This page shows SVG Capital's 20 largest investments by value
at
30 June 2008. The valuations of these companies have been presented
in accordance with IFRS and costs and values have been restated for
the sale of secondary interests in May 2008.
In total there were 115 companies in the portfolio, with the 20
largest underlying companies representing 92% of the portfolio.
1. Arysta Life Science (Japan)
Cost: £150.0 million
Value: £151.0 million
% of Shareholders' funds: 13.5%
Date of aquisition: February 2008
http://www.arystalifescience.com/
Arysta is the world’s tenth largest agro-chemicals company. The company markets a portfolio of over 150 products in more than 125 countries and focuses on two main business lines; conventional crop protection (agriscience) and animal care products (life science). The valuation basis is cost.
2. Valentino Fashion Group/Hugo Boss (Italy)
Cost: £161.7 million
Value: £143.8 million
% of Shareholders' funds: 12.8%
Date of acquisition: May 2007
http://www.valentinofashiongroup.com/
The Valentino Fashion Group and Hugo Boss operate in over 100 countries, with more than 1,500 single-brand boutiques and 345 directly-managed shops. The group’s activities are broken down into three business units, covering the entire luxury and fashion sector: Valentino, Hugo Boss and licensed brands including M Missoni, in addition to its own brand Lebole. The valuation basis is earnings.
3. Freescale (US)
Cost: £144.9 million
Value: £120.8 million
% of Shareholders' funds: 10.8%
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 market leadership in the above-mentioned markets including the no.1 share in automotive semiconductors and wired communications processors. The valuation basis is earnings.
4. BorsodChem (Hungary)
Cost: £77.9 million
Value: £91.6 million
% of Shareholders' funds: 8.2%
Date of acquisition: December 2006
http://www.borsodchem.hu
BorsodChem is a leading European chemical company focusing on isocyanates and PVC. Isocyanates are the key building block for polyurethane foams which are used in applications such as furniture, bedding, construction, automotive interiors, coatings and adhesives. The valuation basis is earnings.
5. Jet Aviation (Switzerland)
Cost: £19.8 million
Value: £80.4 million
% of Shareholders' funds: 7.2%
Date of acquisition: October 2005
http://www.jetaviation.com
Jet Aviation was founded in 1967 and is a leading independent global business aviation service company with 25 facilities and stations around the world. The company provides maintenance, completions and engineering services for business jets, as well as fixed-base operations and airline charter and management services on a global basis. In August 2008, funds advised by Permira signed an agreement to sell its holding to General Dynamics. The sale is expected to complete in the fourth quarter of 2008 subject to closing. The valuation basis is third-party.
Galaxy is a leading operator of casinos, hotels and entertainment facilities in Macau, China. The company has already captured a significant share of the fastest growing gaming market in just four years and operates a number of casinos in Macau, including its flagship StarWorld. The valuation basis is quoted.
7. Provimi (The Netherlands)
Cost: £52.3 million
Value: £60.2 million
% of Shareholders' funds: £5.4%
Date of acquisition: April 2007
http://www.provimi.com/
Provimi is a diversified leader in animal nutrition solutions with c.8% global market share. The company operates over 100 plants in 30 countries specialising in innovative products serving the nutritional and health needs of all animals. The valuation basis is earnings.
8. debitel (Germany)
Cost: £0.3 million
Value: £50.9 million
% of Shareholders' funds: 4.5%
Date of acquisition: June 2004
http://www.debitel.com/
debitel is the third largest mobile telephony provider and the leading distribution platform in Germany, offering a wide range of telecommunications products (mobile, fixed-line and internet). The company is headquartered in Germany and following a year of active M&A now has over 14 million customers. Funds advised by Permira sold their holding in debitel to Freenet AG in April 2008 and the valuation basis is third-party and quoted.
9. TDC (Denmark)
Cost: £40.3 million
Value: £46.8
% of Shareholders' funds: 4.2%
Date of acquisition: December 2005
http://www.tdc.com/
TDC is a leading Danish-based provider of communications solutions with significant presence in selected markets in Northern and Central Europe. TDC now operates mainly through four domestic Nordic divisions (Business Nordic, Fixnet Nordic, Mobile Nordic and YouSee) and through Sunrise, the no.2 telecoms operator in Switzerland. The valuation basis is earnings.
10. Acromas (The AA & Saga) (UK)
Cost: £41.5 million
Value: £41.5 million
% of Shareholders' funds: 3.7%
Date of acquisition: September 2007
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 one of the UK’s leading affinity based motoring, travel, media and financial services organisations. The initial investment in the AA was made in September 2004. The valuation basis is third-party.
11. Legico (Luxemburg)
Cost: £37.6 million
Value: £37.7 million
% of Shareholders' funds: 3.4%
Date of acquisition: January 2008
Legico will aim to take advantage of the current credit dislocation by investing in senior, mezzanine and PIK opportunities in both primary and secondary markets. The company’s main geographical focus will be Europe, although it does have the flexibility to invest worldwide. The valuation basis is cost.
12. Birds Eye iglo (UK)
Cost: £32.3 million
Value: £31.9 million
% of Shareholders's funds: 2.8%
Date of acquisition: November 2006
http://www.birdseye.co.uk/
Birds Eye iglo is a leading manufacturer of frozen foods, 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 and ready meals, in addition to iconic products such as fish fingers and Schlemmer Filets. The valuation basis is earnings.
13. ProSiebenSat.1 Media (Germany)
Cost: £125.4 million
Value: £21.6 million
% of Shareholders' funds: 1.9%
Date of acquisition: March 2007
http://www.prosiebensat1.com/
ProSiebenSat.1 Media is the second largest pan-European broadcasting corporation. The ProSiebenSat.1 Group’s core business is Free-TV and through its four interrelated stations – Sat.1, ProSieben, kabel eins and N24, it owns Germany’s largest family of commercial TV channels. It operates 26 Free-TV stations, 24 premium pay-TV channels and 22 radio stations. The valuation basis is earnings.
14. DinoSol Supermercados (Spain)
Cost: £9.5 million
Value: £19.0 million
% of Shareholders' funds: 1.7%
Date of acquisition: November 2004
DinoSol Supermercados (formerly Ahold Supermercados) is the number six food retailer in Spain and operates c.475 core stores in Spain and the Canary Islands, trading primarily under the SuperSol and HiperDino brands. The valuation basis is earnings.
15. Telepizza (Spain)
Cost: £12.2 million
Value: £17.5 million
% of Shareholders' funds: 1.6%
Date of acquisition: September 2006
Telepizza is currently the leading player in the Spanish home delivery and take-away pizza business operating about 550 owned and franchised outlets. The company has an international presence in Portugal, Chile, Central America and Poland where it has around 30% of its outlets, and also operates seven dough and cheese factories in Spain, Poland, Portugal and Chile for its own products. The valuation basis is earnings.
16. All3Media (UK)
Cost: £11.0 million
Value: £12.8 million
% of Shareholders' funds: 1.1%
Date of acquisition: September 2006
http://www.all3media.com/
All3Media is comprised of a group of production companies from across the UK, Germany, The Netherlands, New Zealand and the USA. It also includes an international distribution company, 'All3Media International', which represents third-party producers and broadcasters together with its own production companies. The valuation basis is earnings.
17. Gala Coral Group (UK)
Cost: £42.7 million
Value: £12.6 million
% of shareholders' funds: 1.1%
Date of acquisition: September 2005
http://www.galagroup.co.uk/
The Gala Coral Group is one of Europe’s largest gaming group operating through five key divisions: Gala Bingo; Gala Casino; Coral (licensed betting offices); E-commerce (comprising Eurobet and the Gala Bingo and TV operations); and an International Division (betting shops in Italy). The valuation basis is earnings.
18. Ferretti (Italy)
Cost: £8.1 million
Value: £12.1 million
% of Shareholders' funds: 1.1%
Date of acquisition: October 2002
http://www.ferrettigroup.com/
Ferretti is a classic marque in the world of luxury motor yachts. It is also a well managed business with a proven track record. Over 40 years, through organic growth and acquisition, Ferretti has developed the broadest portfolio of any luxury motor yacht manufacturer with nine famous brands that enjoy leading positions in most of their market segments. The valuation basis is earnings.
19. Britvic (UK)
Cost: £9.5 million
Value: £10.7 million
% of Shareholders' funds: 1.0%
Date of acquisition: August 2006
http://www.britvic.co.uk/
Britvic Soft Drinks is one of the two leading soft drinks businesses in Great Britain, with brands like Pepsi, Robinsons and Tango. The valuation basis is quoted.
20. Principal Hayley Group (UK)
Cost: £19.5 million
Value: £9.2 million
% of Shareholders' funds: 0.8%
Date of acquisition: September 2006
http://www.principal-hayley.com/
Principal Hayley Group is a collection of 19 hotels and conference centres which competes in the upper mid-market segment of the UK hotel and conference markets. The valuation basis is earnings.
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