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Objectives and strategy

Objectives

To create value for its shareholders over the long term, Altamir has the 3 following objectives:

  • Grow NAV per share and outperform the relevant indices (LPX Europe and CAC Mid&Small)
  • Maintain a sustainable, simple and attractive dividend policy: 3% of year-end NAV
  • Reach a critical mass of €1bn in NAV in order to:
    • Be an essential partner to Apax Partners SAS and Apax Partners LLP
    • Increase the liquidity of Altamir shares, thus attracting a broader universe of investors with a view to minimising the discount to NAV.

Altamir’s investment strategy

Relies on Apax Partners’:

Invest in high-growth companies, diversified by size and geography:

  • Small and mid-cap companies in Continental Europe (with enterprise value between €50m and €500m)
  • Larger size companies (with enterprise value between €500m and €3bn) in Europe, North America and emerging countries (China, India and Brazil)
  • Targeting 4 sectors of specialisation: TMT, Consumer, Healthcare, Services
  • Making buy-out and growth capital investments
  • Having majority or lead positions
  • Creating value with a target of 2 to 3X the amount invested over a 5-year period
  • Being a responsible investor, monitoring ESG (Environnement, Social, Gouvernance) performance of each investment.

Investment policy

Altamir invests alongside and through funds managed by Apax Partners:

Before 2011: co-investments alongside the funds managed by Apax Partners SA:

  • 2 investments held in the portfolio from the legacy business: Alain Afflelou and THOM Europe

Since 2011: in the funds managed by Apax Partners SAS and Apax Partners LLP and co-investments alongside these funds:

  • 5 co-investments: Entoria (ex Ciprés), InfoVista, Marlink, Snacks Développement and ThoughtWorks.