What we do
We back management teams to transform their businesses.
We think creatively and embrace complexity.
We are operational not financial.
We create long-term value through transformation.
Transformation
We focus on making transformational investments in defensible businesses. Transformational means we want to improve, grow and strengthen businesses.
We work with management teams to develop a transformational business plan. The plan is multi dimensional, focusing on all aspects of the business.
We are operationally focused and want to do something with the businesses we back.
Our team of investment professionals is highly entrepreneurial with extensive experience in private equity, consulting and management.
We are supported by a board of senior advisors and network of industry experts who provide specific industry knowledge and insights as well as introductions.
Sector expertise
What we like…
Defensibility through high barriers to entry, significant market share, long-term customer relationships and unique resources.
Regulation, licensing and certification in sectors with a stable and positive regulatory environment.
A Pan-European view but where market features are local.
Complexity of business model, of transaction, of ownership structure where a creative or differentiated approach is required.
Opportunity for acquisitions, disposals, new market entry, new product development and operational optimisation.
Agilitas focuses on making transformational investments in defensible businesses. The team was founded in 2011 by an experienced and successful team of former colleagues who had previously invested €1.5bn in 28 private equity transactions across Europe.
The team combines private equity, M&A, consulting and operational skills and is truly European, consisting of 7 different nationalities and speaking 10 languages.
Saad Akram is a Transformation Consultant at Agilitas focussing on sourcing and executing acquisition and financing opportunities within portfolio companies. Previously he held investment banking roles and started his career as an Engineer at Nokia.
Saad holds an MBA from The University of Chicago Booth Business School and an MSc in Engineering from the Technical University of Denmark. He speaks both Danish and English.
Martin Calderbank has been working in private equity since 1995. With many years of experience in the industry, Martin focuses on the unique attribute of private equity over other equity models: the ability to support strong managers leading their companies through transformational change.
Martin started his career with McKinsey. He holds an MBA from Harvard Business School and an MA in Mathematics from Cambridge University. He speaks English and French.
Rachel Dales is a team assistant. She has worked in residential and administrative positions within education and the fashion industry.
Rachel holds a BA(Hons) in Music from SOAS University.
Sandra Jacobsson is a team assistant. Before joining Agilitas, Sandra worked in sales and administrative positions within the fashion and technology industries.
Sandra speaks Swedish and English.
Anne-Claire de Pompignan is Head of Investor Relations. She has over fifteen years of private equity and private debt experience, focusing on Capital Markets and investing private debt in pan-European mid-market buy-outs.
Anne-Claire is a native French speaker and holds a post graduate degree from University Paris-IX Dauphine.
Liam Goddard joined the Agilitas investment team in May 2016 and has over ten years of private equity experience. Prior to that, Liam was a strategy consultant for Accenture.
Liam holds a MA in Computer Science from Cambridge University.
Kevin Iermiin started his private equity career at Agilitas. Prior to joining Agilitas, he held investment banking roles in London and Copenhagen and served as a First Lieutenant in the Royal Danish Army.
Kevin holds an MSc in Economics and Business Administration from Copenhagen Business School and speaks both Danish and English.
Anne-Marie Laing is a Transformation Consultant at Agilitas. She has helped management teams for over 20 years to improve their operational performance and has led a number of transformational projects across multiple sectors, predominately in Europe.
Anne-Marie commenced her career at Arthur Andersen before working at Zolfo Cooper and most recently at AlixPartners. She is a fellow of the ICAEW.
Panos Loizou is a Transformation Consultant at Agilitas. He has held senior non-executive roles in private equity firms since 2000, contributing operational and restructuring expertise. Panos started his career with OC&C and held executive positions at GE and Pepsico.
Panos holds an MBA from IMD Business School and a PhD and BSc in Mechanical Engineering from the University of Manchester Institute of Science and Technology. He speaks Greek and English.
Torbjorn Midsem has worked with private equity firms in London and Stockholm and has contributed to a range of acquisitions since 2002.
Torbjorn holds an MSc in Economics and Business Administration from NHH (Norway) and speaks Norwegian, Swedish, Danish, English and German.
Debojit Mukherjee acts as Chief Operating Officer at Agilitas, having worked as COO and CFO with private equity firms in London since 2009.
Debojit started his career at Barclays Capital and holds a BSc in Economics from University College London and is a fellow of the ICAEW.
Antoine Rouland has been working in private equity since 2011. Prior to that, Antoine spent four years in the French Army before becoming a Project Manager with Booz & Company.
Antoine trained as an engineer and obtained an MEng from the French Military Academy of Saint-Cyr. He holds an MBA from INSEAD and speaks French and English.
Anaël Le Youdec joined the investment team of Agilitas in May 2019. Anaël started her career in banking. She held investment banking roles in New York and London.
Anaël holds a MSc in Management from EM Lyon business school in France and holds a certificate program degree from the University of California Los Angeles. She speaks French and English.
Tobias started his private equity career in 2009 in Germany when he joined Aurelius Investment. Prior to that, Tobias worked as an investment analyst for Prolimity Capital Partners.
Tobias holds a MSc in Business and Finance from the Ludwig Maximilian University of Munich. He is fluent in German and English.
Nicholas started his private equity career in New York at Behrman Capital, then worked in Zurich at Cross Equity Partners. Prior to that, Nicholas worked for Guggenheim Partners in New York.
Nicholas holds a BA in Mathematics from Northwestern University. He is fluent in German, English and Romanian.
Steven Oliver is the firm’s Financial Controller.
Prior to joining Agilitas, Steven spent 10 years at Charterhouse Capital Partners, where he worked as a Fund Accountant. Previously, Steven worked in several accountancy and audit positions in the financial services industry.
Steven holds a Diploma in the Mechanics of Private Equity from the University of Middlesex and is AAT qualified.
Portfolio
Reconor
Reconor (formerly known as MH Gruppen) is one of the leading environmental services companies in Denmark, with a focus on the Copenhagen area. It is active in soil remediation and the collection, sorting, treatment and recycling of waste.
Investment Rationale
Soil Remediation is highly regulated in Denmark. Only companies with accredited sites at the right locations can provide these services. Underlying market growth driven by increasingly stringent regulation, higher recycling rate and pipeline of publicly-funded infrastructure construction projects.
Plan
Replicate unique business model and position achieved in the Copenhagen area in the rest of Denmark, transforming MH Gruppen into a national champion.
Exemplar Health Care
http://www.exemplarhc.com/
Exemplar is a leading UK provider of high acuity nursing care services for individuals with complex Physical and Mental Disabilities and Learning Disabilities. The business comprises 25 homes spread over 18 sites across Yorkshire, Humberside, the Midlands and the North West.
Investment Rationale
There is a growing need for private sector complex care provision in the UK. Exemplar specialises in high acuity residential Service Users for whom the alternative is often long-term hospital care. Providing residential care for complex cases is a highly defensible sector with significant barriers to entry.
Plan
Continue to focus on providing excellent quality of care. Support management in the improvement of systems and processes across the group. Provide capital to develop capacity supporting identified local needs.
Danoffice IT
http://www.danofficeit.com/
DanOffice is a global value added reseller of Information Technology & Information Systems to international organisations and businesses operating worldwide. It provides IT hardware, services and solutions to international organisations working across borders, including developing and emerging markets.
Investment Rationale
DanOffice combines a stable and defensible customer base with a know-how for delivery into complex environments and deep supplier relationships, providing a strong platform for broadening the service offering and expanding the customer base.
Plan
Continue the development from a value added reseller, mostly focused on selling computer hardware, into a global Information Technology and Communications products and services provider to global clients.
Hydro International
https://www.hydro-int.com
Hydro International is a leading global provider of advanced products, services and technology for the treatment of wastewater and the control of stormwater, for municipal, industrial and construction customers.
Investment Rationale
Water management is an area of increasing government focus, as water scarcity grows in importance as a global issue, linked to increased population size, growing urbanisation and climate change. Hydro International is a technology leader in all its niches, and its customers rely upon the Company to improve their water management processes and operational performance, whilst reducing environmental impact. The company has a track record of growth and momentum with attractive financial characteristics, a strong management team and significant opportunities for transformation.
Plan
Accelerate the Company’s strategy to become a diversified global leader in its segments, and accelerate growth into services and industrial end markets.
Cibicom
https://www.cibicom.dk
Cibicom (previously Teracom Danmark) is the nationwide transmitter of digital terrestrial TV and radio and the sole independent telecom co-location operator through its tower infrastructure network.
Investment Rationale
Highly defensible business: reliability of transmission is key, demand is not discretionary, and pricing and competition are regulated by law. Cibicom is the only operator in Denmark with towers higher than 100 meters allowing digital terrestrial TV and radio broadcasters as well as mobile network operators to meet their government mandated universal coverage obligations cost-effectively. Cibicom owns a well-invested national network with significant opportunities for transformation.
Plan
Invest in and leverage the infrastructure network to drive growth from the exponential use of data consumption, in particular Data Centres and Internet of Things. Increase service offering.
Impetus
Impetus operates a traditional waste management business, a waste broking business and a small vehicle fleet. It is also the largest landfill operator in the North East, owning and operating two sites.
Investment Rationale
Highly regulated, resilient and non-cyclical industry. Since 1994, UK government policy has been to divert volumes away from landfill by not licensing new landfills and increasing landfill taxes therefore operators with green solutions for waste are better positioned to secure long term contracts.
Plan
Transform business from traditional waste management to green solution for waste.
Ionisos
Ionisos is the leading provider of cold sterilisation services in France and in Spain, serving a wide range of industries including healthcare and pharmaceuticals.
Investment Rationale
Highly defensible business displaying positive growth prospects. The service supplied is non-discretionary and mission critical to the customers, the cost of which represents a small proportion of the total product cost. Steady underlying market growth driven by regulation and increasing requirements for sterile products.
Plan
Transform the French/Spanish national market leader into an international group.
Recover Nordic
https://recovernordic.com/
Recover is a leading supplier of Emergency Response and Damage Control services in the Nordic region, serving a wide range of customers, notably Insurance Companies .
Investment Rationale
Highly defensible business. The mostly non-discretionary need for the Company’s services is triggered by events like water and fire damage, resulting in a stable market with limited cyclicality. 70-80% of the market is served by the top 3 providers. Strong underlying market growth driven by urbanisation, population growth, and increase in property values.
Plan
Carve out and integrate the 3 country operations, expand into lateral geographies to create the Nordic market leader
As responsible investors we believe that the consideration of environmental, social and corporate governance factors throughout our investment process and during our stewardship of portfolio companies is both ethically right and fundamental to our investment strategy and to long-term value creation.
You can download a copy of the Agilitas 2019 Sustainable Value Creation Report here.
Agilitas Private Equity LLP
5th Floor, 105 Piccadilly
London W1J 7NJ
United Kingdom
tel +44 20 3384 1111
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