2019/20 financial year (FYE 31 July), Alain Afflelou's sales declined by 17% and EBITDA by 34%, as all points of sale were closed during the mid-March to mid-May lockdown. Sales rebounded sharply beginning in June, as strict safety protocols were implemented in stores and the omni-channel strategy was stepped up. In particular, customers could make appointments on line, digital marketing was ramped up, and online sales increased dramatically.
For the first three months of the 2020/21 financial year (August-October), Alain Afflelou posted a 15% increase in revenue and a 25% rise in EBITDA.
The group is continuing to implement its ambitious digital transformation plan aimed at improving the customer experience and developing online sales. 
AEB Worldwide leader in ingredients and services for the food and beverage industry
has been resilient to the pandemic, with a decline in annual sales limited to 4%, despite significantly lower beer and wine consumption in hotels and restaurants. Cost reductions, such as travel expenses and those related to trade shows, led to an 8% rise in EBITDA. The filtration products business (Danmil), acquired in 2019, performed very well in 2020, and the Equipment business is being turned around under the impetus of its new CEO. The digital transformation plan is being rolled out as planned, and a new ERP programme is to be launched in the first half of 2021.
Provider of secure cloud communication solutions for innovative companies
posted an excellent performance in 2020. Its sales rose by 12% and its EBITDA by 26%, including the impact of build-ups. The Covid-19 crisis revealed the resilience of the company's business model. Demand for communications solutions was robust, as working from home became the norm, and companies continued to migrate to cloud-based solutions. Destiny also benefited from its recurrent revenue model. On average, contracts are signed for three years, and operational improvement programmes, which started to be implemented in 2020, had a positive impact on 2020 margins. Destiny acquired two companies in 2020 and plans new acquisitions in 2021.
SANDAYA Integrated, premium campsite operator in France and Spain, with 29 four- and five-star campsites
Against the background of the pandemic, Sandaya managed to limit the decline in its 2019/20 revenue (FYE 31 October) to 6% (16% organic decline), even though all of its campsites were closed for three months. If the business was resilient, it was because the company implemented rigorous safety protocols to protect both employees and customers and an efficient marketing strategy to manage the crisis. Reservations were maximised in record time as soon as stay-at-home orders were lifted, through increasing reliance on digital tools, particularly those for targeting customers. As a result, sales advanced by 5% in July/August compared with the year-earlier period. The pandemic also generated numerous acquisition opportunities for Sandaya.
ODIGO Leader in Contact Center as a Service (CCaaS) solutions intended principally for large companies.

is an omni-channel cloud platform that supports companies in the management of their customer interaction. The company offers state-of-the-art technology to improve both consumer satisfaction and the employee experience, so as to stimulate sales growth.
With around 650 employees, Odigo supports more than 400,000 users via more than 200 clients in 20 countries.
The company is positioned on a fast-growing market, as companies migrate to cloud-based solutions, and is resilient, with multi-year contracts averaging three years in duration. Odigo's revenue advanced by 6% in 2020 and its EBITDA remained stable, against the background of the pandemic. 
GRAITEC International developer and distributor of BIM (Building Information Modelling) software for design, calculation, simulation, manufacturing and collaborative management
Sales increased by 7% during the year (3% organically), with a contrasting breakdown: resales of Autodesk Platinum and Gold solutions, sold as subscriptions, performed well and offset the decline in the sales of proprietary software and services, which suffered from pandemic-induced project postponements. EBITDA was down slightly (1%) because of an unfavourable product mix. Despite the investments carried out during the year, Graitec continued to generate significant cash, supported by good operating performance and a tight grip on working capital needs. The company is working on a transformation plan aimed at stepping up the development of its own software solutions and is expected to continue making acquisitions, after an initial build-up in the United Kingdom in 2020.
PAYCOR One of the main US providers of HR and payroll services
During the first half of the year, Paycor's activities were impacted by the rise in unemployment caused by the Covid-19 epidemic, as the company's services are invoiced on the basis of its clients' average monthly payroll. Beginning in May, however, sales bounced back sharply. Increased investment in digital marketing and in R&D supported growth in the business, and sales rose by 12% over the year.
Supplier of multi-channel software and solutions for customer contact centres

posted good performance against the background of the pandemic. Its revenue held steady in 2020, driven by SaaS-mode activities, which grew by 7%, offsetting the decline in licence-based sales, services and hardware, which suffered from the pandemic. Vocalcom has refocused on SaaS/cloud activities, invoiced on a subscription model. This business generated half of Vocalcom's revenue in 2020, giving the company increased visibility.



About Altamir

Altamir is a listed private equity company (Euronext Paris-B, ticker: LTA) founded in 1995 and with a NAV of more than €1.1bn. Its objective is to provide shareholders with long-term capital appreciation and regular dividends by investing in a diversified portfolio of private equity investments.

Altamir's investment policy is to invest via and with the funds managed or advised by Apax Partners SAS and Apax Partners LLP, two leading private equity firms that take majority or lead positions in buyouts and growth capital transactions and seek ambitious value creation objectives.

In this way, Altamir provides access to a diversified portfolio of fast-growing companies across Apax's sectors of specialisation (TMT, Consumer, Healthcare, Services) and in complementary market segments (mid-sized companies in continental Europe and large companies in Europe, North America and key emerging markets).

Altamir derives certain tax benefits from its status as a SCR ("Société de Capital Risque"). As such, Altamir is exempt from corporate tax and the company's investors may benefit from tax exemptions, subject to specific holding-period and dividend-reinvestment conditions.


For more information:



Claire Peyssard Moses

Tel.: +33 1 53 65 01 74









Altamir produces two sets of financial statements: consolidated (IFRS) and statutory, parent-company statements. In the consolidated statements, the portfolio is valued based on the principles of fair market value, in accordance with the International Private Equity Valuation (IPEV) recommendations.


The main components of the 2020 financial statements (audit being finalised – report being issued) are as follows:




(in €m) 2019 2020
Changes in fair value of the portfolio 234.2 194.1
Valuation differences on divestments during the year 82.1 24.7
Other portfolio income 0.1 0.7
Income from portfolio investments 316.4 219.5
Purchases and other external expenses (24.0) (28.3)
Gross operating income 292.1 191.0
Net operating income 234.4 150.4
Net income attributable to ordinary shares 245.1 139.1




(in €m)   2019 2020  
Total non-current assets   1,060.1 1,267.1  
Total current assets   113.4 89.5  
Total assets   1,173.4 1,356.6  
Total shareholders' equity   1,013.2 1,128.2  
Provision for carried interest of general partner
and Class B shareholders
  28.7 19.7  
Carried interest provision
Apax France VIII-B, IX-B, Apax VIII LP and IX LP
  98.9 99.2  
Other current liabilities   32.5 109.4  
Total liabilities and shareholders' equity   1,173.4 1,356.6  





Unrealised capital gains are not recognised in the statutory financial statements;

only unrealised capital losses are recognised.


(in €m) 2019 2020
Income from revenue transactions (9.3) (11.6)
Income from capital transactions 165.0 73.7
Exceptional items 0.1 0.2
Net income 155.8 62.3




(in €m)   2019 2020  
Non-current assets   616.6 731.9  
Current assets   146.9 77.2  
Total assets   763.6 809.1  
Shareholders' equity   708.0 735.6  
of which retained earnings   0.0 0.0  
of which net income for the year   155.8 62.2  
Provisions   43.3 0.0  
Liabilities   12.2 73.5  
Total liabilities and shareholders' equity   763.6 809.1  






Name Amounts invested or committed
(in € m)

Via the Apax France X fund:  
Odigo 34.3
(incl. a €10m co-investment)
Mentaal Beter 29.7
Crystal 16.2
Via the Apax X LP fund:  
Cadence Education 7.7
KAR Global 5.3
InnovAge 5.2
Azentio Software 3.3
MyCase 3.2
Total 8 companies
Adjustments to the amounts invested in Graitec, Destiny, Coalfire and Verint Systems (1.2)
Investments and commitments to Apax Development 1.0
Investments and commitments to Apax Digital 0.7
Investments in the funds
Follow-on investments






Name Type of exit Amount received
(in € m)

SK FireSafety Group Full sale 64.9
Amplitude Surgical Full sale 13.3
Neuraxpharm Full sale 10.2
Idealista Full sale 9.3
Boats Group (*) Full sale 8.2
Engineering Full sale 6.9
Total of 6 full divestments
ECi Software Solutions Partial sale 13.1
ThoughtWorks (*) Partial sale 12.7
Altran Top-up proceeds on divestment 5.1
Duck Creek Technologies IPO of a minority stake 4.4
Genius Sports Group (*) Partial sale 2.1
Paycor (*) Partial sale 1.2
Sundry items  Sundry divestment proceeds and revenue 7.4
Total partial divestments / Other revenue


(*) Transaction not finalised as of 31 December 2020




EBITDA: Earnings before interest, taxes, depreciation and amortisation


NAV: Net asset value net of tax, share attributable to the limited partners holding ordinary shares


Organic growth: growth at constant scope and exchange rates


Uplift: difference between the sale price of an asset and its most recent valuation on our books prior to the divestment


Net cash: cash on hand less short-term financial debt

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  Original Source: ALTAMIR