Actusnews Wire - Diffuseur professionnel d'information corporate et réglementée, autorisé par l'AMF et le CSSF.

  Communiqué de la société ALTAMIR du 11/03/2020

  11/03/2020 - 17:50

Record-high growth in Altamir's NAV: 30.8% in 2019. Record year for investment activity

Paris, 11 March 2020 – Net Asset Value per share stood at €27.75 as of 31 December 2019, following distribution of a dividend of €0.66 per share in July 2019.



Net Asset Value (shareholders' equity, IFRS basis) stood at €1,013.2m (vs €792.9m as of 31 December 2018). In 2019, NAV per share rose 30.8%, including the dividend paid in July, after rising 3.8% in 2018 and 16.0% during the first half. Excluding the dividend, NAV per share rose 27.8% compared with 31 December 2018.

The change in NAV during the year resulted from the following factors:

In €m
Portfolio Cash (Debt) Carried interest provision Other assets and liabilities NAV
2019 NAV 31/12/2018 998.9 (135.7) (69.9) (0.4) 792.9
+ Investments 115.3 (115.3)     -
  • - Divestments
(297.5) 297.4     (0.1)
+ Interest and other financial income (including dividends)
  0.1     0.1
+/- Positive or negative change in fair value
235.9 82.3 (57.7)   260.6
+/- Currency gains (losses)
7.0       7.0
+/- Purchases and external expenses
  (21.4)   (1.8) (23.2)
  • - Dividends paid
  (24.1)     (24.1)
  NAV 31/12/2019 1,059.6 83.3 (127.6) (2.1) 1,013.2


Including a positive currency effect of €7.0m, value creation during the year totalled €325.2m, deriving from all of the most significant investments, except for Snacks Développement, and broke down as follows:

  • A €100.3m increase related to divestments, principally reflecting an increase in the valuation of five investments so as to bring them into alignment with their sale prices. These included specifically Altran and Melita whose valuations were revised upwards by €56.7m and €27.6m, respectively;
  • A €224.9m increase in the valuation of portfolio companies, mainly Marlink (up €51.3m), SK Firesafety Group (up €24.4m), Bip (up €23.4m), ThoughtWorks (up €19.9m), Entoria (up €15.7m) and THOM Group (up €12.1m), which reflects both their strong operating performance and increases in multiples.



As announced in the press release of 22 January 2020, 2019 was a record year for Altamir's activity, both in terms of investments and divestments, with the company exceeding by far its targets (see the appendix for a summary of transactions realised during the year).

a) €198.5m were invested and committed during the year (vs €154.3m in 2018), including €102.5m in 12 new companies.

This amount includes €83.9m to acquire secondary positions, including €70.5m to acquire 80.4% of the investor shares and 54.7% of the shares representing carried interest in the Apax France VII fund, renamed AHO20, which holds two investments: Alain Afflelou and THOM Group. This investment, which was not taken into account in the amounts reported on 22 January, comes in addition to the repurchase of the €13m commitment to the Apax France IX fund.

The total amount invested and committed to the 12 new companies is slightly lower than the amount communicated on 22 January (€102.5m vs €110.7m), principally because the amount of the commitments for the two companies acquired via the Apax France IX fund (Destiny and GRAITEC) was revised down when the two transactions closed after 22 January. The definitive amount of €33.3m committed to GRAITEC includes a €5m co-investment.

b) €377.9m in total and partial divestment proceeds were received during the year (vs €155.7m in 2018), including €341.7m related to six full divestments.

This amount exceeds the amount announced on 22 January by €4.3m, because it includes the additional amount Altamir is set to receive on the sale of Altran, following the sweetening of Cap Gemini's takeover bid (from €14 to €14.5 per share), which closed on 22 January.



Altamir's net cash position as of 31 December 2019 on a statutory basis was €79.1m (vs €-13.6m as of 31 December 2018).

As of 31 December 2019, Altamir had maximum outstanding commitments of €640.1m (including €83.4m committed but not yet called), which will be invested over the next four years, principally as follows:

  • €350.0m in the Apax France X-B fund;
  • €180.0m in the Apax X LP fund;
  • €68.7m in the Apax France IX fund;
  • €11.2m in the Apax IX LP fund (plus €3.7m in recallable distributions);
  • €12.8m in the Apax Development fund;
  • €6.9m in the Apax France VIII fund;
  • €3.2m in the Apax Digital fund;
  • €3.0m in distributions recallable by the Apax VIII LP 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.



Apax Partners LLP has signed an agreement to sell the Italian company Engineering Group.

Apax Partners LLP has acquired, via the Apax X LP fund, Cadence Education, a leader in the education of young children in North America.

Lastly, following the new investment announced at the start of the year, the Apax Digital fund is now 48% invested in eight companies (3 buy-out and 5 growth). Its portfolio is geographically diversified, with five investments in the United States, two in Europe and one in Asia.



In line with Altamir's policy of distributing 2-3% of NAV as of 31 December to limited partners holding ordinary shares, the Supervisory Board of the company will propose a dividend of €0.83 per share at the 28 April 2020 General Meeting, i.e. 3% of NAV as of 31 December 2019. This represents an increase of 25.8% compared to the dividend paid in 2018.

The dividend will be paid on 28 May 2020 (ex-dividend date: 26 May 2020).



Before taking into account the economic impact of the coronavirus epidemic, Altamir was targeting investments and commitments of €120m, proceeds from divestments of €180m, and average growth in EBITDA of 10%, organically and through acquisitions.

In light of the potential impact of the epidemic on the economy, and assuming the economic situation normalises in the second half of the year, these targets have been revised down to €90m, €130m and 7%, respectively.

In the longer term, management projects reaching the milestone of €1.5bn in assets under management within the next five years – in the absence of a major stock market downturn.



Annual Shareholders' Meeting 28 April 2020
NAV as of 31/03/2020 12 May 2020, post-trading
H1 2020 earnings and NAV as of 30/06/2020 8 September 2020, post-trading
NAV as of 30/09/2020 5 November 2020, post-trading

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



As of 31 December 2019, Altamir's portfolio was valued (IFRS basis) at €1,059.6m, vs €998.9m as of 31 December 2018, including the AHO20 fund, valued at €79.2m. It was composed of 51 companies (vs 48 as of 31 December 2018), including 44 unlisted companies (more than 90% of portfolio value[1]) and seven listed companies (Amplitude, TietoEVRY, Guotai, Huarong, Manappuram, Shriram, Zensar).

As the investments in Destiny, GRAITEC, Verint Systems and Coalfire had not been finalised as of 31 December 2019, they have not been included in the portfolio.

During 2019, the companies in Altamir's portfolio posted an increase of 17.2% in their average EBITDA, weighted by the residual amount invested in each company. Organic growth and acquisitions made during the previous 12 months drove this increase.

The 17 largest investments, representing nearly 81% of the portfolio's total value as of 31 December 2019, are as follows, in decreasing order:

A world leader in satellite communication services
Marlink's double-digit growth in EBITDA (up 35% in 2019) reflected both higher ARPU (Average Revenue Per User) from increasing penetration of the Maritime VSAT segment and strong performance in core, land-based verticals. The successful integration of OmniAccess has enabled Marlink to position itself as the leader in the fast-growing yachting segment.
ENTORIA Wholesale broker specialised in supplemental insurance protection for self-employed persons and the managers and employees of SMEs
The company resulting from the merger of Ciprés Assurance and Axelliance, now operating under the Entoria brand name, is France's second-largest wholesale insurance broker, with a portfolio of more than €500m and a network of 9,400 independent partner-brokers. The company's 2019 performance was in line with initial objectives, with a 33% rise in revenue (down 6% organically) and a 49% increase in EBITDA (up 26% organically). Back-office software is being revamped; the project was initiated in 2019 and will be finalised during the course of 2020.
BIP European leader in management, IT and digital transformation consulting
Bip reported excellent operating performance over all of 2019. Revenue and EBITDA posted double-digit growth of 17% and 18%, respectively, in line with the 2018 trend and well ahead of initial projections. This performance resulted from an intensive recruitment program in Italy and from the ramp-up of activities related to digital transformation. In 2019, Bip expanded its international presence with the acquisition of a Brazilian company. 
SNACKS DEVELOPPEMENT A European leader in private-label savoury snacks
Over the 2019/20 financial year (FYE 31 January) organic growth in sales should come in at 6%, driven by momentum in the United Kingdom, offsetting less-favourable dynamics in France. The margin is expected to contract slightly, against a backgound of rising raw materials prices.
THOM GROUP Leading jewellery retailer in Europe (more than 1,000 stores)
In the 2018/19 financial year (FYE 30 September), THOM Group posted a 5% increase in sales and a 7% rise in EBITDA, underpinned by strong growth in same-store sales in all of its markets and by a 32% increase in online sales. Two important events occurred during the year: the company's name was changed to reflect its international ambition, and the Smizze concept was launched with the objective of establishing multi-channel positions in the costume jewellery market. 
SK FIRESAFETY GROUP Leading fire safety specialist in Northern Europe
By rationalising the oil & gas division and increasing the share of recurrent business in total revenue, the company has returned to growth. In 2019, the performance of SK FireSafety Group exceeded initial projections, with revenue rising organically by 13% and EBITDA by 18%. Divestment of the Aerosafety division was finalised in January, and five acquisitions were carried out during the year in Scandinavia and Belgium.
EXPEREO Global internet connectivity and managed services provider
Expereo's revenue and EBITDA rose sharply in 2019 (20% and 23%, resp.), reflecting significant growth in direct, large-account sales, favourable trends in the United States and buoyant conditions in high-value-added segments such as SD-WAN.
THOUGHTWORKS Leading digital transformation and software development company
In 2019, ThoughtWorks posted revenue growth of 17%, outpacing the market and reflecting its technological leadership, the impact of its investment in innovation and the value of its expertise. EBITDA also rose by 17%, as operating margins widened and the US and Australian markets gained traction.
AEB GROUP Worldwide leader in ingredients and services for the food and beverage industry
Sales firmed by 3% in 2019, driven by (i) sound growth in the company's principal markets (Italy, France and Spain), despite a 20% decline in harvest volumes, and (ii) the consolidation of Danmil, a Danish company specialised in filtration products acquired in February 2019. Conversely, the Equipment division was impacted by the cancellation of three significant orders. 
INFOVISTA Leading global provider of network performance software solutions
Revenue for the 2018/19 financial year (FYE 30 June) advanced by 7%, while EBITDA contracted by 12% compared with the previous financial year. Over the first six months of the 2019/20 financial year, the Global Network business unit turned in a performance in line with budget, supported by the development of activities related to the deployment of 5G networks. Investment in the new SD-WAN solution launched in April are set to drive the Global Enterprise business unit.
SANDAYA Integrated, premium campsite operator in France and Spain, with 25 four- and five-star campsites
During the 2018/19 financial year (FYE 31 October), the company generated revenue up 59% compared to the previous year, owing to an organic increase in business (18 campsites) and the acquisition of seven campsites at the start of the season.
ALAIN AFFLELOU One of Europe's leading franchisors of optical products and hearing aids (more than 1,400 stores)
During the 2018/19 financial year (FYE 31 July), Alain Afflelou's revenue was down by 2%, while EBITDA was up by 6%. During the first three months of the 2019/20 financial year, and against a challenging competitive environment, sales rose by 2%, driven by the success of commercial offerings launched by the group.
VOCALCOM Supplier of multi-channel software and solutions for customer contact centres
Vocalcom enjoyed a revenue increase of around 10% in 2019, driven by double-digit growth in SaaS-mode activities. In December 2019, the company sold its Opportunity division so as to focus on its core SaaS solutions available on the cloud and to accelerate its growth.
PAYCOR One of the main US providers of HR and payroll services
Based in Cincinnati (Ohio), Paycor offers an integrated range of cloud-based HR solutions to SMEs. The company was acquired by Apax Partners LLP in 2018. With around 26,000 customers in United States, Paycor is one of the leaders in its sector. In 2019, Paycor saw its sales rise by 20% in a fast-growing market.
UNILABS One of the European leaders in diagnostic services
With sales in excess of €1bn, a presence in 15 countries, and more than 1,200 employees, Unilabs is a European leader in diagnostic services, offering services in laboratory medicine, imaging and pathology. Over the first nine months of 2019, Unilabs's revenue increased by 20%, reflecting strong performance in radiology (in particular in Sweden and in telemedicine), medical laboratories (principally in France, Sweden and Portugal) and the contribution of acquired companies. EBITDA was up 7% over the period.
ECi Supplier of business management software solutions and related services
Present in United States, Europe, Australia and New Zealand, ECi supplies its customers – principally SMEs – with industry-specific software solutions and related services based on cloud technologies. In 2019, ECi's sales and EBITDA surged by 29% and 41%, respectively, reflecting both good operating performance and the impact of acquisitions.
TRADE ME Leading online marketplace operator in New Zealand
The fifth-most-visited website in New Zealand, Trade Me is an operator of classified advertising platforms in the automotive, property and employment sectors and the leading generalist marketplace for new and used goods in its home market. Trade Me's revenue grew by 5% and EBITDA-Capex by 4% in 2019, owing to traffic generated on its various websites, better market segmentation and new product ranges. 


About Altamir

Altamir is a listed private equity company (Euronext Paris-B, ticker: LTA) founded in 1995 and with a NAV of more than €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 larger 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


[1] & 2 Excluding the secondary positions acquired in Apax France VII (AHO20) but including the proportionate, acquired share of each company in the Apax France IX-A fund.






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 2019 financial statements (audit being finalised – report being issued) are as follows:



(in €m) 2018 2019
Changes in fair value of the portfolio 79.3 234.2
Valuation differences on divestments during the year (10.5) 82.1
Other portfolio income 0.7 0.1
Income from portfolio investments 69.5 316.4
Purchases and other external expenses  (23.7) (24.0)
Gross operating income 45.6 292.1
Net operating income 31.6 234.4
Net income attributable to ordinary shares 30.3 245.1



(in €m)   2018 2019
Total non-current assets   999.2 1,060.1
Total current assets   25.4 113.4
Total assets   1,024.6 1,173.4
Total shareholders' equity   792.9 1,013.2
Provision for carried interest of general partner
and Class B shareholders
  10.2 28.7
Carried interest provision
Apax France VIII-B, IX-B, Apax VIII LP and IX LP
  59.8 98.9
Other current liabilities   161.7 32.5
Total liabilities and shareholders' equity   1,024.6 1,173.4



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

only unrealised capital losses are recognised.

(in €m) 2018 2019
Income from revenue transactions (10.6) (9.3)
Income from capital transactions 21.8 165.0
Exceptional items (0.1) 0.1
Net income 11.1 155.8



(in €m)   2018 2019
Non-current assets   662.6 616.6
Current assets   34.2 146.9
Total assets   696.8 763 ,6
Shareholders' equity   576.2 708.0
of which retained earnings   0.1 0.0
of which net income for the year   11.1 155.8
Provisions   15.4 43.3
Liabilities   105.2 12.2
Total liabilities and shareholders' equity   696.8 763.6




Name Amounts invested or committed
(in € m)

Via the Apax France IX fund:  
(incl. a €5m co-investment)
Destiny 26.8
Via the Apax IX LP fund:  
Assured Partners 8.9
Inmarsat 7.6
ADCO Group 3.2
Baltic Classifieds Group 3.1
Fractal Analytics 3.0
Lexitas 2.6
Huayue Education 1.4
Gama Life 1.4
Via the Apax X LP fund:  
Coalfire 4.4
Verint Systems 6.8
Total 12 companies
Investments and commitments to Apax Development (2 transactions) 2.4
Investments and commitments to Apax Digital (3 transactions) 1.1
Purchase of secondary positions in the Apax France VII fund (renamed AHO20) 70.5
Purchase of secondary positions in the Apax France IX fund 13.0
Investments in funds and purchases of secondary positions
Follow-on investments




Name Type of exit Amount received
(in € m)

INSEEC U. Total sale 134.4
Melita Total sale 98.7
Altran Total sale 83.2
Assured Partners Total sale 13.5
Exact Software Total sale 11.9
One Call Care Management Total sale -
Total of 6 full divestments
Marlink Refinancing 23.9
Vocalcom Sale of a division 3.9
ThoughtWorks Dividends 3.8
Alain Afflelou Dividends 2.5
Sundry items  Sundry divestment proceeds and revenue 2.1
Total partial divestments / Other revenue





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

This publication embed "Actusnews SECURITY MASTER".
- SECURITY MASTER Key: mJxsksZnk23GlW1tl5praGVmZ22Tl5SUmZfLlGhrZJebcG9hlGtnl5yXZm9jmW1o
- Check this key:

  Original Source : ALTAMIR