This page shows SVG Capital’s 20 largest investments of the
private equity funds' portfolio, by value, as at 31 December 2009.
The valuations of these companies have been presented in accordance
with IFRS.
Following the decision by the Company to cap its committment to
Permira IV in December 2008, the valuations of all of the Permira
IV investments made prior to 2009 include a position against the
value of the investments.
1. Hugo Boss/Valentino Fashion Group (Germany and Italy)
Cost: £205.5 million
Value: £120.8 million
% of gross PE portfolio: 15.2%
Date of acquisition: May 2007
http://www.valentinofashiongroup.com/
The Hugo Boss and Valentino Fashion Group operate in over 100 countries, with more than 1,500 single-brand boutiques and 430 directly-managed shops. The group’s activities are broken down into three business units, covering the entire luxury and fashion sector: Hugo Boss, Valentino and licensed brands including M Missoni, in addition to its own brand Lebole. The valuation basis is earnings.
2. Arysta LifeScience (Japan)
Cost: £151.5 million
Value: £92.8 million
% of gross PE portfolio: 11.6%
Date of acquisition: February 2008
http://www.arystalifescience.com/
Arysta LifeScience is the world’s largest privately-held agrochemical company. The company markets a portfolio of over 150 products in more than 125 countries worldwide and focuses on two main business lines: conventional crop protection (agriscience) and animal care products (life science). The valuation basis is earnings.
3. TDC (Denmark)
Cost: £40.8 million
Value: £91.2 million
% of gross PE portfolio: 11.5%
Date of acquisition: December 2005
http://www.tdc.com/
TDC is a leading Danish-based provider of communications solutions. It also has significant presence in markets in the other Nordic countries and Hungary. The valuation basis is earnings.
4. Provimi (The Netherlands)
Cost: £52.4 million
Value: £62.0 million
% of gross PE portfolio: 7.8%
Date of acquisition: April 2007
http://www.provimi.com/
Provimi is a world leader in the growing market of animal nutrition. The company operates 87 plants in 30 countries specialising in innovative products serving the nutritional and health needs of all animals. The valuation basis is earnings.
5. AA Saga (Acromas)(UK)
Cost: £41.8 million
Value: £59.6 million
% of gross PE portfolio: 7.5%
Date of acquisition: September 2004
http://www.acromas.com/
Acromas was formed in September 2007 by the merger financing of the AA and Saga, bringing together the two brands to create the UK’s leading affinity organisation, providing motoring, travel, media and financial services to the UK motorist and people aged over 50. The initial investment in the AA was made in September 2004. The valuation basis is earnings.
6. Birds Eye iglo (UK)
Cost: £32.5 million
Value: £57.1 million
% gross PE portfolio: 7.2%
Date of acquisition: November 2006
http://www.birdseye.co.uk/
Birds Eye iglo is a leader in the European frozen food market, operating mainly in the UK and Ireland under the “Birds Eye” brand and in Continental Europe under the “iglo” brand. The company’s main products include fish, vegetable, poultry and ready meals, in addition to iconic products such as fish fingers and Schlemmer Filets. The valuation basis is earnings.
Galaxy Entertainment Group is one of the largest casino and hotel operators in Macau SAR, China. It is one of only six gaming concessionaires licensed to operate casinos in Macau SAR, the only legal gaming location in China and the world’s largest gaming market by revenue. Galaxy operates the flagship hotel casino, StarWorld, four ‘City Club’ casinos and owns a construction materials business. The valuation basis is quoted.
8. Freescale (USA)
Cost: £145.1 million
Value: £33.5 million
% of gross PE portfolio: 4.2%
Date of acquisition: November 2006
http://www.freescale.com/
Freescale is a global leader in the design and manufacture of embedded semiconductors for wireless, networking, automotive, consumer and industrial markets. Based in Texas, Freescale has a broad portfolio of more than 14,000 products serving over 10,000 customers. The company has over 50 sales offices located in 25 countries. The valuation basis is earnings.
9. Legico (Luxembourg)
Cost: £50.4 million
Value: £30.7 million
% of gross PE portfolio: 3.9%
Date of acquisition: January 2008
Legico seeks to invest in credit market opportunities by investing in senior, mezzanine and PIK opportunities in both the primary and secondary markets. The company’s main geographical focus is the UK and Europe, although it does have the flexibility to invest worldwide. The valuation basis is mark-to-market.
10. New Look (UK)
Cost: £0.5 million
Value: £25.7 million
% of gross PE portfolio: 3.2%
Date of acquisition: April 2004
http://www.newlook.co.uk/
New Look is a leading European fast fashion retailer with a value proposition aimed at targeting the young female market. Although the company’s broad product offering focuses on womenswear, it also includes footwear, accessories and is expanding into menswear. New Look’s broad network is comprised of 592 stores in the UK and 55 stores in Europe and 35 franchise stores with 27 in the Middle East. In addition, in France and Belgium, the company also operates 304 stores which trade under the MIM fascia. The valuation basis is earnings.
11. Freenet/debitel (Germany)
Cost: £0.1 million
Value: £21.7 million
% of gross PE portfolio: 2.7%
Date of acquisition: June 2004
http://www.freenet.ag/
Funds advised by Permira sold their holding in debitel to Freenet AG in July 2008. Freenet is the third largest mobile phone provider in Germany and the acquisition of the debitel Group by Freenet has resulted in the leading distribution platform in the German mobile telephony market. The valuation basis is third-party and quoted. Since the year end Permira Funds have sold their remaining holding in Freenet.
12. Telepizza (Spain)
Cost: £12.3 million
Value: £17.7 million
% of gross PE portfolio: 2.2%
Date of acquisition: September 2006
http://www.telepizza.es/
Telepizza is currently the leading player in the Spanish home delivery and take-away pizza business operating about 650 owned and franchised outlets. The company has an international presence in Portugal, Chile, Central America and Poland where it has over 400 outlets. The valuation basis is earnings.
13. Cognis Group (Germany)
Cost: £1.9 million
Value: £15.9 million
% of gross PE portfolio: 2.0%
Date of acquisition: November 2001
http://www.cognis.com/company/
Cognis is a global supplier of innovative speciality chemicals and nutritional ingredients, with a particular focus on the areas of wellness and sustainability. It produces a range of consumer-orientated and industrial products that combine top performance with the requirements for environmental compatibility. With production sites and service centres in around 30 countries, Cognis has three strategic business units; Care Chemicals, Nutrition & Health and Functional Chemicals. The valuation basis is earnings.
14. All3Media (UK)
Cost: £12.1 million
Value: £12.9 million
% of gross PE portfolio: 1.6%
Date of acquisition: September 2006
http://www.all3media.com/
All3Media is the largest UK independent TV production business, comprising a group of production companies in the UK, Germany, The Netherlands, New Zealand, the USA and Australia. The group also includes a digital media producer, a next generation advertising agency, an international distribution company and a talent management business. Key programmes include Hollyoaks, Midsomer Murders and Shameless. The valuation basis is earnings.
15. Sisal (Italy)
Cost: £16.9 million
Value: £12.6 million
% of gross PE portfolio: 1.6%
Date of acquisition: October 2006
http://www.sisal.it
Sisal is Italy’s second largest player in the gaming sector. The group has four main activities: traditional games (lotteries), sports and horse racing betting, slot machines and payment services, mobile phones and satellite pay-TV prepaid card top ups. The group is headquartered in Milan, operates about 30,000 points of sales and owns over 120 shops. The valuation basis is earnings.
16. Maxeda (The Netherlands)
Cost: £0.5 million
Value: £11.2 million
% of gross PE portfolio: 1.4%
Date of acquisition: September 2004
http://www.maxeda.nl
Maxeda is the largest non-food retailer in the Netherlands. It has market leading positions in department stores, DIY and fashion markets. In total, the group trades 11 different brand formats and operates around 1,400 stores in seven European countries. The valuation basis is earnings.
17. Strides Arcolab (India)
Cost: £3.2 million
Value: £10.8 million
% of gross PE portfolio: 1.4%
Date of acquisition: January 2002
http://www.stridesarco.com/
Strides Arcolab manufactures a range of generic drugs and tablets for supply to Western and developing markets. The valuation basis is quoted.
18. NDS Group (UK)
Cost: £7.7 million
Value: £10.4 million
% of gross PE portfolio: 1.3%
Date of acqusition: January 2009
http://www.nds.com/
NDS is a world leading provider of media content security and enabling technologies for pay-TV. It has a longstanding relationship with leading pay-TV operators and offers solutions for the satellite, cable, IPTV and mobile TV markets. The valuation basis is earnings.
19. Marazzi (Italy)
Cost: £41.9 million
Value: £8.0 million
% of gross PE portfolio: 1.0%
Date of acquisition: June 2008
http://www.marazzi.it/
Marazzi Group is the world leader in the design, manufacturing and distribution of ceramic tiles with a growing presence in sanitary fixtures. It has a strong international footprint with production facilities in France, Italy, Russia, Spain and the USA and sells in over 130 countries with direct distribution in the USA and Russia. The valuation basis is earnings.
20. Seat Pagine Gialle (Italy)
Cost: £26.3 million
Value: £6.0 million
% of gross PE portfolio: 0.8%
Date of acquisition: July 2003
http://www.seat.it
SEAT Pagine Gialle, is a multimedia provider of directory information services through the print, online and voice channels. It publishes printed and online yellow and white pages directories in Italy, where it has a 95% market share. It also provides voice directory assistance services in Italy, Germany, France and Spain. The company also owns the ‘Thomson Local’ directories in the UK. The valuation basis is quoted.
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