WWW.OMNESCAPITAL.COM

Sigfox: High-speed narrowband! p.16

PartnershipAmbroise Fayolle, EIB Vice-President: the EIB chooses Capenergie 3 p.04

ExpertiseExclusive Networks, a top-security success story p.05

NewsVenture Capital TVSMILES, SeniorAdom, Adents, Cellnovo, Turtle, Temis p.08 Renewable Energy Capenergie 3, Quadrica, Monts de Lacaune, Seve p.10

Mid Cap Buyout & Growth Capital Capcom, Bimedia p.12 Small Cap Buyout & Growth Capital Camerus p.14 Private Debt p.14

AnalysisJean-Marie Chevalier, economist: reinventing governance for energy p.15

Pr leLudovic Le Moan, CEO of Sigfox p.16

NO. 28 - NOVEMBER 2015 / THE OMNES CAPITAL NEWSLETTER

EditorialBY FABIEN PRÉVOSTWednesday, 28 October 2015

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Omnes Capital Newsletter 37-41, rue du Rocher - 75008 Paris. Managing director: Fabien Prévost. Editor in chief: Martine Sessin-Caracci. Editorial staff: Gaëlle de Montoussé, Caroline Mouy. Thanks to everyone who contributed to this newsletter. Photo credits: Polo Garat, Getty Images, Fotolia, SeniorAdom, RGA/REA, Bimedia. P. 14: Mise en scène Prorep Studio. ISSN: 2264-9751. Design and production: (LEOM028).

Asset management (and, hence, private equity) has its fans of determinism, a theory whereby any event is foreseeable depending on the past and the laws governing the world. This is an appealing idea, and one that is nurtured by the avalanche of information generated by the profession. The initial instinct is natural: you open an Excel file, compile the (now big) data, extract analyses, deduce correlations and bingo, you establish your forecasts. While all the time tacitly acknowledging that they won’t play out. This is because the theory of determinism runs headlong into the theory of chaos and relativity, asserting that all is probability rather than certitude.

This thought – hardly original, admittedly – was inspired by the work that we put into our investments and by that of our clients when reviewing their subscription to our funds. Studies are increasingly detailed, lengthy and diverse, and the parameters ever more numerous. But I am not sure that their relevance has grown to the same extent. An illustration of the famous principle of uncertainty? Making more precise measurements of phenomena subject to the vagaries of fate is relatively pointless beyond a certain threshold.

The idea here is not to reject analysis on the grounds that forecasts are made in vain and budgets never play out as planned. Quite the contrary. Relevant analysis is the cornerstone of any and all decision making. It helps us to build the foundations. But it is just one part of the edifice. Winning approaches are those that successfully combine rigour (analysis), conviction (risk-taking), innovation (differentiation) and decision-making (speed). None of our transactions are exactly alike. We rebuild a new edifice every time. We have to adapt. These criteria apply to our business but also to the leaders that we choose to support in their development

OMNES FOUNDATION

Consistent with its responsible investor approach, Omnes is creating a foundation in cooperation with the Fondation de France. The remit of the Omnes Foundation is to support fledgling organisations working with youth and infants in the areas of healthcare, education and social and professional integration. Omnes has supported the Les Amis de Mikhy organisation since 2015. In partnership

with Gustave Roussy Hospital, the charity develops supportive care for children with cancer, including psychological support and pain treatment.

Man-Machine?

OMNES CAPITAL /newsletter No. 28 P.�03

projects. Those that succeed combine these four qualities. Two key illustrations are to be found in this Newsletter: an interview with Olivier Breittmayer from Exclusive Networks and a portrait of Ludovic Le Moan, founder of Sigfox.

For Omnes, 2015 is far from over and the rest of the year is looking action-packed. In the first nine months:

our clients, and

a sign that, to our mind, the market remains rather expensive and favours divestments.Particularly noteworthy is the arrival of several new institutional clients in our funds, including the European Investment Bank, which has invested

"Winning approaches are those that successfully combine rigour, conviction, innovation and decision-making."

CONSULTATIVE COMMITTEE

We are pleased to welcome Anton van Rossum to our consultative committee and our "Energy" strategic consultancy team, this last having also been joined by Martin Fuchs, former CEO of E.ON Netz (German electricity transmission network).

For nostalgic music fans that would like to see machines control everything and cybernetics to override intuition and interpretation, we suggest listening to the "Men-Machines" from the Ruhr1 chant their mechanical, mesmerising and trance-inducing 1970s classics, addressing themes as fascinating as Autobahn, Radioactivity2 and, of course, Robots. Though the tip is perhaps for dedicated fans only, with all due respect to Ralf and his colleagues – now in their 69th Frühling.

We hope you enjoy this 28th issue of our Newsletter, which provides real information about real companies, real successes, real people and real passion. Thank you for your trust.

Anton van Rossum has joined Omnes Capital’s consultative committee, comprising Edmond Alphandéry (Chairman), Pierre Gadonneix, Gilbert Milan, Xavier Moreno and Jacques Veyrat.Anton van Rossum is a member of the supervisory board of Munich Re, a world leader in reinsurance, and chairman of the supervisory board of Royal Vopak, a Dutch company that ranks as a global

leader in the storage of oil, chemical and liquefied gas products. Anton van Rossum is a former member of the board of directors of the Crédit Suisse Group in Zurich and a former member of the board of directors of the Solvay Group in Belgium. He was also a senior partner at McKinsey & Company in Benelux and the Scandinavian countries and chairman of the executive committee of the Fortis Group in Belgium and the Netherlands.

More information at www.omnescapital.com

1. In concert in Lille on 7 November, Nantes on 9 November and Monaco on 11 November.2. https://www.youtube.com watch?v=dNUzfcNGKHo

fabien.prevost@omnescapital.com

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Partnership

The EIB chooses Capenergie 3Capenergie 3, the Omnes Capital fund specialised in renewable energies, has the wind in its sails. In July, the European Investment Bank (EIB) invested €50 million, or 25% of the total of the fund. EIB Vice-President Ambroise Fayolle talks about the investment.

INTERVIEW

AMBROISE FAYOLLEEIB Vice-President

three years. This would offset a significant part of the investment shortfall accumulated in Europe over these seven years of crisis.

What types of projects will be financed?A. F.: We are targeting future-looking investments with an above-average degree of risk and significant economic and social impact. We are initially looking at «strategic» infrastructure in the digital economy, the energy transition and energy efficiency, transport, and sustainable resource management that can be rapidly implemented. Their dimension may be local as well as Europe-wide, hence the search for players capable of acting as "small project integrators" such as Capenergie.We also support innovative companies of all sizes, for which the EIB and the Commission have introduced a family of financial instruments (InnovFin) including equity finance, guarantees and subordinated debt. Lastly, we support SMEs benefiting from the full range implemented by the EIF.

How does Capenergie 3 fit in with the EIB’s investment context?Ambroise Fayolle: Our investment in Capenergie 3 was made following the agreement signed in Brussels between the European Investment Bank Group (EIB and EIF) and the European Commission on the implementation of the Investment Plan for Europe, commonly referred to as the Juncker Plan. The recovery programme, proposed by the Commission and backed by the Council of Ministers and the European Parliament, is a show of confidence in the future. It calls on the Member States and economic players to identify the projects and sectors that will drive the future European economy.

Can you remind us of the objectives of the plan? A. F.: It relies on a risk-absorbing capacity of €21 billion comprising €16 billion from the European budget and €5 billion from the EIB’s own funds. The European Fund for Strategic Investments (EFSI) will enable the EIB to grant some €61 billion in risk financing that, we hope, will have a positive impact on investor confidence and serve as a catalyst to generate additional financing of €315 billion in the next

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How is your investment strategy moving along?A. F.: The EIB Group has thus far mobilised €6.7 billion for innovative companies or infrastructure and €1.25 billion for SMEs. In France, three investments are already planned in venture capital funds, three guarantee agreements with the banking sector for SMEs, two regional digital networks, an agreement on financing for the thermal renovation of private housing, and, lastly, the investment in Capenergie 3.

Why did you select Capenergie 3?A. F.: Renewable energies are one of our priorities. Capenergie 3 will enable the installation of a renewable electricity production capacity of 500 MW as well as the creation of over 1,000 jobs, in construction and operations. Our investment has also attracted other investors and thus stepped up Capenergie 3’s actions.

Is this a symbolic commitment for the EIB?A. F.: It is both our first investment as part of the Juncker Plan in France and the first intervention of the Plan in favour of renewable energies. The investment will no doubt be a success in what is now a mature market with numerous opportunities to be seized and growing competitiveness. It must help to show that it is possible to accelerate the transition to a low-carbon economy. With COP21 just around the corner, Capenergie 3 is making a useful contribution to the agenda of solutions. It is by taking fast and highly targeted action that we will succeed in stimulating sustainable growth through investment over the long term.

HEIGHTENED EUROPEAN DIMENSIONZOOM

Omnes Capital is launching its third-generation Capenergie fund specialised in renewable energies. The new-generation fund picks up where the successes of Capenergie 1 and 2 left off, respectively raising €109 million in 2006 and €145 million in 2010.

"The aim is to raise €200 million, which through a leverage effect will enable the mobilisation of a total investment of €1 billion," says Serge Savasta, Managing Director at Omnes Capital.The fund already benefits from €100 million in commitments from its long-standing partners (including Crédit Agricole Group, PRO BTP, Banque Postale and Caisse de Retraite du Personnel Navigant) and new investors such as the EIB and SWEN.

"Capenergie 3 has the same strategy as its predecessors, with a few upgrades in line with its DNA. As a priority, the fund will target renewable energy production infrastructure projects with a heightened European dimension," says Serge Savasta. Ten 50MW partnerships are planned, the aim being to install a total 500MW and create 1,000 direct or indirect local jobs. Twenty-five per cent of the fund will target biomass and geothermal heat networks in addition to conventional investments in wind power, solar power and hydroelectricity.

SERGE SAVASTAManaging Director,

Omnes Capital

Capenergie 3 key figures

€200M: target size of the fund.€100M: commitments to date.Ten 50MW partnerships planned.

OMNES CAPITAL /newsletter No. 28

Expertise

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In 2010, Olivier Breittmayer, CEO of Exclusive Networks, met with Philippe Zurawski, Partner at Omnes Capital. The company was running its IT security software distribution business with no inventory or warehouse, dealing 95% in US products. It showed potential, despite the fact that the sector had suffered from unreliable operators. The partnership was wrapped up fast. "The distribution business is all about people and trust. Exclusive Networks chose us because we share the same values of boldness, entrepreneurial spirit and respect. We understood their business model and ambitions. We hit it off immediately", says Philippe Zurawski.

REVENUES UP 500% IN 5 YEARSThe value-added distributor had two major strengths: the disruptive nature of its business (putting an end to the risk of technological obsolescence) and a distribution model that could be replicated internationally. "The tasks were clearly shared out. They were in charge of technological watch and we were responsible for driving development through external growth and implementing the

Timeline

Omnes acquires a share in Exclusive Networks.

The SME has become an international company with – the creation of three subsidiaries, in Austria, Switzerland and Denmark, and – the acquisition of ten companies, in Norway (Trigg Data), the UK (VADition and ITEC), Germany (TLK), the Middle East (Secureway), Benelux (Terach), Turkey (Bilisimcim), Australia (Whitegold), Italy (Sidin) and France (Fibail System).

Exclusive Networks expects to top the symbolic mark of €1 billion in revenues.

Top-security success storyAt the end of May 2015, Omnes Capital sold its share in Exclusive Networks, achieving a great disposal of the Mid Cap Buyout and Growth Capital team. Let’s take a look back at a success story.

Exclusive Networks necessary financial resources", says Philippe Zurawski. Exclusive Networks "muscled up" through a series of acquisitions. Its growth rate today is four to five times higher than that of its rivals, with peaks at 60%. Margins are increasing through the sale of services, including training and maintenance. Despite the loss of an important card in 2011 – taken over by Cisco then integrated in its own distribution network – it is set to report revenues of €700 million at end-2015.

A DISPOSAL THAT SHOWCASES AN EXEMPLARY PARTNERSHIPThe sale of Exclusive Networks to the Belgian fund Cobepa is a new great exit by the Mid Cap Buyout and Growth Capital team, with a valuation of €340 million and a multiple of 5x, for an investment which represented 15% of the CACI 3 fund. "The deal featured those magical words for investors: digital, international, organic growth and build-ups, says Philippe Zurawski. This was the second disposal of the CACI 3 fund. The fund is reimbursed by the exit and still has six lines in its portfolio." "The success underscores the relevance of our investment strategy, one that fully applies to the fund currently being raised, Omnes Croissance 4", comments Benjamin Arm, Managing Director at Omnes Capital. Looking beyond the human adventure, Omnes has confirmed its key role as an accelerator of the growth of its SMEs.

OMNES CAPITAL /newsletter No. 28 P. 07

What made you choose Omnes in 2010?We were looking for an investor with a robust standing to realise our acquisition strategy and one that could help us boost our credibility, especially internationally. But beyond that, it was also about people and trust. Omnes was quick to understand what made us tick and made the most suitable proposal.

How would you describe the five years spent together with Omnes?Omnes brought us all its logistical and financial support to form a market-leading, pan-European business. We have grown from an SME working in a few countries to an

international group, for which France now accounts for just 15% of revenues. Our organisational structure is well oiled, our costs are under control and our ESG criteria* are stronger.

What are your objectives now?To continue developing through organic growth and acquisitions, consistent with the strategy devised with Omnes Capital. We also want to further reinforce our presence in new areas such as big data and leasing, particularly in Germany and the UK.

*The environmental, social and governance criteria integrated by a company in its daily management. These criteria are used to assess the company’s Corporate Social Responsibility (CSR) policy and the relevance of its development model.

OLIVIER BREITTMAYER,CEO of Exclusive Networks

"To continue developing through organic growth and acquisitions, consistent with the strategy devised with Omnes Capital."

3 QUESTIONS FOR…

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$200M Record new fund-raising for the ridesharing start-up BlaBlaCar, supported by Omnes since 2010.

2015 Start-up of the Year prize Awarded by EY and L’Express to Scality, now a world leader in data storage infrastructure software, supported by Omnes since 2010.

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SENIORADOM / TELECARE

INVESTMENTS

September 2015 - SeniorAdom finalised a new round of €1.2 million with Omnes Capital, lead investor, 123Venture, SEB Alliance and AG2R LA MONDIALE. SeniorAdom, founded in November 2012, has introduced breakthrough technology in the field of telecare. The company’s new-generation telecare service automatically detects falls and other health emergencies using an intelligent network of (camera-free) sensors linked up to a box. The box plugs into the mains and is equipped with a built-in GSM card so does not require an Internet connection. It can also detect any unusual

TEAM

Claire Poulard has joined the Venture Capital team as a Life Sciences analyst. She began her career in research at the Singapore Institute for Neurotechnology. She holds a Masters in Pharma-ceutical and Biotechnology Management from the ESCP business school and a Master 2 diploma in Bioengineering and Innovation in Neurosciences from the ESPCI physics and industrial chemistry school, ParisTech and Université Paris Descartes.

Bruno Montanari has been appointed Partner at the Venture Capital team for the Life Sciences sector. He joined Omnes Capital in 2010. He currently sits on the manage-ment boards of several companies, including Novate, Poxel (Euronext Paris: POXEL), Themis and Xention. He was previously a director on the boards of arGEN-X (Euronext Brussels: ARGX) and EOS imaging (Euronext Paris: EOSI). Bruno Montanari holds a Master’s degree in Strategic Management from HEC business school and a PhD in Pharmaceuticals (Paris V).

TVSMILES / MOBILE APPSeptember 2015 – Omnes invested €2 million as lead investor in TVSMILES as part of a new fund-raising of €5 million. TVSMILES is a mobile quiz app with which users collect "Smiles" based on their test scores as well as on their interaction with native ads built in to the app. "Smiles" can be cashed in for prizes, including vouchers for Amazon, H&M and other leading retailers. Since its launch in Germany in September 2013, TVSMILES has been downloaded over three million times. TVSMILES is to use the funds raised to strengthen its presence in the UK and launch new products. FCPI CI PME 2013, CI PME 2014, CI PME 2015 Xavier Brunaud, +33 (0)1 80 48 79 62

occurrences in the life of the dependent person, transmitting them to caregivers by text message or email. SeniorAdom has created a true disruption in the telecare sector, which had changed very little in 35 years, and has brought caregivers and beneficiaries comfort and peace of mind. The company has already attracted several hundred customers in France.FCPI CI PME 2013François-Xavier Dedde, +33 (0)1 80 48 79 64

VENTURE CAPITAL

OMNES CAPITAL /newsletter No. 28 P. 09

TURTLE / ELECTRONIC SPORTSJuly 2015 – Omnes Capital sold its share in Turtle Entertainment, the world leader in electronic sports and operator of the Electronic Sports League (ESL), to the international entertainment group MTG. ESL provides a broad range of services in the online video game sector, including events management, monetisation and the production of live video content (attracting 70 million unique visitors in the last 12 months). Omnes made its first acquisition in ESL in 2009 and is the company’s number-one financial investor, with a total investment of €5.7 million. The company has grown strongly in the last six years, driven by international partnerships, strategic acquisitions and local presence in a number of countries. The disposal was an impressive achievement for Omnes, with a valuation of over €100 million and a multiple of 4.7x.FCPI CI PME, CI PME 2009, CAEI 2008, CA PME I 2009, LCL I 2007, LCL I 2008Michel de Lempdes, +33 (0)1 80 48 79 61

TEMIS / TEXT MININGJune 2015 – Omnes Capital sold Temis to Expert System, a leader in semantic technology listed on the AIM segment of the Milan Stock Exchange. Omnes has supported the text mining company since 2001. With nearly €12 million in funds raised since its creation in 2000, Temis reported revenues of €8.2 million in 2014. The alliance makes the new entity a key player in the semantic enrichment of non-structured data. FCPI CLI 5, CLVCXavier Brunaud, +33 (0)1 80 48 79 62

CELLNOVO / DIABETESJuly 2015 – Cellnovo, a medical technology group specialised in diabetes, raised €32.4 million on Euronext Paris through a greenshoe option. The transaction increased the group’s market capitalisation to €113.6 million. Cellnovo designs and distributes the first connected insulin micro-pump for the mobile management of diabetes, simplifying the lives of patients. The flat and discreet micro-pump connects wirelessly to touchscreen apps. It features a built-in blood glucose monitor and a real-time data connection to a comprehensive and web-secure clinical management tool. The public offering attracted leading French and international investors, including Aliad, the investment subsidiary of Air Liquide. The funds raised will be earmarked to ramping up the company’s production capacities and boosting its commercial expansion. Omnes Capital has supported the company since 2011.FCPI CI PME 2009, CI PME 2010, CI PME 2013, CA PME I 2009, LCL I 2009, LCL I 2010, CA Innovation 10, CA Innovation 11, CA Investissement 2Bruno Montanari, +33 (0)1 80 48 79 58

News

ADENTS / TRACEABILITY SOFTWAREJune 2015 – Omnes invested €1.5 million in Adents, a start-up that publishes unit identification and traceability software, as part of a financing round totalling €8.5 million. The aim of the transaction is to help Adents expand its international presence and quickly roll out its software on pharmaceutical product packing lines in Europe and North America. Adents, founded in 2007, has become a major player, especially in the pharma sector. Adents’ solution is currently the only technology on the market able to attribute a unique serial number to each

pharmaceutical package corresponding to a batch and pallet number without slowing down the packaging line.FCPI CI PME 2013, CI PME 2014Michel de Lempdes, +33 (0)1 80 48 79 61

INVESTMENT DISPOSALS

IPO

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RENEWABLE ENERGY

FUND RAISING

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CAPENERGIE 3, THE FIRST RENEWABLE ENERGY FUND TO BENEFIT FROM THE JUNCKER PLANJuly 2015 – Omnes received a €50 million commitment from the EIB. The investment was the EIB’s first equity investment in France made as part of the Investment Plan for Europe or Juncker Plan.The investment project will finance energy production resources with a global capacity of over 500 megawatts. It will also lead to the creation of more than 1,000 jobs. The EIB investment will attract other international investors, helping to accelerate the fund-raising process. Capenergie 3 (target size: €200 million) will enable the

mobilisation of a total €1 billion investment. Harnessing all its expertise in the sector, the fund will focus on European infrastructure projects for the production of renewable energies. The decentralised projects will be developed by high-profile SMEs in the sector, working in wind and solar power, hydroelectricity and heat networks. Omnes Capital, a partner to SMEs for ten years, is a key player in the renewable energy market.

CAPENERGIE PARTNERS EVENINGOmnes brought together the partners of the Capenergie funds on 15 October 2015 at Salon Etoile Wagram in Paris, in the presence of Henry Marty-Gauquié, Representative of the EIB Group in Paris, and Jean-Marie Chevalier, Emeritus Professor in Economic Science at Université Paris-Dauphine and a member of the Cercle des Économistes think tank. With COP21 fast approaching, the evening was an opportunity to discuss today’s key energy issues with the main players in the sector.

23 July 2015: The signature at Bercy of EIB’s commitment to Capenergie 3. Left to right: Serge Savasta, Managing Director at Omnes Capital; Ambroise Fayolle, Vice-President of the EIB; Michel Sapin, French Minister of Finance and Public Accounts; Fabien Prévost, CEO of Omnes Capital; Emmanuel Macron, French Minister of the Economy, Industry and Digital Affairs; Carlos Moedas, European Commissioner for Research, Science and Innovation.

Capenergie 3Target size:

€200MFocus: Renewable energy production infrastructures

Sectors: Wind power, solar power, hydroelectricity & heat networks

Region: Europe

Capacity:

500MW

OMNES CAPITAL /newsletter No. 28 P.11

QUADRICA /  WIND POWERJune 2015 – Crédit Agricole Assurances, through its Predica Energies Durables fund managed by Omnes Capital, and Quadran, a leading independent producer of renewable energies in France, signed an agreement to set up a joint venture, Quadrica. The new structure, which in the long term will boast an asset portfolio of over 200 MW in on-land wind power projects, is already operating eight such projects for a total capacity of 76 MW.Arising from the 2013 merger of JMB Énergie and Aérowatt, Quadran is one of the main independent developers and producers of renewable energies in France.Fund: Predica Energies Durables Serge Savasta, +33 (0)1 80 48 79 34Marc-Philippe Botte, +33 (0)1 80 48 79 35Laurent Perret, +33 (0)1 80 48 79 37

DISPOSALS INVESTMENT

SEVE / WIND POWERJune 2015 – Omnes Capital sold its share in the Espinassière 2 wind farm (SEVE) to Compagnie du Vent, which already held a 51% share in the facility. Located in Vendée, 40 km from Nantes, the farm comprises three turbines with an installed capacity

of 6 MW. Omnes invested in SEVE alongside Compagnie du Vent in 2006, making the first investment of the Capenergie fund.FPCI CapenergieSerge Savasta, +33 (0)1 80 48 79 34Laurent Perret, +33 (0)1 80 48 79 37Yannic Trueb, +33 (0)1 80 48 78 92

MONTS DE LACAUNE / WIND POWERJune 2015 – Omnes Capital sold the share held in Monts de Lacaune since 2007 to Valeco. The Monts de Lacaune holding company manages two wind farms with an installed capacity of 30 MW and an 80-MW power station in the Tarn département in southwest France. Monts de Lacaune is owned by the Capenergie fund and Valeco, a company that develops, finances, produces, operates and maintains renewable energy power-generating facilities in France.FPCI CapenergieMarc-Philippe Botte, +33 (0)1 80 48 79 35Yannic Trueb, +33 (0)1 80 48 78 92

News

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€120MCOMMITMENTS RECEIVED

3 INVESTMENTS COMPLETED BY THE FUND IN 2015

CapcomBimedia Cogepart

1 TRANSACTION ON AN EXCLUSIVE BASIS

INVESTMENTS

CAPCOM / HIGH SPEED & FIBRE-OPTIC September 2015 - Omnes Capital invested €9.5 million in the Capcom group through a primary owner buyout alongside management. The Capcom group, founded in 2001, implements, installs and ensures the technical maintenance of high-speed and fiber-optic telecommunication networks for telecom operators. The group carries out 1,400 customer service interventions a day and provides a million households with 24-7 maintenance. It reported revenues of €50 million in 2014. Capcom recently signed partnership agreements with France’s main telecom and energy operators (including Orange, Numéricable-SFR and Engie) providing for technical services in the installation and maintenance of their networks as well as sales services. The group plans to double in size in the next two years. The aim of the transaction is to support this ambitious growth strategy. Omnes Capital intends to contribute its expertise, networks and financial capacity to help the Capcom group to seize all the opportunities that arise in its markets.FPCI Omnes Croissance 4, CACI PIBertrand Tissot, +33 (0)1 80 48 79 42Rémy Deloffre, +33 (0)1 80 48 79 46

"We were attracted by Capcom’s unique ‘sell and connect’ business model and by the management team, which has major development ambitions. Capcom’s markets (telecoms, utilities) are trending strongly and offer considerable growth potential." Bertrand Tissot, Partner, Omnes Capital

OMNES CROISSANCE 4

FUND RAISING

MID CAP BUYOUT & GROWTH CAPITAL

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BIMEDIA / SOFTWARE SOLUTIONS August 2015 - Omnes Capital invested €9 million in Bimedia through a primary leveraged buyout alongside management. Bimedia, founded in 2002 in La Roche-sur-Yon in western France, provides nearly 6,000 local retailers, including newsagents, tobacconists and bakeries, with software solutions and point-of-sale terminals. The company also stands out through the sales of telephony equipment and electronic payment systems as well as through digital advertising sales across its network. The company has 120 employees and

reported revenues of €135 million in 2014. The aim of the transaction is to enable Bimedia to extend its network by making its offer available to other types of local retailers in France and internationally.FPCI Omnes Croissance 4, CACI PIEric Rey, +33 (0)1 80 48 79 41Mikaël Schaller, +33 (0)1 80 48 79 47

"The transaction pays tribute to the quality of our teams and the success we have achieved, particularly the signature of an exclusive partnership with the Maison de la Presse network and Mag Presse. It strengthens our leadership strategy on innovation at the service of points of sale."Olivier Kimmerling, Chairman and CEO, Bimedia

"We were impressed by the professionalism and innovative abilities of the Bimedia management team. Through its partnerships with advertisers, telecom companies and fintech businesses, Bimedia’s offer forms a vital link between online retail and local retail."Eric Rey, Partner, Omnes Capital

News

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SMALL CAP

News

SUCCESS OF THE PRIVATE EQUITY OFFER FOR INDIVIDUAL INVESTORS

€72M raised via small cap buyout and growth funds, earmarked for investment in unlisted French SMEs

CAMERUS / FURNITURE AND ACCESSORY RENTAL FOR TRADE FAIRSSeptember 2015 - Two years after Camerus was taken over by its management through a management buyout led by Omnes Capital, Omnes is supporting the Camerus group in the acquisition of Square. Camerus, founded in 1992, is a French leader in the rental of furniture to decorators and the organisers of shows, trade fairs and congresses, notably including the Davos Forum. The alliance of the two companies enables the Camerus group to extend its geographical coverage across France and diversify and enrich its range of products and services.Funds: LCL PME Expansion 2, LCL Expansion 2, Omnes ExpansionLaurent Espic, +33 (0)1 80 48 79 51

PORTFOLIO NEWS

In 2016, Omnes will be launching a third-generation unitranche small and mid market fund. Having made 40 investments in 15 years, the Private Debt team headed by Managing Director Benjamin Arm is a long-standing player in France in financing for SMEs. The fund will target growth businesses (SMEs with an EV of €50 to €300 million) in France with solid fundamentals, experienced management teams and strong potential for operational development and/or external growth.

STRATEGY PRIVATE DEBT

"Marketing this product in nine months is a real feat in the private investor market. We are proud to offer our expertise in French SMEs to individual investors looking for rewarding and meaningful investments."Benjamin Arm, Managing Director, Omnes Capital

40 INVESTMENTS IN 15 YEARS

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Analysis

Reinventing governance for energy

Ségolène Royal describes the energy transition law as "the advent of a new model of energy, development and society". Is that true? One of the strong points of the text is that it further decentralises energy management to France’s municipalities and regions. The consequences are considerable in terms of air management as well as local and regional development for example. The law promotes recycling, involving citizens in the development of their future energy model. Decentralisation is vital to the population’s contribution to defining the environment in which it lives, from energy and transport to waste management and the use of local resources. Decentralisation extends beyond the issue of energy itself, fostering the development of a circular economy (based on use, recovery and reuse) and cleaner green growth.

Does the text respond to the growing liberalisation of the energy sector in Europe?European directives should harmonise with local initiatives. Fostering these last hinges on the harmonious organisation of all the levels concerned, namely Europe, which sets out broad policy directions; the State, which

transposes those policies into law and coordinates them; regions, to which the new energy players report; and local communities, home to initiatives by SMEs and private individuals.

What challenges does this new governance face?The biggest challenge will be to balance the national, general interest with local specificities, by putting an end to structural and behavioural rigidity. Long-standing and long-monopolistic players such as EDF and Engie (ex GDF-Suez) need to reinvent. Emphasis also needs to be placed on raising public awareness of the need for change. And support is required for initiatives led by towns and cities, including the widespread rollout of smart grids*, LEBs** and tram lines, to become "smart" energy models.

Is the movement under way good for the economy?Yes. Current developments in northern Europe are interesting in this respect. In Germany, 40% of renewable electricity is now produced by organisations and cooperatives. In Denmark, the dairy economy on Samsø island has diversified into wind power production. Meanwhile, energy-reinventing SMEs are emerging in France. Higher-quality, more local and more sustainable growth is being developed, driven by the contribution and commitment of citizens.

* Intelligent electricity networks using new resources and technologies (including auto-production and new-generation meters) to optimise distribution and consumption.

** Low-energy buildings consuming 80% less energy than the average.

Will France’s energy transition law mark a turning point in ecology and economics? Yes, if the right governance is in place, says Jean-Marie Chevalier, economist, professor at Université Paris-Dauphine and energy specialist.

Priority on renewables and regions

The key objectives of the French energy transition law are to reduce energy consumption by 50% by 2050 (compared with 2012) and cut greenhouse gas emissions by 40% by 2030 (compared with 1990).To that end, the text advocates the develop-ment of renewable sectors (32% of energy production by 2030) and the renovation of buildings (500,000 a year starting in 2017). The regions will also play a driving role in the policy, with the creation of 200 positive-energy territories.

LUD

OV

IC L

E M

OA

NFo

ndat

eur

et P

DG

de

Sig

fox/

F

ound

er

and

CE

O o

f S

igfo

x

LE B

AS

DÉB

IT

À H

AU

TE V

ITES

SE !

À l’

ori

gin

e d

e Si

gfo

x, il

y a

un

défi

 : co

nvai

ncre

des

inve

stis

seur

s d

u b

ien-

fond

é d

’une

idée

qui

va

à co

ntre

co

uran

t d

es t

end

ance

s. «

 Alo

rs q

ue t

ou

s les

fab

rican

ts d

’éle

ctr

on

iqu

e p

en

saie

nt

hau

t

déb

it, avec C

hri

sto

ph

e F

ou

rtet,

je m

e s

uis

inté

ressé a

u r

éseau

trè

s b

as d

éb

it, id

éal

po

ur

co

nn

ecte

r d

es o

bje

ts -

 systè

mes

d’a

larm

e, co

mp

teu

rs d

’én

erg

ie, etc

.

- à In

tern

et

rap

idem

en

t et

à f

aib

le c

oû

t »,

exp

lique

Lud

ovic

Le

Mo

an, f

ond

ateu

r et

PD

G d

e Si

gfo

x. «

 No

us n

e p

ou

vio

ns

pas f

actu

rer

le s

erv

ice a

u-d

elà

de

qu

elq

ues c

en

tim

es d

’eu

ros. N

ou

s a

vo

ns

do

nc d

écid

é d

e m

iser

su

r la

qu

an

tité

,

à r

eb

ou

rs d

es a

utr

es o

péra

teu

rs, en

imag

inan

t d

ès le d

ép

art

un

réseau

inte

rnati

onal co

nnecta

nt

des m

illio

ns d

e

péri

ph

éri

qu

es. » A

nim

é p

ar la

cer

titu

de

que

sa

déc

ouv

erte

va

chan

ger

le m

ond

e,

Lud

ovic

Le

Mo

an g

agne

so

n p

ari e

t cr

ée

un r

ésea

u m

ond

ial d

epui

s To

ulo

use.

A

ujo

urd

’hui

, grâ

ce à

une

infr

astr

uctu

re

sim

ple,

fiab

le e

t éc

onom

e en

éne

rgie

, le

rése

au S

igfo

x co

nnec

te p

lusi

eurs

mill

ions

d

’ob

jets

dan

s 11

 pay

s et

va

être

dép

loyé

d

ans

60 a

utre

s p

ays

d’ic

i cin

q a

ns.

Au

débu

t de

sa c

arriè

re, r

ien

ne p

réde

stin

e Lu

dovi

c Le

Moa

n - t

itula

ire d

’un

CA

P

tour

neur

et d

’un

dipl

ôme

d’in

géni

eur e

n in

form

atiq

ue - 

à l’e

ntre

pren

aria

t. C

urie

ux,

auda

cieu

x, il

déc

ide

cepe

ndan

t de

pass

er

de la

tech

niqu

e au

bus

ines

s et

mon

te s

a pr

emiè

re e

ntre

pris

e en

20

00

, Anyw

are

Techno

log

ies, s

ans

aucu

ne c

onna

issa

nce

en g

estio

n. «

 Cett

e p

rem

ière

exp

éri

ence

m’a

no

tam

ment

ap

pri

s à

dis

cute

r avec d

es

investi

sseurs

po

ur

lever

des fo

nd

s. L’e

rreur

cla

ssiq

ue e

st

de p

enser

que m

ult

iplier

les o

ffre

s a

ccro

ît la r

enta

bilité. Je s

ais

main

tenant

qu’il fa

ut

se c

oncentr

er

sur

un

péri

mètr

e d

’acti

vité r

estr

ein

t p

our

avo

ir u

n

po

sit

ionnem

ent

sur

le m

arc

hé c

lair, vis

ible

,

facile à

synth

éti

ser, q

ui em

po

rtera

l’a

dhésio

n

des c

ollab

ora

teurs

et

des p

art

enair

es

financie

rs »

. D

epui

s, L

udov

ic L

e M

oan

a cr

éé

deux

aut

res

soci

étés

, don

t Sig

fox,

dev

enue

en

que

lque

s an

nées

l’op

érat

eur t

éléc

om

mon

dial

de

réfé

renc

e po

ur l’

Inte

rnet

de

s ob

jets

. « L

e m

arc

hé d

es innovati

ons

techno

log

iques m

e p

assio

nne c

ar

il

révo

luti

onne n

os m

od

es d

e v

ie e

t re

go

rge

d’o

pp

ort

unités. J’a

naly

se les m

od

èle

s

d’e

ntr

ep

rises a

méri

cain

es p

our

les a

dap

ter

aux p

rocess d

e n

otr

e p

ays c

ar

je s

uis

pers

uad

é q

ue c

réer

des e

ntr

ep

rises d

e la

taille

de G

oo

gle

en F

rance, c’e

st

po

ssib

le ! »

et S

igfo

x es

t en

bonn

e vo

ie p

our l

e pr

ouve

r.

Port

rait

Pro

le

HIG

H-S

PEED

N

AR

RO

WB

AN

D!

The c

halleng

e w

hen c

reati

ng

Sig

fox

was t

o c

onvin

ce investo

rs o

f th

e

so

und

ness o

f an id

ea t

hat

runs c

ounte

r

to c

urr

ent

trend

s. “W

hile

all

the

othe

r el

ectr

onic

s p

rod

ucer

s w

ere

thin

king

hig

h sp

eed

, Chr

isto

phe

Fou

rtet

and

mys

elf

bec

ame

inte

rest

ed in

the

ext

rem

ely

low

-sp

eed

net

wor

k, id

eal f

or c

onne

ctin

g

obje

cts

such

as

alar

ms

and

ene

rgy

met

ers

to t

he In

tern

et r

apid

ly a

nd in

exp

ensi

vely

”,

says L

ud

ovic

Le M

oan, fo

und

er

and

CE

O

of

Sig

fox. “W

e co

uld

n’t

bill

the

ser

vice

fo

r m

ore

than

a fe

w e

uro

cent

s. S

o w

e d

ecid

ed t

o fo

cus

on q

uant

ity,

unl

ike

the

othe

r op

erat

ors,

by

dev

isin

g fr

om t

he

star

t an

inte

rnat

iona

l net

wor

k co

nnec

ting

m

illio

ns o

f per

iphe

ral d

evic

es.”

Dri

ven

by t

he c

ert

ain

ty t

hat

his

dis

covery

was

wo

rld

-chang

ing

, Lud

ovic

Le M

oan p

ulled

off

the c

halleng

e a

nd

cre

ate

d a

wo

rld

netw

ork

fro

m T

oulo

use. To

day, th

anks

to a

sim

ple

, re

liab

le a

nd

low

-energ

y

infr

astr

uctu

re, th

e S

igfo

x n

etw

ork

co

nnects

severa

l m

illio

n o

bje

cts

in 1

1 co

untr

ies a

nd

is s

et

for

rollo

ut

in 6

0 o

thers

in t

he n

ext

five y

ears

.

Sta

rtin

g o

ut

his

care

er

wit

h a

CA

P

vo

cati

onal q

ualifi

cati

on a

s a

turn

er

and

an

IT e

ng

ineer

dip

lom

a, no

thin

g p

red

esti

ned

Lud

ovic

Le M

oan f

or

entr

ep

reneurs

hip

.

But

arm

ed

wit

h c

uri

osit

y a

nd

bo

ldness,

he d

ecid

ed

to

sw

itch f

rom

tech t

o

busin

ess a

nd

in 2

00

0 f

orm

ed

his

firs

t

co

mp

any, A

nyw

are

Techno

log

ies, w

ith

no

manag

em

ent

know

led

ge. “T

hat

init

ial

exp

erie

nce

taug

ht m

e ho

w t

o ta

lk w

ith

inve

stor

s to

rais

e fu

nds.

The

cla

ssic

mis

take

is

thi

nkin

g t

hat

mor

e off

ers

mea

n hi

ghe

r p

rofi

tab

ility

. I k

now

now

tha

t yo

u ha

ve

to fo

cus

on a

lim

ited

sco

pe

of a

ctiv

ity

to

form

a c

lear

and

vis

ible

mar

ket

pos

itio

ning

tha

t w

ill fo

ster

buy

-in

on

the

par

t of

em

plo

yees

and

fina

ncia

l p

artn

ers.

” Lud

ovic

Le M

oan h

as s

ince

cre

ate

d t

wo

oth

er

co

mp

anie

s, o

ne o

f

them

Sig

fox, w

hic

h in just

a f

ew

years

has b

eco

me t

he lead

ing

tele

co

m o

pera

tor

for

the Inte

rnet

of

Thin

gs. “I a

m fa

scin

ated

by

the

tec

h in

nova

tion

mar

ket

bec

ause

it

rev

olut

ioni

ses

the

way

we

live

and

is fu

ll of

op

por

tuni

ties

. I a

naly

se U

S b

usin

ess

mod

els

to a

dap

t th

em t

o th

e p

roce

sses

of

our

cou

ntry

, bec

ause

I’m

con

vinc

ed

that

cre

atin

g G

oog

le-s

ized

com

pan

ies

is

pos

sib

le in

Fra

nce!

” A

nd

Sig

fox lo

oks

set

to p

rove h

im r

ight.

200

0

Cré

atio

n d’

Any

war

e Te

chno

logi

es,

l’un

des

prem

iers

sp

écia

liste

s du

logi

ciel

de

trai

tem

ent d

es

donn

ées

obje

ts.

La s

ocié

té e

st a

lors

so

uten

ue p

ar R

enau

d 

Pou

lard

(D

irect

eur

as

soci

é, O

mne

s C

apita

l).

Cre

atio

n of

Any

war

e Te

chno

logi

es, o

ne o

f th

e fir

st s

peci

alis

ts in

da

ta p

roce

ssin

g

soft

war

e fo

r obj

ects

. Th

e co

mpa

ny is

bac

ked

by

Ren

aud

Pou

lard

(P

artn

er, O

mne

s C

apita

l).

PA

RC

OU

RS/

C

AR

EER

PA

TH

200

7

Rev

ente

d’A

nyw

are

Tech

nolo

gies

et c

réat

ion

de S

coop

.it, l

eade

r de

la

cur

atio

n1 sur

Inte

rnet

. D

isp

osal

of A

nyw

are

Tech

nolo

gie

s an

d

crea

tion

of S

coop

.it, a

le

ader

in w

eb c

urat

ion.

2011

C

réat

ion

de S

igfo

x

avec

le s

outie

n d’

Om

nes

Cap

ital.

Cre

atio

n of

Sig

fox

with

th

e su

ppor

t of O

mne

s C

apita

l.

1. Sy

stèm

e q

ui s

élec

tionn

e,

édite

et

par

tag

e le

s co

nte-

nus

les

plu

s p

ertin

ents

du

Web

pou

r un

e re

quê

te o

u un

suj

et d

onné

. A

sys

tem

tha

t se

lect

s,

pub

lishe

s an

d s

hare

s th

e m

ost

rel

evan

t w

eb

cont

ent

for

a g

iven

re

que

st o

r su

bje

ct.

ZO

OM

/FO

CU

S

Fort

du

succ

ès d

e sa

pr

emiè

re e

ntre

pris

e,

reve

ndue

13 m

illio

ns

d’eu

ros,

Lud

ovic

Le

Moa

n ga

gne

la

confi

ance

d’O

mne

s C

apita

l, en

par

tena

riat

avec

Ela

ia P

artn

ers,

dè

s sa

pre

miè

re l

evée

de

fond

s de

2 m

illio

ns

d’eu

ros.

Dep

uis,

troi

s au

tres

levé

es o

nt s

uivi

en

troi

s an

s. O

mne

s C

apita

l a p

artic

ipé

au

der

nier

tour

de

tabl

e re

cord

de

Sigf

ox d

’un

mon

tant

de

100

 mill

ions

d’

euro

s, a

ux c

ôtés

de

pres

tigie

ux in

vest

isse

urs

euro

péen

s, a

mér

icai

ns

et a

siat

ique

s.

Str

eng

then

ed b

y th

e su

cces

s o

f hi

s fi

rst

bus

ines

s, s

old

fo

r €

13 m

illio

n, L

udov

ic L

e M

oan

gai

ned

the

tru

st

of

Om

nes

Cap

ital

, in

par

tner

ship

wit

h E

laia

Par

tner

s, f

rom

hi

s fi

rst

fund

-rai

sing

o

f €

2 m

illio

n. T

hree

o

ther

s fo

llow

ed in

th

e ne

xt t

hree

yea

rs.

Om

nes

Cap

ital

to

ok

par

t in

the

late

st

reco

rd f

und

-rai

sing

fo

r S

igfo

x, t

ota

lling

€

100

 mill

ion,

al

ong

sid

e p

rest

igio

us

Eur

op

ean,

US

and

A

sian

inve

sto

rs.