Investment activities

Expansion

Building Europe’s lower mid-cap growth champions
François Jerphagnon Head of Ardian Expansion

François Jerphagnon
Head of Ardian Expansion

The Expansion team specializes in helping entrepreneurs to accelerate growth and expand their company’s international footprint, notably with selective acquisitions. Ardian Expansion’s strong reputation for supporting management teams to execute growth strategies helped them complete four acquisitions in France, Italy and Belgium during 2018 with typical commitments of €25m-€100m per transaction.

A key ingredient in the Expansion team’s success to date is their detailed scrutiny and testing of growth plans. This is especially important in today’s highly valued markets where strong revenue growth, coupled with robust margins, helps to cushion the portfolio against any decline in earnings multiples between acquisition and exit. On that measure, 2018 was an excellent year, with average organic revenue growth across the portfolio of 10.5%.

This was also a strong year for exits, with seven companies sold by the year end including the first exit in Fund IV. Five of the disposals were from Fund III, which has now seen seven of its 13 holdings sold.

“The key for us is to spend as much time as possible with management teams well before any sale process begins, to be sure we understand their growth plans and how we can help.”

2018 Activity Report

Creatingsustainablevalueachievingglobalscale
Creatingsustainablevalueachievingglobalscale