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
·7·
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
·9·
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
·10·
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
Years in GED: 15Experience in PE: 26 years
Enrique Centelles EcheverríaPresident
Robert LukeManaging Partner
Years in GED: 15Experience in PE: 18 years
Juan Ramón PuertasManaging Partner
Years in GED: 15Experience in PE: 15 years
Félix Guerrero IgeaManaging Partner
Years in GED: 7Experience in PE: 21 years
Joaquim Hierro LopesManaging Partner
Investment Committee members of all GED funds.Average years in GED :::: 12.8Combined private equity experience: :::: 118 years
Years in GED: 10Experience in PE: 10 years
Enrique Centelles SatrústeguiPartner
Private Equity Investment TeamGED Private Equity
·12·
Years in GED: 15Experience in PE: 15 years
Félix Guerrero IgeaManaging Partner
Years in GED: 7Experience in PE: 21 years
Joaquim Hierro LopesManaging Partner
Years in GED: 4Experience in PE: 17 years
Maria Jesús San PabloPartner
Years in GED: 9Experience in PE: 10 years
PabloTabernaPartner
GED Iberian Peninsula
- Analysts: 1
Years in GED: 15Experience in PE: 28 years
Enrique Centelles EcheverríaPresident
Years in GED: 10Experience in PE: 10 years
Juan Puertas VázquezFinancial Director/ Partner
Years in GED: 8Experience in PE: 8 years
Years in GED: 5Experience in PE: 5 years
Rafael López ArmentaInvestment Manager
Manuel Torres ValenciaInvestment Manager
Years in GED: 14Experience in PE: 14 years
Years in GED: 10Experience in PE: 10 years
Ioana LazarInvestmentDirector
Enrique Centelles SatrústeguiPartner
Years in GED: 9Experience in PE: 9 years
Jorge JulianiInvestment Manager
Private Equity Investment TeamGED Private Equity
·13·
- Analysts: 2
GED Eastern Europe
Years in GED: 10Experience in PE: 10 years
Juan Puertas VázquezFinancial Director / Partner
Years in GED: 15Experience in PE: 28 years
Enrique Centelles EcheverríaPresident
Years in GED: 15Experience in PE: 26 years
Robert LukeManaging Partner
Years in GED: 5Experience in PE: 10 years
Angela EneInvestment Manager
Years in GED: 12Experience in PE: 4 years
CatalinaDanInvestment Manager
Years in GED: 4Experience in PE: 10 years
Galya FilevskaInvestment Manager
Years in GED: 3Experience in PE: 11 years
IrinaSimeonovaInvestment Manager
Years in GED: 3Experience in PE: 3 years
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
·15·
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
·16·
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)
Expansion (Build-up)
Clinics network for esthetic medical treatments.
Expansion (Build-up)
YearActivityCompany Operation type Fund
Eastern Europe – GED Fund IIIGED Private Equity
·17·
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
·18·
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
Years in GED: 15Experience in PE: 18 years
Years in GED: 4Experience in PE: 4 years
Enrique Centelles SatrústeguiManaging Partner
Rafael Trebolle Deputy Managing Director
Years in GED: 4Experience in PE: 4 years
Florin DragomirInvestmentManager
GED Real Estate
Years in GED: 15Experience in PE: 28 years
Enrique Centelles EcheverríaPresident
Years in GED: 10Experience in PE: 10 years
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
·21·
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
·22·
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
·24·
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
·25·
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
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