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OF THE PORTFOLIO
OF TOP 30 INVESTMENTS ARE HIGH CONVICTION INVESTMENTS
LTM EARNINGS GROWTH (DEC 18)
At 31 January 2019, our largest 30 underlying companies, which represent 46% of the portfolio and are dominated by our high conviction investments.
The Top 30 performed well in the year, reporting average LTM earnings growth of 16% and revenue growth of 13%. It is particularly encouraging that a third of these companies are generating LTM earnings growth in excess of 20%, driven by both organic growth and M&A activity.
Compared with the portfolio as a whole, the Top 30 have a higher weighting to larger deals and to the healthcare and education sectors reflecting our strong focus on defensive growth in our co-investments.
Top 30 Underlying companies
1. City & County Healthcare Group — UK
A leading provider of home care services with over 100 branches across the UK. The company provides high quality care where trained carers assist with day-to-day tasks to enable elderly and disabled people to continue living independently in their own homes.
Value as % of Portfolio — 3.4
Manager — Graphite Capital
Invested — 2013
2. DomusVi — France 1
Third largest nursing home operator in Europe, active across all areas of elderly care, including medical nursing homes, non-medical nursing homes, residential and home-care services with market
leading positions in France and Spain.
Value as % of Portfolio — 3.2
Manager — ICG
Invested — 2017
3. Minimax — Germany 1
A leading global provider of fire protection systems and services. Minimax operates an integrated business model throughout the fire protection value chain, including R&D, sourcing and manufacturing, product sales and distribution, system integration and associated services.
Value as % of Portfolio — 2.6
Manager — ICG
Invested — 2018
4. Froneri — UK 1,2
Created through a joint venture between R&R and Nestlé’s ice cream and frozen food activities, Froneri operates in more than 20 countries and is the second largest manufacturer of ice cream
in Europe and the third largest worldwide.
Value as % of Portfolio — 2.5
Manager — PAI Partners
Invested — 2013
5. Visma — Norway 1
A leading provider of business-critical accounting, resource planning and payroll software to small and mid-sized businesses and the public sector in the Nordic and Benelux regions with a customer base of
more than 600,000 enterprises.
Value as % of Portfolio — 2.4
Manager — Cinven & ICG
Invested — 2017 & 2014
6. Roompot — Netherlands 1
A leading operator and developer of holiday parks with over 30 holiday parks in the Netherlands and Germany. Roompot has a leading position in coastal locations and an impressive track record in
developing new parks and integrating acquired holiday parks.
Value as % of Portfolio — 2.2
Manager — PAI Partners
Invested — 2016
7. Yudo — South Korea 1
The global leader in the production of mission critical components for plastic injection moulding. Yudo’s technology is used in the automotive parts, electronics, consumer products, household, medical, closures, packaging and transportation industries.
Value as % of Portfolio — 2
Manager — ICG
Invested — 2018
8. Ceridian — USA 1
A provider of outsourced business processing services, with a broad range of HR services including payroll, workforce management, tax filing, benefits administration, recruitment, health and wellness,
and HR outsourcing. Ceridian serves over 25 million users in more than 50 countries.
Value as % of Portfolio — 2
Manager — Thomas H Lee Partners
Invested — 2007
9. nGAGE — UK
A diversified recruitment company serving a range of customers within the public and private sectors in the UK. nGAGE provides specialist staff to clients within the health and social care, social housing,
construction and infrastructure, and engineering sectors.
Value as % of Portfolio — 2
Manager — Graphite Capital
Invested — 2014
10. Beck & Pollitzer — UK
A global engineering services business, serving a range of blue-chip multinational manufacturing clients. Headquartered in Dartford, it operates from 26 offices in 14 countries, providing specialist
installation of new machinery, relocation of existing machinery and maintenance services.
Value as % of Portfolio — 1.9
Manager — Graphite Capital
Invested — 2016
11. ICR Group — UK
A leading provider of specialist repair and maintenance services to the energy industry. ICR’s offering includes repair and inspection services, pipe connections and other engineering solutions used
to service and repair pipes on offshore platforms and in onshore plants.
Value as % of Portfolio — 1.8
Manager — Graphite Capital
Invested — 2014
12. System One — USA 1
Provider of specialist staffing services diversified across the engineering, IT, scientific and legal sectors. System One helps some of the largest companies in the US staff complex mission critical functions on a recurring basis and is one of the US’ largest staffing providers in its niches sectors.
Value as % of Portfolio — 1.8
Manager — Thomas H Lee Partners
Invested — 2016
13. Education Personnel — UK 1,2
A leading UK provider of supply teaching staff. Through a network of over 60 branches, it supplies teachers, teaching assistants and nursery staff to c. 25,000 primary and secondary schools in England
and Wales.
Value as % of Portfolio — 1.7
Manager — ICG
Invested — 2014
14. IRI — USA 1
One of the world’s leading data providers to the Consumer Packaged Goods industries. Data provided by IRI is used to understand product demand patterns and to guide critical business decisions around
promotional activities, production and performance.
Value as % of Portfolio — 1.7
Manager — New Mountain
Invested — 2018
15. Gerflor — France 2
Gerflor creates, manufactures and markets innovative, decorative and environmentally responsible solutions for flooring and interior finishes. It is the third largest manufacturer of PVC flooring in the world with its products used in professional as well as residential applications.
Value as % of Portfolio — 1.6
Manager — ICG
Invested — 2011
16. PetSmart — USA 1
A leading retailer of pet products and services in North America. It operates through over 1,300 stores offering a wide variety of pet products, in addition to in-store services such as professional grooming and training, boarding and veterinary clinics.
Value as % of Portfolio — 1.4
Manager — BC Partners
Invested — 2015
17. YSC — UK
A provider of leadership consulting and management assessment services to corporate and private equity clients globally. Headquartered in London, YSC has a further 15 offices in Europe, North
America and Asia-Pacific.
Value as % of Portfolio — 1.3
Manager — Graphite Capital
Invested — 2017
18. Endeavor Schools — USA 1
An owner and operator of 43 independent schools across the US. Endeavor’s strategy is to acquire private schools and to maintain their existing identities/local reputation. The company ensures operational best practices, regulatory compliance and provides a number of group services.
Value as % of Portfolio — 1.3
Manager — Leeds Equity Partners
Invested — 2018
19. U-POL — UK 2
A manufacturer and global distributor of automotive refinishing products with a leading position in the UK and growing presence in the US and key emerging markets. The company sells a broad range
of high quality, branded products worldwide.
Value as % of Portfolio — 0.9
Manager — Graphite Capital
Invested — 2010
20. PSB Academy — Singapore 1
A provider of private tertiary education in Singapore, with a presence across five regional campuses in Vietnam, Myanmar and Indonesia. It has c.10,000 students undertaking graduate certificates, diplomas and degrees offered in partnership with eight globally recognised universities.
Value as % of Portfolio — 0.9
Manager — ICG
Invested — 2018
21. Cognito — UK 1,2
A provider of specialist software and services to optimise mobile communications systems for companies with large field workforces. Its digital network is accessed using third party devices and enables customers to improve service quality by providing rich, real-time information.
Value as % of Portfolio — 0.8
Manager — Graphite Capital
Invested — 2002 & 2014
22. Compass Community — UK
An independent provider of fostering services and child residential care. The company recruits and places foster carers with local authority customers and provides carers with ongoing training and support. Compass also operates residential care homes for children.
Value as % of Portfolio — 0.8
Manager — Graphite Capital
Invested — 2017
23. Abode Healthcare — USA 1
A provider of hospice treatment and home health services in the US. The hospice segment provides palliative at-home care for terminally ill patients. The home health segment provides care to help patients avoid unnecessary hospitalisations and speed up recovery time.
Value as % of Portfolio — 0.8
Manager — Tailwind Capital
Invested — 2018
24. Random42 — UK
A provider of medical animation and digital media services to the healthcare and pharmaceutical industries. The company generates scientific animations, which demonstrate disease mechanisms and how medical and pharmaceutical products interact with the human body.
Value as % of Portfolio — 0.7
Manager — Graphite Capital
Invested — 2017
25. Skillsoft — USA 1
A leading global provider of high quality, innovative, cloud-based learning and performance support resources. Skillsoft’s customers are mostly global enterprises, but also include government departments and small and medium-sized businesses.
Value as % of Portfolio — 0.7
Manager — Charterhouse
Invested — 2014
26. David Lloyd Leisure — UK 1
Europe’s largest operator of premium racquets, health and fitness clubs with 98 clubs in the UK and 13 across mainland Europe. The company provides an enhanced experience for its members with swimming, racquet sports, food and beverage facilities and children’s areas.
Value as % of Portfolio — 0.7
Manager — TDR Capital
Invested — 2013
27. New World Trading Company — UK
Operates 22 pub restaurants across the UK, featuring an affordable, high quality all-day dining offering. Trading under six different brands including its flagship Botanist concept, its multi brand approach enables the company to target a wide range of customers.
Value as % of Portfolio — 0.7
Manager — Graphite Capital
Invested — 2016
28. LeafFilter — USA
LeafFilter Gutter Protection manufactures and installs gutter cover solutions and is considered one of the largest home improvement companies in the US, with multiple offices across North America.
Value as % of Portfolio — 0.7
Manager — Gridiron
Invested — 2016
29. Alerian — USA 2
Alerian is an independent provider of energy infrastructure market intelligence. Its benchmarks are widely used by industry executives, investment professionals, research analysts, and national media to analyse relative performance.
Value as % of Portfolio — 0.6
Manager — ICG
Invested — 2018
30. Atlas for men — France
Atlas for Men designs and manufactures men’s outdoor clothing. The company was founded in 1999 and is based in Paris, France.
Value as % of Portfolio — 0.4
Manager — Activa
Invested — 2016
1 All or part of this investment is held directly as a co-investment or other direct investment
2 All or part of this investment was acquired as part of a secondary purchase.