1Strictly Confidential

2

6

successful public-to-private deals

€1.5bn+

invested

31

professionals

72

transactions

€8.0bn+

transaction value

140

build-ups

2018

Lower midcaps

Private Equity Fund of the year (France)

A long established mid-market player

Abénex is present on the French Private Equity and LBO market since 1992 and manages

third-party funds since 1998

In 2008, the Managing Partners of ABN AMRO Capital France achieved their own LBO

In 2009, Abénex became the first mid-market player to set up a dedicated Operational Team

Since 2015, Abénex is accredited by the AMF as real-estate investor (“OPCI”)

Paris office

Lyon office

3

A broad and flexible investment strategy

Abénex Croissance

A proven ability to build together the right transaction, understand the company’s environment and

adapt to the seller’s objectives (families, founders, managers, large corporates)

Companies based out of

France, Switzerland or

Benelux

Leaders in sectors with high

barriers to entry

Growth potential (in France

and internationally)

Opportunities for market

consolidation and growth

through acquisitions

Potential for operational

improvement

Target companies Investment criteria

Equity investment

Target enterprise value

Investment horizon

Shareholding

Transaction types

Abénex Midcaps

Up to 7 years depending on the target and managers’ project

Ability to perform both buy-out and buy-in transactions

From €5m to €20m From €20m to €100m

50% / 50%

Majority / minority

From €10m to €300m

4

A proven industry expertise

Selection of past and current investments

AGRIBUSINESS &CONSUMER GOODS

SERVICES

INDUSTRY& BUILDING MATERIALS

TECHNOLOGY

HEALTHCARE

5

An operational mindset

No interference in day-to-day management

Involvement in strategic decisions

Active Board member

Limited number of investments followed by each professional

A PARTNERSHIP BASED ON TRUST

A DEDICATED OPERATIONAL TEAM

At the management request, Abénex’s resources are 100% dedicated to our portfolio companies

Support ranging from diagnoses and project management to longer term transformation plans

Value-added projects: Executive Committee support, build-ups execution and integration, commercial development, reporting, organizational optimization, digital transformation, etc.

Development of digital diagnosis / transformation solutions for portfolio companies (in partnership with )

A DEVELOPMENT ENABLER

Strong willingness to develop turnover and profitability through internal or external growth

Expertise provided to managers to support their build-ups

Proven support to international expansion

Synergy generation between portfolio companies (pooled purchases, etc.)

6

Abénex REIM – A dedicated real-estate team

ABÉNEX REIM

Internal competences and know-how available for our portfolio companies

Support on real-estate issues: building outsourcing, sites opening, structuration and financing of operations, etc.

SYNERGIES WITH THE PRIVATE EQUITY ACTIVITY

A team of 3 professionals led by Vincent Brunswick (15 years of experience, €140m+ completed acquisitions as Managing Partner of a family office)

Two major transactions realized by Abénex in 2014 and 2016 representing a total asset value in excess of €200m (OPCI)

Continue opportunistic off market deals with a deal by deal approach in businesses where Abénex has a recognized experience and operational know-how:

Retail / distribution

Student or senior residences

Education

Logistic

TWO BUSINESSES

Discretionary fund including possible co-investment and aiming to create value:

Direct investment in all real estate assets’ classes (office, residential, light industrial…)

Special situations: distressed assets, structuring issues, portfolio / unlisted REIT, share deals

Assets located in Paris and first ring

Value-Add Fund Core+ Deals

€10m - €60m

Investment size

€50m - €150m

Investment size

7

A complementary team of 31 professionals

Note: team ages calculated as of September 2019

ABÉNEX MIDCAPS

MANAGING PARTNERS

Hervé ClaquinFounding Partner70 yoOlivier Moatti

Managing Partner50 yo

Patrice VerrierManaging Partner51 yo

OPERATIONAL & MONITORING ABÉNEX REIM

SUPPORT

Emilie LhommeauSupport/Communication33 yo

Carole OzilleChief accountant42 yo

ABÉNEX CROISSANCE

Alexis LebaillyAssociate30 yo

Jérôme VandermarcqPartner – Lyon40 yo

Emmanuel HerbinetPartnerStrategy, Industry47 yo

Paul BertrandDirector – Paris & Lyon40 yo

Antoine HouëlPartner41 yo

Antoine SchoumanPartner44 yo

Johann DupontPartnerConsulting, Services44 yo

Vincent BrunswickPartner38 yo

Christian DorléacPartner57 yo

Caroline SprietAnalyst28 yo

Edouard JeandeyAssociate – Lyon30 yo

Antoine BouvatierGeneral Counsel48 yo

Julien KeignartDirector37 yo

Mathieu MauhouratDirector39 yo

Sofiane TouhamiDirectorConsulting, Industry33 yo

Karim HoebanxManager32 yo

Matthieu BalaÿManager32 yo

Vincent GouedardManagerPrivate Equity30 yo

Laurent ChevreauCFO, ESG officer 47 yo

Noémie ThorezProperty Accountant35 yo

Thomas PerettiDirector38 yo

Albin CrosnierAnalyst24 yo

Apolline ClaudonAnalyst25 yo

A. Bettas-RégalinAssociate29 yo

Grégory WagemansDirector49 yo

Foucault CrombezAnalyst23 yo

8

Our current portfolio

April 2017

€100m sales

Professional conference

organization and medical

publishing

April 2017

€35m sales

Funeral products and services

April 2017

€250m sales

Real-estate development services

June 2006

€35m sales

Formworks and services for the construction industry

November 2017

€60m sales

Banking brokerage for individuals

April 2017

€1,500m sales

Fresh products retail

April 2018

€55m sales

Real-estate diagnosis

September 2018

€400m sales

Engineering, integration and maintenance solutions for

industrial clients

October 2018

€60m sales

Engineering and technology consulting, specialty in the railway and energy sectors

April 2018

€35m sales

Private education

December 2018

€40m sales

Fresh cake and pastry manufacturing

November 2017

€120m sales

Management consulting

July 2019

n.d.

Manufacturing of woodcare products

September 2013

€15m sales

Spare parts manufacturingfor vintage vehicles

October 2014

€70m sales

Ophthalmologicalmedical centres

October 2016

€15m sales

Healthy foodsupplements

Abénex Croissance

Abénex Midcaps

9

Details of our portfolio (1/4)

September 2018

OBO

GROUPE ADF, with 3,300 employees in 14 countries on 4 continents, is a leading provider of engineering and maintenance services structured around three activities: engineering & expertise, integration & equipment and production services & maintenance.

The group operates in the energy, aerospace, oil and chemicals sectors.

GROUPE ADF completed the acquisition of Latécoère Services (Latesys) in 2016.

Engineering, integration and maintenance solutions for

industrial clients

€400m sales

October 2018

MBO

ikos is an engineering and technology consulting group specialized in the railway and energy sectors.

ikos benefits from 800 engineers working on projects worldwide, thanks to 15 offices in France, Spain, Belgium, Germany, Switzerland, USA, UK and more recently in Italy and Canada.

ikos group’s R&D center ikos Lab positions the group on the frontline of innovation in the railway and energy industries. For instance, ikos collaborates closely with the Canadian company TransPod on the conception of the Hyperloop project, the ultra-high speed train of the future.

Engineering and technology consulting, specialty in therailway and energy sectors

€60m sales

December 2018

MBI

NATURELLEMENT GOURMAND is the French leader in the creation and production of high-quality long-life fresh pastries and cakes.

The group mainly sells its references via the retail market.

NATURELLEMENT GOURMANDleads a clean label policy towards 100% natural product reflecting the quality and the innovation of its offer.

The group is also developing its presence on the catering market and especially on the public sector (e.g. school canteens).

Fresh cake and pastry manufacturing

€40m sales

July 2019

MBO

BLANCHON is a leading European manufacturer of wood care products for professionals and individuals.

The group has more than 7,000 references commercialized under the brand Blanchon for B2B customers and Syntilor for DIY stores.

BLANCHON also manufactures varnishes for PVC flooring which are sold to floor covering leaders worldwide.

With a strong presence in Europe and beyond, the group realizes 30% of its activity outside France thanks to the strong reputation of its brands and its high-quality products.

Manufacturing of woodcare products

n.d.

10

Details of our portfolio (2/4)

April 2018

MBO

AC ENVIRONNEMENT is the French leader in real-estate diagnosis.

It offers a complete range of diagnosis including: asbestos, energy, gas, electricity, lead, termites, radon, etc.

The group is also involved in 3D real-estate modelling with Building Information Modelling (BIM).

AC ENVIRONNEMENT incorporates 3 self-owned laboratories, 28 branches covering the entirety of France as well as 1 training centre.

Real-estate diagnosis

€55m sales

November 2017

OBO

SQUARE is a management consulting company with 800+ consultants operating in France, Belgium, Luxemburg and Switzerland.

The company is active on 3 segments:

(i) Digital and marketing

(ii) Process, operations and risk management (regulations, compliance)

(iii) Strategy and organization

SQUARE’s target customers operate in Banking, Insurance, Energy, Transport and Services.

Management consulting

€120m sales

November 2017

OBO

PREMISTA, created in February 2016 by the merger of Central Finances and Végalis, is involved in banking brokerage. The company is the French leader in debt consolidation for individuals.

PREMISTA relies on two distribution channels:

(i) A direct channel with clients identified by bank agencies or sourced via internet

(ii) An indirect channel through franchise networks

PREMISTA also manages a network of 80 branches in real-estate loans brokerage.

Banking brokerage for individuals

€60m sales

April 2018

MBO

EUREKA EDUCATION is a leading private education group focused on student professionalization through its two verticals, training 7,000 students annually in 50 schools in France and Switzerland.

GROUPE SILVYA TERRADEmanages a large network of beauty and hairstyling schools with 3,000 professional partners - including brands, institutes and salons - and draws on the skills of 500 educators.

EURIDIS BUSINESS SCHOOL is specialized in training student for complex B2B negotiation and sales, notably for the IT industry.

Private education

€35m sales

11

Details of our portfolio (3/4)

March 2011 / April 2017

OBO

PROSOL GESTION is specialized in dairy, fish, fruits and vegetables retail, within GRAND FRAIS stores, which also include butchers and grocers.

Based near Lyon, PROSOL created the GRAND FRAIS concept and acts as its main operator.

GRAND FRAIS consists of more than 210 stores in France, Belgium and Italy.

Fresh products retail

€1,500m sales

April 2017

MBO

LP PROMOTION is a residential real-estate developer, leader in the regions of Toulouse and Bordeaux (2 000 lots marketed in 2018).

The company primarily addresses buy-to-let investors, owner-occupiers and social sales in bulk.

Home units are distributed through a multi-channel approach including external sales (~20 national and regional selling networks, 500 additional independent CGPs, banking agencies) and an in houseteams addressing local customers.

LP PROMOTION is a family Group created in 1996. It employs 140 people.

Real-estate development services

€250m sales

April 2017

MBO

Founded in 1887, HYGECO is aB2B equipment and services provider on the funeral market.

The group is structured around 2 main activities:

(i) Production and distribution of tailor-made post-mortem equipment and consumables for the funeral and medical growing markets

(ii) Post-mortem services (incl. embalming, washing and transportation), being the undisputed leader in France

HYGECO addresses funeral homes, mortuaries, hospitals and post-mortem medical laboratories, in France, Europe and the Middle-East (c. 40% of sales internationally).

The group has 340 employees.

Funeral products and services

€35m sales

April 2017

OBO

EUROPA GROUP is a Professional Conference Organizer (PCO) focused on the medical segment.

EUROPA GROUP organizes c. 200 congresses p.a. and offers a large panel of related services incl. hotel booking, publishing and digital services.

Based in Toulouse, EUROPA GROUP has offices in Paris, Singapore, Johannesburg and Rotterdam and gathers 270 people.

In June 2017, EUROPA GROUP acquired Phili@, the French leader in specialized medical publishing.

Professional conference organization and medical publishing

€100m sales

12

Details of our portfolio (4/4)

October 2016

MBI

Founded in 1994, LABORATOIRE LESCUYER is a key player of the health-oriented food supplements market.

The company acquires more than 75% of its new clients through a prescriber network of c. 2,500 health professionals.

LABORATOIRE LESCUYER is recognized for its high quality products and its ability to innovate. The company has notably developed Limicol®, which has obtained, thanks to 3 clinical studies, a positive opinion from the European Food Safety Authority (EFSA).

Healthy foodsupplements

€15m sales

October 2014

Development

POINT VISION has a state-of-the-art network of ophthalmological centres, with the most recent instrumentation.

The concept relies on the delegation of part of the ophthalmologists tasks to paramedical practitioners, enabling to address the lack of ophthalmology healthcare in France.

Incepted in 2011, POINT VISIONhas today 29 centers with 300 employees and welcomes c. 1 million patients per year.

Ophthalmologicalmedical centers

€70m sales

September 2013

MBI

MEHARI CLUB DE CASSIS is the leading player of the vintage car spare parts market. The group benefits from a recognized know-how on Méharis and 2CV vehicles.

The company has notably developed its activity with the acquisition of an old engines renovation business.

Moreover, MEHARI CLUB DE CASSIS is now producing and selling the EDEN, an all-electric version of the original Méhari.

Spare parts manufacturingfor vintage vehicles

€15m sales

June 2006

MBO

OUTINORD is the worldwide leader in steel formworks for the building industry.

OUTINORD is the historical leader in France.

It is active in the US, Latin America, Middle East and Asia, and also in Western European countries.

Formworks and services forthe construction industry

€35m sales

13

Julien KeignartEdouard Jeandey

Karim Hoebanx Antoine Houël

Jérôme Vandermarcq

Sofiane TouhamiCaroline Spriet Noémie Thorez

Patrice Verrier

Alexis LebaillyEmilie

Lhommeau

Olivier MoattiAntoine

SchoumanThomas Peretti

Antoine Bouvatier

Carole OzilleVincent

BrunswickPaul Bertrand

Laurent Chevreau

Matthieu BalaÿAurélien

Bettas-Régalin

Standard: +33 1 53 93 69 00Fax: +33 1 53 93 69 25

Johann DupontVincent

GouédardChristian Dorléac

Hervé Claquin Apolline Claudon Albin Crosnier

PARIS: 9, Avenue Matignon – 75008

LYON: 63, Rue de la République – 69002

Grégory Wagemans

Foucault Crombez

Emmanuel Herbinet

Mathieu Mauhourat