South West& South East Europe Private Equity Investors 2011
·2· ContentsAbout GED The Company 4 Investment team 5 Milestones 6 GED & Private Equity 7GED Private Equity Investment team 9 Organisational Chart 10 Executive Committee 11 Private Equity Investment Team 12 Iberian Peninsula - Funds 14 - Portfolio 16 Eastern Europe - Fund 17 - Portfolio 18GED Private Equity Real Estate Real Estate Team 20 GED REEI 21 Investment Strategy and portfolio 22Annexes Current Portfolio 24 Exit 25 Update 26
The Company Structure MilestonesGED & Private Equity About GED
·4· About GED The companyFounded 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. Funds I -V Name GED EasternFund I GED Fund I (fully divested) GED Fund II GED Iberian Fund GED Fund III GED Eastern Fund II GED Fund IV GED Sur Fund GED Real Estate GED REEI Eastern Investments GED Fund V (pre-marketing phase)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.
·5· About GED Structure GED PartnersManagement GED Iberian GED Sur GED Capital GED Realcompanies Private Equity Capital Development Estate GED Fund I Fully realised.Terminated 2.5x, net IRR 21% (USD)Funds 44M Partial realisationFully Invested GED Fund II on investment.Funds 86M 2x, 19.3% IRR. GED Fund IV GED Fund III GED REEIInvestment Period 49M 150M 46MFunds 65% invested, Dec. 10 68% invested, Dec. 10 44% invested, Dec. 10Pre-marketing GED Fund V 150M Iberian Eastern Peninsula Europe
·6· About GED Milestones1996-2000 2000-2005 2005-2010 2010GED Capital Development GED Iberian Private Equity Launch of GED Fund I, €44M Launch of GED Fund II, Full realisation of GED Fund I, Fundraising GED Fund V commitments targeting €86M commitments achieving 2.5x, net IRR 21% targeting Iberia. Romania. targeting Iberia. (USD). Vintage Dec. 2001. 23 Investment professionals. MBO of GED Capital Launch of GED Fund III, Development by its Management company GED commitments €150M targeting Combined funds under professionals. Iberian Private Equity. South Eastern Europe. management €331M. Vintage Dec. 2006. Only Spanish GP operating Combined funds under 52 LPs investing in GED abroad. management €130M. Launch of GED Fund IV, funds. commitments €49M targeting Founding Partners active in Southern-Iberia. Vintage Feb. Proven track record. the Spanish private equity 2008. since later 70s. Portfolio of 26 companies. Launch of Real Estate Fund, commitments €46M targeting 42 deals closed since Romania and Bulgaria. inception. Vintage May 2008. Opening of offices in Sofia (Bulgaria) and Seville (Spain). Brand consolidation.
·7· About GED GED & Private EquityStages of financing: GED Early stage Later stage Expansion/ Replacement Start –up Development/ capital / secondaryMain stages Seed capital Capital Growth capital Buyout capital purchaseCompany age 0 to 2 2 to 3 3 to 5 5+ 5+Next step Develop and finalise Launch business Expansion and Bring company Bring companyof company initial business activity and start growth of company to the next level to the next level concept selling the product commerciallyCapital Finalise research, Finalise product, Finance increased Acquisition Purchase of existingis used to develop business start initial production, market of a business unit shares from plan and initial marketing or product with new a private equity concept and sales development, management or other financial or working capital (internal/external)- shareholder (often minority mainly majority stake) ownership GED is specialised in: Source: EVCA build-up, growth capital, small buyouts.
Investment team Organisational Chart Executive CommitteePrivate Equity Investment Team Iberian Peninsula - Funds - Portfolio Eastern Europe - Fund - Portfolio GED Private Equity
·9· About GED Investment teamConsistent 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.
·10· About GED Organisational Chart ChairmanExecutive Committee Enrique Centelles EcheverríaEnrique Centelles Echeverría GED Iberian Private Equity GED Capital DevelopmentRobert Luke Managing Partners Managing DirectorJuan Ramón Puertas Félix Guerrero Robert LukeFélix Guerrero Joaquím Hierro Lopes Investment DirectorJoaquím Hierro Lopes Partners Nuria OsésEnrique Centelles Satrústegui Enrique Centelles Satrústegui Investment Manager Pablo Taberna Angela Ene Investment Manager Catalina Dan Rafael López Galya Filevska Jorge Juliani Irina Simeonova Investment Analysts Investment AnalystsFinancial, Controland Investor RelationsPartnerJuan Puertas GED Sur Capital GED Real EstateSupport Staff Managing Partner Managing Partner Joaquím Hierro Lopes Enrique Centelles Satrústegui Partner Deputy Managing DirectorFundraising María Jesús San Pablo Rafael TrebolleDirector Investment Director Investment ManagerEnrique Centelles Satrústegui Ioana Lazar Florin Dragomir Investment Manager Investment AnalystsCaroline Gaya Manuel Torres Investment Analysts
·11· About GED Executive Committee Principal Tasks: Define the group strategy Define the internal policy and procedures Discuss the deals in pre-investment committee Define the Corporate Governance policy of the fonds portfolio companies.Enrique Robert Juan Ramón Félix Joaquim EnriqueCentelles Echeverría Luke Puertas Guerrero Igea Hierro Lopes Centelles SatrústeguiPresident Managing Partner Managing Partner Managing Partner Managing Partner PartnerYears in GED: 15 Years in GED: 15 Years in GED: 15 Years in GED: 15 Years in GED: 7 Years in GED: 10Experience in PE: 28 years Experience in PE: 26 years Experience in PE: 18 years Experience in PE: 15 years Experience in PE: 21 years Experience in PE: 10 years Investment Committee members of all GED funds. Average years in GED :::: 12.8 Combined private equity experience: :::: 118 years
·12· GED Private Equity Private Equity Investment Team GED Iberian PeninsulaEnrique Juan Félix Joaquim Maria Jesús PabloCentelles Echeverría Puertas Vázquez Guerrero Igea Hierro Lopes San Pablo TabernaPresident Financial Director/ Partner Managing Partner Managing Partner Partner PartnerYears in GED: 15 Years in GED: 10 Years in GED: 15 Years in GED: 7 Years in GED: 4 Years in GED: 9Experience in PE: 28 years Experience in PE: 10 years Experience in PE: 15 years Experience in PE: 21 years Experience in PE: 17 years Experience in PE: 10 years Enrique Ioana Jorge Rafael Manuel Centelles Satrústegui Lazar Juliani López Armenta Torres Valencia Partner Investment Investment Investment Investment Director Manager Manager Manager Years in GED: 10 Years in GED: 14 Years in GED: 9 Years in GED: 8 Years in GED: 5 Experience in PE: 10 years Experience in PE: 14 years Experience in PE: 9 years Experience in PE: 8 years Experience in PE: 5 years - Analysts: 1
·13· GED Private Equity Private Equity Investment Team GED Eastern Europe Enrique Juan Robert Nuria Centelles Echeverría Puertas Vázquez Luke Osés President Financial Director / Partner Managing Partner Office Director Years in GED: 15 Years in GED: 10 Years in GED: 15 Years in GED: 3 Experience in PE: 28 years Experience in PE: 10 years Experience in PE: 26 years Experience in PE: 3 years Galya Irina Angela Catalina Filevska Simeonova Ene Dan Investment Manager Investment Manager Investment Manager Investment Manager Years in GED: 4 Years in GED: 3 Years in GED: 5 Years in GED: 12 Experience in PE: 10 years Experience in PE: 11 years Experience in PE: 10 years Experience in PE: 4 years- Analysts: 2
·14· GED Private Equity Iberian Peninsula – GED Fund IIFondo: GED Iberian Fund, FCRManagement 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. Spain Portugal Canary Islands
·15· GED Private Equity Iberian Peninsula – GED Fund IVFondo: GED Sur, FCRManagement company: GED Sur Capital SGECR, S.A.Characteristics: Commitments of €49M. Fund type: generalist. Life span: 2007 - 2017 Investment 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. Portugal Spain
·16· GED Private Equity Iberian Peninsula – PortfolioCompany Activity Operation type Fund Year Glass producer for the Expansion (Build-up) GED Fund II 2001-2006 automotive industries. Parabolic mirrors for Rioglass 2008 thermo-solar energy. Spin-off Clinics network for esthetic Expansion (Build-up) 2002 medical treatments. High value added packaging Buyout (Build-up) 2006-2007 for pharmaceuticals. Ceramic tiles company Buyout (Build-up) 2004-2007 Disposable plastic 2003 medical equipment Expansion Aluminum-based additives Expansion 2001 Engineering Buyout (Build-up) 2003-2006 Coffee and water distribution in offices Buyout 2006 Esthetic medical treatments franchise Buyout GED Fund IV 2007 Industrial laundry services Expansion (Build-up) 2007-2008 Engineering Buyout (Build-up) 2009 Engineering Buyout (Build-up) 2010 Bio diesel renewable energy Expansion 2010
·17· GED Private Equity Eastern Europe – GED Fund IIIFund: GED Eastern Fund II, FCRManagement company:GED Capital Development SGECR, SACharacteristics: Commitments of €150M. Fund type: generalist. Life span: 2005-2015. Ukraine Investment area: Romania, Bulgaria Slovakia and neighbouring countries. Austria Moldova HungaryInvestment strategy: Romania Investment of €7M-€23M per deal. Croatia Target: regional consolidation of the companies in BH* Serbia the investment area. Montenegro Bulgaria Operation type: buyout and expansion (Build-up). Greece Turquey *BH: Bosnia Herzegovina
·18· GED Private Equity Eastern Europe – PortfolioCompany Activity Operation Year type Real estate developer targeting retail, Expansion 2005 residential and office projects. Second largest security services provider in Romania. Buyout 2005 Build-up of 6 retail companies providing GSM and mobile applications, having more Buyout (Build-up) 2006-2008 than 170 shops. Travel agency group. Corporate, online, Buyout (Build-up) 2007 leisure travel services. Second largest company for milk and dairy products, in Bulgaria. Buyout 2007 Medical equipments distribution Buyout (Build-up) 2009 for the private healthcare sector. Energy saving company specialised in cogeneration Expansion 2009 Printing industry Buyout 2010
Real Estate Team GED REEI Investment Strategy and portfolioGED Private Equity Real Estate
·20· GED Private Equity Real Estate Real Estate Team GED Real Estate Enrique Juan Enrique Rafael Florin Centelles Echeverría Puertas Vázquez Centelles Satrústegui Trebolle Dragomir President Financial Director / Managing Partner Deputy Managing Investment Partner Director Manager Years in GED: 15 Years in GED: 10 Years in GED: 15 Years in GED: 4 Years in GED: 4 Experience in PE: 28 years Experience in PE: 10 years Experience in PE: 18 years Experience in PE: 4 years Experience in PE: 4 years- Analysts: 2
·21· GED Private Equity Real Estate GED Real Estate Eastern InvestmentFund: GED Real Estate Eastern Investments, SAManagement company: GED Real Estate S.A.Characteristics: Commitments: €46M. Fund type: diversified (opportunistic & value added). Life span: 2007-2017. Ukraine Investment area: Romania, Bulgaria Slovakia and neighbouring countries. Austria Moldova HungaryInvestment strategy: Romania Equity size per deal: up to €15M. Croatia Target: all types of real estate in all stages. BH* Serbia Operation types: Land, development and assets. Montenegro Bulgaria Greece Turquey *BH: Bosnia Herzegovina
·22· GED Private Equity Real Estate Investment Strategy 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: Name of the deal Sector Country City Category YearNew Park Berceni Mixto Romania Bucharest Land Banking 2007 Development NPBD Villas Residential Romania Bucharest Land Banking 2007NPBD Residencial Residential Romania Bucharest Land Banking 2007 NPBD Logístico Logistic Romania Bucharest Land Banking 2007Fortuny Advisory, Residencial Romania Bucharest Land Banking 2010 S.R.L
Current Portfolio Exits Update Annexes
·24· Annexes Current PortfolioCompany Activity Year Fund CountryRioglass Glass producer for the automotive industry 2001 GED Fund II SpainRioglass Laminar Parabolic mirrors for thermo-solar energy 2008 GED Fund II SpainAleastur Aluminium-based additives 2001 GED Fund II SpainIngenieria y Fachadas Engineering 2003 GED Fund II SpainSendal Disposable plastic medical equipment 2003 GED Fund II SpainAzulev & Sanchis Ceramic tiles company 2004 GED Fund II SpainRosegur Security services provider 2005 GED Fund III RomaniaRomanian Real Estate Partners Real estate development 2005 GED Fund III RomaniaNekicesa High value added packaging for pharmaceuticals 2006 GED Fund II SpainFonomat Retail network GSM and mobile applications 2006 GED Fund III RomaniaSopratutto 1 Coffee and water distribution in offices 2006 GED Fund II PortugalFama Dairy products 2007 GED Fund III BulgariaCellulem Block Esthetic medical treatments franchise 2007 GED Fund IV SpainSerlima Industrial laundry services 2007 GED Fund IV PortugalHappy Tour/Paravion/Travel house Travel agency group 2007 GED Fund III RomaniaDiamedix Medical equipments distribution 2009 GED Fund III RomaniaFase Engineering 2009 GED Fund IV PortugalTotal Energy Business (TEB) Energy saving company 2009 GED Fund III RomaniaEP4 Engineering 2010 GED Fund IV SpainInfopress Printing industry 2010 GED Fund III RumaniaBio Oils Bio diesel renewable energy 2010 GED Fund IV Spain
·25· Annexes ExitsCompany Activity Fund CountrySicomed Pharmaceuticals. GED Fund I RomaniaIsaf Signaling and electrical power systems for railways. RomaniaIride Industrial park providing offices and warehouses. RomaniaContinental Three stars hotel chain. RomaniaPrestar Mobile operator. RomaniaRegisco Private shareholders registry RomaniaAdesgo Stocking manufacturer. RomaniaPc Net Internet Service Provider. RomaniaArctic White goods producer. RomaniaRemayer Light ferrous scrap recovery. RomaniaASF Software developer. RomaniaCorp. Dermoestética Clinics network for esthetic medical treatment. GED Fund II SpainSopratutto 2 Coffee distribution in Horeca chanel PortugalGrupo A In-field marketing company SpainTop Fit Automobile service network centers Spain