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Integrated.Collaborative.Focused.Annual Review 2016
Contents1 About Cinven4 Foreword6 2016 at a glance10 Our approach18 2016 key developments36 Our investments60 Our investors62 Our governanceAbout CinvenCinven is a leadinginternational private equityfirm with 67 investmentprofessionals and 132 staffacross offices in London,Paris, Madrid, Frankfurt,Luxembourg, Milan, Guernsey,Hong Kong and New York.With a track record spanning morethan 40 years, our focus is on deliveringattractive returns to our investors byincreasing the value of the companiesin which we invest. We achieve this byidentifying compelling opportunitiesand partnering with management togrow and transform good-qualitycompanies into domestic orinternational leaders that are highlyattractive to buyers on exit. Our fullyintegrated model that draws on sector,regional, portfolio and capital marketsexpertise ensures that, throughout theinvestment lifecycle, our approach isconsistent, creative and collaborative.‘Cinven’ means, as the context requires, Cinven GroupLimited, Cinven Partners LLP, Cinven (Luxco1) S.A. andtheir respective Associates (as defined in the CompaniesAct 2006) and/or funds managed or advised by any ofthe foregoing.
How do we invest?About CinvenSince 1988, Cinven fundshave invested inCinven in numbers120 34bn 7bncompanies and realised proceeds of1c.including nearly1Cinven seeks to acquire control stakesin market-leading, cash-generativecompanies with defensive traits,high growth potential and strongmanagement teams. We typicallymake equity investments in excessof 100 million in companies withenterprise values of more than 300 million.During our holding period, ourgoal is to at least double the investedcapital of our investors and the millionsof beneficiaries they represent.realised since the start of 2016.At the end of 2016, Cinven had 15.5bnin assets under management.12 Cinven Annual Review 2016As at the date of publication – November 2017How do wecreate value?The main source of returns forCinven funds is the increasedprofitability of our investments;only a relatively small componentof our returns is derived frommultiple expansion, reducingdebt and refinancing.More than two thirds of ourreturns are attributable to increasedrevenue growth through the organicdevelopment of the business. Wesee this as a long-term, sustainableapproach to creating value in thecompanies we back.The remaining third of the gaincomes from implementing operationalinitiatives such as introducingefficiencies and best practices.
ForewordStuart McAlpineManaging PartnerAs I reflect on Cinven’s activities during2016, my first full year as ManagingPartner, I recognise what we haveachieved in the context of our 40 yeartrack record of investing and realisingvalue for our investors.At our inception in 1977, we were investinga small pool of evergreen capital in theUK, solely on behalf of the British Coalminers’ pension funds; today weare investing our sixth, 7 billion fundon behalf of more than 200 clientsworldwide. We have invested throughoutmultiple cycles with consistency. If youwere an investor with Cinven at itsinception, you would have the benefit ofa return that significantly and consistantlyoutperformed public equities year-afteryear based on our long history ofEuropean investing acumen andexperience. 2016 was no exceptionto this trend.The backdrop for Cinven in 2016was a robust and high-priced marketenvironment riddled with geopoliticalthreats and elections in Europe and in theUS. However, this is business as usual forus; every year I can remember has haddifferent macro issues, different risks anduncertainties. Environments we haveexperienced range from high-pricedequity markets with readily availableleverage and the looming potential of adownturn – like 2007 – to low growthmarkets, with low earnings visibility,difficult capital markets and the risk of‘calling the bottom’ too soon – like 2002and 2009. It is never ‘just right’ and it isnever easy.Our view is that to investeffectively through different cycles andenvironments requires an integrated,and aligned partnership approach; onethat is focused on driving value at theoperational level of the business, not justin the boardroom. We partner with ourmanagement teams both in the C-suiteand throughout the broader organisationand leverage the skills of our sector,regional, Portfolio and Capital Marketsteams with one aligned goal in mind:driving revenue growth in each of ourportfolio companies. We can and willadapt our strategy through cycles, albeitthe goal remains the same: targetingand investing in high-quality, growthcompanies where we can accelerategrowth using an array of tools, rangingfrom ‘buy and build’ to channeldevelopment to technology-enablementto internationalisation. While no strategyis immune to changes in the economicenvironment, ours is insulated, and that isevidenced by our consistent returns.During 2016, we took advantageof the market environment to crystallisereturns for our investors through 13full and partial realisations. Highlightsinclude the sales of Prezioso, our Frenchheadquartered oil services businessto Altrad; HEG, the European hostingbusiness we built, to GoDaddy; AvioSpace to Space2 and LeonardoFinmeccanica; and SLV, the Germanlighting business, to Ardian. Additionally,we listed Medpace, the US-basedcontract research organisation, onNASDAQ. Since the beginning of2016, we have returned c. 6.6 billionto our investors1.We also invested in fivecompanies with very attractive returnprofiles based on our growth strategies:UK-based consumer finance provider,NewDay; Poland’s largest onlinemarketplace, Allegro; Spanish propertyvaluation service provider, Tinsa; Spanishtravel services specialist, Hotelbeds; andclinical trials company, Bioclinica, basedin the US with ambitions to furtherexpand its European operations. Eachof these investments was targeted bya Cinven sector or regional team andevidences our integrated approach toconverting a target company into aCinven investment.Over the course of 2016, wealso completed the fundraise of the SixthCinven Fund, which was raised in fourmonths and heavily oversubscribed.We welcomed a number of new investorsinto our diverse investor base, and arevery proud of the support of more than90% of our existing investors who havebenefitted from the longevity of our trackrecord and their partnership with Cinven.We deeply value the relationships wehave built with our investors; they arefounded on principles of trust,transparency, a responsible approachto investing, and, of course, our returns.Finally, none of this could bepossible without an exceptional team. Iinherited the leadership of an exceptionalgroup of people when I becameManaging Partner. A large part of my roleis to continue to support the developmentof the existing group of professionalswhile also attracting and integrating thebest and brightest talent in the marketwho will build on Cinven’s 40 year trackrecord in the years to come. I look forwardto the coming year, the challenges it willbring and am confident Cinven willcontinue to build on its long history ofinvesting success.Stuart McAlpineManaging Partner4 Cinven Annual Review 20161As at the date of publication – November 2017
2016 at a glanceNew investments6 Cinven Annual Review 2016In a highly active 2016, Cinven deliveredexcellent performance for our investors.We deployed more than 1.5 billion intofive new investments and a number ofadd-on acquisitions. In total, more than50 add-ons were completed during2016. We returned more than 3 billionto investors through sales to strategicand financial buyers alone, togetherwith further proceeds from a numberof partial realisations.TinsaHotelbeds GroupBioclinicaNewDayAllegroProperty valuation, analysisand real estate advisoryservice provider in Spainand Latin America.Business Servicesand Iberian teams.A leading independentbusiness-to-businessbedbank, offering hotelrooms to the travel industry.Business Servicesand Iberian teams.Specialty provider oftechnology-enabled servicesto clinical trials and pharmacompanies with offices inthe US, Europe and Asia.Healthcare team.A leading consumer financeprovider focused on the UKcredit card market.Financial Services team.A leading online marketplacein Poland. Consumer andTMT sector teams.
2016 at a glanceAvio SpacePropulsionHEGFollowing the sale of Avio’saviation business in 2013,Avio Space Propulsionwas sold to Space2 andLeonardo-Finmeccanica.Hosting and domain servicesbusiness sold to GoDaddy.PreziosoCoorSignificant add-onacquisitionsERGO ItaliaVismaExit highlightsSold remaining stake inlisted Coor Group, a leadingfacilities managementprovider in the Nordics.Commenced consolidationof the Italian insurancemarket through acquisitionof Old Mutual Wealth Italy.Italian and FinancialServices teams.Synlab8 Cinven Annual Review 2016Following the creation ofa pan-European clinicallaboratories businessthrough the merger ofLabco and synlab in 2015,the company made 34acquisitions in 2016.French, German andHealthcare teams.Insulation and scaffoldingservices business sold toAltrad.SLVNorway-based businessservices software companyVisma made 23 acquisitionsin 2016. TMT team.Specialty lighting businesssold to Ardian.
Our approachCinven originates investmentopportunities through a matrix of sectorand regional coverage teams acrossEurope and the United States workingtogether. The sector and regionalcoverage teams systematically screentheir various subsectors and regionsfor potential investment opportunities.Pre-identified investment themes enablethe teams to develop expertise anddrive growth in targeted subsectors andcompanies.The objective of Cinven’s matrixapproach is to bring a high level ofexpertise, knowledge and key contactsto investment opportunities in orderto develop proprietary angles withmanagement and/or vendors andthereby maximise Cinven’s funnel ofattractive opportunities where thereis a significant origination advantage.Cinven’s investment professionals,regardless of geographic location,work together as one cohesive team,executing a proven and consistentinvestment strategy. This ‘one team’culture is deliberately reinforced withcross-firm organisational structures.Our functional specialists, thePortfolio team in Europe, the US andAsia and the Capital Markets team,work closely with Cinven’s Sector teamsto implement Cinven’s value creationstrategies, drive growth and protectand preserve equity value.Our investment matrixSector expertiseRegional presenceInvestmentopportunityFunctional capabilitiesBusiness ServicesConsumerFinancial ny, Central & Emerging EuropeIberiaItalyNordicsNorth AmericaUK & IrelandPortfolio teamCapital Markets team10 Cinven Annual Review 2016
Our approachOur Sector teamsWe invest in six sectors:Business Services,Consumer,Financial Services,Healthcare,Industrials and TMT.Our Regional teamsEach of our six Sector teams consists of highlyexperienced investment professionals with a deepunderstanding of international trends and opportunitiesin their respective industries.Our comprehensive sector knowledge enablesus to develop and fine-tune investment strategies,focusing on sub-sectors and business models withthe highest growth potential. Our Sector teams workclosely with our Regional teams to identify the rightopportunities and build relationships with managementteams early on. Many of the investments we completeare months and often years in the making, ensuringthat we can develop unique angles and start creatingvalue from day one of our ownership.Our Regional presenceFranceGermany, Central& Emerging Europe IberiaEach of our Regional teams consists of individualsthat are drawn from, and deeply embedded in, theirlocal markets. With an in-depth understanding andknowledge of cultures and regulations, our Regionalteams provide insights into new investment andcross-border expansion opportunities, while alsoassisting portfolio companies with their domesticgrowth strategies. Our Regional teams, working inclose collaboration with our Sector teams, are ofteninstrumental in identifying new investment targets.Cinven team1614nationalitiesBusiness ServicesConsumerFinancial ServicesHealthcareIndustrialsTMTItalyNordicsNorth AmericaUK & Irelandlanguages spokenCurrent Cinven investments by headquarters of investment at 31 December 201612 Cinven Annual Review 2016Our Regional teams are based inLondon, Frankfurt, Paris, Madrid, Milanand New York, supported by Portfolioteam professionals in Hong Kong.
Our approachOur Portfolio teamOur Portfolio team comprisesexperienced individuals who providein-house expertise to portfoliocompanies, with a focus on six mainareas of expertise: internationalisation,buy and build, digitisation, pricing,salesforce effectiveness and cashmanagement. The team works in closecollaboration with our Sector, Regionaland Capital Markets teams to targetopportunities pre-acquisition andthereafter ensure companies achievetheir full growth potential duringCinven’s ownership.Our Portfolio team’s expertise is used throughout thelifecycle of an investment – from strategy developmentpre-deal through to exit preparation. Once we haveacquired a business, our Portfolio team providesdetailed input into a Value Creation Plan (VCP), whichidentifies value creation levers to accelerate growthand provides a roadmap to achieve this.Over recent years, we have also developeda forward-looking Key Performance Indicator (KPI)framework that includes operational, financial andenvironmental, social and governance (ESG) metricsto gain a clear understanding of how each businessis performing and progressing. Monitored monthly,this framework enables the team to act quickly tocapitalise on successful initiatives as well as toimplement corrective plans, should a businessshow signs of underperformance.Value creation potential is further underpinnedby a process of VCP refresh, where necessary, to reenergise and refine growth plans several years intoan investment. Our Portfolio team is also involved inexit planning, defining equity stories for potential newowners of the business and assisting in ensuringour companies are optimally positioned to achievemaximum value at exit.14 Cinven Annual Review 2016Our functional InternationalisationBuy andbuildCashCashmanagementSales forceeffectivenessPricingPortfolio company
Our approachOur Capital Markets teamComprising senior, dedicatedprofessionals, our Capital Markets teamis one of the longest established in theprivate equity industry.Our approach to ESGSupporting our portfolio companies throughout theinvestment period, our Capital Markets team acts asa central point for management teams’ relationshipswith banks and other lenders. Using our deepknowledge of debt capital markets, we secureappropriate and flexible acquisition finance whenwe make our initial investment.Our Capital Markets team constantly reviewseach company’s financing arrangements during ourownership. This ensures our portfolio companiesremain funded on the most competitive terms availablein the market, optimising their funding structures tosupport organic and M&A led growth. Where necessary,we also offer expert input to our companies’ Treasuryfunctions, helping them manage areas such asforeign exchange and interest rate risk. In addition,the team is often involved in exit planning, arrangingstaple financing and supporting companies in theequity markets through the initial public offering (IPO)process, where appropriate.Cinven’s approach to ESG(Environmental, Social andGovernance) is underpinned by ourESG core principles, our values andour commitments as a signatory to thePRI. We have increasingly systematisedand codified our approach to ESG,integrating ESG into our processesand governance and working to dothe same with our portfolio companies.We believe good ESG management can bothreduce risk and, in some instances, create opportunity.Our experience working closely with our portfoliocompanies on ESG matters is that an integrated,collaborative and focused approach is essential todelivering ESG benefits. Please see our ESG Reviewfor more information.EnvironmentalSocialPhilanthropy16 Cinven Annual Review 2016GovernanceThe Cinven Foundation is a vehicle for our firm’scharitable giving. It mainly supports education-relatedprogrammes by making substantial donations to alimited number of charities every year. Those receivingfinancial support from our Foundation in 2016 included:Impetus – The Private Equity Foundation; ThinkForward;2nd Chance; IntoUniversity; and Place2Be. For moreinformation, please see the Cinven website.
2016 keydevelopmentsThroughout 2016, ourSector, Regional, Portfolioand Capital Markets teamsworked to source highquality investments, createvalue in our existing portfoliocompanies and securevaluable exits for our investorsand to the benefit of otherstakeholders.Sector team updatesBusiness servicesJorge QuemadaPartnerSupraj RajagopalanPartnerPortfolio in 2016NewHotelbedsTinsaCurrentCPA GlobalPronetRealisedCoorPreziosoEnServe18 Cinven Annual Review 2016Our Business Services sectorinvestments have had considerablesuccess over the years, withinvestments such as the traveltechnology business Amadeusgenerating substantial returns for ourinvestors. We look to replicate thesesuccesses and we have a particularfocus on technology-enabledbusiness models.In Hotelbeds, acquired in 2016 in collaboration withour Iberian team, we saw significant potential to drawon our experience of travel technology businessesto consolidate the fragmented global business-tobusiness bedbank sector. In February 2017, we startedthis process through Hotelbeds’ add-on acquisitionof US-based Tourico and of global bedbank companyGTA, announced in April 2017.Working with our Iberian team, we alsoacquired Tinsa, a Spanish property valuation specialist,a transaction followed by two add-on acquisitions inLatin America in 2016.Together with our Capital Markets team,we capitalised on robust equity markets in May 2016to sell the remainder of our publicly-listed sharesin Nasdaq Stockholm-listed facilities managementbusiness Coor. The year also marked the successfulexit of our investment in coatings, insulation andscaffolding business Prezioso through a sale to Altrad.
2016 keydevelopmentsSector team updatesConsumerIn the Consumer sector, we focus oninvestments in companies with strongbrands that resonate with consumers,are multi-channel and capitalise on theshift towards online purchasing.Peter CatterallPartnerMaxim CrewePartnerXavier GeismarPartnerPortfolio in 2016NewAllegroIn conjunction with TMT teamCurrentKurt GeigerSector team updatesFinancial servicesCaspar BerendsenPartnerPeter CatterallPartnerOur investment in Kurt Geiger in 2015 demonstratedthis clearly, as an omni-channel UK shoe retailer withmultiple distribution channels and four sub-brands.In 2016, we worked in close collaboration with themanagement and our Portfolio team to create andimplement a detailed Value Creation Plan, the resultsof which are already starting to be reflected in strongtrading results and cash flow generation.In 2016, as part of the joint Digital initiativewith our TMT team, we acquired Polish online marketplace Allegro.The company has more than 20 millionregistered users. We will continue to work with thebusiness to develop new channels, such as in mobilecommerce, invest in the company’s IT platform andposition it to capitalise on the rapid growth ine-commerce in the Polish market.Portfolio in 2016NewERGO ItaliaNewDayCurrentPremium CreditViridiumRealisedAvolonGuardian FinancialServicesJust Group(formerly Partnership)**Partially realised20 Cinven Annual Review 2016Building on our track record ofinvesting in non-core subsidiariesof large financial institutions as theyrefocus on their core markets, in2016, Cinven invested in Ergo Italia, asubsidiary of Munich Re. As with otherCinven investments in this subsector,Ergo Italia is set to benefit from theneed for consolidation in Europeaninsurance markets. Cinven also signedthe acquisition of UK consumer financecompany, NewDay, during the year.NewDay is a leading UK consumer finance company,specialising in the near-prime and co-brands sectorsof the UK credit card market. This acquisitiondemonstrates Cinven’s expertise in the SpecialtyFinance segment following our 2015 investment in UKspecialty finance business Premium Credit, and our2010 investment in aircraft leasing company Avolon.Together with our Italian team, we alsoacquired ERGO Italia, through which we will leverageour expertise in consolidating the life insurance market,a highly replicable thesis for Cinven that began in theUK with life insurance consolidator Guardian FinancialServices and continues with life insurer Viridium inGermany. In line with this strategy, ERGO Italia acquiredOld Mutual Wealth Italy in January 2017 and Eurovita,in August 2017.In 2016, we also fully realised our investmentsin Guardian Financial Services in a sale to a strategicbuyer (Swiss Re), and an aircraft leasing businessAvolon through an eventual sale to Shenzhen-listedBohai Leasing (having listed the business on the NYSEin 2014). This year also saw proceeds from Viridiumand Premium Credit.
2016 keydevelopmentsSector team updatesHealthcareIn Healthcare, our investments aredriven by the pursuit of sector themeswith a focus on pharmaceuticals(including generics), pharmaceuticaloutsourcing, single-use medicaldevices and healthcare services.We are particularly focused on areaswhere reimbursement sources arerobust and/or diversified and thereis potential for accelerated growththrough buy and build activity.Alex LesliePartnerSupraj RajagopalanPartnerPortfolio in *Partially realisedSector team updatesIndustrialsCaspar BerendsenPartnerXavier GeismarPartnerPontus PetterssonPartnerBruno SchickPartnerIn 2016, we identified the opportunity to acquireUS-based clinical trials and technology businessBioclinica as a result of our long-standing relationshipwith its experienced and high-quality managementteam. Our investment in the business will leverage ourexperience with Medpace, a portfolio company in theadjacent contract research market that has seen strongunderlying growth since our initial investment in 2014.Our team worked with management and our Portfolioteam to create a detailed VCP in 2016, which includessupporting the company in its international strategy,go-to-market approach, and acquisition roadmap.Together with our Capital Markets team, wecapitalised on strong equity markets to list clinicalresearch organisation Medpace on the Nasdaq GlobalSelect Market in August 2016.Portfolio in lisation completed in 201722 Cinven Annual Review 2016Cinven has been investing theIndustrials sector for 25 years, andour current portfolio is performingwell. Cinven is focused on acquiringbusinesses with strong managementteams, market leadership, and exposureto growing end markets. The ongoingeconomic recovery in Europe is creatingattractive opportunities in our prioritysubsectors including Chemicals,building products and packaging.In 2016, we successfully realised our investment inspecialist lighting manufacturer SLV after workingclosely with our Portfolio team to re-energise thecompany’s growth plans. Under our ownership, thecompany’s sales grew by 40% and profits increasedsignificantly, due to our support in streamliningproduction and accelerating revenue growth throughnew product development.Buy and build is an important part of ourvalue creation strategy in Industrials. In 2016, wesupported Tractel, a specialist in safety equipment forthose working at height, in its growth strategy as thebusiness acquired US-based Safety Products Group.The acquisition broadens the company’s product rangeand diversifies its geographical exposure.
2016 keydevelopmentsSector team updatesTMTIn the TMT sector, Cinven hassuccessfully invested across a widerange of sub-sectors, from B2B media,cable and satellite through to financial/ accounting software and managedhosting businesses.BeneluxRegional team updatesBeneluxIn 2016, our team focused on supporting existingportfolio companies with their growth plans, includingSpanish property valuation business Tinsa, whichmade an add-on acquisition in the Netherlandsthat completed in 2017, and on building long-termrelationships with local management teams. We expectthe high volume of large corporate M&A in the Beneluxto provide strong deal flow over the coming yearsas non-core businesses are divested in additionto the pipeline of quality secondary opportunitieswhere Cinven can drive value creation beyond theBenelux region.Caspar BerendsenPartnerBen OsnabrugSenior PrincipalKarel DoormanAssociateDavid BarkerPartnerChris GoodPartnerThomas RailhacPartnerFrancePortfolio in 2016NewAllegro**In conjunction with Consumer ble24 Cinven Annual Review 2016In 2016, we worked with our Consumer team to investin Polish online marketplace Allegro, where we see theopportunity to increase the value of the business byimplementing best-in-class operations and buildingon Allegro’s unparalleled recognition among Polishconsumers.We assisted financial and accounting softwarecompany Visma in the continuation of its buy andbuild strategy. In 2016 alone, it made 23 acquisitions,bringing scale and additional capability through theconsolidation of a highly-fragmented market. Visma alsosuccessfully divested its business process outsourcingdivision in 2016.We signed an agreement to realise ourinvestment in hosting and domain services businessHEG during 2016 through a sale to US strategic buyerGoDaddy. The sale completed in 2017. In 2016, wecompleted the final sell-down of our investment incable operator Numericable.And finally, in conjunction with our CapitalMarkets team, we recapitalised Ufinet while continuingthe buy and build activity.FrancePortfolio in colas PaulmierPartnerXavier GeismarPartnerThomas RailhacPartnerOther teammembersPierre EstradeJulien LammogliaDavid GiroflierOlivier CassatJason DiazSamy JazaerliIn 2016, our French team completed the successfulsale of our investment in oil and gas maintenancecompany Prezioso to strategic acquiror Altrad Group.Prezioso grew significantly under Cinven’s ownershipgiven its relative resilience to volatile oil prices. We alsocompleted the final sell-down of our investmentin cable operator Numericable.Our team also assisted existing portfoliocompanies with their expansion strategies, includingTractel, which acquired US-based Safety ProductsGroup. In addition, we laid the groundwork for our2017 investment in chemicals group Chryso, wherewe had built a strong relationship with the seller overmany years.
IberiaGermany, Central and Emerging Europe2016 keydevelopmentsRegional team updatesGermany, Central andEmerging EuropeOur Germany, Central and Emerging European teamhad a busy 2016, capitalising on the region’s sizeableprivate equity market that is characterised by a goodmix of primary opportunities and secondary buyouts.We made two significant realisations, the successfulexit of specialist lighting manufacturer SLV and the saleof hosting and domain services company HEG. Ourhigh-performance ceramics manufacturer CeramTeccompleted an add-on acquisition in 2017, and weworked closely with the Healthcare team to identify andexecute a series of acquisitions for clinical laboratoriesgroup Synlab. Together with our Iberian and BusinessServices teams, we were also instrumental in securingthe acquisition of global bedbank business Hotelbedsfrom German parent Tui.Regional team updatesIberiaPortfolio in 2016TinsaHotelbedsUfinetPortfolio in 2016CeramTecSynlabSLV*ViridiumHEG**RealisedBruno SchickPartnerThilo SautterPartnerFlorian LutherSenior PrincipalOther teammembersJan-Nicolas GarbeAdam PrindisJan SchonfeldCaspar WahlerJulian Nahm26 Cinven Annual Review 2016Jorge QuemadaPartnerMiguel alJesus GarciaGomezAssociateOther teammembersJavier NavarroRubioOur Iberian team had a strong 2016, with two newinvestments added to the portfolio. In August, weacquired Spanish property valuation specialist Tinsa.Our relationship with the management team and inparticular the CEO, Ignacio Martos – with whom Cinvenhad worked previously through our investment in onlinetravel business Amadeus – was a key factor in helpingus secure the investment. Throughout 2016, Tinsacontinued to capitalise on the recovery in the Spanishproperty market and from the double-digit growth inevidence in its key Latin American markets, whereTinsa completed four acquisitions in 2016. Togetherwith our Benelux team, we also laid the groundworkfor a significant add-on acquisition in the Netherlands,building on our strategy to expand Tinsa’s Europeanpresence.In September 2016 we acquired Hotelbeds,a global independent bedbank, following 18 monthsof preparation and leveraging the experience of ourinvestment in Amadeus. Our considerable work aheadof the formal sale of Hotelbeds enabled us to pre-emptan auction process and acquire the business offmarket. We also announced a major add-on acquisitionfor Hotelbeds in 2016 – US-based Tourico.
Italy2016 keydevelopmentsRegional team updatesItalyPortfolio in 2016Avio*ERGO Italia*RealisedEugenio PreveSenior PrincipalAndrea r teammembersCecilia ColistraLetizia Bellucci28 Cinven Annual Review 2016Our Italian team worked alongside our FinancialServices team to expand Italian insurance businessERGO Italia, an investment announced in 2015 whichcompleted in June 2016, and draws on our considerableexperience of consolidating the insurance market inthe UK, through life insurance c
Finmeccanica; and SLV, the German lighting business, to Ardian. Additionally, we listed Medpace, the US-based contract research organisation, on NASDAQ. Since the beginning of 2016, we have returned c. 6.6 billion to our investors1. We also invested in five companies with very a
