4
“Investindustrial has proven across several
cycles that macroeconomic headwinds can
largely be mitigated through the disciplined,
industrially driven and active ownership model”.
“Investindustrial continues to invest significant
capital and intellectual resources into quality
companies“.
“Throughout 2014 Investindustrial made
additional improvements across its business
platforms and investment portfolio to further
entrench its position as a leading European
private mid-market investor”.
The leadership position Investindustrial has established by
focusing on Southern Europe, and opportunistically across
Western Europe, has been achieved through perseverance
across cycles to act as a transformational owner for a select
group of quality companies.
By the end of 2014, Investindustrial expanded its latest
investment programme with the acquisitions of Flos, the leading
Italian high-end lighting brand, and Goldcar, the leading value
leisure car rental company in the Mediterranean region.
During the year Investindustrial also continued to dedicate
resources to Aston Martin that increased its capital to continue
the biggest R&D project in its 102-year history, which is expected
to have a transformational impact on the company’s long-term
performance and sustainability. Additionally, the partnership
with Daimler on new engines and electric and electronic
components is underway and the automotive community
eagerly anticipates the launch of the DB10 as James Bond’s new
car in the Spectre movie to be released in November 2015.
In 2014, recovering financial and macroeconomic conditions
provided the opportunity for Investindustrial to seize attractive
divestment opportunities that arose as a result of the careful
preparation, management and positioning of investee
companies for sustainable long-term growth. Starting with the
partial sale of PortAventura in December 2013, Investindustrial
managed exits from four portfolio companies, and a further exit
20
14
Strategic Commentary
//
ANNUAL REVIEW & SUSTAINABILITY REPORT
STRATEGIC
COMMENTARY
2013
2012
2011
2010
4,835
7,426
7,677
8,392
2014
7,221
Sales (
€
m)
By Year
Total investments generated aggregate sales of
€
7.2 billion in
2014 with a decrease of
14%
compared to the prior year, as a
result of the full sale of three portfolio companies; excluding these
transactions the sales grew by
12%
+54%
+3%
+9%
-14%
2014
Portfolio
figures
in 2015, generating distributions of more than
€
1.1 billion for its
investors.
A key contributor to Investindustrial’s long term success,
and one which has now become a significant competitive
advantage, is the ability to form strategic external partnerships.
Throughout 2014, Investindustrial continued to develop and
nurture these industrial, brand, and capital partnerships.
