3 investments in market leading businesses

€317m were invested and committed, including €72m of follow-on investments to develop existing portfolio companies and €110m co-invested by our investors.


6 exits

Generated €278m proceeds across all funds.

 2017 Key figures

funds managed and advised
proceeds across all funds
investments and commitments including...
...co-invested by our investors
portfolio companies at 31 December 2017
people employed
total revenue
average revenue growth
average EBITDA growth
build-ups acquisitions

portfolio company value creation


International activities now represent 50% of our portfolio companies’ annual revenue.

  • Altran acquired US company Aricent, a global digital leader in design and engineering services, creating the undisputed global leader in ER&D services.
  • Marlink acquired OmniAccess, the Spanish leader of satcom solutions in the high-end yachting market, creating the worldwide leader in maritime VSAT services.
  • Groupe Afflelou continues its international development with the opening of 35 stores bringing the company’s total number of stores outside France to more than 520.
  • The FDA approval opens the highly attractive US market to Amplitude Surgical.


19 Build-ups

€775m additionnal revenue and €205m additional EBITDA.


  • Melita launched of a new TV platform offering all services in OTT and set up its e-shop which now represents c. 10% of all orders.
  • Vocalcom launched Videosign, the first 100% digital mobile one-to-one purchasing solution, via its subsidiary Opportunity. The company also received Telephony’s Labs Innovation 2017 price for its cloud solutions dedicated to contact centers. Vocalcom has also been positioned as a Visionary in the Gartner 2017 Magic Quadrant for Contact Center as a Service.
  • InfoVista continues to digitalise its operations by providing fully digitalised performance and compensation management to all employees.
  • Afflelou Group launched its new website with the objective of increasing online sales and qualified web-to-store traffic.
  • Europe Snacks began to implement a fully integrated Manufacturing Execution System monitoring production lines in real time to reach a factory 4.0 production mode.
  • Sandaya launched a new version of its internet site to increase online reservations and serve as base for future digital developments. The company also strengthened its team with the arrival of a managing director in charge of sales, marketing and digital.
  • THOM Europe continues its omnichannel development. It has recruited an e-commerce manager to step up this business in Italy, pooled inventory to slash order delivery lead times and launched instore digital, whereby customers can order jewellery engravings instore via a tablet.
  • Marlink won the Safety4Sea award for its XChange Telemedecine which provides the ability for immediate diagnosis and online interaction with a doctor on shore with several medical examinations.

Social report

Apax Partners is one of a handful of private equity firms to publish a corporate social responsibility report covering the companies in its portfolio.

Our reporting on ‘human capital’ includes workforce evolution, distribution of created jobs, and an analysis of social policies. All of our portfolio companies’ General Managers and Human Resources Directors participated in the report, ensuring the data provides a complete overview of Apax Partners’ 2017 year-end of portfolio companies.

In this report, the 2017 human capital results are compared with the 2016 data, so as to preserve a constant base.



net employment increase in France
of our portfolio companies’ workforce is in France


total value of wages and salaries
average wages and salaries
allocated to employees
distributed through wage agreements and profit-sharing


portfolio companies include employees as board members
portfolio companies concerned
collective agreements signed


training hours
employees received training
training hours provided
dedicated to improving the talents of the workforces

Environmental, Social and Governance Responsibility (ESG) actions

As of 31 December 2017, 24 fast-growing, innovative companies in our sectors of specialisation, led by high-level entrepreneurs.

Amplitude Surgical
Business Ethical Charter

Olivier Jallabert

Amplitude’s business Ethical Charter intends to inspire employees’ actions with customers, partners and suppliers aims and federating around values such as: world of medical devices, conflicts of interests, working environment and stock-market ethics.

CIPRÉS Assurances
Attract and retain best talents with diverse backgrounds

Laurent Ouazana

Diversity among its employees is a key driver to tap into the best talent pools and retain its workforce. 69% of CIPRÉS’ employees and 50% of top management are women. CIPRÉS also puts a strong focus in continuously improving work environment quality and continuing education policy.

Europe Snacks
Investing in employee training

Carole Guérin
Human Resources Manager

Europe Snacks emphasises employee training, with the design and implementation of workstation-related training courses for people in production jobs. These training courses lead to Professional Qualification Certificates created and recognised by agri-food industry professionals.

Gfi Informatique
Partner of « Tous HanScène »

Nicolas Juvin-Piron
Director of Social Affairs and Operational Management of Human Resources

For the first time, Gfi Informatique became a partner of the  “Tous HanScène” operation with the aim of mobilising its employees around disability. “We are determined to encourage students from our partner schools to participate in this competition, through trainees and alternates currently on assignment at our home, but also that our collaborators participate in the game and vote for their favorite video.”

Ensure we accompany our employees to prevent stress related difficulties

Philippe Ozanian

At Infovista, we believe that giving your best potential at work goes with a safe and secure work place which cares for employee’s welfare. In several of our worldwide locations, we have set up Health & Safety Committees which oversee everything from employee’s personal ergonomics to psychosocial health, and conduct regular prevention inspections. We work closely with healthcare partners or social assistants, to prevent any physical or moral stress related issues.

Promotion of the most deserving students

Sylvie Faucheux
CSR Commission President

INSEEC U.’s « Innovation & Diversity » endowment fund is committed to supporting deserving students whose personal or family situation jeopardises their pursuit of academic excellence. The first 17 students from business and engineering schools have been recipients of this scholarship of excellence for 2017-2018.

Commitment to Our People

Birgit Sandin Vildalen
Head of Q&HSE

Marlink has rolled out the HR management system “People@marlink” to create a common culture across the group and a direct dialogue with employees, to identify competence needs, training programs and to maintain and develop our employees and performance excellence.

Reducing carbon footprint of Datacenter

Simon Montanaro

Melita will progressively build out solar energy to power our data center, the largest and most advanced facility of its kind in Malta. The final goal is to produce all our energy without emitting CO2 in the atmosphere.

Partner with “Serve-the-city” building bridges for the socially excluded

Miguel Venâncio

A group of 55 employees volunteered to serve a community dinner to around 200 people socially fragile, including homeless, isolated elders and children who are in vulnerable social and economic situation. One of the greatest human tragedies in the cities is exclusion, we felt that together we can help to launch bridges so nobody feels excluded.

“Eco Attitude”

Eric Grivet
Environment and Energy Manager

On a day-to-day basis, our teams are involved in the analysis, prevention and improvement of fluids management. In 2018, we launched the implementation of an industrial analysis system, followed by detections of our potable water networks. The sizing of our ESG investments is built on preservation of our natural and economic resources for an environmental future, shared, stable and realistic.

Portfolio performance

Strong operating performance
Operating performance

Portfolio companies posted a 18% increase in their aggregate EBITDA. This performance can be benchmarked against the aggregate EBITDA of the 35 non-financial companies included in the CAC 40, which posted a 5% increase in their aggregate EBITDA.

Debt ratios

The debt multiple of the portfolio is represented by the ratio of total net debt to EBITDA.

  • MidMarket

The average debt multiple of the portfolio decreased at 4.2x at the end of 2017, against 4.7x at the end of 2016. This decrease of the total net debt is mainly due to the exit of Unilabs (which had a total gross debt of nearly €900m) partially compensated by the new transaction achieved in 2017, CIPRÉS Assurances.

The LBO debt multiple averages 2.9x, while the average operating debt multiple is 1.3x.

Regarding the repayment schedule, amortising debt (tranche A) represents 4.3% of the total LBO debt, while the remaining 95.7% is bullet debt. The portion of LBO debt with maturity dates prior to December 2019 represents 5.7 % of the total.

  • Development

The average debt multiple of the portfolio decreased from 2.4x in 2015 to 2x in 2017. This decrease is mainly due to (i) two exits in 2016 and 2017 with 4.2x leverage ratio in average and (ii) cash flow generation, partially compensated by the new transactions achieved in 2016 (Silvya Terrade Group, JVS group and Nelite) and 2017 (Rautureau Group and Squad) with 3.7x net debt in average at the closing date.

Gross portfolio return

Gross portfolio return (GPR) measures the change over the year in portfolio valuation, including both realised and unrealised value. It is calculated on a mark-to-market basis and is expressed as a percentage of the opening portfolio value.

In 2017, although EBITDA grew by 18% in portfolio companies, Apax Partners generated a GPR of 4% across all its funds, mainly due to the decrease in comparable companies’ valuation multiples in certain sectors.

Fund performance

Our growth and sector-focused strategy has proven successful across the fully-invested funds managed by Apax Partners.

Global Performance

The performance is measured as the IRR (internal rate of return) of all investing and divesting cash-flows, using the portfolio value at the end of December 2017 as the terminal value. The IRR is compared to the performance of various indices applying the same stream of cash-flows over time. This allows the performance of Apax Funds to be compared to investments in each stock market index, based on the premise that the same amounts had been invested and divested.

The chart below presents the performance of Apax funds during two different periods:

  • 2000-2017, 2000 being the date at which Apax France VI started investing
  • 2006-2017, 2006 being the date at which Apax France VII started investing

IRR of 19% (since 2000) and 13.5% (since 2006) shows the strong outperformance of Apax funds compared to stock markets.

Performance by fund

Apax France VII
Apax France VII (€900m) closed in 2006 and is fully invested. By the end of 2017, nine investments had been sold (Buy Way Personal Finance, Equalliance, Faceo, Infopro Digital, Maisons du Monde, Prosodie, U10, Unilabs, and Capio) and 129% of drawdown capital has been returned to investors. The fund is still invested in five companies: Altran, Gfi Informatique, Groupe AFFLELOU, Groupe Royer and THOM Europe.

Apax France VIII
Apax France VIII (€701m) closed in 2011. By the end of 2017, 97% of the fund was invested and two investments have been sold: Codilink and TEXA. The fund is still invested in eight companies: Amplitude Surgical, Europe Snacks, INSEEC U., Marlink, Melita, Nowo-ONI, SK FireSafety Group and Vocalcom.

Apax France IX
Apax France IX (€1,030m) started investing in 2016. By the end of 2017, 37% of the fund was invested in four companies: CIPRES Assurances, InfoVista, Marlink and Sandaya.

EPF IV (€99m) closed in 2011 and is fully invested. By the end of 2017, six out of the fourteen investments of the fund have been sold (La Maison Bleue, ADC, Findis, AGS, ThermoTechnologies and Globe) and 69% of the drawdown capital has been returned to investors. The fund is still invested in eight companies: Consort NT, Teknimed, Sylpa, Silvya Terrade Group, JVS Group, Nelite, Rautureau Group and Squad.

Apax Talks


Apax Talks is a digital magazine aimed at company managers. It presents growth levers for SMEs, with a focus on TMT, consumer, healthcare and services sectors.