2014 Annual Report Review

2014 ANNUAL REPORT
Apax Partners2014 Annual Report 1

Content
04 32
55
Interview with Eddie Misrahi,
Chairman and CEO Focus on debt strategy
with Annick Bitoun
Interview with Ewald Draaijer,
CEO of SK FireSafety Group
MESSAGE FROM THE CHAIRMAN
AND CEO 4
APAX PARTNERS 7
Fundamentals 8
Investment strategy 13
Responsible investing 18
Our investors 24
2014
A YEAR OF VALUE CREATION 27
2014 highlights 28
Portfolio activity 29
Portfolio performance 34
Fund performance 36
SNAPSHOT OF OUR PORTFOLIO
COMPANIES AT 31 DECEMBER 2014 39
TMT (Technology-Media-Telecom) 40
Retail & Consumer 44
Healthcare 48
Services 51
15 PORTFOLIO COMPANIES
AT 31 DECEMBER 2014 56
CONTACTS 57
This report covers the activities of funds managed by Apax Partners SA and Apax Partners MidMarket SAS.
€158mproceeds across all funds
17%gross portfolio return
€80minvestments and commitments
15portfolio companies
at 31 December 2014
Apax Partners2014 Annual Report2

Proﬁle
Portfolio companies’ key ﬁgures
There are many entrepreneurs in France and elsewhere in Europe
aiming to make their companies champions of their industries, both
at home and abroad. To succeed, these entrepreneurs need the
backing of a committed investor who can provide vital resources
and support.
Realising the potential of these companies and developing them is
what motivates Apax Partners. Our 40 years of experience and sector
specialisation represent the key strengths that make us the right
choice. They enable us to identify the most promising companies in
our specialist sectors, understand their growth drivers and support
their management as they work to achieve their ambitions.
Our strong values and ethics also set us apart. We pride ourselves
on being a professional, respectful, exacting and bold partner.
By selecting Apax Partners, entrepreneurs are choosing a committed,
supportive and stimulating investor who will share their vision, their
strategy and their long-term development.
Our success is built on the close, trust-based relationships that our
teams have with our entrepreneurs and investors alike, and on our
desire to succeed as a team.
Apax Partners is an established, leading private equity firm both in
France and in Europe. We assist entrepreneurs who have ambitious
growth plans for their business.
Apax Partners réussit à ceux qui veulent réussir.
Ambitious expansion explained
by Jean-Pierre Chantrel
WHO WE ARE?
WITH FOUR DECADES OF
EXPERIENCE, APAX PARTNERS
RANKS AMONG THE LEADING
PRIVATE EQUITY FIRMS
IN FRANCE AND EUROPE.
OUR MISSION IS TO HELP
AMBITIOUS ENTREPRENEURS
GROW THEIR BUSINESSES.
33
4.3%average revenue growth
9.2%
average EBITDA growth
63,600people employed
13build-up acquisitions

Internationalisation,
digitalisation and
build-ups drove value
creation in 2014
Apax Partners posted strong results for
2014, characterised by the excellent
performance of our funds and underpinned
by robust portfolio company growth. Over
the course of the year, Apax Partners’ funds
took in €158m from two realisations and
a recapitalisation. Portfolio companies
increased revenues by an average 4.3%
and grew average EBITDA by 9.2%. Those
gains translated into a robust 17% increase
in the total value of our funds.
The year was particularly
notable for the increase in the
value of Apax Partners’ funds.
It was a very positive year from the
standpoint of value creation. Our portfolio
companies grew strongly, both in terms
of sales and earnings. Companies in our
Apax France VIII fund led the way with
revenue growth of 13% and EBITDA growth
of 14%. The result was a gross portfolio
return of 26.5% for Apax France VIII. That
performance was supported by strong
Interview with Eddie Misrahi
Chairman and CEO

“2015 has started
with a ﬂurry
of work and
we have deals
in the pipeline.”
“Private equity also has
a role to play in digital
transformation of SMEs.
We are determined
to be at the forefront
of that change.”
growth in our other funds, leaving us with
a global gross portfolio return of 17%.
Credit for that performance rests with our
outstanding CEOs and the effectiveness
of their partnerships with our investment
teams. It also validates Apax Partners’
talent at identifying and driving growth
opportunities through our focus on
internationalisation, consolidation and
digitalisation.
Over the course of 2014, you
formalised three themes as
Apax Partners’ main levers of
growth: internationalisation,
consolidation and
digitalisation. Can you talk
more about that?
We have long viewed them as the key
drivers of value creation and as our core,
differentiating talents. That is evident in
our activity over many years, and again in
2014 when six companies secured bolt-on
deals or significant commercial contracts
in foreign markets; four companies were
active in consolidating their existing
markets through build-up activity; and
six companies instigated major digital
initiatives to drive sales and improve service
quality.
Over 2014, we developed a framework
that formally imbedded those three levers
of growth at the heart of our activities,
ensuring they drive our acquisitions and
are systematically pursued at our portfolio
companies.
Why have you focused on
digitalisation as a driver of
company growth?
The world is becoming digital, yet
many businesses, and sectors, still fail
to fully grasp the implications of that.
Our experience across all our investment
sectors has convinced us that an effective
digital strategy is an essential growth driver
and key to companies’ long-term survival.
That is why digitalisation is a core element
of our value creation strategy.
A CEO’s awareness of digitalisation is the
key factor in implementing an effective
digital strategy. There are three types of
CEOs: those who are fully aware of the
shift to digital and acting accordingly; those
who are aware of the issue but don’t have
an effective action plan; and those who
are unaware or dismissive of digital. We
love the first type, believe we can help the
second and won’t back the last.
Private equity is also facing a digital
transformation. We are determined to be
at the forefront of that change and use it
to our advantage. In 2014, we instigated
several digital projects and expect to begin
to see the fruits of those endeavors in 2015.
During 2014, Apax Partners
nominated a new Partner
and recruited its ﬁrst
Debt Manager. What were
the reasons for those
appointments?
Apax Partners has always evolved with
its investment environment and the two
appointments are part of that evolution. In
September, we recruited Annick Bitoun to
fill our newly created role of Debt Manager.
Her appointment establishes a single
coordinating function for debt financing
activities and the provision of financing
support to portfolio companies.
At the end of the year, we nominated
Franck Hagège as a Partner in our Retail &
Consumer team. Franck is the fourth
partner to have been appointed from within
the firm. We are one of the very few French,
middle-market firms that are able and
determined to foster future partners and
we see that as a real strength. It means we
create partners who understand our culture,
helping to ensure that our successful
investment processes are repeatable.
What are your expectations
for 2015?
The year has started with a flurry of
work and we have deals in the pipeline. Our
current fund is 60% invested and we hope
to raise that to 80% or 90% by the end
of 2015. We also expect to finalise two or
three sales.
In terms of our portfolio companies,
we remain positive. The companies are
forecasting organic EBITDA growth in the
region of 10% and revenue growth of about
6%. Those figures exclude build-up deals,
which are not budgeted but which should
be expected.

Fundamentals 8
Investment strategy 13
Responsible investing 18
Our investors 24
Apax Partners
A leading player in private equity in the French-speaking world

Apax Partners is an independent investment company specialising in financing for SMEs in France and abroad.
We are a leading player in private equity in the French-speaking world. Our investment strategy is to take
significant equity stakes in innovative, fast-growing companies in our sectors of specialisation.
Apax Partners’ success is built on:
• the collaborative relationships we develop with our entrepreneurs;
• our desire to succeed as a team;
• close, trust-based relationships with our investors.
An independent company, wholly owned by its Partners
Apax Partners is authorised by the AMF (Autorité des Marchés Financiers - the French Financial Markets
Authority) and benefits from a short and efficient decision-making process:
• decisions are made in Paris by the seven Partners;
• Partners meet weekly to manage the support strategies of the portfolio companies and to identify investment
opportunities.
(management
company)
Financial
institutions
Insurance
companies
Pension
funds
Private
investors
Apax
Partners
Investors
Companies supported
Allocate funds
Manages
Provides performance
reporting
Identifies investment
opportunities
Supports entrepreneurs
Develops companies
Distribute proceeds
Apax Funds
Provide long term equity ﬁnancing
Fundamentals
APAX PARTNERS TAKES EQUITY STAKES
IN FAST-GROWING, INNOVATIVE COMPANIES
IN OUR SECTORS OF SPECIALISATION.

Fundamentals
Private Equity pioneer in Europe
One of the largest and most experienced teams
in the French-speaking mid-market
“Our independence is our strength: decisions
are made in Paris, directly and efficiently.
As entrepreneurs ourselves, we understand the needs
of the business owners who come to us.” Eddie Misrahi
Key dates
The Apax
France VIII fund
is more than
60% invested
2014
Apax Partners
in France decides
to maintain its
mid-market
focus and
independence
from the other
Apax Partners
entities
2006
Maurice Tchenio
and Ronald
Cohen found
Apax Partners’
predecessor
Multinational
Management
Group (MMG)
in France and
the UK
1972
Apax Partners
initiates
France’s
first venture
capital fund,
or FCPR (Fonds
Commun
de Placement
à Risque), with
francs 100m.
1983
The firm adopts
a sector-focused
strategy
1990
Apax Partners’
founder passes
control of
the firm to
its partners
2010
MMG and
Alan Patricof
Associates
(US) join forces
1976
Co-foundation
of the French
private equity
association
(AFIC)
1984
MMG is
renamed
Apax
Partners
1991
Apax Partners is a pioneer of the private
equity industry in Europe and in particular
in France. In 1983, it raised the first fund
exclusively targeting French investments,
which became the first FCPR (Fonds Commun
de Placement à Risque) to be launched in
France. The French private equity association
(AFIC) was created in 1984, co-founded by
Apax Partners’ founder Maurice Tchenio and
Apax Partners is led by Eddie Misrahi. He is
assisted by six other Partners with an average
of 16 years with the company. The investment
team totals more than 20 professionals. It is
organised into sector-teams of three to five
professionals, many of whom have long-
term experience working or investing in
four other investment professionals. Since
then, eight funds have been raised by Apax
Partners in France, totaling more than €2.4bn.
Today, Apax Partners is one of the most
dynamic private equity firms operating in the
French speaking mid-market, with more than
€1.8bn invested over the past 10 years.
their respective sectors. The sector-teams
are supported by a dedicated business
development team responsible for screening
investment opportunities and developing
privileged relationships with intermediaries.
Our team of multidisciplinary investment
professionals combine financial, operational
and industry expertise. To manage and
strengthen our highly-effective teams, Apax
Partners applies rigorous internal processes
for recruitment, training and promotion, with a
long-standing policy of promoting from within.

Partners
Thomas
de Villeneuve
TMT
Bertrand Pivin
BUSINESS SERVICES
AND HEALTHCARE
Eddie Misrahi
CHAIRMAN AND CEO
Monique Cohen
BUSINESS &
FINANCIAL SERVICES
Gilles Rigal
TMT
Franck Hagège
RETAIL & CONSUMER
Bruno Candelier
RETAIL & CONSUMER

Eddie Misrahi
Chairman and CEO
Eddie’s time is divided between investor relations,
various investment committees and managing the
firm.
He started his career at McKinsey in Paris before
working in the United States in an American
telecommunications group. He joined Apax Partners
in 1991 as Partner in charge of TMT investments,
before becoming General Manager in 2007.
EddiewasPresidentoftheAFIC(Frenchprivateequity
association) from 2007 to 2008.
École Polytechnique,Harvard Business School.
Lived 11 years in the US and SouthAmerica.
LaunchedApax Partners’ digital initiative.
Monique Cohen
Partner
Business & Financial Services,
Head of Business Development
MoniquebeganhercareeratParibas,wheresherose
to head of Equity Capital Markets and then Senior
Banker. Later, at BNP Paribas, she was Global Head
of Equity.
Since joiningApax Partners,Monique has concluded
six investments,notably in business services (Faceo,
Alma Consulting) and financial services (Buy Way
Personal Finance,TEXA)
Monique is an Independent Director on the Board
of Directors of Safran and BNP Paribas and an
independent member of the Supervisory Boards of
JCDecaux and Hermès.She was a Board member of
the AMF (Autorité des Marchés Financiers) France’s
financial regulatory authority from 2011 to 2014.
École Polytechnique.
Lived three years in London. Worked on Alma
Consulting’stransitionfromalocalcompanyinto
a Europe-focused SME.
Participated in Faceo’s build-up acquisitions in
the UK,Germany and the Netherlands.
Continued the digital transformation ofTEXA.
International Build-up Digital transformation
Bertrand Pivin
Partner
Business Services
and Healthcare, ESG policy
Bertrand started his career conducting advanced
research in signal processing for Alcatel in Paris,
France, before moving to the USA to oversee R&D
projects for North American Telecom companies. He
joinedApax Partners in 1993.
Bertrand’s recent activity has included acquisitions,
divestmentsandbuild-upsinprivateeducation,safety
and security services,and healthcare.
He is a Board member of Capio (Sweeden), Unilabs
(Switzerland),SK Firesafety (Netherlands),Amplitude
(France),and Groupe INSEEC (France).
École Polytechnique, Telecom ParisTech, Harvard
Business School.
Lived several years in Germany and the US,
speaks five languages.
Oversaw 50 build-ups for Unilabs and Capio;
Vizada’s transformative acquisition of Telenor
Satellite Services, which created a worldwide
leader in Mobile Satellite Services.
Foster transformation of Groupe INSEEC
through digital learning models.
Gilles Rigal
Partner
TMT
Gilles started his career as an entrepreneur with the
creation of IGL, a software and services company
which was sold five years later to Thales. He then
joinedMcDonnellDouglasInformationSystemswhere
he became Division manager, and Systar, a French-
basedinternationalsoftwarecompanywherehewas
successively General Manager for France, Europe
and worldwide operations. In 1995 he joined BMC
Software, the world’s 5th
largest software vendor, as
GeneralManagerFrance,risingtothepositionofVice
President of EMEA.
Since joiningApax Partners,Gilles has been involved
in many investments including Altran, Cartesis, Gfi
Informatique,Odyssey,andVocalcom.
ENSEEIHT,University ofToulouse.
10 years of managing businesses worldwide.
Managed around 30 build-ups directly and as
an investor.
100%ofhisinvestmentshavebeeninthedigital
space.
Bruno Candelier
Partner
Retail & Consumer
Bruno started his career in 1996 as a consultant
for McKinsey & Company in Paris, London and
Johannesburg. He joined Apax Partners as an
AssociateandwaslaterelectedPartnerin2010.Since
then,he has realised three transactions:Maisons du
Monde,THOM Europe and Europe Snacks,and he is
aBoardmemberofTHOMEuropeandEuropeSnacks.
École Nationale des Mines,INSEAD.
Lived six years in South Africa, the United
Kingdom and theWest-Indies.
Realised the merger between Histoire d’Or and
Marc Orian.
Developed the digital distribution channel
(e-commerce and CRM) of Maisons du Monde.
Franck Hagège
Partner
Retail & Consumer
SincejoiningApaxPartnersin2004,Franckhasbeen
involved in a number of transactions includingALAIN
AFFLELOU, where he is a Board member, Europe
Snacks,Maisons du Monde,Rue du Commerce and
THOM Europe.
Previously, Franck worked for five years as a
managementconsultantwithA.T.Kearneywherehewas
involvedinseveralassignmentsforcorporateandprivate
equity players.He also worked at NetsCapital where he
managed M&A transactions in the Internet field.
HEC Business School,Stern Business School.
LivedinNew-Yorkandworkedoverseveralyears
on projects in Denmark and Belgium.
Supported Rue du Commerce during the
implementation of its marketplace strategy.
Thomas de Villeneuve
Partner
TMT
ThomasstartedhiscareerwiththeBostonConsulting
Group at its Paris and New York offices, focusing on
telecom and media clients.
He joined Apax Partners as an Associate and was
elected Partner in 2010.Thomas has participated in
nineTMTtransactions,mostrecentlyinNumericable
Belgium and Luxembourg, Cabovisão and Infopro
Digital. He is a Board member of Altran and Infopro
Digital.
HEC Business School.
Lived seven years in the US, Belgium and
London.
Supervised 12 build-ups for Infopro Digital,
including the acquisition of Groupe Moniteur
which doubled the company’s size.
Participated in Infopro Digital’s successful
transition from a print to digital model.
“Partners each boast an average of 16 years
with the company. The team combines
extensive international, build-up and digital
transformation experience.”
Fundamentals

Fundamentals
Front row, from left to right:
• Nicolas Essayan
• Aida Ben Lamine
• Eddie Misrahi
• Vincent Colomb
• Francesco Revel-Sillamoni
Second row, from left to right:
• Thomas de Villeneuve
• Qiongyan Shao
• Julien Birman
• Monique Cohen
• Bertrand Pivin
• Damien de Bettignies
• Franck Hagège
• Annick Bitoun
Third row, from left to right:
• Henry Capelle
• Brahim Ammor
• Edouard de Beaufort
• Guillaume Cousseran
• Bruno Candelier
• Thomas Simon
• Gilles Rigal
• Christian Pimont
The Apax Partners investment team
“21 professionals dedicated
to our sectors of specialisation.”

Investment strategy
Mid-size companies
Companies with growth potential
Value Creation
Healthcare
Build-ups
Retail &
Consumer
Digital
transformation
Business &
Financial
Services
Trust
relationship
Financial
optimisation
TMT
(Technology-
Media-Telecom)
Internationalisation
OUR INVESTMENT STRATEGY IS TO TAKE SIGNIFICANT EQUITY STAKES IN INNOVATIVE,
FAST-GROWING COMPANIES IN OUR SECTORS OF SPECIALISATION.

Investment strategy
* LBO and growth only, since 1990.
Technology-Media-Telecom
Retail & Consumer
33%
19%
19%
14%
14%
France
UK
Netherlands
Germany
Other
36%
32%
11%
11%
8%
2%
UK
Other
France
Switzerland
Netherlands
Germany
3 EUROSTOXX 600 TECH
(by number of companies)
3 EUROSTOXX 600 RETAIL, FOOD & BEVERAGE
3 TMT DEALS IN EUROPEAN FRENCH SPEAKING COUNTRIES
FROM 2003 TO 2013
3 RETAIL & CONSUMER DEALS IN EUROPEAN FRENCH SPEAKING
COUNTRIES FROM 2003 TO 2013
France leads the way
France, a major player
numberofdeals
0
2
4
6
8
10
12
14
Apax Partners outdistances the competition
numberofdeals
0
2
4
6
8
Apax Partners outdistances the competition
(source:Apax Partners,Mergermarket)
25deals €918minvested*
A SECTOR-FOCUSED MODEL PROVIDES APAX PARTNERS WITH A COMPETITIVE
ADVANTAGE THANKS TO ITS IN-DEPTH UNDERSTANDING OF SPECIFIC INDUSTRIES.
Apax Partners
Competitor
Apax Partners
Competitor
Sector specialisation

Investment strategy
numberofdeals
0
1
2
3
4
5
(1) Only services companies have been selected within the Industrial Goods & Services Index.
Healthcare
Business & Financial Services
33%
19%
17%
17%
11%
3%
Other
Germany
Switzerland
UK
France
Netherlands
49%
21%
12%
11%
4%
3%
UK
Other
Switzerland
France
Netherlands
Germany
3 EUROSTOXX 600 HEALTHCARE
3 EUROSTOXX 600 INDUSTRIAL GOODS & SERVICES,
FINANCIAL SERVICES(1)
3 HEALTHCARE DEALS IN EUROPEAN FRENCH SPEAKING COUNTRIES
FROM 2003 TO 2013
3 BUSINESS & FINANCIAL SERVICES DEALS IN EUROPEAN FRENCH
SPEAKING COUNTRIES FROM 2003 TO 2013
France, a signiﬁcant player
France, a major player
Apax Partners is among the leaders
numberofdeals
0
1
2
4
3
6
5
7
Apax Partners’ outdistances the competition
Apax Partners
Competitor
Apax Partners
Competitor

Growth focused
Apax Partners invests primarily in companies
with strong fundamentals and a potential for
accelerated growth through strategic and
operational change. Apax Partners’ portfolio
companies are characterised by key criteria:
• ambitious growth-driven entrepreneurs and
management teams, that operate in a fully-
aligned partnership with Apax Partners;
• differentiated product offerings and market
positions, providing downside protection
and significant barriers to entry;
• market leadership potential, either on a
domestic, European or global level.
Partnership approach
Apax Partners’ relationship with the
management teams is based on a shared
enterprise vision, strictly aligned financial
interests, and clearly defined respective
roles. While corporate management is
responsible for day-to-day operations,
Apax Partners’ team challenges them to
deliver profitable growth and provides
ongoing advice on strategic issues, as well
as assistance in support functions when
requested (e.g. finance, human resources,
IT and communications).
Investment strategy
Apax Partners focuses the growth strategy of its portfolio companies on three specific areas: internationalisation, build-ups and digital transformation.
Implementing these strategies is made possible thanks to the trust-based relationships between entrepreneurs and the Apax Partners teams
(see portfolio activity section).
Value creation
Entrepreneurs know that often
the most promising growth
opportunities can be found
overseas. We have strong
experience in implementing
international strategies in our
portfolio companies.
Digital transformation
Businesses that want to succeed
must change their models
to meet the expectations
of millennials and embrace
the major transformation
that implies. In France, this
generation will constitute half of
the labour force by 2020 and its
entrepreneurs will be the people
Apax Partners will support in the
future. The hyper connectivity of
this generation has an impact
on their consumption and how
they act as employees. It is our
mission to help prepare dynamic
French SMEs to take advantage
of this change by supporting their
digital transformation.
Build-ups
With 70 operations between
2012 and 2014, build-ups have
always been an integral part of
accelerating the growth of our
portfolio companies.
Trust relationship
We are strongly committed to
the entrepreneurs that we back.
When these entrepreneurs
choose to partner with us they
choose a committed, supportive
and stimulating investor that will
share their vision, their strategy
and their long term development.

Minority or majority
investor
Apax Partners typically takes majority or
significant-minority stakes and has systematic
representation on the Boards of its portfolio
companies. That enables it to participate
in all major decisions and actively support
the growth strategy implemented by its
companies. Moreover, controlling positions
enable Apax Partners to better negotiate
investment and exit conditions.
We also accept minority positions if the
transaction is based on a genuine partnership
with the management team, which confers us
certain rights.
Long-term investor
Apax Partners typically operates on a five-
year investment horizon, though this depends
on the specific business plans and value
creation objectives. An investment may
be exited after just three to four years if a
company outperforms its goals. Conversely,
Apax Partners can hold an investment for
six to seven years, for instance, when a
business plan needs more time, or because
of an economic downturn. Exit timing and
routes (trade sale, secondary buy-out, IPO)
are selected on the basis of their ability to
best serve the twin interests of maximising
exit values for Apax Partners’ investors
and supporting portfolio companies’ future
growth.
Mid-cap
Apax Partners targets LBO and growth capital investments in mid-size companies located primarily in French-
speaking countries. We focus on businesses with enterprise values up to €500m.
That incorporates an abundance of investment opportunities in the mid-market, including family-owned
companies, non-core divisions of large corporations, undervalued listed businesses and private equity-owned
companies where growth opportunities remain unexploited.
France is the second largest private equity mid-market in Europe.
3 MIDCAP TRANSACTIONS (€50M-€1,000M) WITHIN APAX PARTNERS’ FOUR SECTORS (2010-2013)
200
100
0
UK NetherlandsFrance GermanyScandinavia SpainItaly Belgium Switzerland
Scandinavia includes: Sweden, Finland, Norway and Denmark
Source: Mergermarket
Investment strategy

Apax Partners acts as a responsible investor,
throughout our investment process and
through the monitoring of our investments.
Our approach includes:
• Conducting systematic due diligence
based on key criteria;
• Establishing a “responsible” roadmap
with our entrepreneurs, and following it
throughout the investment;
• Performing vendor due diligence when the
investment is sold.
Regulated management
company
Apax Partners is a portfolio management
company regulated by the Autorité des
Marchés Financiers (AMF), France’s financial
regulatory authority. Within the framework
of the agreement obtained from the AMF,
Apax Partners has committed to respect
certain standards of management and follow
rules of good behaviour. The principles of
internal control and business ethics are
written, circulated and regularly checked and
updated. The firm manages regulated funds
known as Fonds Professionnels de Capital
Investissement (FPCI) and is fully compliant
with the EU’s Alternative Investment Fund
Managers Directive (AIFMD).
Apax Partners is also a member of
Association Française des Investisseurs pour
la Croissance (AFIC), the French private equity
association. AFIC members must comply with
the association’s code of ethics.
Governance
The company is managed by committees
at the strategic, operational and investment
levels. Two committees oversee the firm’s
management. The Strategy Committee
including all the Partners meets four times
a year to discuss matters of strategic
importance to the firm. In particular, it reviews
fund performance, investment strategy, team
performance, and sets overall business
development goals. All Partners meet on a
regular basis to take key operating decisions.
Transparency
Apax Partners has adopted corporate
governance best practices across its
management process including a commitment
to transparency for all stakeholders.
The company continuously provides
comprehensive and extremely detailed
reporting to its investors on the performance
of investment funds and portfolio companies.
These reports are updated on an on-going
basis.
Investment and value creation
processes
Apax Partners applies rigorous and consistent
investment-selection and value-creation
processes. Four committees scrutinise
each investment at different stages of the
investment life cycle:
• Approval Committee. Monitors investment
opportunities and works with the deal team
to ensure that opportunities comply with
the firm’s investment strategy and that due
diligence is properly conducted.
• Investment Committee. Makes all
investment decisions based on very
detailed information regarding the targeted
business (market position, competitive
analysis, risks, opportunities, management
quality, etc.), as well as investment issues
(business plan, financial structure, expected
returns, etc.)
• Portfolio Monitoring Committee.
Monitors the operational and financial
performance of portfolio companies on a
formal basis. This process is in addition to
monitoring carried out by deal teams, which
meet regularly with portfolio companies’
management at Board meetings or
reporting meetings. In addition to monthly
reviews of portfolio company performance,
full portfolio reviews, involving all the
Partners, are held twice yearly to monitor
and analyse each investment, update the
business plan, and study growth or exit
opportunities.
• Exit Committee. Makes all exit decisions.
Professional and responsible
investor
Apax Partners has always been committed
to being a professional shareholder, and fully
assumes all the responsibilities that entails.
The firm consistently seeks to innovate to
be ahead of major developments and in this
spirit decided, in 2011, to embrace socially
responsible investment and develop a
comprehensive environmental, social, and
governance (ESG) strategy, which is set out
in the following sections.
“Apax Partners is one of the few private equity
companies that publishes an annual report, and has
been a pioneer of that practice”. Eddie Misrahi
Responsible investing
APAX PARTNERS TAKES PRIDE IN ITS CORPORATE
GOVERNANCE AND TRANSPARENCY POLICIES, AS WELL AS ITS
INVESTMENT APPROVAL AND OVERSIGHT PROCEDURES.

A voluntary ESG approach
Apax Partners’ commitment to excellence and innovation led it to define a
set of environmental, social and governance (ESG) principals that are fully
integrated into the firm’s investment strategy. The ESG approach is guided
by two factors: risk management and the identification of opportunities
to create value.
Apax Partners signed the first social and environmental charter
of the French Private Equity Association (AFIC) in 2008.
A three-phase strategy
We defined a three-phase approach that set out objectives for short, medium, and long-term action plans:
2011-2012:
Apax Partners defined the
strategy and took first measures
at its own level
• Signed the PRI (Principles for Responsible
Investment).
• Defined Apax Partners strategy with the help of
Sustainable Development consultants.
• Launched a review with investors, adressing
their particular ESG concerns.
• Allocated dedicated resources: a Partner and
support staff were made responsible for the
application of ESG policy.
• Trained all Apax Partners staff in ESG.
• Awarded the inaugural “GP Responsible
Investing Award” by Pantheon.
2012-2013:
Apax Partners launched
implementation at portfolio
company level
• Implemented ESG due diligence in our
investment process on a systematic basis.
• Defined ESG specific principles and criteria to
be monitored.
• Contributed to specific ESG studies.
• Carried out France’s first ESG vendor due
diligence when selling Maisons du Monde.
2014-2015:
Apax Partners reinforces its ESG efforts and implements its
ESG strategy throughout France VIII portfolio companies
At the Apax Partners’ level
• Contribute to the development of ESG within the private equity sector:
• signatory of AFIC’s new charter;
• active member of AFIC’s ESG commission, participation in AFIC’s first ESG annual
report;
• panelist at conferences: PEI (Responsible Investment) in London, AFIC (Governance
and ESG) in Paris;
• contribution to PRI guide “Integration ESG in private equity” with a dedicated
Apax Partners case study.
• Offsetting carbon emissions:
Since our carbon-balance footprint assessment in 2011, Apax Partners has offset
its emissions. In 2014, our team voted to support two projects: “Wind power in New
Caledonia”, a registered project conforming to Gold Standard criteria (GS n° 566), and
“Efficient cooking stoves in Mali”, a registered project conforming to Gold Standard
criteria (GS n° 414).
• Our internal social policy:
• competitive compensation policy (each staff member with at least three years of
tenure is entitled to carried interest);
• a minimum of two annual appraisal interviews and a structured career path with
four milestones (four of the seven Partners started as Senior Associates);
• training: individual and collective;
• stability of the team: more than 16 years of seniority for the 7 Partners.
• Reinforcement of dedicated resources: a Partner and the recruitment of a full time
experienced ESG manager.
• Half-yearly ESG updates to investors.
“We are convinced that ESG topics
contribute to creating value
well beyond the improvement
of financial performance.”
Bertrand Pivin, Partner & ESG Policy
and Mathilde Bonnans, ESG Manager

Pragmatic and concrete support at the portfolio
companies’ level
We are convinced that Environmental, Social and Governance topics
contribute to creating value well beyond the improvement of financial
performance. This conviction has led to the implementation of a tailor-
made ESG action plan for each company.
Scope
We offer close guidance and support to our most recently acquired
companies. This position ensures that we have enough time to define
and implement an ESG action plan over several years, for each
company.
Apax Partners ESG strategy is present throughout the investment process:
At exit, Apax Partners:
• Provides ESG vendor due diligence.
Wind power in New Caledonia, one of the projects supported by Apax Partners to offset its carbon emissions.
During the holding period, Apax Partners:
• Defines a specific roadmap with management;
• Encourages the appointment of a company project leader;
• Supports implementation of the action plan;
• Regularly follows ESG implementation and results via appropriate governance.
Before an acquisition, Apax Partners:
• Systematically conducts ESG due diligence;
• Integrates ESG principles into offers and shareholder agreements.

Actions taken by our portfolio companies in 2014
• In accordance with its strategy of providing biomass renewable
resources that offer alternatives to fossil fuels, Albioma is testing
the use of sugarcane straw, green waste and sorghum cultivated
on unfarmed lands, at an industrial scale.
• Embarked on the Solar Impulse adventure, aiming to complete a
round-the-world flight relying only on solar energy, Altran defined
the best routes to fly, the autopilot program, the safety and reliability
analysis to obtain permits to fly.
• Amplitude constituted its ethics committee and created its ethics
charter.
• Europe Snacks has stepped up efforts to improve the nutritional
profile of its products by using sunflower oil instead of palm oil and
by reaching a new sodium target.
• Gﬁ Informatique established its “Sustainable Purchasing Charter”
integrating the social and environmental criteria to its Purchasing
Policy and expressing these expectations towards its suppliers.
By signing this Charter, the supplier commits to respect in full its
provisions.
• Groupe INSEEC published its first CSR report setting out an
overview of both existing practices and commitments for the
following months.
• SK FireSafety Group considers itself to be a social responsible
company, and since the beginning, has developed a range of
products that now lead the market regarding eco-friendliness.
• After defining its core values, TEXA formalised its charter of ethics
and conduct with concrete examples.
• THOM Europe included requirements in terms of respect for
environment, child labor, employees’ rights, workplace health and
safety in its supplier charters.
CHRISTOPHE BÉESAU
Head of “Advanced Modelling and Simulation”, Altran engineer and
member of Solar Impulse MCC
“A mathematical theory of complexity was developed and we now
apply it to the Solar Impulse route determination and flight plans.
The Mission Control Center (MCC) in Monaco is at the core of Solar
Impulse. The solar plane will be guided from this control tower for
the 2015 round-the-world trip by the Altran engineers who are at
the heart of the flight preparation, control and monitoring.”
BÉNÉDICTE BOUCHÉ
Director of Human Resources, TEXA
“Security is important and it is a shared concern. To avoid accident
such as experts falling from height while inspecting roofs, we tested
a camera mounted on a telescopic pole linked to a smartphone.
Therefore, the roof can be visualised from the ground, without risk.
The test has proven successful and we are currently equipping our
experts. Thus, innovation is at the service of security.”
JEAN-PIERRE CHANTREL
General Manager and CFO, THOM Europe
“As a leading jewellery and watch retailer, THOM Europe is
focused to reinforce responsible purchasing policy.”
EWALD DRAAIJER
CEO, SK FireSafety Group
“People are key in achieving our goals. Next to the continuous
attention for the safety of our own employees, it explains our
efforts to educate and train people in (fire) safety. Or why
we co-founded an extinguishing equipment maintenance
company consisting of people with a disadvantage to the job
market, or why we create awareness by annually sponsoring
the Child & Burn Foundation.”

CATHERINE LESPINE
CEO, Groupe INSEEC
“We are convinced that our willingness and our exemplarity
will ensure that the future leaders we train, integrate economic,
social and environmental impacts in their decisions. In other
words, that they demonstrate their belonging to a CSR vision.”
SAKINA SEDJARI
CSR Advisor within the Quality Department, Gﬁ Informatique
“The Sustainable Purchasing Charter allows Gfi Informatique to
express its engagement and social development values through
its purchasing policy involving its suppliers in a common-progress
approach aimed at ensuring clients’ long-term satisfaction.”
JACQUES PÉTRY
CEO, Albioma
“Our corporate responsibility cannot be carried out without a
high level of transparency and a regular dialogue with all our
stakeholders. In order to answer their questions as best as
possible, we launched an action plan aiming to better identify,
know, and understand their expectations, in 2014. Our strong
industrial culture is complementary to our wish to be a citizen
company perfectly integrated into its ecosystem.”
OLIVIER JALLABERT
CEO, Amplitude
“With our business, we are constantly striving for excellence.
The charter and the ethics committee bear witness to the
importance attached to this topic, and enable Amplitude to
improve further.”
ALINE MAYSSE
Quality, Safety and Environment Manager, Europe Snacks
“Europe Snacks wishes to be a reference company in its
French and European markets through its firm commitments
to quality, safety, environmental and ethical issues. We attach
great importance to meeting consumer expectations, notably
on health topics. It is a key priority for us.”

“Apax Partners is one of a handful
of private equity ﬁrms to publish
a corporate social responsibility report
covering the companies in its portfolio.“
(1) ALAIN AFFLELOU, Albioma, Altran, Amplitude, Capio, Europe Snacks, GÞ Informatique, Groupe INSEEC, Groupe Royer, Infopro Digital, SK FireSafety,
TEXA, THOM Europe (Histoire d’Or, Marc Orian and TrésOr), Unilabs, and Vocalcom.
Corporate social
responsibility report
Our reporting on human capital includes
workforce evolution, distribution of created
jobs, and an analysis of social policies. All of
our portfolio companies’ General Managers
and Human Resources Directors participated
in the report, ensuring the data provides a
complete overview of Apax Partners’ 2014
year-end portfolio of 15 portfolio companies (1)
.
In this report, the 2014 human capital results
are compared with the 2013 data, so as to
preserve a constant base.
In 2014, the total average workforce at our
portfolio companies was 63,600 people. That
represented an 8% increase year-on-year,
with internal growth and external growth
contributing nearly evenly to the increase. Our
portfolio companies added a total 5,300 jobs,
of which 2,800 were newly created positions
and 2,500 were due to external growth.
Overall, our portfolio companies increased
net employment by 5,080 jobs.
The total value of wages and salaries
increased to €3.4bn, up 6% year-on-year. The
bulk of that growth was due to individual wage
increases, while growth in the headcount also
contributed across 11 companies.
Employment in France increased 6% over the
course of 2014, to represent a total 54% of
our portfolio companies’ workforce.
By the end of 2014, 13 portfolio companies
had established wage agreements and
profit-sharing schemes (Intéressement &
Participation). Those companies distributed
a total of €18m to employees, up 21% on
2013, a clear sign of their robust health.
Over the course of the year, 12,040 employees
received training, up 9% over 2013. A total
of 273,800 hours of training were provided,
representing a total €22m of investment in
improving the talents of the workforces.
Further efforts were made to improve social
policies within the portfolio companies during
the year. In 2014, 101 collective agreements
were signed, up 14% over 2013. Most of
those were wage agreements, profit-sharing
and savings schemes.
5,080net employment increase
+6%
employment in France
+21%
distributed through wage
agreements and proﬁt-sharing
Social report
63,600 employees
+6%average wages and salaries
+8%employment
Portfolio companies report
15 portfolio companies
+4.3%average revenues
+9.2%average EBITDA

Our investors
THE APAX FUNDS HAVE BEEN RAISED FROM A WIDE RANGE
OF INTERNATIONAL INVESTORS (LIMITED PARTNERS), INCLUDING
PENSION FUNDS, FUNDS OF FUNDS, SOVEREIGN FUNDS, INSURANCE
COMPANIES, BANKING COMPANIES AND PRIVATE INVESTORS.
Diversiﬁed investor base
Apax Partners has raised and managed a total of more than €2.4bn through eight
successive private equity funds (Fonds Professionnels de Capital Investissement -
FPCI), both individually and together with Altamir, a publicly traded company.
3 INVESTORS IN APAX FRANCE VIII
40%
27%
20%
6%
4%
2%
1%
Investment companies
Pension funds
Funds of funds
Sovereign funds
Insurance companies
Apax Partners
High net-worth individuals
By type
51%
23%
20%
6%
France (including Altamir)
North America
Other Europe
Rest of the world
By geography
3 FUNDS RAISED BY APAX PARTNERS IN FRANCE
(€m - Includes funds raised with Altamir from Apax France IV to Apax France VII)
400
600
800
1,000
200
0
1983 1986 1990 1996 1998 2000 2006 2011
Apax
CR
15
Apax
CR II
49
Apax
CR III
96
Apax
France IV
82
Apax
France V
300
Apax
France VI
700
Apax
France VII
900
Apax
France VIII
704
Altamir no longer co-invests with the funds managed by Apax Partners. It is now an
investor in the Apax France VIII fund (further information on Altamir is available at
www.altamir.fr).

Our investors
“Apax Partners manages a total
of more than €2.4bn.”
Investor relations
Apax Partners maintains regular contact with
investors, providing them with very detailed
reports and meeting with them several times a
year. Investors in each of the Apax Funds are
invited to an Annual General Meeting. Each
of the Apax Funds has a Board of Advisors,
comprised of its main LPs, who meet at least
twice yearly. The Boards of Advisors discuss
fund transactions, the biannual valuation of
investments (which are stated in the fund
accounts) and any potential conflicts of
interests.
The firm has one professional dedicated to
investor relations. Together with the Partners,
the Investor Relations Officer meets regularly
with existing and potential investors from
across the world, with a view to updating
them on Apax Partners’ activity and portfolio,
and preparing the next fundraising process.
Fully-aligned and transparent compensation policy
Like most private equity firms, Apax Partners’
revenues include an annual management fee
that covers the company’s operating costs
(staff salaries, rent, etc.). This fee has declined
over time, as a percentage of funds under
management, as larger funds have been
raised.
At an individual level, the Apax Partners team
invests significantly into the company’s funds,
on the same terms and conditions as other
investors. This serves to align their interests
with those investors and incentivise long-term
value creation in portfolio businesses.
3 COMPENSATION POLICY
Management fee
3Fees received from portfolio
companies (including transaction
and monitoring fees) are deducted
from the annual management fee.
3The management fees are used
to invest in one of the largest
private equity teams in the French
market, enabling Apax Partners to
fully implement its sector-focused
strategy.
Carried interest
3Carried interest is linked to overall
fund performance after fees, and
not on a deal-by-deal basis.
3Carried distribution is paid
only after investors have been fully
repaid their principal and their
hurdle return.
3Carried interest is distributed
widely to the team: each
staff member with at least
three years of tenure is entitled to
carried interest.
3Apax Partners has one of the most
stringent vesting policies in the
industry.
Co-investments
3Partners typically make significant
investments in each of the Apax
Funds, on the same terms and
conditions as other investors.
3Partners are prohibited from co-
investing directly in any single
investment made by an Apax
Fund.
Finally, all Apax Partners staff receive a
performance-based incentive in the form of
a 20% carried interest payment. This is paid
when, and only if, a fund has generated a
return to investors in excess of 8% per annum
over its life (known as a hurdle rate). A fund
typically has a 10-year life and carried interest
is generally paid in later years when most of
its investments have been sold and investors
have recovered their capital.
In order to fully align its interests with those of
its investors, Apax Partners also has a number
of longstanding, investor-friendly policies.

A YEAR OF VALUE CREATION
Backed by Apax Partners, companies in the portfolio
continued to expand and create jobs.
The growth strategy focused on three speciﬁc areas:
internationalisation, build-ups, and digital transformation.
2014
2014 highlights 28
Portfolio activity 29
Portfolio performance 34
Fund performance 36

2014
HIGHLIGHTS
Follow us every day!
Blog www.apax-talks.fr
T Twitter @ApaxFrance
l LinkedIn Apax Partners MidMarket
Scoop It Apax Partners
January
#Arrival of Julien Birman and Vincent Colomb
as senior associates.
#BrahimAmmorandHenryCapellearepromoted
to the position of Principal.
February
#MathildeBonnansisappointedESGManager.
April
#Buy Way Personal Finance, one of the leading
consumer credit institutions in Belgium and
Luxembourg, is sold.
May
#Monique Cohen is appointed independent
director of BNP Paribas’ Board of Directors
for three years.
#Apax Partners MidMarket is launched on
LinkedIn.
June
#Acquisition of SK FireSafety Group, the ﬁre
safety specialist in Northern Europe.
#EddieMisrahiwasonthecoverofPrivateEquity
Magazine: “I found the best job in the world.
Consultants think, operatives materialise, but
the investor enjoys the best of both worlds.”
July
#Apax Partners created a Scoop It press watch
on fundamental issues for SMEs: international
growth, digital transformations, and build-up
strategy.
September
#Three of our past and present portfolio
companies (Sephora, Maisons du Monde and
Histoire d’Or) were ranked in Challenges’ top
30 favourite retail brands in France.
#Annick Bitoun, debt manager, and Qiongyan
Shao, senior associate, joined Apax Partners.
October
#In the AFIC 2013 ESG report, Apax Partners
was one of the 18 investment funds to
voluntarilypresenttheresultsofitsESGpolicy.
Apax Partners also provided examples of
initiatives by its portfolio companies Maisons
du Monde, Groupe INSEEC and
TEXA.
#Eddie Misrahi spoke at the École
Polytechnique alumni club on the
subject: “Is it really impossible to
create a giant digital player in
France?”.
December
#Portfolio companies controlled by investment
funds added a net 36,000 jobs in 2013, of
which 5,150 were attributable
to Apax Partners’ portfolio
companies.
#Apax Partners was awarded
“Best French Mid & Upper Mid
LBO Fund” at the Private Equity
Exchange & Awards.
#@ApaxFrance arrived on Twitter.
#Franck Hagège was promoted to
Partner in the Retail & Consumer
sector team.

Divestments and investments
Apax Partners generated €158m in proceeds in 2014, compared to €327m in 2013, and made €80m of
investments and commitments in 2014, compared to €214m in 2013. In addition to the new acquisitions,
€10m of follow-on investments were made to fund build-up acquisitions and support portfolio companies.
Divestments:
Buy Way Personal Finance, one of the leading consumer credit institutions in Belgium and Luxembourg
Apax Partners sold its stake in April 2014 to Chenavari Investments Managers. Buy Way, which was
previously a subsidiary of BNP Paribas, manages a loan portfolio of approximately €400m and employs
around 250 people. During the four-year partnership, Apax Partners significantly reorganised the firm and
supported its successful growth.
DBV Technologies, a clinical-stage specialty biopharmaceutical company
In September 2014, Apax Partners sold its stake in the last venture company of its portfolio.
Investment: SK FireSafety Group, the ﬁre safety specialist in Northern Europe
This new investment is a typical Apax Partners deal involving a company with strong growth prospects,
a high-quality entrepreneurial team, and market leadership positions.
The Apax France VIII fund, together with SK FireSafety’s management, acquired 100% of SK FireSafety
in July 2014. For the full presentation of the company and the interview with Ewald Draaijer, CEO of SK
Fire Safety, see page 55.
3 PROCEEDS ACROSS ALL FUNDS 2005 – 2014
(in €m)
Portfolio
ACTIVITY
2014 WAS A GOOD YEAR FOR APAX PARTNERS. COMPANIES
IN THE PORTFOLIO TURNED IN STRONG RESULTS. THE FIRM MADE
ONE NEW ACQUISITION AND TWO DIVESTMENTS.
New investments
Follow-on investments
Number of investments
246
2005
3
336
2006
7
261
2007
7
241
2008
5
37
2009
2
210
2010
0
280
2011
2
121
2012
3
214
2013
2
Total investments80
2014
1

Portfolio activity
Value creation
Apax Partners focuses the growth strategy of its portfolio companies on three specific areas: internationalisation, build-ups and digital
transformation. Generating growth sometime requires financial optimisation. Of course, implementing a strategy is possible thanks to the
trust-based relationship between company management and the Apax Partners teams.
Build-ups
With more than 70
operations between 2012
and 2014, build-ups are
an essential strategy
to accelerate the growth of our portfolio
companies. In addition to the many
acquisitions listed in the international
section, some examples of 2014 build-ups
within our portfolio companies included:
• ALAIN AFFLELOU continued to screen
acquisitions in Southern Europe;
• Gﬁ Informatique made four acquisitions
in France during the year generating an
additional €60m in revenues;
• THOM Europe acquired a network of
31 stores in France;
• TEXA successfully developed a newly
acquired company that specialises
in “building damages” expertise, and
completed another acquisition in 2014.
Entrepreneurs know that often the most promising growth opportunities can be found overseas. We have strong experience
in implementing an international strategy in our portfolio companies and continued to leverage that experience in 2014 to
accelerate growth at our portfolio companies:
• Albioma entered the Brazilian biomass
electricity market with the acquisition of a
60MW cogeneration plant;
• Altran completed two significant
acquisitions in China and Germany/
Austria to strengthen its presence in these
countries;
• Amplitude focused its international
development on six promising countries. It
acquired a distributor in Brazil, developed
its newly acquired distributor in Australia,
initiated FDA registration of its products in
the US, created a joint venture in Japan
and launched operations in Switzerland
and in Belgium;
• Europe Snacks signed a major contract
with the largest Spanish food retailer and
continues to screen potential build-ups in
Europe;
• Groupe INSEEC opened a training school
in China and acquired a school in
Switzerland;
• Vocalcom opened a US subsidiary to
develop its presence in the world’s largest
contact center market.
• Groupe INSEEC, which made digital
marketing one of its key areas of strategic
focus and started developing its on-line
education services;
• TEXA used digital technology to improve
both quality of its service to insurers and
productivity of its organization;
• Retail companies THOM Europe and
ALAIN AFFLELOU continued to grow their
e-commerce businesses;
• Gﬁ Informatique developed new services,
including cloud solutions for mobility
and payments, and big-data business
intelligence solutions for its blue chip
customer base;
• Infopro Digital’s digital business now
accounts for 61% of its direct margin
(excluding trade-shows and events) due
to the launch of regular internet and digital
initiatives.
Digital Transformation
Businesses that want to succeed must change their
models to meet the expectations of the millennials
and embrace the major transformation that implies.
In France, this generation will constitute half of the
labour force by 2020 and its entrepreneurs will be the people Apax
Partners will support in the future. The hyper connectivity of this
generation has an impact on their consumption and how they act
as employees. It is our mission to help prepare dynamic French
SMEs to take advantage of this change by supporting their digital
transformation. Some examples of digital transformations within
our portfolio companies in 2014 included:

Portfolio activity
Relationships based on trust
We are strongly committed to the entrepreneurs that we back. When these entrepreneurs
choose to partner with us they choose a committed, supportive and stimulating investor
that will share their vision, their strategy and their long term development.
They said it in 2015
“Our relationship is based on trust and is
extremely professional. They have helped me through
the different stages of our strong growth, ensuring
that the company felt supported and secure. Affording
Apax Partners the option to challenge our strategic
ideas always yielded extremely rich results. Because
of all that, I am thankful to Apax Partners and the
teams with which I have worked.”
Olivier Jallabert, CEO of Amplitude
“Interaction with the Apax Partners’ team is practical, rapid and fruitful.
Our investment-projects, whether financial, technological or in human resources
have received Apax Partners’ full support. We really feel supported to remain
“one step ahead” and so build the long-term future of Groupe TEXA.”
Bruno Vesval Chairman, and
Pierre-Antoine Lagé, Managing Director of TEXA
“I have found at Apax Partners’ people who are
in complete agreement with our media digitalisation
strategy. Their knowledge of this digital transformation
allows us to invest aggressively. This is a strong
differentiating factor for a fund.”
Christophe Czajka, founder and
Chairman of Infopro Digital
“We have been working together for a year. I wanted to thank you
and tell you how much I enjoy sharing this experience and INSEEC’s
projects with the Apax Partners’ team. I had a good feeling from the
start and it hasn’t diminished.”
Catherine Lespine, CEO of Groupe INSEEC
“The most successful people in the world didn’t make it on their
own. Apax Partners’ team is the best partner I have found. I strongly
recommend them to anyone.”
Anthony Dinis, founder and CEO of Vocalcom
“According to a famous saying: performance matters for only as long
as it lasts. What can I say then about our almost-intimate relationship with
Apax Partners, which has lasted 15 years! Always with us, especially in
the testing periods, I have always appreciated the regular contact and the
advice of Apax Partners’ teams.”
Frédéric Poux,
President of the Executive Board of ALAIN AFFLELOU
“The management team of our medium size
company is naturally under permanent pressure
from short-term pressing challenges. Thanks to
Apax Partners and their stimulating inputs, we can
think out of the box and go faster and further”.
Jacques Pétry, CEO of Albioma
“This first year alongside Apax Partners has validated my decision
to trust them to accompany the transformation of Europe Snacks from a
national champion into a European leader. The breadth of their vision, their
exacting standards and speed of execution, all coupled with their unwavering
confidence, have contributed to a partnership that is aligned to the interests
of everyone.”
Christophe Fenart, CEO of Europe Snacks
“Apax Partners has always been by our side in each key moment
in the development of the company. The team includes both reliable
and knowledgeable business partners that trust and support
the management, but who also knows when to challenge us! It is
always profitable to discuss the strategic moves of the company
with the team.”
Eric Belmonte, Chairman of THOM Europe

Financial optimisation
The first and fundamental objective of
any financial optimisation is to enable our
portfolio companies to pursue an internal
or external growth opportunity. That could
include obtaining complementary equity to
finance a strategic development, conducting
a structural build-up that requires rethinking
the company’s entire financing, or providing
flexibility when existing conditions are
impeding the firm’s development.
Amplitude – Reﬁnance to support an annual growth of 25%
Amplitude set up a unitranche debt of €65m to
support the accelerated growth profile of the
company. This operation will finance overseas
subsidiaries, notably in Brazil, Australia, and
the US. It will also allow the company to win
new customers, providing them with implants
and instruments, in key markets like France.
Finally, the transaction will allow Amplitude to
continue its efforts in innovation, in particular
the development of new navigation systems
for surgeons and 3-D printed patient specific
instrumentations.
Our new debt expert
ANNICK BITOUN
What is your vision of a
debt manager’s role?
The best debt agreements
are partnerships, where the
ambition of a company, its
equity backer and its lender are
in harmony. My goal is to create
those partnerships by sourcing
solutions suited to each
transaction’s particularities of
size, complexity and the needs
of the enterprise.
I aim to create relationship
with lenders that are equitable
and based on mutual trust.
It is always my aim that they
should endure over numerous
transactions.
What are the dominant
characteristics of the
current debt market?
T h i s i s a p a r t i c u l a r l y
advantageous moment in
which to raise debt. Rates are
historically low and there are
relatively few transactions. The
result is that lenders are actively
seeking new opportunities and
ready to support refinancing
for companies that have good
growth opportunities. There is
also a growing diversity of actors
in the debt market, meaning
there is greater opportunity to
find a partner whose profile suits
each transaction.
After more than a decade
working for lenders, what
led to you to join Apax
Partners?
In my role as a banker I was
often involved in negotiations
with Apax Partners and was
always impressed by their
business philosophy, vision
and professionalism. When the
opportunity arrived to switch
sides of the table I had no
hesitation!
APAX PARTNERS, IN SEPTEMBER, EXPANDED ITS TEAM AND EXPERTISE
WITH THE APPOINTMENT OF ANNICK BITOUN, THE COMPANY’S FIRST
SPECIALIST DEBT MANAGER.
# FOCUS
“This is a particularly advantageous moment
in which to raise debt.
Rates are historically low and there are relatively
few transactions.” Annick Bitoun
“Amplitude’s international expansion includes
Brazil, Australia and the United States.”
Portfolio activity

ALAIN AFFLELOU – Flexibility
to finance growth
In May 2014, the group refinanced its senior and
mezzanine facilities with €440m of high-yield notes.
This refinancing allowed the group to lower the overall
weighted cost of debt to 6.1% from 7.9%, delivering
almost €8m of annual cost savings. The new financing
structure also provides greater flexibility to fuel organic
and potentially external growth by removing certain
restrictions inherent in the previous facilities.
THOM Europe –
Unlock store network expansion
The group raised €347m in high-yield financing in
2014. In addition to refinancing the acquisition debt
and repaying part of the shareholders’ bonds, this
refinancing will enable THOM Europe to pursue its
store-network expansion, which had been constrained
by the onerous nature of the acquisition debt
documentation requirements. The group now has full
access to the cash generated by the operations to fund
new stores openings. In the short-term, this refinancing
enabled THOM Europe to acquire 31 stores from a
regional chain.
General Manager and
CFO of THOM Europe
JEAN-PIERRE CHANTREL
Why did you choose to refinance your debt in 2014?
It was the right time for the business and a good time in the
debt market. THOM Europe was created from the combination
of Histoire d’Or and Marc Orian in 2010. Our first task was
to integrate the businesses, train the teams and position the
brands. With that work completed, we were ready to move to
a development phase for which our debt arrangement wasn’t
suitable. The documentation requirements were too onerous
and would have taken up time and energy better focused on
expanding the business. And rates had come down since 2010.
How did you find the process of refinancing?
It was smooth, though a lot of work. We launched the process
at the end of April, quickly found a bank in Goldman Sachs
that was willing to take the lead, and by July 18 the new loans
were in place. It was a real team effort between the banks, our
lawyers, our shareholders and our in-house team. And we very
much appreciated the support we received from Apax Partners
team to prepare the new documentation and the roadshow.
What are your plans now that you have the new
debt in place?
The key benefit of the refinancing is the flexibility it gives us to
pursue our growth plans. Very soon after we secured the loan
we added 31 new outlets with the acquisition of a small rival in
the South of France. We will continue to look for acquisitions
and pursue our objective to develop a greater presence in
city-centers.
THOM EUROPE, FRANCE’S LEADING
JEWELRY RETAILER, REFINANCED
ITS DEBT IN JULY WITH €347M
OF HIGH-YIELD NOTES, SECURING
A MORE FLEXIBLE FINANCIAL
PLATFORM FOR ITS AMBITIOUS
EXPANSION PLANS.
# FOCUS
“Our refinancing deal was a real team
effort between the banks, our lawyers,
our shareholders and our in-house
team. And we very much appreciated
the support we received from Apax
Partners team to prepare the new
documentation and the roadshow.”
Jean-Pierre Chantrel
“New financing helped THOM Europe
acquire 31 stores.“
“Refinancing will save
ALAIN AFFLELOU €8m a year.“
Portfolio activity

Operating performance
The 15 companies within the unrealised LBO and growth capital portfolio posted a 9.2%
increase in their aggregate EBITDA. This performance can be benchmarked against the
aggregate EBITDA of the 35 non-financial companies included in the CAC 40, which
posted a 1.2% decrease in their aggregate EBITDA.
Reasonable and stable leverage ratios
The average debt multiple of the portfolio (represented by the ratio of total net
debt to EBITDA) was stable at 3.74x at the end of 2014, against 3.75x at the end
of 2013 and 3.7x at the end of 2012. The LBO debt multiple averaged 2.82x, while
the average operating debt multiple was 0.91x.
Regarding the repayment schedule, amortising debt (tranche A) represented 6.4%
of the total LBO debt, while the remaining 93.6% is bullet debt. The portion of LBO
debt with maturity dates prior to 2017 represented only 3.17% of the total.
Portfolio
PERFORMANCE
“The portfolio’s average
debt multiple
at the end of the year
remained stable at
3.74x, roughly the
same level as in 2012
and 2013.“
3 CHANGE IN AGGREGATE EBITDA
CAC 40 companies (excluding financial institutions)
Apax Partners’ LBO & growth capital portfolio
+15%
+18%
2010
+6%
+17%
2011
-1%
+8%
2012
-4.6%
+11.3%
2013
-1.2%
+9.2%
2014
+14%
+82%
5 years
combined
3 LEVERAGE RATIO
(Net debt / Last 12 months EBITDA)
3.8x
December
2011
3.7x
December
2012
3.8x
December
2013
3.7x
December
2014

Gross portfolio return
Gross portfolio return (GPR) measures the change over the year in portfolio valuation,
including both realised and unrealised value. It is calculated on a mark-to-market basis
and is expressed as a percentage of the opening portfolio value.
In 2014, the 9.2% EBITDA growth of our 15 LBO/Growth companies allowed Apax
Partners to generate a GPR of 17% across all its funds, compared with a GPR of
23% in 2013.
“Apax Partners
unrealised portfolio
has continued
to demonstrate sales
and earnings growth
over 2014.“
Eddie Misrahi
17%
gross portfolio return
Portfolio performance
3 GROSS PORTFOLIO RETURN (in %)
42
2005
50
2006
73
2007
-40
2008
20
2009
5
2010
8
2011
25
2012
23
2013
17
2014

3 STRONG OUTPERFORMANCE OF APAX FUNDS COMPARED TO STOCK MARKETS: 2000 to 2014(1)
Our growth and sector-focused strategy
is coherent with our investment objective
of maximising return multiples, while
maintaining internal rates of return within
the top-quartile of our peer group.
The strategy has proven successful across
the fully-invested funds managed by Apax
Partners. Over the past three years the
firm has completed a significant number of
divestments, accruing more than €1.1bn in
proceeds.
In this section, fund performance is first
presented globally for all funds invested
since August 2000 and then individually for
each fund managed by the firm since 1990.
Global Performance
Fund performance figures are based on results
at 31 December 2014 and are benchmarked
against key stock indices over the period from
2000 to 2014.
The chart below presents the performance
of all funds since August 2000, the date at
which Apax France VI started investing. The
performance is measured as the IRR (internal
rate of return) of all investing and divesting
cash-flows, using the portfolio value at the end
of December 2014 as the terminal value. The
IRR of 19% is compared to the performance
of various indices applying the same stream
of cash-flows over time. This allows the
performance of Apax Funds to be compared
to investments in each stock market index,
based on the premise that the same amounts
had been invested and divested.
19%
Apax France VI,
VII and VIII
Gross IRR(2)
0.6%
CAC 40
1.3%
S&P 500
2.5%
MSCI World
2.8%
MSCI Europe
4%
FTSE 100
(1) Source: Euronext, MSCI, Yahoo! Finance.
(2) Gross IRRs do not reßect management fees, carried interest, taxes or transaction costs and other expenses borne by investors that reduce net returns
Note: return Þgures for public indices generated using gross cash ßows for Apax France VI, VII and VIII. The analysis assumes that cumulative drawdowns
are invested in and distributions are withdrawn from the index.
“Divestments have garnered €1.1 billion
in the last three years.“
Fund
PERFORMANCE

Fund performance
Performance per fund
Apax CR III
Apax CR III’s performance was achieved
through investments in renowned companies
such as Aigle, Frans Bonhomme, Nicox, and
Sephora. Other successful investments
included Celio, Coletica, Effik GSI, Urologix,
and Xpedite.
Apax France IV
Apax France IV’s performance was achieved
through investments in high-growth
companies such as GiFi, Histoire d’Or and
Prosodie. Other investments included Dagard,
Erard, Lehmann, and The Future Network.
Apax France V
Apax France V’s performance was the
result of major investments in companies
including ALAIN AFFLELOU, Hubert, Séché
Environnement. Other investments included
BFM, Travelprice.com/Lastminute.com,
Symphony on Line, CCMX/Cegid and Rue
du Commerce.
Apax France VI
Apax France VI’s performance, to date, is
the result of investments in market-leading
companies, such as Antalis-TV, Aprovia,
Arkadin, Cartesis, Medimedia, Outremer
Telecom, Parkeon and Vizada (TMT); Frans
Bonhomme (Retail & Consumer); Alma
Consulting Group, Corevalve and Vedici
(Services). At the end of 2014, the fund is
still invested in Albioma (Services).
Apax France VII
Apax France VII (€900m) started investing
in November 2006. By the end of 2014, six
investments had been sold (Buy Way Personal
Finance, Equalliance, Faceo, Maisons du
Monde, Prosodie, U10) and 54% of the fund
had been returned to investors. The fund is
still invested in eight companies, including
Altran, Gfi Informatique and Infopro Digital
(TMT); ALAIN AFFLELOU, Groupe Royer and
THOM Europe (Retail & Consumer); Capio and
Unilabs (Services).
Apax France VIII
Apax France VIII (€704m) closed in 2011.
By the end of 2014, more than 60% of the
fund was invested in seven companies
covering all our sectors of specialisation:
Amplitude, Europe Snacks, Groupe INSEEC,
SK FireSafety Group TEXA, and Vocalcom.
One investment has been sold: Codilink.
3 PERFORMANCE PER FUND
Launched Investment period Fund size Net Multiple Net Distribution Net IRR
CR III* 1990 7 years €96m 2.6x 2.6x 15.7%
Benchmark 1st
quartile 2.3x 1.9x 15.9%
Apax France IV* 1996 3 years €82m 2.0x 2.0x 21.6%
Benchmark 1st
quartile 1.8x 1.7x 17%
Apax France V* 1998 2 years €300m 1.2x 1.2x 2.7%
Benchmark 1st
Benchmark median 1.0x 0.6x -25%
Apax France VI 2000 6 years €700m 1.7x 1.5x 11.7%
Benchmark 1st
* Funds fully realised
Source: Apax Partners / ThomsonONE.com database / Cambridge Associates.
• Gross multiple refers to the total
proceeds received by a private equity
fund, before management fees and
carried interest, and the residual value
of the investments, as a percentage of
the committed capital.
• Gross IRR (internal rate of return) is the
return on all investments made by a fund
in its portfolio companies. It is calculated
as an annualised effective compounded
rate of return using monthly cash flows
to and from a fund before management
fees and carried interest, and includes
the residual value of the fund’s assets as
terminal cash flow to investors.
• Net multiple is equivalent to the gross
multiple net of management fees and
carried interest.
• Net IRR is the return earned by investors,
net of management fees and carried
interest. It is calculated as an annualised
effective compounded rate of return
using monthly cash flows to and from
investors, and includes the residual value
of the fund’s assets as terminal cash flow
to investors.
• Top quartile refers to the point at which
25% of all returns in a group of private
equity funds are greater and 75% are
lower (top-quartile performers are private
equity funds whose return is above top
quartile).
• Median refers to the point at which 50%
of all returns in a group of private equity
funds are greater and 50% are lower.
DEFINITIONS OF PERFORMANCE INDICATORS

PORTFOLIO COMPANIES
AT 31 DECEMBER 2014
By selecting Apax Partners, entrepreneurs are choosing
a committed, supportive and stimulating investor who will:
share their vision and strategy;
provide long-term support.
Snapshot
TMT (Technology-Media-Telecom) 40
Retail & Consumer 44
Healthcare 48
Services 51

Gilles Rigal and Thomas de Villeneuve
Philippe Salle (Chairman and Chief Executive of the Altran group)
Altran’s strategic objective remains to
focus on developing its high value added
business services and further develop
operations in growth geographies,
both organically and through selective
acquisitions.
On 19 January 2015, the Board of
Directors of Altran announced that
Philippe Salle, Altran’s CEO since June
2011, had decided to take on new
professional challenges and that he would
not seek a renewal of his appointment
as a Director during the Annual General
Meeting to be held on 30 April 2015. He
will remain in his position until this date.
Altrafin Participations, a company
controlled by Apax Funds, is a major
shareholder of Altran, with 17% of its
capital and slightly below 30% of its
voting rights.
Created in 1982, Altran is the Global
leader in innovation consulting. The
company employs more than 18,000
engineers, operates in 20 regions, is
listed on Euronext Paris and is part of
the SBF 80 index.
2014 has been a very positive year for
Altran. The company posted revenues
of €1,756m, up 7.6% over 2013 on
a reported basis and up 3.5% on an
economic basis. Altran posted EBIT of
€165m in 2014, an increase of 15.1%
over 2013, driven by both organic growth
and recently completed acquisitions.
Altran acquired Foliage, a US-based innovative-
product development company. This major and
strategic acquisition will allow the group to
further address the US market, which is the
most signiﬁcant market in outsourced Research
& Development. It will also reinforce Altran’s
offer in embedded software, a core business
of Foliage and a tactical development area for
Altran. Finally, with about 200 engineers in India,
Foliage’s acquisition will signiﬁcantly increase
Altran’s delivery capacity in India.
altran.com
Strategic acquisitions
made the headlines in the
Technology, Media & Telecom
portfolio.
MAJOR EVENT OF THE YEAR
TMT (TECHNOLOGY-MEDIA-TELECOM)
€1,756mrevenues
15.1%EBIT growth over 2013

Itefin Participations and Infofin
Participations two companies controlled
by Apax Funds and Boussard & Gavaudan
jointly hold 78.4% of the capital of Gfi
Informatique a company listed on the Paris
Stock Exchange.
Gfi Informatique is the fourth largest French
IT services firm with a leading position in
France and Southern Europe. It employs
over 10,000 people. The company has two
core businesses: IT services and software
products. It is organised by sector-focus
and its six main industry sectors are
banking, telecom, public sector, energy/
utilities, industry/aerospace/transport, and
distribution services.
Founded under the guidance of CEO,
Vincent Rouaix, the plan to transform
Gfi Informatique from a “body shopping”
company to a value-added technology
group is now achieved.
2014 was a strong year for Gfi Informatique,
notable for its solid momentum in the
French IT Services market, where sales
grew to €804m, up 8.3% over 2013.
The company continued to increase
its software based revenue, launched
a new account management strategy
for its TOP35 clients, developed new
differentiating offers (cloud solutions,
digital offers and big data), and continued
its strong M&A activity.
Gfi Informatique is well positioned to
build on its record of growth and margin
improvement.
gfi.fr
€804msales (+8.3% over 2013)
€52mEBIT (+16% over 2013)
TMT
Gfi Informatique acquired ITN, a leading
management-software editor that has around
110 employees and €15m of annual revenues.
ITN designs, develops and markets insurance
solutions for the life and non-life businesses of
insurers and bancassurers, mutual companies
and brokers in France and Europe. The bolt-on
purchase is part of the “IP 20” plan announced
at the beginning of 2014, which aims to
increase the group’s “Solutions” sales to 20%
of its total turnover in three years, up from
12%, and position Gfi Informatique higher up
the value chain. As a result of the acquisition,
Gfi Informatique expects to boost sales at its
software business by close to 20%. Because
external growth had recently focused on
services (Ares, Thalès BUS, Cognitis notably),
the purchase of ITN is the first significant
software acquisition for Gfi Informatique in
France since Apax Partners’ investment.
Vincent Rouaix (CEO of Gfi Informatique)

Apax Funds hold the majority of Infopro Digital, a leading provider
of professional information.
Infopro Digital is one of the few B2B information players to have
successfully transitioned from print to digital. Digital business now
represents 61% of its direct margin (excluding trade-shows and
events). The company is also an efficient acquisition platform,
having completed more than 30 acquisitions since 2001.
infopro-digital.com
61%of direct margin is digital
(excluding trade-shows and events)
21%annual growth since acquisition
2014 was Infopro Digital’s first full year
following the acquisition of Groupe Moniteur
in December 2013. The corporate governance
of the group was modiﬁed, Christophe Czajka,
CEO, appointed Julien Elmaleh as Managing
Director.The objective is to focus on accelerated
investments overseas while generating organic
growth in the Group.
Christophe Czajka (CEO and founder of Infopro Digital)
TMT

Apax Funds hold a majority stake in
Vocalcom, a software and technology
provider for customer contact centers and
call centers.
Vocalcom’s global software offering allows
companies to manage their customer
contact center, improve their contact
center’s customer service quality, and
optimise the productivity of customer
service teams. Vocalcom also enables
and brings major innovations to enhance
customer service management on
e-commerce websites or at points-of-
sale. Vocalcom employs 210 people and
generates 53% of its sales outside France,
particularly in fast-growing emerging
markets such as Brazil and North Africa.
2014 has been a transforming year
in which Vocalcom continued its
positive evolution both in terms of
management renewal and business
model migration towards SaaS/Cloud.
The company posted revenues of
€36.3m down 4% on 2013. The product
mix continued to evolve favourably
with software and related services flat
compared to last year and resale of
hardware down by 17%. That is in line
with the strategy to progressively phase-
out this low margin offering.
Thanks to its innovative software solutions,
the company is ideally positioned to
capture strong industry fundamentals and
realise its growth potential in 2015.
vocalcom.com
550,000daily users
3,500call centres
Vocalcom signed its first private cloud
governmental project with Abu Dhabi
Distribution Company (ADDC), which is
responsible for distributing high-quality water
and electricity services in the emirate of Abu
Dhabi. The 5-years contract provides 24/7
managed services for 500 agents. Vocalcom’s
software provides best-in-class agent
workspace by integrating all core business,
GIS, knowledge management and business
process guidance. The project will transform
ADDC’s emergency centre into a multi-channel
customer experience, thus perfectly integrating
ADDC’s smart city strategy. It will also improve
customer experience and quality assurance
through live speech analytics combined with
big data and historical speech analytics.
Anthony Dinis (CEO and founder of Vocalcom)
TMT

E-commerce
reinforcements and strong
partnerships and licensing
made the headlines in
the Retail & Consumer portfolio.
RETAIL & CONSUMER
Bruno Candelier and Franck Hagège
12%revenue growth
21,000tons produced in 2014
In 2013, Apax Funds acquired a majority
stake in Europe Snacks, the leading French
private-label player in the savory snacks
market.
Europe Snacks develops, produces and
markets about 200 product references of
savory snacks in three product ranges:
extruded products, stacked crisps and
crackers. It makes about 21,000 tons
of savory snacks per year from its four
state-of-the-art sites, located in Vendée
(France).
Europe Snacks achieved sales of €95m
over 2014, up 12% on 2013. In December,
it signed a large contract with a major
European food retailer as part of its
international development.
europesnacks.com
Europe Snacks developed, in 2014, a new
segment of activity with the introduction of its
ﬁrst licensed products. The launch of licensed
products, initially in partnership with the
football team PSG, enables the group to add
diversiﬁcation away from its traditional activity
of producing products under food retailers brand
names.
Christophe Fenart (CEO of Europe Snacks)

RETAIL & CONSUMER
In 2011, ALAIN AFFLELOU launched a
hearing-aid activity on the same model
as the optical activity. While still in
start-up mode, the number of hearing-
aid points of sales, as of 31 December
2014, was already 137 across France
and Spain, mainly under a franchise
model.
For its financial year ending 31 July 2014,
optical sales reached €323.9m, down
1.6% year-on-year, and the Group
opened 26 stores.
In 2012, Apax Partners and Lion Capital
joined forces to acquire a majority stake
in ALAIN AFFLELOU alongside the
founder and namesake Alain Afflelou
and the management team.
Founded in 1972, ALAIN AFFLELOU is
Europe’s leading network of franchise
optical stores. At the end of 2014
the group operated an international
network of 1,171 stores in 11 countries.
alainafflelou.com
The Affleloustore.com store was launched in
March 2014. The launch of this e-commerce
site is the first stage of the group’s deployment
of an innovative multi-channel strategy.
In November 2014, the group agreed a three-
year collaboration with the actress Sharon Stone,
who will become the face of ALAIN AFFLELOU.
In addition to benefiting from her global public
popularity, the group is proud to support Sharon
Stone’s commitment to several charities, notably
involved in AIDS research. The screening of an
advertisement shot by Luc Besson began in the
first quarter of 2015.
Moi c’est Afflelou !
Sharon Stone
Nouvelle Collection optique et solaire
PrixTTCdesmonturesoptiquescercléesdelacollectionTonic.Dispositif médicalCE.Demandezconseilàvotreopticien.Février2015.RCSParis304577794.
1,171stores
€323.9moptical sales
Frédéric Poux (President of the Executive Board of ALAIN AFFLELOU)

RETAIL & CONSUMER
Apax Partners and Bridgepoint Capital
joined forces to acquire jewellery retailers
Histoire d’Or and Marc Orian, investing
alongside the management team of
Histoire d’Or and Qualium, the former
majority shareholder of Marc Orian. The
acquisition was completed in October
2010. Apax Funds and Bridgepoint Capital
together hold a majority stake in THOM
Europe.
The combination of the two groups resulted
in the creation of THOM Europe, a leading
jewellery retailer in Europe. The group
operates in France, Italy and Belgium,
through a network of 566 company-owned
stores, primarily located in shopping
centres. THOM Europe operates three
chains: Histoire d’Or and Marc Orian,
offering mid-range generalist jewellery,
and TrésOr, offering “everyday low price”
jewellery.
For financial year ending on 30 September,
2014, THOM Europe’s sales were €354m,
up 3% on 2013. Sales performance was
driven by the opening of 45 new stores
over the last twelve months and the ramp-
up of e-commerce sales following the
website launch in April 2013.
tresor-bijoux.fr
marc-orian.fr
histoiredor.com
€354msales
566company-owned stores
Histoire d’Or, the group’s main brand and a
reference actor among generalist jewellery
retailers, had a strong year marked by the great
success of its new e-commerce site. Its sales
continue to grow robustly, driven by a multi-
channel strategy founded on the e-commerce
site and its 370 boutiques.
Eric Belmonte (CEO of THOM Europe)
#ReadtheinterviewwithJean-PierreChantrel,GeneralManagerandCFOofTHOMEuropepage33.

RETAIL & CONSUMER
The group designs, sources, markets
and distributes branded and unbranded
footwear products for the mass-market. It
posted sales of €282m in 2014, up 6% on
2013. The increase in sales was primarily
a result of the growth of the Sport
business unit and notably the strong
success of the New Balance license.
Apax Funds hold 15% of the capital of
Groupe Royer, a leading brand manager
in the footwear industry. Apax Funds
invested in Groupe Royer in 2007.
grouperoyer.com
2014 was a year of strong growth for the New
Balance license, which is distributed by Groupe
Royer in France, Germany and the Benelux
region.This growth, which can now be added to
the signiﬁcant gains made in 2013, has enabled
Groupe Royer to signiﬁcantly increase turnover
from the license in just two years.
Jacques Royer (CEO of Groupe Royer)
€282msales
6%sales growth

Innovation and strategic
international development made
the headlines in the Healthcare portfolio.
HEALTHCARE
more than 500 surgeons in public and
private hospitals across France via a
unique network of commercial agents.
Internationally, Amplitude established
strong relationships with independent
distributors early on, and now generates
over 25% of its revenues in 30 countries
outside of France.
Amplitude demonstrated robust growth
in the first half of its financial year ending
June 30, 2015. Sales were up 27%
on the same period in 2014. Exports
performed very well up 102% over
the first half of 2014, driven by strong
results from its Australian and Brazilian
subsidiaries and ongoing organic growth
in selected European countries. Over
the last 12 months, Amplitude achieved
significant milestones towards the
realisation of its value creation plan by
refocusing on selected export markets
and through ongoing innovation that
resulted in the successful launch of three
new implants.
For 2015, the company plans to maintain
a double digit growth as it benefits from
a full-year contribution from its new
subsidiaries and the commercial success
of new knee products.
Amplitude, France’s leading hip and
knee prostheses specialist and a strong
challenger to US majors. The remaining
capital is held by management.
Founded in Valence (France) by Olivier
Jallabert in 1997, Amplitude designs,
manufactures, and markets a complete
range of high quality hip and knee
prostheses. Over the years, Olivier has
assembled a team of highly-seasoned
executives to build a differentiated
business model. This model combines
reliance on outsourcing and tight control
over strategic competencies (R&D,
quality control).
Today, Amplitude provides and guarantees
the highest standards of service to
Amplitude launched a new subsidiary in the
fast growing extremities market (foot and
ankle). Sales began in France in July 2014,
and products were also successfully registered
in the US, where Amplitude commenced sales
in late 2014 through a white-label distribution
agreement. This new business, created with
industry veterans, is the fruit of two years of
research and development.
amplitude-ortho.com
27%sales growth
102%export sales growth
Olivier Jallabert (CEO and founder of Amplitude)
Bertrand Pivin

Apax Funds hold 11% of the capital
of Capio, a leading provider of private
healthcare services in Europe. Capio was
acquired in 2007 by funds managed by
Apax Partners SA, Apax Partners LLP and
Nordic Capital. Following this acquisition,
Capio shares were withdrawn from the
Stockholm Stock Exchange. In February
2011, the Spanish subsidiary Capio
Sanidad was sold to CVC Capital Partners.
Capio is one of the largest independent
providers of acute care services, and is
active in both the provision of privately
and publicly funded care. The company
is unique within the private acute services
sector in having a pan-European footprint,
and enjoys leading positions in France
(where it is No.3), Sweden (No.1) and
Norway (No.1).
Capio continues to perform in line with
its plan, developing its leading positions
in Sweden, Norway and France. The
company achieved 3.7% organic growth
in 2014, mainly driven by positive volume
development. Revenues reached €1,444m
for the year, representing 1.5% year-on-
year growth (including acquisitions).
Going forward, Capio will focus on
optimising its product mix while improving
cost structure.
capio.com
HEALTHCARE
Capio continues to invest in France and
launched a program to construct new
clinics that will result in the opening of three
establishments by 2017. In Bayonne, the 270-
bed Belhara clinic will be built at a cost of €70m.
Near Toulouse, the Croix du Sud clinic will cover
33,000 square meters and will employ 700 staff
and 150 doctors.The €100m clinic will include
29 operating theatres, an emergency service
and a maternity ward. Finally, Capio will create
a major medical branch, with 700 beds, near
Lyon by regrouping six existing clinics at a cost
of €150m.
Capio’s treatment strategy is based on
improving the quality and effectiveness of
modern medicine. Advances in treatment
allowed the Swedish group to carry out 56%
of its procedures on an outpatient basis across
its 25 French establishments, well below the
national average of 39%. Thus, at each new
facility, the number of beds has been reduced
by 20% to 30%. This innovative new model
responds directly to the challenge of reducing
healthcare spending.
179hospitals and care centers
4.6 millionpatient visits in 2014
Thomas Berglund (President and CEO of Capio)

Since the company has publicly traded
debt securities, only publicly available
information will be disclosed in this
report. During the first nine months of
2014, Unilabs generated revenues of
€451m. Excluding acquisitions and
foreign exchange movements, organic
sales grew by 4% year-on-year. Strong
volume growth, particularly in the
Imaging Business, drove the positive
revenue performance.
Going forward, Unilabs will maintain its
focus on productivity and cost savings
to provide quality driven diagnostics at
a competitive price.
Apax Funds hold 11% of the capital of
Unilabs, a leading pan-European, quality-
driven diagnostics company.
Unilabs provides laboratory and radiology
services to public and private healthcare
providers, county councils, insurance
companies, directly to outpatients as well
as to the pharmaceutical industry, and
clinical research organisations. Unilabs is
active in 12 countries with strong market
positions in Switzerland, France, Iberia
and the Nordic countries.
unilabs.com
The management team was significantly
strengthened in 2014 with the appointment
of a new CFO, a new CEO France and a new
CEO Switzerland. Karl-Erik Clausen, the new
CFO, will contribute his business vision and
healthcare expertise while unifying Unilab’s
reporting. Patrice Ferran, new CEO France,
and Andreas Gattiker, new CEO Switzerland,
will take on the challenges faced by these two
major countries for Unilabs: acting to develop
commercial activity, address prices cuts and
improve productivity.
171laboratories and radiology centers
101 milliontests in 2014
HEALTHCARE
Jos Lamers (CEO of Unilabs)

International expansion
led the way in the services sector
portfolio.
SERVICES
and €129m in EBITDA, up 5% on
2013. This performance has been
driven by excellent results at its newly
acquired Brazilian operations and solid
performance of solar activities, which
outweighed the negative effects of the
planned decrease of fixed premiums,
the normalisation of the calling rate at a
peak power plant and several technical
incidents in its thermal activities.
After one year of intensive work, Albioma
entered the Brazilian market in March
2014 with the acquisition of Rio Pardo
Termoelétrica. The French Energy
Regulation Commission (CRE) approved,
in December 2014, a 30-year contract for
the supply of electricity from the future
power plant in Martinique. Albioma
also won a tender for a peak turbine-
plant in La Réunion. This peak plant is
51%-owned by Albioma, has a 25-year
contract with EDF and is expected to be
operational in 2016. The new facility will
be the first French peak plant operating
mainly with biomass.
We have confidence in Albioma’s outlook
and value creation potential, given the
extremely strong resilience of its business
model in the current environment, as well
as its strong management team and the
upside potential in its share price.
Apax Funds and Altamir hold 42.5% of
the capital of Albioma, both directly and
through the holding company Financière
Hélios.
Albioma is a leading designer and
operator of power plants in France,
Mauritius, and Brazil with a strong focus
on renewable energy. The company has
world-class expertise in biomass and
significant operations in solar energy,
with a total installed capacity of 700MW.
The company is listed on the Paris Stock
Exchange.
Albioma reported a strong performance
for 2014. For the year ending 31
December, 2014, Albioma posted
€354m in revenues, down 3% on 2013,
albioma.com
Albioma acquired RioPardo Termoelétrica, a
cogeneration unit in Brazil, a country that is the
group’s international priority. The transaction
made Albioma the first company to assume
responsibility for the outsourcing of a Brazilian
sugar mill’s energy production, thus conﬁrming
its status as a strategic partner for the sugar
industry. After this successful ﬁrst international
investment,Albioma is in active discussion with
other sugar companies in Brazil to acquire or
build cogeneration units.
€354mrevenues
€129mEBITDA
SERVICES
Jacques Pétry (CEO of Albioma)
Bertrand Pivin and Monique Cohen

of advising and providing executive
education for corporates and offering a
Career Center in China for students and
alumni of the group. The Groupe INSEEC
also strengthened its partnership with
China, signing two agreements: one with
the Chinese Ministry of Culture to enable
Chinese students to pursue a six-month
double-training programme in France and
China; and the second with the Jiaotong
University for an executive programme
in China. Groupe INSEEC also opened
a new location in Switzerland, in 2014,
with the acquisition of management
school CREA Genève. The purchase
will enable Groupe INSEEC to develop
projects in the digital realm and in luxury
goods management, in cooperation with
the International University of Monaco.
Finally, Groupe INSEEC announced the
creation of a new San Francisco-based
campus, which is scheduled to open in
April 2015.
Groupe INSEEC, the leading for-profit
post-secondary education provider in
France, with close to 15,000 students
and a large alumni network.
The Groupe INSEEC operates 12 colleges
in France (Paris, Bordeaux, Lyon, and
Chambery) and abroad (Monaco, London,
Chicago, Geneva, Shanghai). It offers
students a broad range of programmes in
business and communications, from non-
degree courses to Doctoral programmes.
Building on its French roots, the Group’s
strategy is to develop world-class
programmes and distinctive expertise
in three domains of management
education: Luxury & Hospitality, Wine &
Spirits, and Communication, Design &
Digital Marketing.
The group’s focus for 2014 was
notably international. Groupe INSEEC
inaugurated the Luxury Business Institute
in Shanghai, targeting its double-objective
groupeinseec.com
In 2014 Groupe INSEEC deﬁned a clear strategy
to position itself along three major axes: Luxury
& Hospitality,Wine & Spirits and Communication,
Design & Digital marketing. To realise this
ambition, the entire visual brand identity was
reviewed with the assistance of global brand
specialist Jean-Noël Kapferer, a former HEC
professor who joined Groupe INSEEC.
15,400 students
in 2014, up from 3,500 in 2004
78 nationalitiesrepresented
SERVICES
Catherine Lespine (CEO of Groupe INSEEC)

In 2012, Apax Funds acquired 71% of the
equity of TEXA. The remaining capital is
held by the former controlling shareholders
and the company’s management.
TEXA is one of France’s leading loss
adjusters. Created in 1987 through the
merger of 6 insurance expertise offices,
the company has grown through a mix of
organic growth and active consolidation
of its sector. In 2009, TEXA diversified its
activities by acquiring AlloDiagnostic, one
of the few national players in the emerging
real estate diagnostic sector.
In 2014, TEXA posted revenues of €125m,
up 17% on 2013, mainly due to organic
growth and the consolidation of Groupe
CLE.
2014 was marked by the acceleration of
the digital transformation of TEXA. Having
developed mobile tools to facilitate the
work of our experts in the field, TEXA
launched a video-expertise solution
dubbed “Visiotex.” This tool affords the
group a new way to provide expertise
services that place the insured at the
heart of the operation. Before proceeding
with an expertise by video-conference,
the insured party is able, through an
application downloaded onto their smart
phone or tablet, to add or complete
the relevant information and to enrich
their dossier with photos or other digital
documents.
texa.fr
During 2014 TEXA integrated Groupe CLE, the
third largest player in construction expertise.
This acquisition positioned TEXA as a multi-
sector expert. The integration of the new
personnel was successful and created many
synergies along the way. On the ﬁnancial side,
Groupe CLE continued to grow and maintain its
proﬁtability.
SERVICES
17%revenue increase
410experts
Pierre-Antoine Lagé (Managing Director of TEXA) and Bruno Vesval (Chairman of TEXA)

2014 Annual Report Review

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