Aurelius Wachstumskapital Company Presentation

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AURELIUS GROWTH CAPITAL
Corporate Presentation

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PROFIL (I)
AURELIUS Group is a pan-European asset manager with offices in Munich, London, Stockholm, and Madrid.
Over the last ten years, AURELIUS has grown from a local turnaround investor to an international multi-asset
manager investing in a wide range of sectors and across the capital structure.
AURELIUS Equity Opportunities is the listed investment arm with a focus on turnaround and special situations
as well as mid-market transactions.
The non-profit AURELIUS Refugee Initiative e.V. is an extensive program that provides aid for refugees and
helps them pursue a path to a better life.
 AURELIUS Growth Capital is a holding company with a long-term investment strategy that invests in
medium-sized companies with good market positioning.
 As part of the AURELIUS group, AURELIUS Growth Capital focuses on small and medium-sized
succession solutions as well as on the transfer of business assets of larger medium-sized companies and
groups (spin-offs).
 In addition to capital for investment and growth, we support the management of the companies acquired
through extensive entrepreneurial experience and help to implement growth initiatives and realise
operational potential.
 AURELIUS Growth Capital is funded by entrepreneurial families in Germany, Austria and Switzerland.
Contrasting with classic financial investors, AURELIUS Growth Capital’s investment strategy is
sustainable and long-term, and is not bound by the life of an investment fund.
AURELIUS GROUP
AURELIUS GrowthCapital

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Profil (II)
AURELIUS Growth Capital
Medium-sized succession solutions
Organic Growth + "Buy & Build" + Growth financing
Buy-out Growth
Revenue EUR 5-50m
EBITDA Margin >10%
Enterprise Value EUR 5-50m
Equity Value (Sweet Spot) EUR 10m
Group Spin-Offs & Carve-Outs
Increase in revenue and earnings through strategic and operational support
Revenue EUR 10-35m
EBITDA Margin
Temporarily
negative
Enterprise Value EUR 0-20m
Equity Value (Sweet Spot) EUR 5m
Geography
Germany, Austria,
Switzerland Geography Pan-European

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 Securing the family’s succession through owner's buy-out" ("OBO") or taking over a company with
existing management (management buy-outs / "MBO") or new management (management buy-in
/ "MBI").
 Through our extensive network we have access to a large number of experienced managers who
can provide additional support to the existing management if necessary.
Investment Cases
Succession plan
SPIN–OFF / CARVE-OUT
Growth Financing
 Deployment of different financing options as a means to achieve growth targets, all whilst
maintaining independence from external investors (e.g. via equity injections).
 Acquisition of subsidiaries, business units of larger medium-sized companies or conglomerates.
These spin-offs allow the management to fully develop and discover the potential of each company
independently and free of internal group restrictions.
 Aurelius Growth Capital has extensive experience in the field of acquiring subsidiaries of well-
known companies and for the transformation of these units into independent medium-sized
companies (e.g. by setting up a stand-alone corporate structure while maintaining long-term
delivery and service relationships with the former parent company).

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CorporateTeamwork
 Within the AURELIUS Group we have conducted a large number of transactions and
developed portfolio companies in various industries, thus having direct access to
operational experts in the fields of IT, organisation, finance, sales, HR, procurement and
strategy.
 In the preparation and implementation of projects within the company we see ourselves not
only as an investor, but also as entrepreneurially experienced, competent and as an
independent sparring partner that comprehensively supports the management.
 Organic Growth: management support in market potential analyses as well as the
development and implementation of strategies for market entry.
 Internationalisation: support for the internationalisation of the business, as well as market
entry at the local level.
 Acquisitions/add-ons: add-on acquisitions form an integral part of the growth strategy and
are increasingly important for the horizontal and/or vertical expansion of the business
model. As a strong financial partner we help enable an expedited consolidation of the local
market through our initiatives.
Growth Support
SPARRING PARTNER FOR OPERATIONS

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AURELIUS GROUP‘S PREVIOUSTRANSACTIONS
SINCE 2005,THE AURELIUS GROUP HAS ACQUIRED MORETHAN 80 BUSINESSES…
…such as:
B+P Scaffolding
Local market-leading
specialist in Berlin for
erecting scaffolding, as
well as providing services
to construction sites and
helping streamline
construction logistics
Revenue: circa € 18 Mio.
EBITDA Margin1: >20%
August 2014
AURELIUS Group
acquired
from
Managing Director/Founder
April 2014
AURELIUS Group
acquired
AKAD University
from
AKAD University
Pioneer in the rapidly
growing ‘Distance
Education’ market which
shows a high level of
synergy potential with
the ‘Studienkreis’ Group
Revenue: circa € 13 Mio.
EBITDA Margin1: 18%
STRALFORS
Provider of
communications solutions
for e-commerce customers
and B2C companies
Revenue: circa € 33 Mio.
EBITDA Margin: positive
July 2016
AURELIUS Group
acquired
Poland and the UK
from
Airplane-Equipment &
Services
Service provider for
airplaine manufacturers,
airline interior decorators
and major airlines
August 2016
AURELIUS Growth Capital
acquired
Airplane-Equipment & Services
from
Managing Director/Founder
Revenue: circa. € 13 Mio.
EBITDA Margin: positive
BSB Construction and
Specialist Scaffolding
Leading scaffolding
builder focusing on
monument restoration
and preservation. The
strategic acquisition of
BSB allows B+P to extend
its product offering and
geographical reach
Revenue: circa €11.1 Mio.
EBITDA Margin: >10%
August 2016
strategically acquired
from
Managing Director/Founder
1 2016

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Benefits to Seller and Management
FLEXIBILITY, EXPERTISE AND ENGAGEMENT
To entrepreneurs who wish to sell either a part or the entirety of their holdings in a
company, we offer flexible and individually structured solutions and participation
models in order to maintain the value of the company and offer support to enable
growth over many years.
In the context of a management buy-out or management buy-in we offer the
existing management the opportunity to actively participate in the future success of
the business. Thus, we benefit from the management’s many years of experience
and expertise in return for our networking prowess and our financial strength.
We offer our extensive experience as a solution in complex situations. We support
the seller in the individual spin-off steps, allowing the management to concentrate
their efforts on the day-to-day business. Throughout the transaction process we
offer a high level of security, speed and professionalism.
ENTREPRENEURS
MANAGEMENT
THE BUSINESS

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Government
70%
General
Contractors
30%
- Federal Offices
- Senate Administrations
- District Offices
- Public Authorities
Scaffolding
70%
PLUS-Services
30%
CASE STUDY: B+P GERÜSTBAU GMBH (I)
BUSINESS PROFILE
DECISION GUIDINGCRITERIA
CLIENTS
AREAS OF EXPERTISE
 B P is the market leader in scaffolding and site services in Berlin and has boasted
an impressive track record in their 35 years of expertise
 Expert for demanding large-scale projects, primarily in the public sector (almost
100% of the major projects in the last few years), as well as for hundreds of
smaller construction projects every year
 "One-stop service" strategy: B+P assumes small activities / services such as
providing building sites with power and safety measures, thus reducing
complexity for general contractors
 116 Employees
 Majority takeover by the AURELIUS Group in autumn 2014. The seller is still
active as the sole managing director and is significantly involved in the
company
 Succession arrangement signals continuity to staff and clients
 Looking for an experienced partner to help promote growth
 Asset Diversification
 Main criterion: ‚Personal Fit‘

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6,7 7,1 6,5
8,8 10,4
16,1 16,9 18,2 19,2
1,0
6,1
13,1
12,8 1,3 0,0
6,7
8,1
12,6
21,9 23,2
17,4 16,9
18,2 19,2
2008 2009 2010 2011 2012 2013 2014 2015 2016E
Main business Berlin Brandenburg International
CASE STUDY: B+P GERÜSTBAU GMBH (II)
NUMBER OF SITES SERVICED ANNUALLY
 Sustainable and continuous increases in sales and earnings. 2010-2012 strongly
influenced by large BBI project (Berlin Brandenburg International)
 Development continued even in the business year 2015
With a 60% market share in Berlin, the potential for growth in the domestic market is
limited. Besides looking for a suitable successor, the aim for geographical diversification
resulted in two major pillars of growth being defined:
 Acquisition of smaller competitors in interesting cities and their subsequent expansion
modelled on B+P’s successful business strategy
Takeover of the major competitor BSB (see next slide)
 Promoting growth by opening locations in attractive regions, e.g. currently the opening
of a location in Hamburg
 Additionally, selective optimisation of operational processes
EXAMPLE PROJECT
336 347 327
404 382
476 443
531
2008 2009 2010 2011 2012 2013 2014 2015
mEUR
REVENUE PERFORMANCE 2008-2016
76% 78%
65%
62% 62%
57% 61% 60% 60%
Gross Profit Margin

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CASE STUDY: BSB BAU- UND SPEZIALGERÜSTBAU GMBH (I)
BUSINESS PROFILE
 Specialist: BSB is a leading provider of special scaffolding services
needed in complex renovation and preservation projects
 Innovation: BSB’s individual solutions and pioneering approach
have seen the company assume a leading role in the preservation
sector, focusing particularly on monument restoration works
 Additional services: in addition to the construction and
maintenance of scaffolding, BSB also provides engineering and
planning services and leases out powered access equipment
 76 employees, with sites in West and East Germany
 Majority takeover by B+P Gerüstbau in the summer of 2016 in the
context of a succession arrangement / also presents a strategic
acquisition for B+P in August 2016
46,6%
26,0%
11,1%
8,4% 4,6%
2,1%
1,2%
7,9%
State Construction Offices
Municipalities
Churches/Parishes
Hospitals
Stiftung Preußische S&G
Fraport AG
Commercial/Residential
DIVERSIFIED CUSTOMER BASE
NATIONWIDE REACH
DEAL CRITERIA FORTHE SELLERS
 Involving the sellers via a succession arrangement that sees
sellers assume a consulting role, allowing the company to develop
its potential while retaining grown and proven structures
 Handing over to a veteran industry expert with an appreciation
of past achievements and a clear plan for continued success
 Strategic partnerships with competitors to help set the course for
long-term market penetration with the goal of becoming the
number one player nationwide
 AURELIUS expertise in the scaffolding business: strengthening
BSB’s market position with B+P as a role model
30,4%
16,8%
14,4%
11,1%
27,3% Hesse/Rhineland-Palatinate
North Rhine-Westphalia
Berlin Region
Bavaria
Various

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8,6
11,3 11,1 10,0
2013 2014 2015 2016E
Total Output
75% 71% 69% 71%
Gross Profit Margin
mEUR
CASE STUDY: BSB BAU- UND SPEZIALGERÜSTBAU GMBH (II)
CHANGE IN REVENUE BSB 2013-2016E
Strategic acquisitions of smaller competitors are a part of B+P’s expansion strategy.
Geographical fit: BSB is particularly reputable in Western/Southern Germany while
B+P focuses its activities on the Berlin region. Acquiring BSB complements B+P’s
strategy to increase its reach in an effort to penetrate the overall German market.
Developing core competencies in the infrastructure & bridge renovation segments.
Synergies in purchase and management (planning services, tendering, etc.)
EXAMPLE PROJECTS
Neuschwanstein
Castle
Munich City Hall Göltzschtal Bridge
Battle of the Nations
Monument Leipzig
Theatiner Church
Munich
HQ Location Project Focus
STRATEGIC REASONING FOR AN
ACQUISITION BY B+P
The ultimate goal is to become the market
leader in Germany. To this aim, the acquisition
of smaller competitors will be complemented
by expanding the combined group’s business
activities both geographically and in terms of
its product offering.
The AURELIUS Group’s financial strength
paired with an extensive network of industry
experts will support the management of B+P
and BSB on its path to market leadership.
BSB‘s German Activities

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AURELIUS Wachstumskapital SE & Co. KG
Matthias L. Schneck
Managing Partner
Telefon +49 89 544799-11
Telefax +49 89 544799-55
Mobile +49 170 962 8100
Email: matthias.schneck@aureliusinvest.com
www.aureliusinvest.com
Contact
Office Munich
Unterer Anger 3
80331 München
Germany
Office Grünwald
Ludwig-Ganghofer-Straße 6
82031 Grünwald
Germany
AURELIUS Growth Investments S.à r.l.
2-4, rue du Château d’Eau
3364 Leudelange
Luxembourg