2013 Annual Review

Transcription

2013 Annual Review

Trilantic Capital Partners – Fund IV Europe
2013 Annual Review
Strictly Private1 & Confidential
2013 Annual Review | Trilantic Capital Partners – Fund IV Europe
Trilantic Capital Partners (Trilantic) is a global
private equity firm focused on control and significant
minority investments in Western Europe and North
America. Trilantic employs flexible transaction
structures and has a strong heritage of partnering
with family-owned businesses as well as providing
growth capital to outstanding management teams.
Trilantic is differentiated from its competition by the
firm’s history of disciplined, successful investing, its
demonstrated capability to supply flexible and growth
capital and to be true partners with the management
of its portfolio companies. The firm often applies a
“buy in” not “buy out” approach and is determined
to deliver value both to our Limited Partners and
the management teams that we support. Currently,
Western Europe investments are primarily targeted in
the following industry sectors: consumer & leisure,
industrials, TMT, healthcare and business services
while North America investments are primarily
targeted in the following industry sectors: business
services, consumer, energy and financial services.
Trilantic was formed in 2009 by five founding
partners, all of whom worked together at Lehman
Brothers Merchant Banking (LBMB). At LBMB,
the firm’s principals created a strong track record
of investing in and building first-class businesses,
and established LBMB as a partner of choice for
management teams, entrepreneurs and familyowned companies, a reputation further developed at
Trilantic. Trilantic acquired LBMB from the estate
of Lehman Brothers with the support of Reinet
Investments S.C.A., an investment vehicle listed
on the Luxembourg Stock Exchange, which made
a minority economic investment in connection with
the transaction. Trilantic Europe and Trilantic North
America currently manage four institutional private
equity funds with aggregate capital commitments of
$6.0 billion.
Table of Contents
I.
Letter from the Chairman
2
II.
2013 Year-End Trilantic Europe Summary
6
III. Fund IV Europe Portfolio Investment Review
Overview
V. 10
Fund IV Europe Investment Profile
10
Individual Current Portfolio Company Summaries
Clarion Events
12
Gamenet
14
Marex Spectron
13
LeYa
15
Talgo
16
Euskaltel
17
Elisabetta Franchi
18
VI. Company Information
19
1
SECTION I
LETTER FROM THE CHAIRMAN
2
Letter from the Chairman
Despite high levels of volatility and economic contraction,
Fund IV Europe is performing very well:
• Total investment MOIC stands at 1.7x with a gross IRR of
23.1% as of December 2013
• The fund has realized €189mm in three transactions
representing a 2.7x multiple of the realized invested capital
and returning 35% of total contributed capital to our
investors
• The returns have been achieved with low leverage (2.6x
EBITDA average at entry and 1.6x for the current portfolio
as of December 2013)
Dear Investor,
During 2013, the European economy has experienced a
gradual improvement in terms of leading indicators but also,
more importantly, has introduced some key structural reforms.
Labour reform and bail out of the banking system have helped
the Spanish economy to reverse the trend of unemployment,
and to produce a considerable trade surplus. In Q2 2013, Spain
began attracting considerable capital back into the economy
and its sovereign bond market trades at acceptable spreads
to the German benchmark. Italy and France have shown an
improving performance in terms of economic activity but the
sentiment has remained negative due to the political unrest
that has conditioned economic stimulus in both countries. The
UK and Germany have experienced a good performance both
at the macro level and in terms of political momentum.
• Over 50% of the portfolio is less than 16 months old with
strong appreciation potential yet to be realized
Over the investment period, we have prudently managed the
risk and reward metrics in the five core industrial verticals that
we focus on. We can now draw comparisons and conclusions
by sector and geography on our five year investment activity:
• During the first two years of the investment period, 20072008, we deployed 15% of the invested capital in two high
growth emerging market companies that were expanding
in Europe. We capitalised on the favourable discount
on historic multiples. Trilantic worked alongside the
management teams to build truly international companies.
We then exited both investments in 2012 and achieved
a 2.2x MOIC and a 22.8% IRR.
The private equity market in Europe has been in a “crescendo”
with a gradual rediscovery of Southern Europe as a market
where there are very interesting opportunities.
• During the period 2008-2010, we deployed 19% of the
invested capital in two UK services companies with
global growth potential. Trilantic actively supported both
companies delivering on this strategy through organic
growth and add-on acquisitions.
As you are all aware, Trilantic IV Europe has deployed 66% of
invested capital in Southern European companies in the 201013 period. The positive market sentiment of 2013 underpins
our conviction that our strong portfolio of investments will
obtain full valuation in the next 24-36 month period, which
is the anticipated horizon for the monetization of the fund’s
remaining investments.
• From November 2010 to December 2013, we deployed 66%
of the capital in Italy, Spain and Portugal in five meaningful
companies acquired at historically low multiples. In line
with our strategy, these companies are categorised into two
types: (i) export driven companies that have a platform for
growth outside of their domestic markets and (ii) protected
or regulated sectors with stable and predictable revenue
generation. In term of diversification, it is worth mentioning
that three of the five aforementioned companies generate
a significant portion of their revenues outside of Southern
Europe.
Trilantic Europe in 2013 carried out a significant amount of
post-acquisition work with our portfolio companies and, in
November 2013, completed the last investment of Fund IV
Europe, acquiring a significant stake in an Italian Fashion
Company, Elisabetta Franchi.
The investment in Elisabetta Franchi completed Fund IV
Europe’s investment cycle. Fund IV Europe has invested
approximately €450 million in 9 strong companies across 6
different countries in addition to c. €360 million from Fund IV
Global and other co-investors. The fund’s investment period
(2007-2013) has been unique and is likely to be remembered
as one of the least predictable and most challenging investment
environments in Europe. Your Trilantic Europe team has been
in the unique position of seeing it from the centre of the storm!
• We are now very actively supporting the growth of each of
these companies; targeting exits in the next 24-36 months
once we complete the implementation of our strategy.
Furthermore, although not part of the investment thesis at
entry, we expect to benefit from increased exit multiples
through transactions at a different point in the cycle.
3
Based on realistic exit assumptions, we believe that our
disciplined approach to exits, combined with value added
post-acquisition work, will enable us to raise the portfolio
MOIC to the targeted returns. This would be in line with our
historical average. While there are macroeconomic variables
outside our control which could impact our exit expectations,
we are very committed and motivated to achieve them.
Elena is a former Finance Minister and deputy Prime Minister
of Spain (2008-10), Minister of Health (2004-2007) and
Minister of Public Administration (2007-2009). Elena brings
a wealth of experience in European political processes that
will be instrumental for our focus on regulated assets and pan
European liberalizations.
Albert is a Consultant for selected private equity institutions.
He was for several years an economist with the International
Monetary Fund (I.M.F.). He has been a Vice President of
Citibank, the European Representative of a U.S. Bank and
member of the Board of several banks and companies.
We continue to see a number of attractively priced, quality
investment opportunities throughout Europe, but particularly
in Southern Europe where demand for capital outweighs
supply. Trilantic Europe is recognized as a flexible, valueadding equity partner to mid-market companies in this region.
We expect to continue to benefit from our strong network of
relationships and reputation to generate attractive, proprietary
investment opportunities. We look forward to take advantage
of the current pipeline and to start soon the investment activity
of the forthcoming successor fund to Fund IV Europe.
These additions further strengthen Trilantic Europe’s Advisory
Council, now comprised of 20 prominent senior advisors
who, together with our Operating Partners, support the team
with additional know-how, network and industrial resources
in sourcing new investments, assisting with review of
opportunities and due diligence, as well as providing postacquisition support.
From the internal front, I am happy to report four additions to
our European Avisory Council, created in 2005 and chaired
by Lord Kenneth Baker: Felix Weber, Marco Costaguta,
Elena Salgado and Albert Mizrahi recently joined the council
and we look forward to their contributions.
As always, we would encourage each of you to contact us
with follow-up questions or enquiries you may have about our
strategy and performance.
Felix is currently Co-Chairman of the Executive Committee
of Nomura Switzerland and a Managing Director of Nomura
International Ltd. Previously, he was a Director of Publigroupe
(2005-2009), a Director of Valora (2006-2008), a Director of
Glacier Holdings GP SA and Glacier Holdings S.C.A (former
parent entities of Cablecom GmbH) (2003-2005), a Director
of Cablecom GmbH (2004-2005) and Managing Director of
Lehman Brothers Ltd. (2006-2008).
Vittorio Pignatti-Morano
Chairman
9 April 2014
Marco is founder and chairman of Longterm Partners, a
Milan based consulting firm focused on mid cap advisory,
and was, formerly, one of the founders of Bain & Company
in Italy where he spent 20 years. Marco is also a member of
the advisory board of the Italian sovereign investment fund,
Fondo Strategico Italiano.
4
Trilantic Europe in Figures
12 investment professionals with over 115 years of cumulated private equity experience
6 operating partners
20 advisory council members
€920mn of Assets Under Management
1
Since 2004:
€1,340mn committed in 15 transactions in Europe
2
2.5x MOIC and 28% Gross IRR on realized investments
Aggregate Performance since 2004
€1,796
€ million
Total
2.1x MOIC
Unrealized
€591
€870
Unrealized
€380
Realized
€490
Realized
€1,2053
Realized
2.5x MOIC
Capital Invested
Total Value
Notes and Methodologies
2. €870mn from Trilantic Fund III, the Falcon fund and Fund IV Europe and €470mn
from Fund IV Global side-by-side, co-investors managed by Trilantic and invited GPs
3. Includes €11.2 million in escrow in relation to certain reps and warranties from the
exit of Mediclinic and Istanbul Doors
Capital invested and realizations have been converted assuming the following
theoretical FX rate: €1.3/$
1. Includes Fund IV Global and other co-investors managed by Trilantic Europe
5
SECTION II
2013 YEAR-END TRILANTIC EUROPE SUMMARY
6
Trilantic Europe – 2013 Achievements
Investments
Realizations
During the course of 2013, the investment period of Fund IV
Europe ended with the final investment made in November
2013. The fund, together with co-investors, acquired 25%
of Elisabetta Franchi.
During the course of 2013, Gamenet took advantage of its
strong financial performance and capital markets momentum
to refinance its debt facilities. On 1 August 2013, Gamenet
placed a €200mn, five year 7.25% coupon bond rated B1/B+
by Moody’s and S&P, respectively. The proceeds have been
used to repay all the residual acquisition term loan put in place
in 2010 and to repay shareholders loan.
Elisabetta Franchi is a leading Bologna-based women’s
fashion company, founded by the Italian designer Mrs. Franchi
in 1998. The company is unlevered and highly cash generative
and has been one of the fastest growing premium women’s
wear brands in Italy over the past 4 years.
Trilantic Europe led the process and provided full support to
Gamenet in the execution of the transaction. After an initial
phase of document drafting and transaction preparation,
Gamenet’s management, together with a Trilantic Partner,
spent 4 days on the road meeting approximately 120 potential
investors.
The transaction ticks all the boxes of what we define as a
“Trilantic deal”:
• Proprietary: Investment opportunity sourced on a
proprietary basis through a Trilantic Europe partner‘s
relationship with a local advisor.
Responsible Investing
• Partner with a family/founder: Trilantic Europe found an
opportunity to acquire a stake in Elisabetta Franchi when
the founder was looking to replace passive minority
shareholders with a value adding international partner,
to drive the transition into a professionally managed,
international business.
Trilantic Europe has historically paid close attention to ESG
matters and will continue to remain a responsible and attentive
investor, keen on considering a wide array of non-financial
indicators when evaluating a transaction and during the life of
its investments. In this context and to further demonstrate
Trilantic Europe’s historical and ongoing commitment to
responsible investment, we have decided to become a
signatory of the UN Principles for Responsible Investment.
• International growth: Mrs. Franchi and Trilantic Europe
have an agreed international growth strategy, aiming to
triple sales outside of Italy.
To minimize the impact of our operations on climate change,
with the support of The CarbonNeutral Company, we have
offset the emissions generated as a firm during 2013 and
we are also working to reduce our carbon footprint.
In recognition of this, we have been awarded with the
CarbonNeutral® certification.
• Market dislocation: Attractive valuation multiple.
• Control or co-control: In spite of a 25% economic interest,
Trilantic Europe has strong governance and exit rights.
7
Market Opportunity and Outlook for 2014
• Non-auction situations: The scarcity of capital in Southern
Europe, together with Trilantic Europe’s excellent
reputation, is expected to provide for a strong pipeline of
proprietary deal flow. Trilantic Europe focuses on
proprietary opportunities where the team can perform
detailed due diligence, have in-depth discussions with
management teams about their vision and business plan
and negotiate the transaction on a bilateral basis. Twelve
out of Trilantic’s fifteen investments in Europe since 2004
have been acquired on a proprietary basis.
In the context of continued market dislocation across Europe,
we continue to monitor and source opportunities with a
particular focus on five geographies: Italy, Spain, France, the
UK and Germany. However, given the significant imbalance
of capital in Europe, in particular between Northern and
Southern Europe, Trilantic Europe believes there will
be attractive opportunities in Spain and Italy to acquire
meaningful companies from “distressed or forced sellers”.
Target companies are likely to share one of the following
characteristics: (i) businesses operating in a protected market
through government licenses or concessions (ii) corporate
divisions where Trilantic Europe’s expertise and history of
carve outs can be applied or (iii) export driven businesses.
Our pipeline is strong and we are engaged in several active
deal opportunities with companies that fit well into our
strategy. The total potential equity commitment of our current
pipeline is over €500mn and we are well positioned on many
of those potential transactions.
• Shortage of capital in selective markets: Trilantic Europe
looks to capitalize on market dislocations in Europe that
have resulted in the firm paying cyclically low multiples
for good companies, in particular in Southern Europe,
where the current macroeconomic conditions have led to
an inadequate supply of capital and limited access to credit
facilities for companies.
• Distressed European sellers: European governments
have been heavily impacted by the current economic
environment and continue to seek ways to divest stateowned assets, mainly through the sale of concessions
or privatizations. These same market dynamics have
similarly impacted the private sector, where financial
institutions and corporates are liquidating healthy
companies in their portfolios, under pressure from
regulators or where they are seeking to deleverage their
balance sheets. This creates favorable conditions for
Trilantic Europe, which aims to buy good companies
at attractive valuations from distressed sellers.
Javier Bañon Joe Cohen 8
Vittorio Pignatti-Morano
SECTION III
FUND IV EUROPE PORTFOLIO INVESTMENT
REVIEW
9
Fund IV Europe Investment Profile
% of Invested
Capital
% of Invested
Capital
Healthcare
TMT
Portugal/
Brazil
10.6%
28.1%
17.3%
19.0%
10.6%
19.0%
35.1%
25.0%
Industrials
4.9%
10.3%
Business
Services
S.Africa/
Switzerland
Turkey
Spain
Consumer &
Leisure
United
Kingdom
20.2%
Italy
Overview – 31 December 2013
Vintage Year
2007
Original Capital Commitments (2007)
€650 million
Revised Capital Commitments
(Effective 1 May 2009)
€574 million (€702 million including Fund IV Global’s allocation)
Key Industries
Consumer & leisure, industrials, TMT, healthcare and business services
Typical Investment Size
€50 million to €100 million (with higher tickets including co-investors)
Investment Focus by Geography
Primarily targets European countries, although portfolio companies may have
global operations
Investment Focus
ypically management buy-in with control or power minority positions of 20%
T
or more in equity or equity-linked securities of companies with an enterprise
value of €100 million to €1 billion
10
SECTION IV
INDIVIDUAL CURRENT PORTFOLIO
COMPANY SUMMARIES
11
Thesis: consolidate the highly fragmented exhibitions and
conferences market and expand the international footprint of
the company outside the UK
12
Thesis: Develop the Company into a market leading global
commodities and financial services franchise
13
Thesis: Introduction of video lotteries and opportunity to
improve the Company’s performance
14
Thesis: Fund organic and acquisition-based growth of LeYa
in Brazil
15
Thesis: Execute on strong current backlog while continuing
its internationalization strategy and expansion of product
range
16
Thesis: Leverage state-of-art fiber network to benefit from
positive dynamics arising from convergence of technology
and entertainment
17
Thesis: Support international growth in the retail segment
and expand the product range in the accessories
18
SECTION V
COMPANY INFORMATION
19
A. Trilantic Europe – Team
Partners
VITTORIO PIGNATTI-MORANO
is a Founding Partner of Trilantic Capital Partners, Chairman of Trilantic Europe and member of the Executive Committee. Vittorio was a
Vice Chairman of Lehman Brothers and member of its European Operating Committee and of Lehman Brothers’ Investment Committee.
Vittorio headed Lehman Brothers Private Equity for Europe and the Middle East and was also a member of the Global Investment
Management Division Executive Committee. In addition, he was a Principal of Lehman Brothers Global Infrastructure Partners L.P.
Vittorio, who joined Lehman Brothers in 1989 as head of Investment Banking in Italy and from 1998 to 2006 headed M&A Europe based
in London, has over 30 years of experience in Investment Banking and Merchant Banking in Europe, and unparalleled knowledge of the
European marketplace across most sectors and geographical regions. Prior to joining Lehman Brothers, Vittorio was a Managing Director
with Banque Paribas, having previously been a Vice President at Manufacturers Hanover Trust in New York. He is currently a director
of Gamenet, LeYa and Marex Spectron Group, Elisabetta Franchi and Marchesi Frescobaldi. Vittorio holds an M.A. in Economics from
Columbia University and a B.A. Honors in Economics and Mathematics from the University of Sussex.
JAVIER BAÑON
is a Founding Partner of Trilantic Capital Partners and member of the Executive Committee. Prior to joining Lehman Brothers Merchant
Banking in 2004 as Co-Head for Merchant Banking in Europe, Javier was a Managing Director of DB Capital Partners and Bankers Trust
Private Equity Group, responsible for the origination, execution, oversight and monetization of private equity transactions in Latin America.
Prior to DB Capital Partners, Javier was Chief Financial Officer of the industrial division of IF Group, a privately owned group with
industrial and financial operations throughout Spain, the United States and Latin America. Prior to that, he was Deputy General Manager of
Serpeska Group, a Spanish group dedicated to food processing and distribution. Javier also practised as an Attorney at Law. Javier is currently
a director of Patentes Talgo S. L., Euskaltel and LeYa. Javier holds a Degree in Law and Business Administration from the
Instituto Católico de Administración y Dirección de Empresas of the Universidad Pontificia de Comillas in Spain.
JOSEPH COHEN
is a Founding Partner of Trilantic Capital Partners and member of the Executive Committee. Prior to joining TCP, Joe spent 20 years at
Lehman Brothers, of which 13 years at Lehman Brothers Merchant Banking where he was the European Co-Head. He was also a member
of the Lehman Brothers’ Investment Management Division’s European Operating Committee. Prior to that, he was a member of Lehman
Brothers Corporate Finance team based in Paris, New York, and London. Joe is currently a director of Marex Spectron Group Ltd. Joe holds
a BSc. degree in Economics from the London School of Economics.
GIACINTO D’ONOFRIO
is a Partner of Trilantic Europe based in London and Milan. Prior to joining Lehman Brothers Merchant Banking in 2008, Giacinto spent
nine years at Lehman Brothers, where he was a member of the Investment Banking group, participating in various M&A, debt, equity,
leveraged finance transactions and closing 16 deals with a total value in excess of €56bn. He is a director of Gamenet. Giacinto received his
undergraduate degree in Finance, magna cum laude, from Luiss University in Italy.
HENRIK O. BODENSTAB
is a Partner of Trilantic Europe which he joined in April 2011. Prior to joining Trilantic Henrik was managing partner at the Wünsche Group
of companies in Hamburg, a diversified group of companies focusing on international trade and shipping. Henrik was founder and Managing
Director of Globaltronics, (part of the Wünsche Group) which developed consumer electronic products, including white and brown goods.
Prior to that, Henrik worked as a case leader at The Boston Consulting Group, covering financial services, wholesale, construction and real
estate. Over the past 20 years Henrik Bodenstab has gained broad experience by living and working extensively in Asia, the US as well
as in Europe. Henrik is Chairman of the Board of Meridian 10 Holding AG and holds a BA in Economics and Political Science from the
University of Michigan as well as an MBA from the Harvard Business School.
MICHAËL MADAR
is a Partner of Trilantic Europe. Prior to joining Lehman Brothers Merchant Banking in 1999, Michael worked in investment banking at
Lehman Brothers in the Mergers and Acquisitions Group based in London and, prior to that, at UBS Warburg in the Corporate Finance
department based in Paris. Michael is currently a director of Clarion Events and Leya. He is a graduate from HEC School of Management
in Paris.
Principals
JAVIER OLASCOAGA
is a Principal of Trilantic Europe, having previously been a member of the European team of LBMB from 2004 to 2007. During his time
at LBMB, Javier played an active role on the deal teams covering the investments in ITP and Talgo. Prior to joining Trilantic, Javier was
a founding partner from 2007 to 2013 at Rasa Land Investors, a $285 million private equity real estate fund focused on land and resort
development in Mexico with financing from Goldman Sachs and TPG-Axon. Javier started his professional career at Goldman Sachs in
London where he was part of the M&A team covering Spain. He has a degree in Business Administration from CUNEF in Madrid, Spain.
FERNANDO TOMÉ
is a Principal of Trilantic Europe. Prior to joining TCP, Fernando worked at Lehman Brothers in the Leveraged Finance group based
in London. Before that, he was a manager in the Business Development and M&A team at Amadeus. He holds an M.B.A. from MIT
Sloan and a B.A. in Business Administration from UAM in Madrid. Fernando is a Fulbright scholar.
20
European Operating Partners
ANDY BARRETT
has over 30 years of experience in the international energy industry. He was previously a founding Executive Vice President and
Board Member of BG International – now BG Group, where he was responsible for the company’s overall strategy and portfolio
together with regional responsibilities for South America, East Asia, the Middle East and parts of Europe and UK. Before BG he was
with Shell in a variety of business areas including downstream oil, petrochemicals, trading and gas and was also Managing Director
of Criterion Catalyst Company – the leading global player in the oil refining catalyst business. More recently Andy has pursued a
portfolio of business and advisory interests in the energy sphere, chairing companies in the oil services, gas technology and renewable
energy spheres, and acting as Senior Advisor to Cambridge Energy Research Associates (CERA) in the areas of gas, electric power,
renewables and LNG. He has also advised several resource-holding governments on policy and institutionalizing energy planning, and
has been nominated to the Dubai Energy Advisory Board. Mr. Barrett has doctorate and masters degrees from Oxford University in
chemistry, has qualified as a chemical engineer and is an alumnus of Wharton Business School.
MICHEL LEONARD
has held a number of positions in the food industry. He was until December 2009 the Chairman of the Management Board of Lactalis,
the second-largest dairy group in the world. Previously, he was CEO of the Bongrain Group. He has had an extensive career in the
consumer goods industry holding positions at Prouvost group and Danone. Mr Leonard is a former board member of Trilantic’s former
portfolio company MW Brands. He also sits on the boards of cooperative group Limagrain, electricals retailer Darty and Belgium food
group Vandemoortel. Mr Leonard is fluent in French, English and German. He is graduate from HEC Paris School of Management and
from Cedep-Insead.
AMBROGIO LUALDI
has over 30 years of experience in international companies operating in the manufacturing and services industries. He spent 9 years at
Sirti, an engineering company active in the telecommunications, security and energy networks areas, where he was CEO from 2003
to 2008. Before Sirti, he worked 20 years at Techint Group, a group of engineering and construction companies owned by the Rocca
family. He held relevant roles within the Group, and in particular, he was CFO at Dalmine Tenaris, the leading Italian producer of
seamless steel tubes for the energy, automotive and mechanical industries, from 1996 to 2000. Ambrogio also worked in Lualdi Porte, a
family business active in the furniture sector. He is a director at Permasteelisa.
GUILLERMO MESONERO – ROMANOS
is former Vice Chairman of Grupo San José. San José is a Spanish listed real estate and building company. He was actively involved in
the strategy and expansion of the company before its IPO in July 2009. Additionally he is president of the Board of FI2net and a founder
and member of the Board of Grupo Intereconomía. Intereconomía is the leading financial media company in Spain through its radio
and TV channels. Furthermore Mr Mesonero is the former Vice President of Radiotrónica, telecom company and the former CEO and
President of the Board of Ebro Puleva, one of the biggest food company’s worldwide and leader in the Spanish market.
SANJAY NANDI
Was, until recently, a principal of Trilantic Europe. Sanjay is a director of the London Doors Restaurant Group and the Tom Aikens
Group and is currently setting up a new restaurant venture based in London. Prior to joining LBMB in 2007, he worked at Lehman
Brothers in M&A. Sanjay started his career as a chartered accountant with Arthur Andersen.
BURKHARD SCHUCHMANN
is Vice-Chairman of Talgo. From 1986 to 2005 he was CEO of Vossloh AG, which he developed from a family-owned conglomerate
with EUR 90 million revenues to one of the global leading and listed companies in the railway industry with more than EUR 1 billion
in sales. Prior to his engagement at Vossloh AG, Mr. Schuchmann served 8 years in leading positions at Bayerische Elektrizitaetswerke
and further 8 years as CFO at Knuerr AG. Burkhard Schuchmann is member of the board of Patil Group India, the largest Indian
producer of rail infrastructure components such as concrete sleepers fastening systems, turnouts and crossings, chairman of the
International Transportation Conference in connection with the world largest railway fair “Innotrans” in Berlin, and member of the
supervisory board of several other German companies. Before joining Trilantic Capital Partners as an operating affiliate he held an
equivalent position at One Equity Partners.
21
B. Trilantic Europe Office Locations
London
35 Portman Square
London W1H 6LR
United Kingdom
+44 20 3326 8600
Luxembourg
26 Bd Royal
L-2449 Luxembourg
Luxembourg
+352 22 99 99 52 16
Guernsey
Heritage Hall
PO Box 225
Le Marchant Street
St Peter Port
Guernsey GY1 4HY
+44 14 8171 6000
C. Disclaimer
such forward-looking statements and information.
In addition, past performance is not necessarily indicative
of future results and there can be no assurance that funds
managed by Trilantic Capital Partners will achieve targeted
returns or otherwise meet all investment objectives. Certain
economic and market information contained herein has
been obtained from published sources prepared by third
parties, and while such sources are believed to be reliable,
none of Trilantic Capital Partners or its affiliates assume
any responsibility for the accuracy or completeness of such
information. These materials do not constitute an offer to
sell or a solicitation of an offer to purchase any securities
in any fund sponsored by Trilantic Capital Partners, and
this presentation does not constitute part of any confidential
private placement memorandum.
The information supplied about Trilantic Capital Partners
and its investments is non-public and confidential. Disclosure
to persons other than the recipient Limited Partner (and its
employees, agents, advisors and representatives responsible
for matters relating to Trilantic Capital Partners) is strictly
prohibited. Certain of the information contained herein
represents or is based upon forward-looking statements or
information, including descriptions of anticipated market
changes, projected returns from unrealized investments and
expectations of future activity. Trilantic Capital Partners and
its affiliates believe that such statements and information are
based upon reasonable estimates and assumptions; however,
forward-looking statements and information are inherently
uncertain and actual events or results may differ from those
projected. Therefore, undue reliance should not be placed on
22
23
Europe
35 Portman Square
London W1H 6LR
United Kingdom
+44 20 3326 8600
North
America www.trilanticpartners.com
375 Park Avenue
30th Floor
New York, NY 10152
+1 212 607 8450 24

2013 Annual Review

Transcription

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