Aurelius Wachstumskapital Company Presentation
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Transcript of Aurelius Wachstumskapital Company Presentation
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AURELIUS GROWTH CAPITALCorporate Presentation
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PROFIL (I)
AURELIUS Group is a pan-European asset manager with offices in Munich, London, Stockholm, and Madrid.Over the last ten years, AURELIUS has grown from a local turnaround investor to an international multi-assetmanager investing in a wide range of sectors and across the capital structure.
AURELIUS Equity Opportunities is the listed investment arm with a focus on turnaround and special situationsas well as mid-market transactions.
The non-profit AURELIUS Refugee Initiative e.V. is an extensive program that provides aid for refugees andhelps them pursue a path to a better life.
AURELIUS Growth Capital is a holding company with a long-term investment strategy that invests inmedium-sized companies with good market positioning.
As part of the AURELIUS group, AURELIUS Growth Capital focuses on small and medium-sizedsuccession solutions as well as on the transfer of business assets of larger medium-sized companies andgroups (spin-offs).
In addition to capital for investment and growth, we support the management of the companies acquiredthrough extensive entrepreneurial experience and help to implement growth initiatives and realiseoperational potential.
AURELIUS Growth Capital is funded by entrepreneurial families in Germany, Austria and Switzerland.Contrasting with classic financial investors, AURELIUS Growth Capital’s investment strategy issustainable and long-term, and is not bound by the life of an investment fund.
AURELIUS GROUP
AURELIUS Growth Capital
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Profil (II)
AURELIUS Growth Capital
Medium-sized succession solutions
Organic Growth + "Buy & Build" + Growth financing
Buy-out Growth
Revenue EUR 5-50m
EBITDA Margin >10%
Enterprise Value EUR 5-50m
Equity Value (Sweet Spot) EUR 10m
Group Spin-Offs & Carve-Outs
Increase in revenue and earnings through strategic and operational support
Revenue EUR 10-35m
EBITDA MarginTemporarily
negative
Enterprise Value EUR 0-20m
Equity Value (Sweet Spot) EUR 5m
Geography Germany, Austria,Switzerland Geography Pan-European
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Securing the family’s succession through owner's buy-out" ("OBO") or taking over a company withexisting management (management buy-outs / "MBO") or new management (management buy-in/ "MBI").
Through our extensive network we have access to a large number of experienced managers whocan provide additional support to the existing management if necessary.
Investment Cases
Succession plan
SPIN–OFF / CARVE-OUT
Growth Financing
Deployment of different financing options as a means to achieve growth targets, all whilstmaintaining independence from external investors (e.g. via equity injections).
Acquisition of subsidiaries, business units of larger medium-sized companies or conglomerates.These spin-offs allow the management to fully develop and discover the potential of each companyindependently and free of internal group restrictions.
Aurelius Growth Capital has extensive experience in the field of acquiring subsidiaries of well-known companies and for the transformation of these units into independent medium-sizedcompanies (e.g. by setting up a stand-alone corporate structure while maintaining long-termdelivery and service relationships with the former parent company).
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Corporate Teamwork
Within the AURELIUS Group we have conducted a large number of transactions anddeveloped portfolio companies in various industries, thus having direct access tooperational experts in the fields of IT, organisation, finance, sales, HR, procurement andstrategy.
In the preparation and implementation of projects within the company we see ourselves notonly as an investor, but also as entrepreneurially experienced, competent and as anindependent sparring partner that comprehensively supports the management.
Organic Growth: management support in market potential analyses as well as thedevelopment and implementation of strategies for market entry.
Internationalisation: support for the internationalisation of the business, as well as marketentry at the local level.
Acquisitions/add-ons: add-on acquisitions form an integral part of the growth strategy andare increasingly important for the horizontal and/or vertical expansion of the businessmodel. As a strong financial partner we help enable an expedited consolidation of the localmarket through our initiatives.
Growth Support
SPARRING PARTNER FOR OPERATIONS
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AURELIUS GROUP‘S PREVIOUS TRANSACTIONS
SINCE 2005, THE AURELIUS GROUP HAS ACQUIRED MORE THAN 80 BUSINESSES…
…such as:
B+P Scaffolding
Local market-leadingspecialist in Berlin forerecting scaffolding, aswell as providing servicesto construction sites andhelping streamlineconstruction logistics
Revenue: circa € 18 Mio.EBITDA Margin1: >20%
August 2014
AURELIUS Groupacquired
from
Managing Director/Founder
April 2014
AURELIUS Groupacquired
AKAD University
from
AKAD University
Pioneer in the rapidlygrowing ‘DistanceEducation’ market whichshows a high level ofsynergy potential withthe ‘Studienkreis’ Group
Revenue: circa € 13 Mio.EBITDA Margin1: 18%
STRALFORS
Provider ofcommunications solutionsfor e-commerce customersand B2C companies
Revenue: circa € 33 Mio.EBITDA Margin: positive
July 2016
AURELIUS Groupacquired
Poland and the UK
from
Airplane-Equipment &Services
Service provider forairplaine manufacturers,airline interior decoratorsand major airlines
August 2016
AURELIUS Growth Capitalacquired
Airplane-Equipment & Services
from
Managing Director/Founder
Revenue: circa. € 13 Mio.EBITDA Margin: positive
BSB Construction andSpecialist Scaffolding
Leading scaffoldingbuilder focusing onmonument restorationand preservation. Thestrategic acquisition ofBSB allows B+P to extendits product offering andgeographical reach
Revenue: circa €11.1 Mio.EBITDA Margin: >10%
August 2016
strategically acquired
from
Managing Director/Founder
1 2016
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Benefits to Seller and Management
FLEXIBILITY, EXPERTISE AND ENGAGEMENT
To entrepreneurs who wish to sell either a part or the entirety of their holdings in acompany, we offer flexible and individually structured solutions and participationmodels in order to maintain the value of the company and offer support to enablegrowth over many years.
In the context of a management buy-out or management buy-in we offer theexisting management the opportunity to actively participate in the future success ofthe business. Thus, we benefit from the management’s many years of experienceand expertise in return for our networking prowess and our financial strength.
We offer our extensive experience as a solution in complex situations. We supportthe seller in the individual spin-off steps, allowing the management to concentratetheir efforts on the day-to-day business. Throughout the transaction process weoffer a high level of security, speed and professionalism.
ENTREPRENEURS
MANAGEMENT
THE BUSINESS
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Government70%
GeneralContractors
30%
- Federal Offices- Senate Administrations- District Offices- Public Authorities
Scaffolding70%
PLUS-Services30%
CASE STUDY: B+P GERÜSTBAU GMBH (I)
BUSINESS PROFILE
DECISION GUIDING CRITERIA
CLIENTS
AREAS OF EXPERTISE B P is the market leader in scaffolding and site services in Berlin and has boasted
an impressive track record in their 35 years of expertise
Expert for demanding large-scale projects, primarily in the public sector (almost100% of the major projects in the last few years), as well as for hundreds ofsmaller construction projects every year
"One-stop service" strategy: B+P assumes small activities / services such asproviding building sites with power and safety measures, thus reducingcomplexity for general contractors
116 Employees
Majority takeover by the AURELIUS Group in autumn 2014. The seller is stillactive as the sole managing director and is significantly involved in thecompany
Succession arrangement signals continuity to staff and clients
Looking for an experienced partner to help promote growth
Asset Diversification
Main criterion: ‚Personal Fit‘
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6,7 7,1 6,5 8,8 10,416,1 16,9 18,2 19,2
1,06,1
13,112,8 1,3 0,0
6,78,1
12,6
21,9 23,2
17,4 16,9 18,2 19,2
2008 2009 2010 2011 2012 2013 2014 2015 2016EMain business Berlin Brandenburg International
CASE STUDY: B+P GERÜSTBAU GMBH (II)
NUMBER OF SITES SERVICED ANNUALLY
Sustainable and continuous increases in sales and earnings. 2010-2012 stronglyinfluenced by large BBI project (Berlin Brandenburg International)
Development continued even in the business year 2015
With a 60% market share in Berlin, the potential for growth in the domestic market islimited. Besides looking for a suitable successor, the aim for geographical diversificationresulted in two major pillars of growth being defined:
Acquisition of smaller competitors in interesting cities and their subsequent expansionmodelled on B+P’s successful business strategy
Takeover of the major competitor BSB (see next slide)
Promoting growth by opening locations in attractive regions, e.g. currently the openingof a location in Hamburg
Additionally, selective optimisation of operational processes
EXAMPLE PROJECT
336 347 327404 382
476 443531
2008 2009 2010 2011 2012 2013 2014 2015
mEUR
REVENUE PERFORMANCE 2008-2016
76% 78%65%
62% 62%
57% 61% 60% 60%
Gross Profit Margin
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CASE STUDY: BSB BAU- UND SPEZIALGERÜSTBAU GMBH (I)
BUSINESS PROFILE
Specialist: BSB is a leading provider of special scaffolding servicesneeded in complex renovation and preservation projects
Innovation: BSB’s individual solutions and pioneering approachhave seen the company assume a leading role in the preservationsector, focusing particularly on monument restoration works
Additional services: in addition to the construction andmaintenance of scaffolding, BSB also provides engineering andplanning services and leases out powered access equipment
76 employees, with sites in West and East Germany
Majority takeover by B+P Gerüstbau in the summer of 2016 in thecontext of a succession arrangement / also presents a strategicacquisition for B+P in August 2016
46,6%
26,0%
11,1%
8,4% 4,6%
2,1%
1,2%
7,9%
State Construction OfficesMunicipalitiesChurches/ParishesHospitalsStiftung Preußische S&GFraport AGCommercial/Residential
DIVERSIFIED CUSTOMER BASE
NATIONWIDE REACH
DEAL CRITERIA FOR THE SELLERS
Involving the sellers via a succession arrangement that seessellers assume a consulting role, allowing the company to developits potential while retaining grown and proven structures
Handing over to a veteran industry expert with an appreciationof past achievements and a clear plan for continued success
Strategic partnerships with competitors to help set the course forlong-term market penetration with the goal of becoming thenumber one player nationwide
AURELIUS expertise in the scaffolding business: strengtheningBSB’s market position with B+P as a role model
30,4%
16,8%14,4%
11,1%
27,3% Hesse/Rhineland-Palatinate
North Rhine-Westphalia
Berlin Region
Bavaria
Various
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8,611,3 11,1 10,0
2013 2014 2015 2016E
Total Output
75% 71% 69% 71%
Gross Profit Margin
mEUR
CASE STUDY: BSB BAU- UND SPEZIALGERÜSTBAU GMBH (II)
CHANGE IN REVENUE BSB 2013-2016E
Strategic acquisitions of smaller competitors are a part of B+P’s expansion strategy.
Geographical fit: BSB is particularly reputable in Western/Southern Germany whileB+P focuses its activities on the Berlin region. Acquiring BSB complements B+P’sstrategy to increase its reach in an effort to penetrate the overall German market.
Developing core competencies in the infrastructure & bridge renovation segments.
Synergies in purchase and management (planning services, tendering, etc.)
EXAMPLE PROJECTS
NeuschwansteinCastle
Munich City Hall Göltzschtal Bridge
Battle of the NationsMonument Leipzig
Theatiner ChurchMunich
HQ Location Project Focus
STRATEGIC REASONING FOR ANACQUISITION BY B+P
The ultimate goal is to become the marketleader in Germany. To this aim, the acquisitionof smaller competitors will be complementedby expanding the combined group’s businessactivities both geographically and in terms ofits product offering.
The AURELIUS Group’s financial strengthpaired with an extensive network of industryexperts will support the management of B+Pand BSB on its path to market leadership.
BSB‘s German Activities
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AURELIUS Wachstumskapital SE & Co. KG
Matthias L. SchneckManaging Partner
Telefon +49 89 544799-11Telefax +49 89 544799-55Mobile +49 170 962 8100Email: [email protected]
www.aureliusinvest.com
Contact
Office MunichUnterer Anger 380331 MünchenGermany
Office GrünwaldLudwig-Ganghofer-Straße 682031 GrünwaldGermany
AURELIUS Growth Investments S.à r.l.2-4, rue du Château d’Eau3364 LeudelangeLuxembourg