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Bpifrance InvestissementMid & Large Cap
12/07/2018
2Titre de la présentation
KEY
FIGURES
€65bn€30bn in equity instruments
under management(of which €8bn in funds of funds)
€35bn in loans outstanding
2 600staff dedicated to the
long-term support of
French companies
(of whom 425 investors)
85 000companies backed
through bank
guarantees or debt
financing, i.e.
1 French SME in 3
3 200innovative
projects
financed
1 680international
projects backed 1 000companies
supported through equity
investments
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3Titre de la présentation
50%
Bpifrance Private
Banks
Bpifrance Investissement€30bn under Management
Bpifrance Financement€35bn in loans outstanding
100%
Innovation
loansGuarantees Co-financing
10%
Export Insurance€19bn in credit insurance
50%
100% 100% 90% 10%
Mid & Large
Cap
José
Gonzalo
€18.6bn AuM
PME
Fanny
Letier
€1.5bn AuM
Venture
Capital
Paul-François
Fournier
€1.6bn AuM
Funds of
funds
Benjamin
Paternot
€7.7bn AuM
offers the complete range of public financing instruments
to foster the growth of the companies it supports
Direct Funds c.€22bn
c.700 portfolio companies
Indirect Funds c.€8bn
c.300 partner funds
300 partners100 portfolio
companies
450 portfolio
companies
142 portfolio
companies
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4Titre de la présentation
Mid & Large Cap: The French sovereign fund for mid-sized
companies and large firms
1
Strengthen French mid-sized and large companies● Support their development
in France and abroad
● Reinvest over time to provide support through the cycle
● Enable consolidationThrough build-ups and divestments
Contribute to the French footprintin the share capital and the business activity of companies that are of strategicimportance to the economy
● Become a reference shareholder
● Facilitate carve-outs from large firms
● Create additional production capacity
2
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# portfolio
companies
Mid & Large Cap: 64 investors dedicated to the support of
mid-sized companies and large firms
Division
AuM
Target
companies
Team
Ticket size
Large Cap
Mid-sized companies and
large firms
28 investors
66
Automotive
Fund
€625m
Tier 1 and 2
automotive
suppliers
5 investors
Equity &
quasi-equity
Mid Cap
SMEs
Equity MezzaninePrivate
debt
12
investors8 investors
€555M €310M €140M
International
Build-Up
Fund
€200m
Foreign companies
being acquired by
French players
2 investors
Equity &
mezzanine
Special Purpose
Vehicle (SPV)
Fund
€840m
SPVs established in
partnership with
industrial players for
specific projects
9 investors
Equity
32 8 14 6-
Dry Powder of c.€6bn(2)
Equity &
quasi-equity
€1,005mc.€4,000m (mid-sized) /
c.€11,900m (large firms)
€1m - €60m €3m - €30m €10m - €160m€5m(1) - €20m €15m - €500m
Instruments
64 investors
€18.6bn
142 portfolio
companies
C.€18bn in Assets under Management and a portfolio of 142 companies
Notes:
(1) From €7m upwards in equity
(2) €14.5bn out of the €18.6bn are currrently invested + €2bn of uncalled subscribed capital
19
6
Mid & Large Cap: Our investment principles
Long termMinority
shareholder
Supportive of the
company and its
management
Encouraging
co-investments
Strong French
footprint
Agile and
responsive
investor
Customized
investments(Equity and quasi-
equity)
Involvement in
governance
Socially
responsible
investor
Public interest in
mind
7
Long term institutionalinvestor
Team of experienced and involved professionals
The Accelerator
An intensive program of excellence combining
consulting, training and networking bringing
together 25 mid-sized companies for 24 months
InnovationAccess to more than
35,000 start-ups
International
NetworkingAccess to Bpifrance
Excellence’s 4,000 members
Mid & Large Cap: Industrial and strategic value creation
Build-upTarget screening
Support during M&A processes
Supporting international development
through 85 offices in 70 countries
Strategic ConsultingPartnership with LEK Consulting
Strategic and competitive analyses
Performance improvementDedicated team of 20 in-house professionals
and 140 external consultants qualified in lean
management, industry 4.0, digital
transformation, commercial performance, etc.
TMT excl. Orange & STMicro.
21%
Automotive excl. PSA1%
Industrials9%
Energy8%
Services5%
Agrifood3%
Other0,3%
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Unlisted80%
Listed20%
Family-
owned46%
Not
family-
owned54%
Mid & Large Cap: A diversified and mainly unlisted portfolio
Investments by company profile(2)Breakdown of the portfolio value by industry (1)
Notes :
(1) Valuation of the portfolio as of 31/12/2017 – includes the Large Cap, Mid Cap, and FAA portofolios (excludes the International Build-Up Fund and the SPV Fund)
(2) Breakdown by number of investments
Total : €14.5bn(1)
Average investment value: €114m
Number of investments: 127
Technology,
Media,
Telecom
61%
Automotive
14%
25%
15%13%
Industrials14%
Energy14%
Electronics14%
Telecom9%
Agrifood10%
Media10%
Logistics5%
Software & IT5%
Automotive5%
Other14%
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9
Breakdown of the portfolio by industry(1)
Total : €11.9bn(1)
Average investment value: €570m
Average stake: 10%
Number of investments: 21
Notes :
(1) Breakdown by number of investments (as of
31/12/2017)
(2) Other: Antalis (Paper Distribution) and Sequana
(Paper Manufacturing)
Large Cap: Portfolio of large companiesRecent investments
Recent divestments
(2)
€1.92bn investment in 2017
• 9th global car manufacturer and 8th global spare parts manufacturer under the Faurecia Brand
• Revenues of €54.0bn in 2016 ; EBIT of €3.2bn (6.0% operating margin), the Group employs c.115,000
people - 66,000 of which are based in France
• Rationale: support the Group’s ambitious growth strategy over the long-term, for example by walking it
through the integration of General Motors Europe’s newly acquired business
€110m co-investment alongside Advent in 2016
• World leader in smart card and security solutions
• Combined revenues of €2.9bn ; 10,000+ staff
• Rationale: support Oberthur Tech. in its acquisition of Morpho, a world leader in identification and
digital security technologies, alongside its majority shareholder Advent International
€363m investment in 2015
• World leader in payment services and seamless payment technologies
• Revenues of €2,2bn ; EBITDA of €494m (22% margin) ; 6,000 staff
• Rationale: Assist a French leader and provide the company with a stable long term investor
10% stake acquired in 2015 alongside Apollo
• #3 manufacturer in the world of glass packaging
• Revenues of €2.4bn ; EBITDA of €411m (17% margin) ; 10,000 staff
• Rationale: Strengthen the French footprint of Verallia following its sale by Saint-Gobain to Apollo
€504m divestment in 2016 - €428m total divestment in 2017
• European leader in concessions and public works
• Revenues of €14bn ; EBIT of €1.4bn (10% margin) ; 64,000 staff
• Investment rationale (2006): Stabilize the shareholding structure during unfavorable market conditions
• Divestment rationale (2016-2017): Company now backed by a stable shareholder base
€200m divestment in 2014
• Automotive spare parts manufacturer
• Revenues of €13bn; EBITDA of €1.5bn (12% margin); 82,000 staff
• Investment rationale (2009): Stabilize and strengthen the shareholding structure
• Divestment rationale (2014-15): Stabilized shareholding structure and strengthened market positions
€382m divestment in June 2018 at the occasion of a public takeover offer by Thalès [Ongoing]
• World leader in smart card and security solutions
• Revenues of €3bn ; EBITDA of €457M (15.4% margin) ; 15 000 staff
• Investment rationale (2009): Stabilize the shareholding structure and become the reference shareholder
• Divestment rationale (2017): Support the consolidation with another renowned French industrial player
Industrials21%
Retail13%
B2B Services10%
Electronics7%
Education7%
Energy6%
Aeronautics4%
Telecom4%
Software & IT4%
Logistics4%
B2C Services4%
Healthcare4%
Construction3%
Agrifood3%
Other6%
10Titre de la présentation
Total : €2.4bn(1)
Average investment value: €26m (€48m for Large Cap funds, €7m for Mid Cap funds)
Average stake: 20%
Number of investments: 92
Recent divestments
Notes : (1) Breakdown by number of investments,
including the Large Cap and Mid Cap portfolios only
(excluding FAA and SPI) - as of 31/12/2017
(2) BtoC services excluding education (e.g. hotels)
(3) Other: Financial, media, real estate, textiles, etc..
(Mid Cap)
(Large Cap)
(Large Cap)
(Large Cap)
(Large Cap)
(Large Cap)
Mid & Large Cap: Portfolio of mid-sized companiesBreakdown of the portfolio by industry (1) Recent investments
(2)
(3)
€100m investment in 2015 and 2017
• Renewable energy specialist (wind, solar, hydro)
• 240MW net capacity (installed and under construction); 130 staff
• Rationale: Contribute to the creation of a French leader in renewable energies and support
international growth, while favoring energy transition
€15M investment in 2016
• Leader in medical science in the West of France
• Merger of 5 private clinics
• €100m of revenue ; 1,000 staff and 57 laboratories
• Rationale : Accelerate the growth of the company (2019 Sales = 2.5x 2015 Sales)
€25M investment in 2016
• 2nd private nursery operator in France
• Revenues of €144m ; 850 locations; 3,200 staff
• Rationale: Accelerate the national and international development of the company
€24M investment in 2016
• First private player in higher education in France
• Budget of €140m ; 15,000 students and 185 professors
• Rationale: Support the acquisition of the Laureate Group (7500 students)
Divestment in 2016
• Analysis and certification services to implement standards in the environment, construction, and
food safety field, as well as for genetic analysis labs
• Divestment rationale (2016): Doubling of revenues in 6 years, creation of 1,000 jobs (90% in France)
€25M investment in 2015
• Management of 4 and 5 stars independent hotels
• Revenues of €75m with more than €900m in assets under management
• Rationale : Support Paris Inn in its international development projects, mainly in Europe
Sale to Direct Energie in November 2017
• Independent French leader in renewable energy
• 2016 revenues of €115m ; EBITDA of €65m (56% margin) ; 250 staff
• Divestment rationale (2017): Favor the consolidation with a French player active in energy
distribution, aimed at offering a 100% renewable energy plan to end-customers
Sale to British asset manager Schroders in May 2018
• French leader in hotel asset management (43 hotels in 7 countries)
• 2017 revenues of €11.6m ; EBIT of €5.9m (51% margin)
• Divestment rationale (2018): Strong performance (results reached 3 years ahead of the
original Business Plan forecasts)
(Large Cap)
(Large Cap)
TechnipFMC2016 revenues :
€11bn
Oil and gas engineering
January 2017
5.3
% s
take
R
Vallourec2016 revenues :
€3bn
Engineering and equipment
May 2016
14
.8%
sta
ke
R
11
Large Cap: Supporting more than 25 large companies since 2009
R = reinvestment
Telecom operator
FSI 2009
9.6
% s
take
Orange2016 revenues :
€41bn
Automotive supplier
FSI 2009
5.8
% s
take
Valéo2016 revenues :
€16bn
Leader in glass packaging
June 2015
10
% s
take
Verallia2016 revenues :
€2,4bn
Terminal payment solutions
May 2015
5.5
% s
take
Ingenico Group2016 revenues :
€2,3bn
Car manufacturer
June 2017
12
.6%
sta
ke
PSA2016 revenues :
€54bn
13
.1%
sta
ke
Producer of semiconductors
November 2016
STMicroelectronics2016 revenues :
$7bnR
Idemia2016 revenues :
€2,9bn
World leader in smart card and
security solutions
May 2017
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Large Cap: Supporting more than 100 mid-sized companies since 2009
Private clinics
2016
MédiPôle
2015 revenues: €866m
Private nurseries network
2016
La Maison Bleue
2016 revenues: €125m
Hotel management
2016
Algonquin
2016 revenues: €10m
Automotive parts supplier
2016
Mecaplast / Novares
2015 revenues: €282m
Industrial turning
2016
Pernat
2015 revenues: €75m
Private nurseries network
2016
Les Petits Chaperons
Rouges
2016 revenues: €155m
Power company
2016
Albioma
2016 revenues: €368m
Developer of renewable energy
2015
Eren
2016 revenues: €68m
Higher education
2016
INSEEC
2016 revenues: €200m
Hotel management
2017
Paris Inn Group
2016 revenues: €75m
Primary and secondary education
2018
Nace
2017 revenues: €140m
Software solutions publisher
2018
NeoXam
2017 revenues: €62m
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Professional kitchens equipment
July 2017
Alvène
2016 revenues: €14m
Co-i
nvest.
No
rd C
ap
ita
l P
art
ena
ire
s
Retirement home
April 2017
Domidep
2015 revenues: €179m
Co-i
nvest.
UI
Ge
stio
n, C
arv
est
Ticketing software supplier
January 2017
Platinium
2016 revenues: €66m
Co-i
nvest.
Managem
ent
and E
DR
IP
A
Medical biology laboratory
May 2016
Laborizon
2015 revenues: €106m
Co-i
nvest.
Managem
ent
and
bio
logis
tes
A
Leisure parks operator
March 2016
Looping
2015 revenues: €58m
Co-i
nvest.
Erg
on
Capital P
art
ners
Organic products retailer
July 2017
La Vie Saine
2016 revenues: €21m
Co-i
nvest.
ED
RIP
A
Polymer distribution
June 2017
Emeraude
2016 revenues: €492m
Co-i
nvest.
Socié
té G
énéra
le,
BN
P
A
Private Institute for Examination
Preparation
July 2017
Ipesup
2016 revenues: €12m
Co-i
nvest.
B. Leonard
Helicopter services
(SAMU, lifting, rescue)
October 2017
Co-i
nvest.
Oaktr
ee
Capital
SAF Group
2016 revenues: €35m
Telecom networks and
communicating solutions
February 2016
Sogetrel
2015 revenues: €258m
Co-i
nvest.
Quilvest
Electrical safety equipment
December 2015
Novarc
2015 revenues: €113m
Co-i
nvest.
Am
undiP
EF
, B
NP
dev,
CA
SR
A C
apitalA
Fishing tackle retailer
March 2016
Pacific Pêche
2015 revenues: €41m
Co-i
nvest.
Wein
berg
Capital
Part
ners
Mid Cap Equity: Supporting more than 60 companies since 2007
A = arranger
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14Titre de la présentation
A = arranger
Co-i
nvest.
Ard
ian /
Cé
réa
De
tte
Manufacture of plastic containers
February 2017
SINGLE TRANCHE
Sponsor : Sagard2016 revenues: €59m
Outsourced hosting
March 2016
MEZZANINE
Sponsor : LFPI2015 revenues: €110m
A
Co-i
nvest.
LF
PI M
ezzanin
e
Manufacture / distribution of food supplements
October 2016
MEZZANINE
Sponsors : TCR Capital,
Ouest Croissance, Bpifrance
FIRA
Management and rental of metal crates
January 2017
EURO-PP
Sponsor : Céréa CapitalC
o-i
nvest.
Cé
réa
De
tte
, A
rtem
id
Co-i
nvest.
BN
P
Distribution of coatings
March 2017
SENIOR BULLET DEBT
Sponsorless2016 revenues: €47m
Co-i
nvest.
LC
L
Jewelery-Watches
June 2017
SENIOR BULLET DEBT
Sponsor : 21CP2016 revenues: €83m
Co-i
nvest.
Unexo
Sea & river transport
June 2017
EURO PP
Sponsorless 2016 revenues: €155m
Automotive supplier
July 2017
MEZZANINE
Sponsor : Stags Part.2016 revenues: €68m
Co-i
nvest.
Schelc
her
Pri
nce G
estion
Construction
September 2017
SENIOR BULLET DEBT
Sponsorless2016 revenues: €650m
Co-i
nvest.
Idin
vest
Management consulting
November 2017
SENIOR BULLET DEBT
Sponsor : Abenex Capital2016 revenues: €80m
Nurseries network
October 2017
SENIOR BULLET DEBT
Sponsors : Towerbrook
et Bpifrance
Co-i
nvest.
BE
CM
Clamps for automotive sector
September 2017
MEZZANINE
Sponsor : Parquest2016 revenues: €77mA
Co-i
nvest.
Idin
vest
Mid Cap Mezzanine & Private Debt: Supporting more than 50 companies since 2010
12/07/2018
15Titre de la présentation
Mid & Large Cap:
Executive Committee
José Gonzalo – Executive Director• Bpifrance since 2014• Capgemini, Orange, Compagnie Financière Rothschild
Sciences Po Paris, Université Paris Dauphine
01 53 89 87 79 [email protected] 06 85 11 03 51
ENS Ulm, ENSAE
01 53 89 55 63 [email protected] 06 89 62 95 71
Sébastien Moynot – Director – Large Cap• Bpifrance since 2009
• Agence des Participations de l’Etat, Direction du Trésor
ESC Bordeaux, DESCF
01 53 89 55 32 [email protected] 06 75 24 37 40
Eric Lefebvre – Director – Large Cap• Bpifrance since 2009
• CDC, Mazars
MBA INSEAD, ENPC
01 53 89 55 94 [email protected] 06 79 82 28 14
Thierry Sommelet – Director – Large Cap – Tech Practice
• Bpifrance since 2009
• Caisse des Dépôts, InfosCE, Renaissance Software
ESSEC, University of Warwick MBA
01 53 89 79 82 [email protected] 06 73 09 92 54
Stéphanie Frachet – Director – Large Cap• Bpifrance since 2009
• Société Générale, PwC, EY
HEC Paris, University of Michigan
01 53 89 55 05 [email protected] 06 07 77 47 42
Anne-Sophie Herelle – Director – Large Cap• Bpifrance since 2009
• J.P. Morgan
ESCP Europe
01 53 89 87 26 [email protected] 43 20 54 73
Alexandre Ossola – Director – Midcap & Automotive funds• Bpifrance since 2013
• Credit Suisse, CVC Capital Partners, CDC Climat
Ecole Polytechnique, ENPC
01 41 79 84 25 [email protected] 06 37 99 85 64
Guillaume Mortelier – Director – International Build-
up Fund• Bpifrance since 2012
• Proparco, Astorg Partners, Bain & Company
Université de Belfort
01 41 79 91 95 [email protected] 77 86 74 32
Magali Joessel – Director – SPI fund• Bpifrance since 2013
• Caisse des Dépôts, Inspection Générale des Finances
12/07/2018
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Investments: Albioma, Technip, Vallourec, CGG, Groupe Avril,
Groupe GPS
ESCP Europe
01 53 89 79 31 [email protected] 06 78 26 30 36
Emilie Brunet-Manardo – Investment DirectorLarge Cap• Bpifrance since 2010• Oddo BHF
Investments: STMicroelectronics, Eutelsat, Idemia,
Gascogne, Serge Ferrari, Sequana, Antalis
X, Telecom (Ingénieur des Mines)
01 53 89 79 49 [email protected] 70 32 89 03
Samuel Dalens – Investment DirectorLarge Cap• Bpifrance since 2012• APE, Direction du budget, MAE
Investments: Limagrain, Altrad, Euronext, Farinia, AD
Education, Looping Group
ESCP Europe
01 53 89 72 49 [email protected]
06 82 32 06 07
Benoist de Saint Lager – Investment DirectorLarge Cap• Bpifrance since 2015• DC Advisory, HSBC, Credit Suisse
Investments: AD-Industrie, Grimaud, Mecachrome, MVG,
Technicolor, Mirion
SUPAERO
01 53 89 79 56 [email protected]
06 78 64 91 54
Sylvain Dekens – Investment DirectorLarge Cap• Bpifrance since 2011• Deutsche Bank
Investments: Novares, SNOP, Pernat, Forge &
Développement, Ateliers des Janves, Tecma
MSG
01 53 89 55 06 [email protected]
06 82 57 17 60
Hubert Hernandez – Investment DirectorLarge Cap• Bpifrance since 2012• PSA, Groupe Bolloré, Digital Equipment Corporation
Investments: Inseec, NACE, Ipesup, Algonquin, Finsecur,
Gemalto
Université Paris Dauphine, MBA INSEAD
01 53 89 72 46 [email protected]
07 86 28 95 06
Stanislas Panhard – Investment DirectorLarge Cap• Bpifrance since 2015• Fnac, Carrefour, Wendel, Goldman Sachs
Mid & Large Cap: Investment Directors - Large Cap
Investments: NEOEN, Orange, La Maison Bleue, Dupont
Restauration, Sermeta
Université Lille 2 - Maitrise de Droit privé , EDHEC (Grande
Ecole), CAPA
01 53 89 79 05 [email protected]
06 77 94 34 02
Céline André – Investment DirectorLarge Cap• Bpifrance since 2012• Gide, Veil Jourde
12/07/2018
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Investments: Armatis, Carré Blanc, Emeraude, Laborizon, La Vie
Saine, Platinium, Rougnon
EM Lyon, Schulich School of Business (Toronto)
01 53 89 79 86 [email protected]
06 30 74 40 03
Romain Gauvrit – Investment Director – Equity• Bpifrance since 2010• Qualium
Investments: Novarc, Sogetrel, SAF, Melkonian
EM Lyon
01 53 89 79 99 [email protected]
06 71 77 91 09
Alexis Guinard – Investment Director – Equity• Bpifrance since 2010• EY Transaction Services, Reckitt Benckiser
Investments: Synchrone, Armatis, Nexway, Mecamidi
Ecole Polytechnique, Ingénieur des Mines
01 53 89 55 04 [email protected]
06 03 37 36 37
Luc Heinrich – Deputy Investment Director Mid Cap – Equity• Bpifrance since 2008• Alcatel Lucent, McKinsey, SGCI, France Télécom
Investments: Synchrone, Domidep
EM Lyon
01 53 89 55 33 [email protected]
06 88 38 96 24
Ronan Lefort – Investment Director – Equity• Bpifrance since 2009• Naxicap Partners, Natixis
Harvard (Fiped), Institut Régional d’Administration de Metz
01 53 89 55 34 [email protected]
06 89 87 52 73&
Arnaud Legardeur – Investment Director – Equity• Bpifrance since 1999• CDC Marchés, CDC Entreprises
Investments: Pénélope, Square, CTN, Cléor, Cyclopharma
Université Paris Sorbonne
01 53 89 87 75 [email protected]
06 65 87 31 70
Valérie de La Ménardière – Senior Investment Director – Debt• Bpifrance since 2015• Crédit Lyonnais, GE Capital, RBS
Investments: Caillau, Dourdin, Dubbing Brothers, GCC, GPS, Lasry,
Réunionnaise du Rhum, Scopelec, Sogestran, Vaglio
EM Lyon
01 53 89 55 70 [email protected]
06 82 42 38 74
Nicolas Offroy – Senior Investment Director – Debt• Bpifrance since 2010• Banque Espirito Santo de la Vénétie
Investments: Defi Group, Ho Hio Hen, Laboratoire Lescuyer, VGF,
Ipackchem, La Maison Bleue
IEP Strasbourg, ESSEC
01 53 89 77 47 [email protected]
07 89 07 91 95
Stéphane Romang – Investment Director – Debt• Bpifrance since 2015• Banque Espirito Santo de la Vénétie, CACIB
Mid & Large Cap: Investment Directors - Mid Cap
Investments: Amplitude Laser Group, Carré Blanc, Melkonian, Anaveo,
Domidep, Abeo, Ludendo
HEC
01 53 89 79 90 [email protected]
06 14 92 03 84
Emmanuelle Gervais – Directrice d’investissement Senior – Equity• Bpifrance since 2010• Eurazeo, Edmond de Rothschild Capital Partners, Morgan Stanley
Investments: Alvene, Malherbe, Father and Sons, Pacific Peche
EM Lyon, INSA Lyon
01 53 89 79 71 [email protected]
06 80 61 41 49
Francis Estellat – Senior Investment Director – Equity• Bpifrance since 2010• Initiative et Finance, CM CIC Investissement, Air Liquide
12/07/2018
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ENPC, MBA ENPC
01 53 89 87 46 [email protected] 84 90 98 38
Fabien Brenneval – Investment Director –SPV• Bpifrance since 2017• Trafigura, J.P. Morgan, Banque Mondiale
Investments: YposKesi, Carbiolice, Evertree
CentraleSupelec, Imperial College
01 53 89 77 21 [email protected] 45 28 27 21
Maxime Cordonnier – Investment Director –SPV• Bpifrance since 2014• CDC, Lundbeck, Capgemini Consulting
Investments: Suncnim
Université Paris Dauphine
01 53 89 77 34 [email protected] 06 47 48 70 67
Isabelle de Marcillac – Investment Director –SPV• Bpifrance since 2014• CDC, Natixis
Investments: Naval Energies
IEP Paris
01 53 89 87 08 [email protected] 31 26 32 20
Jean-Philippe Richard – Senior Investment Director –SPV• Bpifrance since 2015• ADP Ingénierie, CDC, Mazars
Investments: Avril protein Solution, Suncnim
IAE
01 53 89 78 97 [email protected] 80 34 64 28
Eric Lecomte – Senior Investment Director –SPV• Bpifrance since 2014• CDC, Paribas
Mid & Large Cap: Investment Directors — SPV and
International Build-up Fund
ESCP Europe
01 53 89 79 72 [email protected] 86 89 29 18
Pierre Rousseau – Investment Director–International Build-up Fund• Bpifrance since 2017• Edmond de Rothschild, Proparco, CIC LBO Partners
12/07/2018
19Titre de la présentation
Appendix• Bpifrance Mid & Large Cap’s investment process
• Focus on the Automotive, SPV, International Build-up, and Private Debt
funds
• Selected case studies
• Mid & Large Cap’s portfolio in detail
• Bpifrance’s tools to support portfolio companies
12/07/2018
20Titre de la présentation
Bpifrance
Investissement
& Financement
Identify and contact
companies
PRELIMINARY
ANALYSIS
MEETING WITH
MANAGEMENT
DUE DILIGENCE
Accounting and financial
analysis, legal, social,
environmental, negotiation
of the terms of the
transaction…
ACQUISITION
INVOLVEMENT IN
GOVERNANCE
Internal decision to
pursue
Investment
CommitteeLegal documentation
(shareholder
agreement…)
Companies
that directly contact the
investment teams or
through Bpifrance’s
regional networks
Internal Decision process
2-3 weeks
Led by the Investment Team
+
External Board members:
Pool of 250 professionals
Mid & Large Cap: Our investment process
Ecosystem
Intermediaries, partner
funds, regions, competitive
clusters
€5bn Cumulated
revenues
13External
growth
« FONDS AVENIR
AUTOMOBILE »
€625m*
Long-term investor in Tier 1 and 2 suppliersProfitable companies willing to grow their business in France and abroad (greenfield or acquisitions) or
carrying promising new technologies for the automotive sector
Minority investment in equity or quasi-equityInvolvement in governance
30INVESTMENTS
ALREADY COMPLETED
FROM 1 TO €60m
Limited Partners
35 000 employees
11 Business
areas
* Cumulated Commitments on the “Tier 1" (FAA) and “Tier 2" Funds (FMEA Tier 2)
Automotive fund (« FAA »): The growth capital fund solely
dedicated to the automotive sector
21
22
The SPV fund is aimed at supporting the industrial deployment of new technologies
The SPV fund focuses on helping companies industrialize innovative technologies. This step is crucial to transform technologies into
industrial processes that will lead to new economic activity and job creation.
Companies that are faced with this difficult challenge need specific investor support that sits in between venture capital and traditional
growth equity. Because of its inherent riskiness, its long payback periods, and the capital-intensive development model of the target
companies, this type of investment cannot easily be found on the market.
To fill this gap in the market, Bpifrance created the SPV fund in 2015, which has been supplied with €800m of capital from the
French State’s « Investissements d’Avenir » program (PIA) and from the European Investment Bank.
€300m have already been invested in industrial projects.
A few examples
• SUN CNIM: support a mid cap company in the
development of a new business : the manufacturing of
renewable energy production equipment
• YPOSKESI: build a factory for the production of gene
and cell therapy products
• EVERTREE: produce a colza-based biological additive
for the wood panel industry to replace fossil fuel-based
toxic products
• CARBIOLICE: produce and commercialize bio-based
biodegradable pellets to make plastic wrap, bags, and
agricultural covering material
The SPV fund makes minority investments alongside one or more industrial partners in a new SPV dedicated to a
specific industrial project
SPV fund: Focus on the action of the SPV fund
Companies SPV Fund
Industrial
NewCo
Cash
Cash & in-kindcontributions
(e.g. industrial capital)
Banks
Bank debt
€10m to
€160m Minority
investor
23
The International Build-up Fund offers SMEs and mid-sized companies tailor-made support to identify, analyze, structure and co-
finance their external growth operations by investing directly alongside them in targets based abroad
The fund focuses on family businesses in order to prompt them to make structuring cross-border acquisitions to conquer new markets
Complex, risky and capital-intensive, this typology of operations is today rarely addressed by French private equity players
The International Build-up Fund, created in 2018, is endowed with €200M through the Programme d’Investissements d’Avenir (PIA). It
invests up to €30M per project
• Financial structuration of the investment
• Co-financing of the acquisitions in €, $ or local
currency
• Search for local investors if necessary
• Bringing Bpifrance’s support through its networks
abroad to approach key managers and identify
business or industrial partners
The International Build-up Fund is a minority investor alongside a French company directly in the acquired
foreign target or via a dedicated SPV
International Build-up Fund: Contributing to the
transformation of French SMEs and mid-sized companies
by supporting their acquisitions abroad
Company IBF*
Target foreign
companyCashCash
Worldwide
Scope
€3m to
€30m
* IBF: International Build-up Fund
12/07/2018
24Titre de la présentation
Mezzanine Single tranche Senior bullet debt
FIC 4
FPCI
FIC Dette Privée
FCT
FIC Dette Privée
FCT
5 to €20M*
Convertible bonds Bonds - Convertible bondsBullet debt (e.g: tranche B)
Bond loan (e.g: Euro PP)
Growth Capital - LBO Corporate - LBO
Arranger and Limited Partner
Systematic search for co-investment
Generalist (excluding finance, real estate, infrastructures)
Cash interests: [4,0 % - 6,0 %]
Capitalized interests: [4,0 % - 6,0 %]
Share purchase warrants (BSA)
Total interests: [6,5 % - 8,0 %]
Cash interests
Potentially PIK interests
Potential share purchase warrants
Cash interests: [3,5 % - 5,5 %]
(according to the nature of the operation)
5 to 8 years
Redeemable at maturity
Early repayment possible after a period of no-call (2-3 years)
Funds
Investment tickets (€M)
Investment tools
Target operations
Role
Intervention
Sector
Pricing
Maturity
* Maximum : 10% of total fund size
Private Debt Funds: a comprehensive offer of debt instruments
5 to €20M* 5 to €20M*
12/07/2018
25Titre de la présentation
PSA: Relieve the French State in its long-term support of a national industrial champion
Company description
• PSA is a French automotive company (9th global car
manufacturer), active in the fields of (i) conception and
manufacturing of vehicles under the Peugeot, Citroën, and DS
Brands, with 3.1m of vehicles sold annually, and (ii) conception
and manufacturing of automotive equipment (8th global spare
parts manufacturer) under the Faurecia Brand
• PSA generated a turnover of €54.0bn in 2016, and an EBIT of
€3.2bn (6.0% operating margin). The Group employs c.115,000
people - 66,000 of which are based in France
• The main shareholders before Bpifrance’s investment were the
French State (via its holding Sogepa), Dongfeng, and the
holding of the Peugeot family, each with 12.6% of the share
capital
Deal description
• In March 2017, Bpifrance invested €1.92bn in PSA,
effectively replacing the French State as one of the 3 main
shareholders of the Group
• With PSA having achieved most of its restructuration and
benefiting from rapidly recovering market fundamentals,
Bpifrance aims to support the Group’s ambitious growth
strategy over the long-term, for example by walking it through
the integration of General Motors Europe’s newly acquired
business
• Bpifrance benefits from its FAA team’s prime hindsight
over the automotive sector, and intends to support PSA as
it prepares to address the customers’ future needs in terms of
innovation (sustainable mobility, smart cars, etc.) and the
market’s requirements in terms of scale and investments
• With this landmark transaction, Bpifrance has successfully
shown that it has both the financial firepower and the
market knowledge to support one of France’s most-
respected industrial players as it assumes its new position
as the 2nd car manufacturer in Europe
12/07/2018
26Titre de la présentation
Ingenico: Stabilize the shareholding structure
• Founded in 1980 by Jean-Jacques Poutrel and Michel
Malhouitre, Ingenico is a global leader in the payment terminal
market;
• Ingenico generates in 2015 an annual turnover of €2,2bn and
EBITDA of €508m (23%). It employs 6,000 people worldwide.
• The company, which boasts a network of over 1,000 banks and
acquirers, a presence in 170 countries, acceptance of more than
300 payment methods, with more than 250,000 merchants
connected to its platforms;
• Ingenico has made successful partnership to consolidate its
leading position on the secured payment market, notably with
Paypal, Microsoft, Samsung and Google.
• In 2015, Bpifrance acquired a 5,5% stake in Ingenico for
an amount of €364m from Safran;
• Safran had become a shareholder of Ingenico in 2008
when it received a 24% stake in consideration for the
contribution to Ingenico Group of Sagem Monetel, Morpho's
payment terminal business;
• Since then, Safran has gradually sold its stake in Ingenico as
it was not considered core business;
• Bpifrance enters Ingenico share capital as a long-term
shareholder to support the management in its development
strategy around the globe.
Company description Deal description
12/07/2018
27Titre de la présentation
Verallia: Preserve the company’s foothold in France
• Verallia is the #3 global manufacturer of glass bottles and jars
with a turnover of €2,4bn;
• Verallia operates 47 facilities in 13 countries, mainly in Western
Europe, South America and Russia;
• Top end markets are alcoholic beverages (~70% of sales), food
(20% of sales) and non alcoholic beverages (10%);
• Verallia employs 10,000 people worldwide, of which 2,400 in
France where it operates 7 industrial facilities.
• In 2015, Bpifrance took a 10% stake in Verallia following
its acquisition by Apollo Global Management from Saint-
Gobain;
• With this acquisition, Apollo and Bpifrance intends to
consolidate the position of Verallia on its markets,
strengthen the overall industrial performance and continue to
invest in the development of the company;
• Verallia was put up for sale by Saint-Gobain which was
willing to refocus on its portfolio of innovative materials and
products;
• The sale was led through an auction process, with
strong interest from numerous PE firms (Blackstone,
CVC, Bain….);
• The price offered by Apollo and Bpifrance valued
Verallia at €2,9bn EV. The deal was financed through a mix
of equity and debt.
Company description Deal description
28
Sermeta: Support management in a company buyout
• Sermeta is a leading global manufacturer of stainless steel heat
exchangers for condensing boilers in commercial and residential
premises across Europe and North America;
• The company was founded in 1993 by Jo Le Mer and Rocco
Giannoni and is based in Morlaix (29);
• Sermeta generates a turnover of c.€185m in 2015, representing
more than 1,7 million heat exchangers produced. The company
employs c. 600 people;
• More than 90% of the production is sold abroad to international
customers such as Vaillant, Ariston, Radiant.
• In 2014, Bpifrance invested €180m in Sermeta to participate
in the buy-out of the Company alongside founder Jo Le Mer and
other financial investors (notably Arkea);
• The Company was put up for sale by its majority
shareholder Carlyle, which owned a 65% share since 2010
following the exit of Rocco Giannoni from the share capital;
• Due to its attractive business model (strong positions on its
markets, R&D intensive, strong cash flow generation), Sermeta
was seen as a first class asset;
• In a competitive auction against international PE firms
such as Blackstone, Bpifrance, Arkea and the founder
manage to deliver in a short time frame a fully financed offer to
Carlyle.
Company description Deal description
12/07/2018
29Titre de la présentation
614 714861
1,600
2,400
500
800
1 100
1 400
1 700
2 000
2 300
2 600
2012 2013 2014 2015 2016
Revenue Growth (€M)
29
Altrad: Foster international growth
Product examples
The Altrad group is specialized in the manufacturing and
distribution of equipment for construction professionals (world
leader in cement mixers, scaffolds, and other tubular equipment),
as well as in associated services
Company Description (2016 Revenues: €2.4bn)
x4
In 2011, CM-CIC Capital Finance alongside Arkéa Capital
Investissement, BNP Paribas Développement, and Bpifrance
Investissement, purchased a minority share in the Group’s capital
with the aim of accelerating the deployment of Altrad’s M&A growth
initiatives.
In 2015, all existing financial sponsors and particularly Bpifrance
Investissement took part in the company’s latest equity issuance
to accelerate the growth of this ambitious and dynamic French
company, therefore allowing for the acquisition of the German
player Hertel, one of the Europeans leaders in the industry, to take
place.
In 2016, Altrad kept pushing to gain traction in the field of recurring
business services by integrating Prezioso, and therefore invited its
existing financial sponsors, including Bpifrance Investissement,
to a new capital increase in the process.
Since Bpifrance Investissement first invested in the company, the
Altrad Group grew from c.€500M to €2.4bn in revenues (x4 in 6
years), and has successfully conducted more than 20 acquisitions
both in France and abroad.
Mid & Large Cap’s support
12/07/2018
30Titre de la présentation
30
GPS: Act as a « one stop shop » for various capital needs
Product examples
The GPS group specializes in logistics services for industrial
packaging (metal crates), used in the transportation of rubber
and food raw materials.
Company Description (2016 revenues: €44.7m)
In 2017, Bpifrance financed the GPS group in Equity (via ETI
2020) and in debt redeemable at maturity (via FIC Private
Debt).
The support of Bpifrance alongside Cerea Partners aims to
support the GPS group in (i) its ambition to double the size of its
fleet of metal cases, (ii) its geographical expansion (Asia, Africa
and South America) and (iii) preparing its managerial transition.
Mid & Large Cap’s support
22 2429
4046
53
-
10
20
30
40
50
60
2012 2013 2014 2015 2016 2017
Revenue growth (€m)
Company Description (2016 revenues: €113.4m)
12/07/2018
31Titre de la présentation
7884
9699
113118
60
70
80
90
100
110
120
2011 2012 2013 2014 2015 2016
Revenue growth (€m)
Novarc: long-term support
Product examples
The Novarc Group is an industrial group organized around
2 activities: the manufacture / distribution of electrical safety
equipment (ESP) and the design / distribution of
maintenance products for the automotive industry (PSAI).
In 2012, Ardian Expansion and Bpifrance (via FIC 2)
entered Novarc’s share capital to support the exit of the
EDRIP fund.
In 2015, the leader and majority shareholder, Frédéric
Croullet and Bpifrance came together to bring together a
new round of investments. Bpifrance has positioned itself
as a leader / arranger (via FIC 5) alongside BNPP and
Amundi.
Since 2012, Bpifrance has been providing the Group with
its expertise and numerous differentiating tools (360
diagnosis, lean management, specific LEK missions, etc.)
that enable it to achieve the objectives set by the strategic
development plans.
Mid & Large Cap’s support
Company Description
12/07/2018
32Titre de la présentation
Pénélope: Mezzanine support
The Pénélope Group is one of the main French
players in the outsourcing of hospitality (physical and
telephone) jobs. The group also operates in the areas
of operational marketing, telemarketing and events.
With a turnover of more than €110m, Penelope has a
national geographic coverage thanks to 37 agencies
located in Paris and in the regions.
In 2016, LFPI took the majority stake in the Group in
partnership with the management teams and with the
support of Bpifrance which, during this operation, took
a minority stake (via the regional funds) and arranged
the mezzanine debt ( via FIC 4).
Since 2016, LFPI and Bpifrance have been providing
the Group with their expertise and networks in order to
support its development and support it in its ambitious
external growth strategy.
Mid & Large Cap’s support
Hospitality Services
12/07/2018
33Titre de la présentation
Producer of bio-based
biodegradable pellets to make
plastic wrap, bags, and
agricultural covering material
€11minvested by
the SPV fund
in 3 phases :
2016 / 2019 /
2020
Total :
€29.5m
of which
€18.0m in
cash
Owns a
production
line of bio-
based pellets
for agriculatural
plastics, and
has an
existing client
portfolio
A cutting edge
start-up
company in the
enzyme
degradation of
polymers
The activity is
considered
« non core
business »
Needs a
partner to both
de-risk the
activity and
accelerate its
industrial
deployment
Context of the investment
✓ Regulatory tailwind over the short
term: the ban of fossil fuel-based plastic
shopping bags
✓ A major environmental challenge to be
addressed: the accumulation of plastic
waste
✓ Ongoing development of a new range of
eco-friendly products
✓ Broader use cases are contemplated
over the long run (rigid plastics,
disposable tableware)
1st French player in bio-
based and
biodegradable plastics
The partnership is building out a strong regional
footprint, and was awarded the Cleantech prize
« Best Partnership between innovative SMEs and
large companies » by EY and AFIC
Expected
revenue in 5
years : €19m
50 jobs
eventually
Assumes the
role of a
trusted third
party for both
partners, and
takes part in
the project
risk-sharing
Mission to
support the
industrialization
of new
technologies
Carbiolice: Support the development of bio-based plastics (SPV Fund)
BUT…
BUT…
34
Company name Sector Business Description % heldMarket
Capitalization(1) (€m)Invest. date
Orange Telecom Telecom Operator 9.6% 38,504 Contributed (4)
Vivendi Media Content and media 1.2% 29,021 Contributed (4)
PSA Automotive Manufacturer of automobiles 12.6% 15,341 jun-17
STMicroelectronics Electronics Manufacturer of semiconductors 13.4% 16,582 dec-10
TechnipFMC Energy Project management and engineering for the energy industry 5.3% 12,142 sept-09
Eutelsat Media Satellite operator 26.5% 4,491 Contributed (4)
Ingenico Electronics Payment solutions 5.5% 5,551 may-15
Gemalto Electronics Digital security 8.3% 4,476 jun-09
Euronext Finance Stock exchage 3.0% 3,627 jun-14
Criteo Software and IT Web advertising 4.2% 1,432 oct-13
Vallourec Energy Premium tubular solutions primarily serving energy markets 14.8% 2,306 jun-10
Nexans Industrials Production of cables and cabling solutions 7.8% 2,219 may-09
Technicolor Electronics Technology leader in the media and entertainment sector 5.3% 1,188 mar-13
Constellium Industrials Aluminum transformation 12.8% 1,250 jan-11
Antalis Distrbution Distribution of paper 2.9% 140 jun-17
CGG Energy Geoscience company 0.3% 84 jun-10
Séquana Paper Production of paper 15.5% 45 jul-12
Company name Sector Business description Revenue (2) €m Fund Invest. date
CMA-CGM(3) Transport Container transportation and shipping 18,032 (4) BPI Part. jun-13
Soprol Agroalimentaire Vegetal division of agribusiness group Avril 4,235 BPI Part. Contributed (5)
Verallia Industrie Glass container manufacturer 2,367 BPI Part. oct-15
Limagrain(3) Agribusiness Breeds and agricultural seeds 1,790 BPI Part. Contributed (5)
Our portfolio in detail: Large companiesListed Portfolio
Unlisted Portfolio
Notes : (1) ) As of December 31st, 2017, Source: Thomson Reuters ; (2) Last FY disclosure ; (3) Investment in shares and bonds; (4) Pro Forma of NOL acquisition; (5) The French State’s share in those
companies was transferred to Bpifrance (ex-Fonds Stratégique d’Investissement) in 2009
12/07/2018
35Titre de la présentation
Our portfolio in detail: Large Cap team – mid-sized companies (1/2)
Notes :
(1) Last FY disclosure
(2) Investment in shares and bonds
Name Sector Business DescriptionRevenue(1)
(€m)Invest. Date Fund
IDEMIA Electronics Leader in smart cards and security solutions 2,900 May-17 ETI 2020
Vivescia(2) Agribusiness/Food Food industry group specialized in producing and processing grain 2,300 Dec-10 BPI Part.
Altrad(2) Manufacturing Production and rental of scaffolding 2,159 Jun-11 ETI 2020
NGE Construction Construction company 1,592 Sep-11 BPI Part.
Daher Aerospace Aeronautics and nuclear equipment supplier 1,051 Apr-09 BPI Part.
Paprec Environment Recycling 950 Nov-12 BPI Part.
Mersen Manufacturing Electrical specialties and advanced materials manufacturer 764 Sep-09 BPI Part.
Tokheim Energy Fuel dispensers manufacturer 702 Jun-12 BPI Part.
Mirion Technologies(2) Energy Manufacturer of detection equipment for the nuclear industry 463 Jan-16 ETI 2020
Cegedim Software and IT CRM and specialized software for the healthcare industry 441 Dec-09 BPI Part.
Gascogne Wood / Paper Production and sale of paper and wood products 407 Jul-14 ETI 2020
Mecachrome(2) Aerospace Precision engineering company 402 Dec-09 BPI Part.
Albioma Energy Developer of biomass power plants 368 Apr-17 ETI 2020
OVH Telecom Provider of Cloud hosting infrastructure 284 Oct-16 BPI Part.
Novasep Healthcare Manufacturing and purification of active ingredients for pharmaceuticals 271 Mar-12 BPI Part.
Soitec Electronics Production of semiconductors (electronics, energy) 246 Jul-11 BPI Part.
Grimaud Agrifood Animal genetic selection 240 Jul-10 BPI Part.
Farinia Manufacturing Forge and foundry 225 Mar-09 BPI Part.
Gruau(2) Automotive Production and distribution of specific vehicles 218 Apr-10 BPI Part.
AD Industrie Aerospace Supplier for the aerospace industry 204 Dec-11 ETI 2020
INSEEC(2) Education Network of higher education schools 200 Apr-16 ETI 2020
Sermeta(2) Manufacturing Heat exchangers for gas boilers 182 Jun-14 ETI 2020
Dupont Restauration BtoC Services Collective Catering 180 Sep-17 BPI FP
Mäder(2) Manufacturing Industrial paint producer 165 May-10 BPI Part.
12/07/2018
36Titre de la présentation
Name Sector Business DescriptionRevenue(1)
(€m)Invest. Date Fund
De Dietrich Manufacturing Equipment and systems for chemicals and pharmaceuticals 162 Sep-11 BPI Part.
Riou Glass Manufacturing Transformation of glass products 161 Jan-12 BPI Part.
SergeFerrari Group Manufacturing Manufacturing and distrib. of innovative flexible composite materials 158 Jun-14 ETI 2020
Les Petits Chaperons Rouges(2) BtoC Services Child nurseries operator 155 Mar-16 ETI 2020
NACE Education Primary and secondary education 142 Feb-18 ETI 2020
Finaero Aerospace Painting and sealing for aerospace and rail industry 134 Mar-14 ETI 2020
La Maison Bleue BtoC Services Child nurseries operator 123 Oct-16 ETI 2020
Talend Software and IT Data Integration software developer 96 Apr-13 ETI 2020
Neoen Energy Developer and operator of renewable energy plants 84 Oct-14 ETI 2020
Paris Inn BtoC Services Hotel management 75 Aug-17 ETI 2020
Eren Energy Developer and operator of renewable energy plants 68 Oct-15 ETI 2020
Microwave Vision Manufacturing Electromagnetic wave measuring instruments 66 Jul-14 ETI 2020
NeoXam Software and IT Software company for financial services 62 May-18 ETI 2020
Inside Secure Electronics Comprehensive embedded security solutions 47 Sep-10 BPI Part.
Groupe GPS(2) Logistics Fleet management & rental of metal crates and wooden pallets 46 Jan-17 ETI 2020
Ercom Electronics Telecom solutions for network security 46 Jul-11 BPI Part.
Datawords(2) Consulting Digital Marketing 40 Jul-15 ETI 2020
Finsecur(2) Manufacturing Fire detection systems 39 Nov-14 ETI 2020
AD Education(2) Education Higher education school network 36 Feb-17 ETI 2020
Sandaya(2) Tourism 4 and 5 star camping sites operator 30 May-16 ETI 2020
NTL Transportation Manufacture of wheeled trams (NTL) 25 Sep-12 BPI Part.
Our portfolio in detail: Large Cap team – mid-sized companies (2/2)
Notes :
(1) Last FY disclosure
(2) Investment in shares and bonds
12/07/2018
37Titre de la présentation
Name Sector Business DescriptionInvestment
dateFund
ABEO BtoB Services Manufacturer and distributor of sports and leisure equipment Oct-16 FIC 5
ADIT BtoB Services Economic intelligence Dec-15 FIC 5
Alvène Manufacturing Ventilation of professional kitchens Jul-17 FIC 5
Amplitude Manufacturing Manufacturer of ultra fast lasers Jan-12 FIC 2
Anaveo BtoB Services CCTV and security equipment Dec-15 FIC 5
Armatis BtoB Services Call center May-12 FIC 2
Caillau Automotive Hose clip producer Jul-15 FIC 4
Cameron France BtoB Services Printing house Dec-13 FIC 2
Carré Blanc Retail Supplier specialized in home textiles Oct-13 FIC 2
Cleor Retail Retailer of affordable jewelry Jun-17 FIC PRIVATE DEBT
Coriolis Composites Manufacturing Production of composite technical parts (aero., Ind.) Jul-15 FIC 5
CPI Printing Book production (printing and shaping) Dec-13 FIC 2
Cyclopharma Healthcare Radio-tracer conception and manufacturing Jul-10 FIC 3
Defi Group Media Advertising services Jul-12 FIC 3
Domidep Healthcare Retirement homes operator Oct-12 FIC 5
Dourdin Automotive Customization of vehicles Jul-17 FIC4
Dubbing Brothers BtoB Services Dubbing of audiovisual production and films Feb-16 FIC 4
ECM Technologies Manufacturing Manufacturer of industrial furnaces Jun-14 FIC 2
Emeraude Retail Distribution of technical polymers Dec-14 FIC 5
Father & Sons Retail Retail sale of specialized apparel Jul-14 FIC 2
Financière Ingenica BtoB Services Industrial Engineering Service Mar-12 FIC3
GCC Construction Construction, climatic, electrical and hydraulic engineering Sep-17 FIC PRIVATE DEBT
GPS Logistics Fleet management & rental of metal crates and wooden pallets Jan-17 FIC PRIVATE DEBT
Gravotech BtoB Services Engraving, marking and cutting Mar-18 FIC5
Groupe CEF Construction Building company (specialized in the medico-social sector) Dec-11 FIC3
Our portfolio in detail: Mid Cap team (1/3)
12/07/2018
38Titre de la présentation
Name Sector Business DescriptionInvestment
dateFund
Ipackchem Manufacturing Rigid plastic container manufacturer Feb-17 FIC PRIVATE DEBT
IPESUP Education Private Secondary Education Group Jun-17 FIC 5
KOSC Telecom Fixed telecommunications services Mar-16 FIC 5
La Maison Bleue BtoC Services Child nurseries operator Dec-10 FIC 3 & 4
La Vie Saine Retail Organic products retailer Jul-17 FIC 5
Laboratoires Lescuyer Healthcare Food supplements Oct-16 FIC 4
Laborizon Healthcare Medical analysis laboratories May-16 FIC 5
Looping Entertainment Operation of regional leisure parks Mar-16 FIC 5
Ludendo Retail Retail of toys / childcare Jun-10 FIC 2
Malherbe Transportation Transportation Jan-13 FIC 2
Mecamidi Manufacturing Hydroelectric turbine manufacturer Dec-08 FIC
Melkonian Manufacturing Mining equipment manufacturer Feb-14 FIC 2
Nexway Software and IT Video games and software downloading platform Jun-10 FIC 2
Novarc Manufacturing Electrical safety equipment and maintenance products Dec-15 FIC 5
Pacific Pêche Retail Distributor of fishing equipment Mar-16 FIC 5
Pénélope BtoB Services Reception services Mar-16 FIC 4
Plastifrance Manufacturing Plastic injection and manufacturing of technical molds Mar-11 FIC3
Platinium Group (PGSAM) Entertainment Ticketing of sports events Jan-17 FIC 5
Pronuptia Clothing Making and distribution of wedding dresses Mar-11 FIC 3
Réunionnaise du Rhum Retail Consumer goods Dec-12 FIC3
Rougnon (HGR) BtoB Services Company positioned on a multi-technical market Jun-15 FIC 4 & 5
SAF Transportation Helicopter services Oct-17 FIC 4 & 5
Scopelec (Oustal) Telecom Installation/maintenance of telecommunication networks Apr-10 FIC 3
Sendin Construction Building infrastructure (metal frames) Aug-11 FIC3
Our portfolio in detail: Mid Cap team (2/3)
12/07/2018
39Titre de la présentation
Name Sector Business DescriptionInvestment
dateFund
SIXOW (CTN Groupe) BtoB Services Distributor of floors, walls and ceilings for fairs and events Mar-17 FIC PRIVATE DEBT
Sogestran Logistics Industrial river transport Jun-17 FIC PRIVATE DEBT
Sogetrel Telecom Design, construction and maintenance of telecom networks Feb-16 FIC 5
Square BtoB Services Management Consulting Nov-17 FIC PRIVATE DEBT
Synchrone BtoB Services IT consulting Jul-15 FIC 5
Vaglio Construction Producer of aggregates Sep-14 FIC4
VGF Manufacturing Manufacture of safety valves for the oil and nuclear industries Apr-14 FIC4
Our portfolio in detail: Mid Cap team (3/3)
12/07/2018
40Titre de la présentation
Name Sector Business DescriptionInvestment
dateFund
Trèves Automotive Acoustic and interior solutions manufacturer for the automotive industry May-09 FAA
Sofedit / Gestamp Automotive Stampings and assemblies manufacturer Dec-11 FAA
Novares Automotive Plastic parts manufacturer for the automotive industry Oct-09 FAA
SNOP Automotive Stamping, roll forming, assembly, and tooling of automotive parts Sep-09 FAA
Pernat Industrie Automotive High precision mechanical parts manufacturer for car makers Oct-16 FAA
Forge et Développement Automotive Forge Jun-11 FAA
Maïke Automotive Automotive Complex sub-assemblies and complete ensembles manufacturer Jul-11 FAA & FAA Rg 2
Atelier des Janves Automotive Steel components and forging manufacturer for automotive and railway Oct-10 FAA
Defta Automotive Car parts manufacturer Dec-09 FAA
Citèle Automotive Machining, foundry and engineering services for auto. and energy sectors Jun-12 FAA RG 2
Devillé Automotive Stamping Oct-11 FAA RG 2
Coriolis Composites Manufacturing Robotic composite fiber placement solutions for aerospace and automotive Jul-15 FAA RG 2
Société d'Alt (SPPP) Automotive Plastic and composite part painting for automotive industry May-16 FAA RG 2
Tecma Automotive Special machines manufacturer for automotive and polymer industry Apr-12 FAA RG 2
Our portfolio in detail: Automotive Fund
Bpifrance’s support: Training, Consulting and Networking
41
Bpifrance Université offers face-to-
face training and online courses
Bpifrance coordinates a selective
network of independent
consultants
● 4,000 members
● Doubling the number of networking events organised:
62 events in 2017 vs 30 in 2016
● 37 000 participants on 12 October 2017 in Paris
● for the third edition
NETWORKING
From startups to large groups, Bpifrance connects the members of its network
In 2017:
NUMBER OF COMPANIES
COUNSELLED
7 500
5 500
2016 2017
● 86 startups and 64 clients from major groups supported
● 50 sales agreements or partnerships signed
CONSULTINGTRAINING
Bpifrance’s support: The accelerators, intensive excellence
programs
42
« Le Hub », the in-house startup Accelerator (launched in 2015)
Duration: from 12 to 18 months
● 64 companies
● 76 financial transactions
● €340m raised by the startups supported
An in-house accelerator for SMEs (launched in 2015)
Duration: 24 months
● 180 companies
An in-house Accelerator for mid-size companies (launched in 2016)
Duration: 24 months
● 48 companies
Over 200 entrepreneurs trained at the same
time in the Bpifrance Accelerators
Track record of the first group of alumni:
● 1/3 of SMEs became mid-size companies
● The average turnover increased by 29%
● Export turnover up 29%
● Average workforce increased by 20%
● One year after their graduation, 50% have
become mid-size companies
12/07/2018
43Titre de la présentation
Bpifrance’s support: «The HUB » offers a wide range of services and a digital platform to support deal making
RAISE AWARENESS WITHIN YOUR ORGANIZATION
ABOUT THE ISSUES OF OPEN INNOVATION WITH
AN ACCESS TO THE HUB’S EVENTS
+ OPTION TO ORGANIZE YOUR OWN THEMATIC
EVENTS WITH OUR DEDICATED TEAM
A DIGITAL PLATFORM OFFERING:
o The most comprehensive search engine for
innovative companies in France
o Contents and resources designed to facilitate the
interaction between corporate players & startups
o A platform of more than 500 entrepreneurial experts
to bring open innovation to life
ASSIST IN THE EXECUTION OF YOUR M&A
DEALS
WE CONNECT YOU TO THE BEST PLAYERS IN THE
FRENCH ECOSYSTEM OF INNOVATION
44