Altrad strengthens its capital by 100 million to finance a major acquisition

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Press release

Lyon, 17 March 2015

Altrad strengthens its capital by €100 million to finance a major acquisition

Altrad's financial partners are making a €100 million equity investment to help it form a market-leading provider of technical services to industry, through the acquisition of Dutch group Hertel. CM-CIC Capital Finance and Bpifrance, which have been minority shareholders in Altrad since 2011, along with Arkéa Capital Investissement and BNP Paribas Développement, have put together a deal to strengthen Altrad's capital by €100 million by buying mandatory convertible bonds and bonds with warrants attached.

- Bpifrance is investing €52 million, - CM-CIC Capital Finance €30 million,

- Arkéa Capital Investissement and Arkéa Banque Entreprises et Institutionnels €11 million, - and BNP Paribas Développement €7 million.

In four years, Altrad will have raised €192 million. In March 2011, CM-CIC Capital Finance, alongside Arkéa Capital Investissement and BNP Paribas Développement, made their first investment in Altrad, totalling €47 million. In June 2011, Bpifrance acquired a stake for €45 million.

"This is major fund-raising deal in the French private equity market. It is a transformative transaction and a sign of our confidence in Altrad and its management," said Bertrand Ghez, Executive Manager

at CM-CIC Capital Finance.

"The deal will enable Altrad to grow even faster, and underlines Bpifrance's desire to support the development of ambitious, dynamic French companies, working alongside leading private investors,"

said Sébastien Moynot, Principal at Bpifrance Investissement.

"We are proud to be working with this excellent medium-sized French company, which has achieved exceptional growth through its strategy of Europe-wide consolidation. The new-look group will have a unique combination of complementary businesses and will offer a comprehensive range of services to major clients. The deal will also deliver operational synergies and give the group consistent geographical positions in Europe, Asia and the Pacific region," added Thierry Martin, Principal at

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About Altrad

Altrad has been based in Montpellier, France, since it was created in 1985, and it is the leading provider of secure access solutions for the manufacturing, building and public works sectors. It employs almost 6,800 people in 16 countries. The group has grown organically and through acquisitions for almost 30 years, and had revenue of €860 million in the year ended 31 August 2014. The acquisition of the Hertel group – which is a leading European player in the scaffolding, insulation, mechanical and painting segments and provides a wide range of services to industry, particularly in the energy market – will make Altrad one of Europe's top three companies in its sector. The new-look group will have pro forma revenue of €1.6 billion.

About Hertel

The Hertel group has revenue of €733 million and employs 10,000 people. It was created in 1895 and is a major European provider of technical services to manufacturing companies. It is based in the Netherlands and serves clients in process industries (petrochemicals, utilities etc.) and the oil, gas and energy sector through 25 locations in Europe, the Middle East, Asia and Australia.

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About Bpifrance

Bpifrance is a subsidiary of Caisse des Dépôts et de l’État and a trusted partner of entrepreneurs. It is a French public investment bank that finances businesses from the seed phase to stock exchange listing, through loans, guarantees and equity. Bpifrance accompanies firms developing export activities and provides support services for their innovation and acquisition projects, in partnership with Business France and Coface. Bpifrance offers businesses a financing continuum covering every key phase of business development and support suited to the specific regional context. With its network of 42 regional offices – ensuring that 90% of decisions are made at the regional level – Bpifrance serves entrepreneurs to boost economic competitiveness. Bpifrance supports public policies established by the French government and regions to meet three goals:

• accompanying businesses in their growth; • preparing tomorrow’s competitive landscape;

• developing an ecosystem that favours entrepreneurship.

Bpifrance acts as a powerful partner to businesses, one that is on hand and able to respond efficiently to all of their financing, innovation and investment needs.

Find our more at: www.bpifrance.fr and http://investissementsdavenir.bpifrance.fr/ Follow us on Twitter: @bpifrance

About Arkéa Capital Investissement

Arkéa Capital Investissement is a subsidiary of Crédit Mutuel Arkéa. It originally operated in Western France and now covers all of mainland France. Arkéa Capital Investissement invests in all business sectors and covers almost all stages of private equity (organic development, acquisitions and buyouts), always taking minority stakes of €1 million upwards. It forms active partnerships with entrepreneurs and takes a medium- to long-term approach, with no predetermined exit date. For more than 30 years, Arkéa Capital Investissement and the other vehicles it manages have invested around €600 million in more than 300 companies.

About BNP Paribas Développement

BNP Paribas Développement is a wholly owned subsidiary of the BNP Paribas group. It invests in the equity of small and medium-sized French companies, acquiring minority stakes in rapidly growing, strongly performing participants in all sectors of the French economy. It now has a portfolio of over 320 investments, representing a total investment of €550 million.

In order to work as closely as possible with companies and ensure in-depth knowledge of their local markets, BNP Paribas Développement has a presence in all large French cities: Paris, Lille, Strasbourg, Lyon, Marseille, Toulouse, Bordeaux, Nantes and Rennes.

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Investors

CM-CIC Capital Finance Bertrand Ghez Executive Manager +33 (0)4 72 56 91 14 [email protected] Thierry Martin Principal +33 (0)1 42 66 79 66 [email protected] Bpifrance

Sebastien Moynot, Principal, medium-sized and large companies Tel: +33 (0)1 53 89 55 63

[email protected] Emilie Brunet

Investment manager, medium-sized and large companies Tel: +33 (0)1 53 89 79 31 or +33 (0)6 78 26 30 36

[email protected] Emmanuel Blot

Manager, medium-sized and large companies [email protected]

Hervé Coindreau Bpifrance legal counsel [email protected] Arkéa Capital Investissement Cyril Miller

Regional Manager + 33 (0)1 56 69 76 49 [email protected]

Arkéa Banque Entreprises et Institutionnels Eric Gaulier

Head of Specialised Financing + 33 (0)1 56 69 76 32 [email protected] BNP Paribas Développement Valérie Breitenstein Principal Tel: +33 (0)4 91 13 43 31 [email protected]

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Altrad

Mohed Altrad Chairman Louis Huetz

Chief Executive Officer Isabelle Garcia

Chief Financial Officer

Participants

Investor financial due diligence: Grant Thornton, Robert Dambo, Pierre-Olivier Arsac, Geoffroy Tronel Investor strategic advisors: L.E.K., Frédéric Dessertine, Serge Hovsepian

Investor legal advisors: Duteil Avocats, François Duteil, Edouard Eliard, Benoît Lespinasse Company legal advisors: Clifford Chance, Daniel Zerbib, Mary Serhal, Maroussia Cuny Press contact

CM-CIC Capital Finance: Résonance Médiatique - Véronique Richez-Lerouge +33 (0)6 14 63 90 00 - +33 (0)1 42 76 96 82 –

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