blue cap ag · 2 days ago · stock exchanges: xetra, frankfurt, munich, hamburg, düsseldorf,...

Fachtagung Beteiligungsgesellschaften - Börse München 1

Blue Cap AG

Fachtagung Beteil igungsgesellschaften – Börse München

15th July 2020


Experienced Management Team

Tobias Hoffmann-Becking

Chief Investment Officer

Ulrich Blessing

Chief Operating Officer

Matthias Kosch

Chief Financial Officer

Professional Experience:

• Managing Director Rothschild & Co.

• Partner Odewald & Cie.

• Investment Manager Candover plc.

• Associate Bain Capital Ltd

• Consultant Boston Consulting Group

Education:

• Business administration & Finance at

Universities Bayreuth, Harvard, LMU

Munich & London Business School


• Managing Director LB GmbH

• Managing Director Klöpfer & Königer

• Investment Manager KF 15 GmbH,

• Principal Boston Consulting Group

• Consultant Wieselhuber & Partner

Education:

• Business administration at FAU,

Nuremberg & MBA at NYU


• CFO Blue Cap AG

• Investment Manager Blue Cap AG

• Financial Analyst CMP Capital

Management-Partners GmbH

Education:

• Business administration & Finance at

University of Applied Sciences Munich


Blue Cap AG – Listed Industrial Private Equity Holding

▪ The Blue Cap companies develop independently

and each pursues its own value creation strategy

▪ Limited synergies, but broad risk diversification

▪ Blue Cap is an active partner of the management and

supports the investments with cross-sector expertise

▪ Broad industry expertise with focus on

manufacturing companies

▪ Currently nine, mostly majority, holdings in companies in

industrial B2B sectors

▪ Blue Cap AG is a listed industrial holding company

founded in 2006 and based in Munich

▪ > 1,200 employees and approx. 230 million EUR revenue

▪ No funds but a long-term investment approach

▪ Stock exchange listing increases transparency

▪ Quick decision-making, direct access to the

Management Board

▪ Private equity in liquid form, open to any investor and in

small quantities

Powerful partner Differentiation to classic PE

Active portfolio management Industrial focus


Investment

Criteria

Revenue from 30

to € 80 MEUR

Headquarters

DACH

Intact core

business

Majority

shareholding

Potential for

growth and / or

operational

improvement

Equity between 5

and 25 MEUR

Inve

stm

en

t situ

atio

ns Carve-out

Shareholder disputes

Stressed situations

Succession

Growth challenges

Our Focus: Medium-sized Niche Companies


Exit

Active Development of Companies with Improvement Potential

Company at

acquisition

Phase 1: Operative Measures

• Cost and structural measures

• 12 – 24 months

GD

PG

row

th

ø Industry EBITDA-Margin

Phase 2: Growth Measures

• Organic

• Inorganic

• Long-term development

Margin improvement

Gro

wth

1

2


Minority interests

Diversified Current Portfolio and Active Screening for more

Coating & adhesive

technology

Plastics

TechnologyMetal & Production engineering

Investment:

Revenue:

2016

€ 62 M.

Curr

ent

Port

folio

Successfu

l E

xits

Medical

Technology

Medical

Technology

Adhesive

Technology

Investment:

Revenue:

2009

€ 35 M.

Investment:

Revenue:

2018

€ 56 M.

Investment:

Revenue:

2019

€ 55 M.

Investment:

Revenue:

2014

€ 3 M.

Investment:

Revenue:

2011

€ 9 M.

Investment:

Revenue:

2016

€ 23 M.

Investment:

Exit:

Buyer:

2014

2020

Dover Corp.

(Illinois, USA)

Investment:

Exit:

Buyer:

2012

2018

Aouha

(Shanghai, China)

Investment:

Exit:

Buyer:

2009

2017

Saint Gobain

(Paris, Frankreich)

Investment:

Revenue:

2017

€ 49 M.

Investment:

Revenue:

2006

€ 18 M.

(42%)

(8%)


Continued Growth of the Group

Revenue EBITDA adjusted

Total Assets Employees

144.143

175.965

225.671

2017 2018 2019

25%

9.3788.589

14.333

2017 2018 2019

24%

133.092

160.137

201.340

20192017 2018

23%

in € mn.

in € mn.

in € mn.

655

849

1.234

201920182017

37%

X% Compound Annual Growth Rate


▪ Introduction of ERP system

▪ Implementation of a new management

▪ Expansion of the company organization by building up and expanding the sales team, quality

management, R&D, production

▪ New product developments in the field of sensor technology multi-channel platform and medical

technology products

▪ Research projects for heart support systems and ventilation technologies

Case Study Growth Investment and Successful Exit of em-tec

▪ Acquisition of 100% of em-tec GmbH

▪ Acquisition of the adjoining plots of land in Finning as extension areas

▪ Capital increase to finance growth

▪ Sales growth of around 10% CAGR

▪ Doubling of the number of employees

▪ New construction of a company headquarters with over 4,300 sqm of production and administration

space

▪ Successful sale to listed US trade buyer Dover Corporation

▪ Investment multiple of >4x on the invested capital

Sept.

2014

March

2020

Investment

Operational

Improvement

Development

Exit


Indicative Net Asset Value of the Group as of 31.12.2019

in € mn.

14.0

12.2

128.5

60.9

-2.8

Indicative NAV of the Group

15.9

22.1

3.4

Adhesive Technology

Book Value of

Minority Interests

NAV Business Segments

as of 31.12.2019

Net Debt Holding

Production Technology

12.4

Book Value less

Liabilities for Real Estate

3.0141.1

Plastics Technology

Metal Engineering

Medical Technology

Coating Technology

Indicative

NAV per

share:

€ 35,48

Divesture of em-tec in Q1 2020:

→ ca. € 25 mn cash proceedings


Share price development 2019-2020 (in Euro)2Reference Data

WKN: A0J M2M

ISIN: DE 00A0JM2M1

Ticker: B7E

Share Capital: 3.996.628,00 Euro

Number of Shares: 3.996.628

Market Segment: Scale, Frankfurt

m:access, Munich

Designated Sponsor: BankM AG

Stock Exchanges: XETRA, Frankfurt, Munich, Hamburg,

Düsseldorf, Berlin, Stuttgart, Tradegate,

Lang & Schwarz

The Blue Cap AG Share

Shareholder Structure Analyst Coverage

45%

1.816.500 shares

PartnerFonds AG1

(in liquidation)

55%

2.180.128 shares

Free float shares

Analyst

Edison Investment

Research

Warburg Research

Date

09.06.2020

08.06.2020

Rating

N/A

Buy

Target Price

N/A

€ 34,0

1) On 6th May 2020, the liquidation of PartnerFonds AG was decided in an extraordinary meeting. 2) Xetra closing prices obtained as of 09.07.2020

0

5

10

15

20

25

OktoberJuliJanuar April Januar JuliApril

18,55 €(19%)


Attractive Dividend Policy

€-

€1,00

€0,75 €0,75

7,2%

3,7%4,3%

2016 2017 2018 2019

Stable Dividend

Increases

Attractive yield

• Blue Cap AG targets a stable

dividend over the cycle

• Over time with a growing portfolio

and increased and more frequent

proceeds from disposals dividend

shall increase

• Proposed dividend for FY 2019 of

€ 0.75 per share offers an

attractive yield of ~ 4.3%

Dividend Yield of ~4.3% for FY 2019

1)

1) Recommended

N/A


T: +49 89 288909-10

E: [email protected]

Blue Cap AG

Ludwigstraße 11

80539 Munich

www.blue-cap.de

Your Contact Person:

Tobias Hoffmann-Becking

Board Member M&A / Capital Markets


Disclaimer

By accessing this document, you acknowledge the restrictions on use set out herein. The information contained in this document regarding Blue Cap AG

("Blue Cap" or the "Company") may not be distributed, reproduced, published or passed on to other persons, either in whole or in part. No responsibility is

taken for the correctness of the information provided.

This document is for information purposes only and should not be considered as investment advice. It does not constitute, nor is it intended to constitute, a

securities prospectus and should not be construed as an offer to buy or sell securities or as a solicitation of an offer to buy or sell securities. This document

should not be used as the sole basis for any analysis or evaluation and investors should not purchase or subscribe for securities of the Company on the

basis of this document or in reliance on the accuracy of the information contained herein.

To the extent that forecasts, estimates, opinions or expectations are expressed or forward-looking statements are made in this document, these statements

may involve known and unknown risks and uncertainties. The actual results and developments may therefore differ materially from the expectations and

assumptions expressed. There is no obligation to publicly update or revise these forward-looking statements if actual developments differ from those

expected.

Insofar as the information contained in this document is based on statements made by third parties, we would like to point out that no warranty or

guarantee, either explicit or implicit, is given regarding the appropriateness, accuracy, completeness or correctness of this information. This also applies to

any other statement or opinion in this document.

Neither the Company, its directors, employees or affiliates, nor any other person assumes or accepts any responsibility, obligation or liability whatsoever

(whether as a result of negligence or otherwise) for any loss or damage arising out of the use of this document or any statement or information contained

herein. The provision of this document does not create any obligation for Blue Cap AG or its representatives to provide the recipient with additional

information, to update this document or any information contained herein, or to correct any errors or inaccuracies.

blue cap ag · 2 days ago · stock exchanges: xetra, frankfurt, munich, hamburg, düsseldorf,...

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