GED - brochure 2011

2011

South West & South East Europe

Private EquityInvestors

Contents

·2·

About GED The Company 4Investment team 5Milestones 6GED & Private Equity 7

GED Private Equity Investment team 9Organisational Chart 10Executive Committee 11Private Equity Investment Team 12Iberian Peninsula- Funds 14- Portfolio 16Eastern Europe- Fund 17- Portfolio 18

GED Private Equity Real Estate Real Estate Team 20GED REEI 21Investment Strategy and portfolio 22

Annexes Current Portfolio 24Exit 25Update 26

About GED

The CompanyStructure

MilestonesGED & Private Equity

The companyAbout GED

·4·

Founded in 1996 GED is specialized in small-buyouts and growth capital.

Investment areas: Iberian Peninsula and South-Eastern Europe.

4 funds under management - more than €330M.

Value added through operational management and buy-and-build.

26 portfolio companies.

“Hands-on” approach in follow-up.

Team made up of 23 professionals:Consolidated and multicultural team with broad experience in private equity.Continuity and long-term commitment.Extensive network of industrial experts.

GED Fund I

Funds I -V Name

GED Fund II

GED Fund III

GED Fund IV

GED REEI

GED Fund V (pre-marketing phase)

GED EasternFund I (fully divested)

GED Iberian Fund

GED Eastern Fund II

GED Sur Fund

GED Real Estate Eastern Investments

StructureAbout GED

·5·

GED Iberian Private Equity

GED SurCapital

GED Capital Development

GED RealEstate

Partial realisation on investment.2x, 19.3% IRR.

Fully realised. 2.5x, net IRR 21% (USD)

GED Fund V€150M

GED Fund I€44M

Management companies

Investment PeriodFunds

Fully InvestedFunds

Pre-marketing

TerminatedFunds

IberianPeninsula

Eastern Europe

GED Fund IV€49M 65% invested, Dec. 10

GED Fund III€150M 68% invested, Dec. 10

GED REEI€46M44% invested, Dec. 10

GED Partners

GED Fund II€86M

MilestonesAbout GED

·6·

2000-2005 2005-2010 20101996-2000

Launch of GED Fund I, €44Mcommitments targetingRomania.

MBO of GED CapitalDevelopment by itsprofessionals.

Only Spanish GP operatingabroad.

Founding Partners active inthe Spanish private equitysince later 70s.

Launch of GED Fund II,€86M commitmentstargeting Iberia. Vintage Dec. 2001.

Management company GEDIberian Private Equity.

Combined funds undermanagement €130M.

Full realisation of GED Fund I,achieving 2.5x, net IRR 21%(USD).

Launch of GED Fund III,commitments €150M targetingSouth Eastern Europe. Vintage Dec. 2006.

Launch of GED Fund IV,commitments €49M targetingSouthern-Iberia. Vintage Feb.2008.

Launch of Real Estate Fund, commitments €46M targetingRomania and Bulgaria. Vintage May 2008.

Opening of offices in Sofia(Bulgaria) and Seville (Spain).

Brand consolidation.

Fundraising GED Fund Vtargeting Iberia.

23 Investment professionals.

Combined funds undermanagement €331M.

52 LPs investing in GEDfunds.

Proven track record.

Portfolio of 26 companies.

42 deals closed sinceinception.

GED Capital Development GED Iberian Private Equity

GED & Private EquityAbout GED

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Seed capitalStart –upCapital

Early stage Later stage

Expansion/Development/Growth capital Buyout capital

Replacementcapital / secondarypurchase

0 to 2

Develop and finaliseinitial business concept

Finalise research,develop businessplan and initialconcept

2 to 3

Launch businessactivity and startselling the productcommercially

Finalise product,start initialmarketingand sales

3 to 5

Expansion andgrowth of company

Finance increasedproduction, marketor productdevelopment, or working capital(often minoritystake)

5+

Bring companyto the next level

Acquisition of a business unit with newmanagement(internal/external)-mainly majorityownership

5+

Bring companyto the next level

Purchase of existingshares from a private equity or other financialshareholder

Main stages

Capital is used to

Next step of company

Company age

GED Stages of financing:

Source: EVCAGED is specialised in:build-up, growth capital, small buyouts.

GED Private Equity

Investment teamOrganisational ChartExecutive Committee

Private Equity Investment TeamIberian Peninsula

- Funds- Portfolio

Eastern Europe- Fund

- Portfolio

Investment teamAbout GED

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Consistent team combining 173 years working together and 248 years in Private Equity.Average of 7.2 years working together.

Investment Committee, comprising all the founders, unchanged since 1996.42 deals made since the early stages of GED.

Industrial experience:GED has a network of more than 35 experts from sectors including automobile,chemistry, media, real estate, IT, retail, health, service, to reinforce management ofinvestee companies, improve corporate governance and generate proprietary deal flow.

Organisational ChartAbout GED

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Enrique Centelles Echeverría

Managing PartnersFélix GuerreroJoaquím Hierro LopesPartnersEnrique Centelles SatrústeguiPablo TabernaInvestment ManagerRafael LópezJorge Juliani

Investment Analysts

GED Iberian Private Equity

Managing PartnerJoaquím Hierro LopesPartnerMaría Jesús San Pablo

Investment DirectorIoana LazarInvestment ManagerManuel Torres

Investment Analysts

GED Sur Capital

GED Capital Development

Managing PartnerEnrique Centelles SatrústeguiDeputy Managing DirectorRafael TrebolleInvestment ManagerFlorin DragomirInvestment Analysts

GED Real Estate

Enrique Centelles EcheverríaRobert LukeJuan Ramón PuertasFélix GuerreroJoaquím Hierro LopesEnrique Centelles Satrústegui

Executive CommitteeChairman

PartnerJuan Puertas

Support Staff

Financial, Controland Investor Relations

DirectorEnrique Centelles Satrústegui

Caroline Gaya

Fundraising

Managing DirectorRobert LukeInvestment DirectorNuria OsésInvestment ManagerAngela EneCatalina DanGalya FilevskaIrina Simeonova

Investment Analysts

Executive CommitteeAbout GED

·11·

Principal Tasks:Define the group strategyDefine the internal policy and proceduresDiscuss the deals in pre-investment committeeDefine the Corporate Governance policy of the fonds portfolio companies.

Years in GED: 15Experience in PE: 28 years


Enrique Centelles EcheverríaPresident

Robert LukeManaging Partner


Juan Ramón PuertasManaging Partner


Félix Guerrero IgeaManaging Partner


Joaquim Hierro LopesManaging Partner

Investment Committee members of all GED funds.Average years in GED :::: 12.8Combined private equity experience: :::: 118 years


Enrique Centelles SatrústeguiPartner

Private Equity Investment TeamGED Private Equity

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Félix Guerrero IgeaManaging Partner


Joaquim Hierro LopesManaging Partner


Maria Jesús San PabloPartner


PabloTabernaPartner

GED Iberian Peninsula

- Analysts: 1




Juan Puertas VázquezFinancial Director/ Partner



Rafael López ArmentaInvestment Manager

Manuel Torres ValenciaInvestment Manager



Ioana LazarInvestmentDirector

Enrique Centelles SatrústeguiPartner


Jorge JulianiInvestment Manager

Private Equity Investment TeamGED Private Equity

·13·

- Analysts: 2

GED Eastern Europe


Juan Puertas VázquezFinancial Director / Partner




Robert LukeManaging Partner


Angela EneInvestment Manager


CatalinaDanInvestment Manager


Galya FilevskaInvestment Manager


IrinaSimeonovaInvestment Manager


Nuria OsésOffice Director

Iberian Peninsula – GED Fund IIGED Private Equity

·14·

Fondo: GED Iberian Fund, FCR

Spain

Canary Islands

Portugal

Management company:GED Iberian Private Equity SGECR, S.A.

Characteristics:Commitments of €86M.Fund type: generalist.Life span: 2000-2010 (+ 1 year).Investment area: Iberian Peninsula.

Investment Strategy:Investment of €7M-€15M per deal.Target: later stage companies with high growth rate. Operation types: buyout and expansion.

Iberian Peninsula – GED Fund IVGED Private Equity

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Fondo: GED Sur, FCR

SpainPortugal

Management company:GED Sur Capital SGECR, S.A.

Characteristics:Commitments of €49M.Fund type: generalist.Life span: 2007 - 2017Investment areas: South of Spain and Portugal.

Investment strategy:Investment of €3M -€8M per deal.Target: companies in regional expansion, leaders in their sectors, and build-up possibilities. Operation types: buyout and expansion.

Iberian Peninsula – PortfolioGED Private Equity

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2001-2006

2008

2006-2007

2004-2007

2003

2001

2003-2006

2007

2006

2009

2007-2008

2002

GED Fund IV

GED Fund II

2010

2010Bio diesel renewable energy Expansion

Glass producer for theautomotive industries.

Parabolic mirrors for thermo-solar energy.

High value added packaging for pharmaceuticals.

Ceramic tiles company

Disposable plastic medical equipment

Aluminum-based additives

Engineering

Esthetic medical treatments franchise

Coffee and water distribution in offices

Expansion (Build-up)

RioglassSpin-off

Buyout (Build-up)

Buyout (Build-up)

Expansion

Expansion

Buyout (Build-up)

Buyout

Buyout

Engineering

Engineering

Industrial laundry services

Buyout (Build-up)

Buyout (Build-up)


Clinics network for esthetic medical treatments.


YearActivityCompany Operation type Fund

Eastern Europe – GED Fund IIIGED Private Equity

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Fund: GED Eastern Fund II, FCR

Hungary

Croatia

BH* SerbiaMontenegro

Romania

Bulgaria

Greece

Ukraine

Slovakia

Austria Moldova

Turquey

Management company:GED Capital Development SGECR, SA

Characteristics:Commitments of €150M.Fund type: generalist.Life span: 2005-2015.Investment area: Romania, Bulgaria and neighbouring countries.

Investment strategy:Investment of €7M-€23M per deal.Target: regional consolidation of the companies inthe investment area.Operation type: buyout and expansion (Build-up).

*BH: Bosnia Herzegovina

Eastern Europe – PortfolioGED Private Equity

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2005

2006-2008

2007

2007

2009

Second largest security services provider inRomania.

Build-up of 6 retail companies providingGSM and mobile applications, having morethan 170 shops.

Travel agency group. Corporate, online,leisure travel services.

Second largest company for milk and dairyproducts, in Bulgaria.

Medical equipments distributionfor the private healthcare sector.

Buyout

Buyout (Build-up)

Buyout (Build-up)

Buyout

Buyout (Build-up)

YearActivityCompany Operationtype

2005Real estate developer targeting retail,residential and office projects. Expansion

2009Energy saving companyspecialised in cogeneration Expansion

2010Printing industry Buyout

GED Private Equity Real Estate

Real Estate TeamGED REEI

Investment Strategy and portfolio

GED Private Equity Real Estate

·20·

Real Estate Team



Enrique Centelles SatrústeguiManaging Partner

Rafael Trebolle Deputy Managing Director


Florin DragomirInvestmentManager

GED Real Estate




Juan Puertas VázquezFinancial Director / Partner

- Analysts: 2

Hungary

Croatia

BH* SerbiaMontenegro

Romania

Bulgaria

Greece

Ukraine

Slovakia

Austria Moldova

Turquey

GED Real Estate Eastern InvestmentGED Private Equity Real Estate

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Fund: GED Real Estate Eastern Investments, SA

Management company:GED Real Estate S.A.

Characteristics:Commitments: €46M.Fund type: diversified (opportunistic & value added).Life span: 2007-2017.Investment area: Romania, Bulgaria and neighbouring countries.

Investment strategy:Equity size per deal: up to €15M.Target: all types of real estate in all stages.Operation types: Land, development and assets.

*BH: Bosnia Herzegovina

Investment StrategyGED Private Equity Real Estate

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Investment size: up to €15M.

Leverage: normally at 50%.

Holding period per project: between 2 and 5 years.

Type of deals: value added creation in land, development and assets in all stages:Land development for developers.Co-investments with developers during the promotion phase.Company asset restructuring.

Distressed assets/ underperforming real estate assets.Financial restructuring.

Diversification: logistic, industrial, offices, commercial, hospitality and residential.

Portfolio:

Sector Country City Category YearName

of the deal

Mixto

Residential

Romania

Romania

Bucharest

Bucharest

Land Banking

Land Banking

2007

2007NPBD Villas

NPBD Residencial

NPBD Logístico

Residential Romania Bucharest Land Banking 2007

Logistic Romania Bucharest Land Banking 2007

Fortuny Advisory,S.R.L

Residencial Romania Bucharest Land Banking 2010

New Park BerceniDevelopment

Annexes

Current PortfolioExits

Update

Current PortfolioAnnexes

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Company Activity Year Fund Country

Rioglass Glass producer for the automotive industry 2001 GED Fund II Spain

Rioglass Laminar Parabolic mirrors for thermo-solar energy 2008 GED Fund II Spain

Aleastur Aluminium-based additives 2001 GED Fund II Spain

Ingenieria y Fachadas Engineering 2003 GED Fund II Spain

Sendal Disposable plastic medical equipment 2003 GED Fund II Spain

Azulev & Sanchis Ceramic tiles company 2004 GED Fund II Spain

Rosegur Security services provider 2005 GED Fund III Romania

Romanian Real Estate Partners Real estate development 2005 GED Fund III Romania

Nekicesa High value added packaging for pharmaceuticals 2006 GED Fund II Spain

Fonomat Retail network GSM and mobile applications 2006 GED Fund III Romania

Sopratutto 1 Coffee and water distribution in offices 2006 GED Fund II Portugal

Fama Dairy products 2007 GED Fund III Bulgaria

Cellulem Block Esthetic medical treatments franchise 2007 GED Fund IV Spain

Serlima Industrial laundry services 2007 GED Fund IV Portugal

Happy Tour/Paravion/Travel house Travel agency group 2007 GED Fund III Romania

Diamedix Medical equipments distribution 2009 GED Fund III Romania

Fase Engineering 2009 GED Fund IV Portugal

Total Energy Business (TEB) Energy saving company 2009 GED Fund III Romania

EP4 Engineering 2010 GED Fund IV Spain

Infopress Printing industry 2010 GED Fund III Rumania

Bio Oils Bio diesel renewable energy 2010 GED Fund IV Spain

ExitsAnnexes

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Company Activity Fund Country

Sicomed Pharmaceuticals. Romania

Isaf Signaling and electrical power systems for railways. Romania

Iride Industrial park providing offices and warehouses. Romania

Continental Three stars hotel chain. Romania

Prestar Mobile operator. Romania

Regisco Private shareholders registry Romania

Adesgo Stocking manufacturer. Romania

Pc Net Internet Service Provider. Romania

Arctic White goods producer. Romania

Remayer Light ferrous scrap recovery. Romania

ASF Software developer. Romania

Corp. Dermoestética Clinics network for esthetic medical treatment. Spain

Sopratutto 2 Coffee distribution in Horeca chanel Portugal

Grupo A In-field marketing company Spain

Top Fit Automobile service network centers Spain

GED Fund I

GED Fund II

UpdateAnnexes

·26·

Investments 2010 Exits 2009-2010

Spain

MadridMarqués de Riscal, 12. 4 izq.28010 MadridT: +34 91 702 02 [email protected]

SevilleEdificio Arttysur, 2ª pta. módulo AAvenida de la Palmera, 27-2941013 SevillaT: +34 954 49 01 [email protected]

Portugal

PortoR. Viana de Lima4100 Oporto, PortugalT: +351 917 270 040T: +34 954 49 01 [email protected]

Romania

BucharestStrada Frumoasa, 42 A.010989 Bucarest, RumaniaT: +40 2130 50 [email protected]

Bulgaria

Sofia14, Saborna Str., 2nd floor1000 Sofia, BulgariaT. +359 29 81 74 [email protected]

www.gedcapital.com© GED 2011

GED - brochure 2011

Economy & Finance

Transcript of GED - brochure 2011