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Altamir SCA

Overview

Altamir is a listed private equity company (Euronext Paris-B, ticker: LTA) founded in 1995 and with more than €650m in assets under management. Its objective is to provide shareholders with long- term capital appreciation and regular dividends by investing in a diversified portfolio of private equity investments.

Altamir’s investment policy is to invest via and with the funds managed or advised by Apax Partners France and Apax Partners LLP, two leading private equity firms that take majority or lead positions in buyouts and growth capital transactions and seek ambitious value creation objectives.

 In this way, Altamir provides access to a diversified portfolio of fast-growing companies across Apax's sectors of specialisation (TMT, Retail & Consumer, Healthcare, Business & Financial Services) and in complementary market segments (mid-sized companies in French-speaking European countries and larger companies across Europe, North America and key emerging markets).

 Altamir derives certain tax benefits from its status as an SCR ("Société de Capital Risque"). As such, Altamir is exempt from corporate tax and the company's investors may benefit from tax exemptions, subject to specific holding-period and dividend-reinvestment conditions.

  • Direct Manager, Paris-listed
  • Sector focus: TMT, Retail & Consumer, Healthcare, Business & Financial Services
  • Deal focus: LBO/GC
  • Investment focus: Europe, North America, key emerging markets

Key financials

Altamir's performance was excellent in 2015, with a 19.1% increase in NAV per share including dividend.

Maurice Tchenio, Chairman and CEO

Manager overview

Altamir invests via and with the funds managed or advised by Apax Partners France and Apax Partners LLP.

Apax Partners France is a major private equity company in French-speaking Europe and has a team of 20 investment professionals organised by sector. The funds managed and advised by Apax Partners France total more than €3bn. They finance the long-term growth of mid-sized companies (€100m to €1bn in enterprise value) in Europe. For more information, please visit: www.apax.fr

London-based Apax Partners LLP is one of the world’s leading private equity firms. Apax Partners LLP invests in Europe (outside France), North America and the principal emerging economies (Brazil, China, India). It has a team of 100 investment professionals, organised by sector and located in eight offices (London, New York, Munich, Tel Aviv, Mumbai, Shanghai, Hong Kong and São Paulo). The funds managed and advised by Apax Partners LLP total more than €34bn. They finance the long-term growth of large companies with a value between €1bn and €5bn. For more information, please visit: www.apax.com

Because of their common history, Apax Partners France and Apax Partners LLP share a strategy based on financing growth and specialising by sector while positioning themselves on markets that complement each other in terms of geography and company size. The funds managed by the two companies take majority or leading positions in growing companies in the same four sectors of specialisation: TMT, Retail & Consumer, Healthcare, Business & Financial Services. In today’s competitive environment, the sector expertise Apax has developed since 1990 constitutes a key differentiator in identifying the best investment opportunities, capturing transactions and creating value.

 

 

Market commentary

Altamir’s performance was excellent in 2015, with a 19.1% increase in NAV per share on a total return basis (dividend included). NAV growth was driven primarily by the good operating performance of the underlying portfolio companies, whose average EBITDA improved by 7% year on year, and by increases in valuation multiples.

2015 was a record year for investments with €143m invested and committed in 12 new companies, all of which operate in Altamir's four sectors of specialisation and internationally, thereby accelerating the geographical diversification of the portfolio.

In light of these strong results and in accordance with Altamir’s distribution policy, a dividend of €0.56 per share was paid in May 2016 (vs. €0.50 in 2015), equivalent to 3% of NAV at 31 December 2015. This should provide a dividend yield of more than 5% based on the share price at the beginning of this year (4.7% in 2015).

This positive momentum is continuing in 2016: investments of around €155m and divestments of €153m were finalised over the first half of the year, resulting in a portfolio turnover of more than 20%.

Apart from its performance, Altamir is characterized by a prudent financial strategy (no leverage at the Altamir level, no over-commitment, no currency risks on Funds investments) and a conservative valuation policy (up to 30% downward adjustment applied to unlisted investments, exit prices always higher than last valuations), together with a diversified portfolio by sector, geography and maturity and reasonable leverage in the portfolio.

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