Buyout Track Rep

Research Report 2011
Buyout Track 100 Research Report 2011
Britain's private equity-backed companies

with the fastest-growing profits
In association with
CONTENTS
INTRODUCTION 1
The top 10 companies 1
EXECUTIVE SUMMARY 2

KEY STATISTICS 4
EBITDA 4
Margins 5
Sales 5
Staff and job creation 6
Debt 6
Private equity house breakdown 7
Deal type breakdown 7
Deal activity 7
Sector breakdown 8
Industry breakdown 8
Regional breakdown 9
New companies 9
Sustained growth 10
KEY THEMES 11
SELECTED COMPANY PROFILES 12

Increased deal activity 12
Outsourced public services 13
Growth by acquisition 14
Counter-cyclical businesses 15
Well-known brands 16
2011 BUYOUT TRACK 100 LEAGUE TABLE 17
10 BIGGEST 21
METHODOLOGY 23
Qualification criteria 23
Research approach 23
Definition of private equity 23
Disclaimers 23
ABOUT THE SPONSORS 24
BACKGROUND 26
About the authors 26
About Fast Track 26
Contact details 27
© 2011 Buyout Track 100 www.fasttrack.co.uk

INTRODUCTION
This is the fifth annual Sunday Times Buyout Track 100 league
table, which ranks Britain’s 100 private equity-backed companies
with the fastest-growing profits (EBITDA‡) over their latest two
financial years. The league table has title sponsorship from Deloitte,
and main sponsorship from Lloyds Bank Corporate Markets,
Skillcapital and UBS Wealth Management.
The Buyout Track 100 is the only league table of its kind in Britain,
ranking private equity-backed companies, rather than private equity
deals at entry or exit. Past stars include Betfair, Somerfield, Kettle
Foods and St Tropez.
Simon Calver, CEO of Lovefilm.com, who announced in

This year’s league table findings suggest that these private equity-
January that an agreement had been reached for Amazon backed companies have weathered the harsh trading conditions.
to acquire it outright.
Average profit growth over latest two years was 48% pa, down
nine percentage points on the 2010 league table, but total profits
are up.
Many of the companies on the Buyout Track 100 are household

names, including retailers Cath Kidston (No 18, backed by TA
Associates), Evans Cycles (No 4, backed by Active Private Equity),
and Poundland (No 46, backed by Warburg Pincus).
Businesses with profits greater than £50m are listed separately in

the '10 Biggest' league table (see page 22).
Top 10 Buyout Track 100 companies rs

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1 3 Lovefilm.com West London Dec 09 283.72 15,961 1,084 97,170 427 Private equity consortium (38%), Amazon (45%),
Online DVD rental provider management and others (17%)
2 40 GO Outdoors Sheffield Jan 10 114.04 *6,617 1,444 *74,005 497 YFM Group (21%), management (79%)
Outdoor equipment retailer
3 50 Aesica Pharmaceuticals Newcastle Dec 09 105.74 14,700 *3,473 84,600 615 LDC (60%), management (40%)
Pharmaceuticals manufacturer
4 Evans Cycles Sussex Oct 09 101.78 5,933 1,457 72,969 715 Active Private Equity (70%), management
Bicycle retailer and others (30%)
5 Celerant Consulting Richmond Dec 09 100.31 7,483 1,865 122,729 571 Management (53%), Caledonia
Operational management consultancy Investments (47%)
6 XLN Telecom Central London Mar 10 100.11 11,572 2,890 54,862 100 ECI Partners (>50%), management (<50%)
Telecoms services provider
7 HellermannTyton Manchester Dec 09 106.95 7,435 1,736 37,753 427 Doughty Hanson (100%)
Cable manufacturer
8 Acturis Central London Sep 09 88.24 5,750 1,623 14,083 110 Management (<80%), Summit Partners
Software services provider (>20%)
9 United House Group Kent Dec 09 86.71 11,169 3,204 159,645 466 Management (60%), LDC (40%)
Building contractor
10 DWS Bodyworks Essex Sep 09 84.13 4,135 *1,220 36,755 379 Risk Capital Partners (60%),
Car repairer management (40%)
§ compound annual growth rate between 2007/08 and 2009/10 * annualised figure
‡ EBITDA is defined as operating profit + depreciation + amortisation

EXECUTIVE SUMMARY
Growth in profits Growth in profits

Number of companies in each range • This year’s Buyout Track 100 companies achieved an average
two-year profit growth of 48% a year, compared with 57%
>200% 1 among last year’s league table companies.
• The top-ranked company, online DVD rental provider
101%-200% 5 Lovefilm.com backed by a consortium including Balderton
Capital, had average profit growth of 284% a year from
51%-100% 28 £1.1m in 2007 to £16m in 2009.
• The 100th ranked company, fleet management software provider
30%-50% 31 Trafficmaster, backed by Vector Capital, grew profits an average
of 21% a year, from £9.4m in 2007 to £13.6m in 2009.
<=30% 35
• Combined profits increased from £691m to £1.4bn, compared
0 10 20 30 40 to £1.3bn recorded by last year's league table companies.
• Profit growth across the companies has been driven by
improvement in EBITDA margins, which have increased from
an average of 10% in 2007/08 to 15% in 2009/10, combined
with strong sales growth.
Characteristics of an average
Buyout Track 100 company Sales
Profits • Total sales increased on average 17% a year from £6.8bn in
Growth over two years 48% pa 2007/08 to £9.2bn in 2009/10.
EBITDA in 2009/10 £13.6m • Sales ranged from debt purchaser Marlin Financial (No 15,
EBITDA in 2007/08 £6.9m
backed by Duke Street Capital), with sales of just £11.5m
in 2009, to discount retailer Poundland (No 46, backed by
EBITDA margin 15%
Warburg Pincus), with the highest sales of £510m in 2010.
Sales
Growth over two years 17% pa Staff and job creation
Sales in 2009/10 £92m • Companies employed a total of 90,909 staff in their latest
Sales in 2007/08 £68m year, an increase of 16,198 over the last two years.
Staff • The largest employers are Poundland, with 6,700 employees

across more than 300 stores, followed by marine services
Typical number of staff in 2009/10 909
provider Inchcape Shipping Services (No 24, backed by
Typical increase in staff over two years 22%
Istithmar World Capital), employing more than 3,500 staff in
Debt 66 territories.
Debt in 2009/10 £56m
Debt
Company characteristics • Companies reported a combined debt of £5.6bn.
Region Greater London (27%)
• Average debt (defined as long-term plus short-term
Sector Services (51%) borrowings) of £56m equated to four times EBITDA.

EXECUTIVE SUMMARY (continued)

Deal activity
• 27 league table companies have had new private equity
investors since the beginning of 2010. The comparative
number on last year's league table was 10.
• 13 of the companies on the 2010 Buyout Track 100 have
completed deals in the last year, compared to only three the
year before.
Sector and industry breakdown

• The services sector dominates the league table, accounting for
51 companies falling into this category, including healthcare
providers, travel agencies and IT services providers. Many have
public-sector clients.
• The next biggest sector is retail with 28 companies selling
products including clothing, sports and outdoor gear,
Cath Kidston (No 18), appears on the league table for the
first time following a £100m buyout backed by TA Associates homeware, and food and drink.
in March 2010.
• The largest industry group is consumer, containing 31
companies such as fashion retailers and discount retailers.
• Business services has 14 companies, including management
consultancies and marketing agencies.
Regional breakdown
• London is home to the highest proportion of companies with
27, followed by the Southeast with 21.
New and sustainable growth companies

• There are 48 new entrants on the league table this year.
• 37 companies appear for a second consecutive year. 11 have

appeared in the league table for at least three years in a row.
Castlebeck (No 72, backed by Lydian Capital Partners) and
Wood Mackenzie (No 63, backed by Charterhouse) have
appeared on all five Buyout Track 100 league tables.
Well-known brands
• A number of household retail names are featured. Evans Cycles
(No 4, backed by Active Private Equity), Cath Kidston (No 18,
backed by TA Associates) and 99p Stores (No 84, backed by
Barclays Ventures), all appear for the first time. Lovefilm.com
(No 1, backed by a private equity consortium), GO Outdoors
(No 2), Jack Wills (No 36, backed by Inflexion Private Equity),
and Poundland (No 46, backed by Warburg Pincus) all feature
for a second time. YO! Sushi (No 82) and Dreams (No 83)
appear for a third time.

EBITDA on main table KEY STATISTICS

Number of companies in each EBITDA range EBITDA
• Companies on the league table had to have EBITDA of
£20m - £50m 17
between £3m and £50m in their latest year. Businesses with
£10m - £20m 38
profits greater than £50m are listed separately in the '10
Biggest' league table (see page 22).
£5m - £10m 28
• This year’s Buyout Track 100 companies achieved an average
£3m - £5m 17 two-year profit growth of 48% a year, compared with 57% on
last year’s league table. Total combined EBITDA increased from
0 10 20 30 40
£691m in 2007/08 to £1.4bn in 2009/10.
• Energy research consultancy Wood Mackenzie (No 63, backed

by Charterhouse) had the highest EBITDA on the table at
£48.5m in 2009. Value food retailer Frozen Value (No 67,
backed by 3i) had the lowest EBITDA at £3.1m in 2010.
• More than half of the companies (55) had EBITDA of more

than £10m in their latest year (2009/10), compared to 40
last year. 17 companies reported EBITDA in excess of £20m,
including fashion retailer Republic (No 48, backed by TPG), and
bed retailer Dreams (No 83, backed by Exponent).
• The top-ranked company, online DVD rental provider

Wood Mackenzie (No 63), backed by Charterhouse. Lovefilm.com (backed by a consortium including Balderton
Capital), had average profit growth of 284% a year from
£1.1m in 2007 to £16m in 2009. This is the highest growth
rate recorded in five years of Buyout Track 100.
10 companies with the highest EBITDA
• The 100th ranked company, fleet management software provider
Rank Name 2009/10 Latest
Activity EBITDA FYE Trafficmaster, backed by Vector Capital, grew profits an average
£m of 21% a year, from £9.4m in 2007 to £13.6m in 2009.
63 Wood Mackenzie 48.5 Dec 09
Energy research consultancy • Combined profits were £1.4bn, up 6% compared to combined
79 Innovia Films 45.6 Dec 09 profits of last year's league table companies of £1.3bn.
Film manufacturer
52 Inexus 43.5 Jun 10
• The biggest absolute increase in EBITDA recorded over two
Gas transportation operator years was by the university accommodation provider UPP
22 UPP 41.6 Aug 10 (No 22, backed by Barclays Infrastructure Funds), which grew
University accommodation provider profits by £26m from £15.6m in 2008 to £41.6m in 2010.
24 Inchcape Shipping Services 41.5 Dec 09
Marine services provider
41 Britax Childcare 36.2 Dec 09
Child car seat maker
57 Deb Group 35.5 Dec 09
Skincare product maker
55 Survitec Group 34.8 Mar 10
Safety and survival equipment maker
96 BrightHouse 34.1 Mar 10
Household goods retailer
48 Republic 33.6 Jan 10
Fashion retailer

EBITDA margins on main table Margins

• Profit growth across the companies is a function of an
Number of companies in each EBITDA margin range
improvement in EBITDA margins, which have increased from
an average of 10% in 2007/08 to 15% in 2009/10, and sales
60 - 70% 2
growth averaging 17% a year (see below).
50 - 60% 3 • Last year's league table had an average EBITDA margin of
20%. This reduction of five percentage points suggests
40 - 50% 7
continued pressure on margins due to ongoing tough trading
30 - 40% 2 conditions.
• 22 companies showed a drop in EBITDA margins in their latest
20 - 30% 13
financial year.
10 - 20% 51 • Five companies have EBITDA margins greater than 50%. The
company with the highest margin is Inexus (No 52, backed by
5 - 10% 22
a consortium led by Challenger Infrastructure Fund), reporting
0 10 20 30 40 50 60 margins of 72.5% with EBITDA of £43.5m on sales of £60m.
• The company with the lowest margins was discount retailer
99p Stores (No 84, backed by Barclays Ventures) with an
EBITDA margin of 2.5%.
5 companies with the highest EBITDA margins
Rank Name EBITDA Latest Sales

Activity margin FYE
52 Inexus 72.5% Jun 10
• Total combined sales increased an average of 17% a year from
Gas transportation operator £6.8bn in 2007/08 to £9.2bn in 2009/10.
74 Wireless Infrastructure Group 63.2% Dec 09 • The company with the biggest sales in its latest year was the
Wireless tower operator
discount retailer Poundland (No 46, backed by Warburg Pincus)
15 Marlin Financial Group 58.1% Dec 09
Debt purchaser with sales of £510m and more than 300 stores.
53 Weldex 52.5% Nov 09
Crane hirer
60 Griffin Marine Travel 51.2% Dec 09
Marine Travel Agency
5 companies with the biggest sales
Rank Company 2009/10 Latest

Activity sales £m FYE
46 Poundland 510 Mar 10
Discount retailer Jim McCarthy, chief executvie of Poundland (No 46); the biggest
company on the league table in terms of sales and staff numbers.
24 Inchcape Shipping Services 322 Dec 09
Film manufacturer
79 Innovia Films 308 Dec 09 • Online payment provider, Skrill (No 11, backed by Investcorp),
Film manufacturer
recorded the highest growth in sales, increasing 85% a year
98 TJ Hughes 267 Jan 10
Department store operator from £12.5m in 2007 to £42.7m in 2009. Formerly known
83 Dreams 244 Dec 09 as Moneybookers, the company is currently undergoing a
Bed retailer rebranding process, and was top of last year's league table.
• Debt purchaser Marlin Financial Group (No 15, backed by Duke
Street Capital) had the lowest sales on the league table, at
£11.5m.

Number of employees Staff and job creation

• Companies employed a total of 90,916 staff in their latest year,
Number of companies in each staff range
resulting in average EBITDA per employee of £14,958, a slight
decrease of £48 compared to last year’s league table.
>5,000 1
• Staff numbers have increased by 16,205 over the past two
1,501-5,000 18 years; however, not all of these are new jobs as some are a
result of acquisitions. For example IT services provider Kelway
1,001-1,500 13
(No 16) has made four significant acquisitions since 2006 as
21
part of a buy-and-build strategy backed by Core Capital, more
501-1,000
than doubling its workforce to 355.
251-500 21
• The biggest employers on the league table are discount retailer
<=250 26
Poundland (No 46, backed by Warburg Pincus) with 6,700
employees, and marine services provider Inchcape Shipping
0 5 10 15 20 25 30
Services (No 24, backed by Istithmar World Capital), employing
more than 3,500 staff in 66 territories.
• 32 companies employ more than 1,000 staff.
Debt • 26 companies employ fewer than 250 staff. The company
with the fewest staff is wireless tower operator Wireless
Number of companies in each debt range
Infrastructure Group (No 74, backed by RBS and Penta Capital)
with 29 employees and EBITDA of £10.8m. It recorded the
>£200m 7
highest EBITDA per employee of £372,900 per head.
£100m-£200m 10
Debt
£50m-£100m 15
• Average debts of £56m are four times EBITDA. The companies
£25m-£50m 16 with the highest debt relative to EBITDA in their latest filed
accounts were university accommodation provider UPP (No 22,
£10m-£25m 20 backed by Barclays Infrastructure Funds) with a multiple of 19,
and telecoms services provider Azzurri Communications (No
<£10m 32
94, backed by Silverfleet Capital) showing a multiple of 18.
0 5 10 15 20 25 30 • League table companies have combined debts of £5.6bn.
Seven reported more than £200m of debt in their latest filed
accounts, including specialist healthcare provider Castlebeck
(No 72, backed by Lydian Capital Partners) with £428m of
Debt relative to profits debt, and film manufacturer Innovia Films (No 79, backed by
Candover) carrying £303m of debt.
Number of companies in each debt multiple range
>15x 2
10x-15x 9
5x-10x 17
1x-5x 42
<1x 30
0 10 20 30 40 50

Private equity houses Private equity house breakdown

• 77 private equity houses have investee companies on
The 21 private equity houses with two or more
the league table. LDC, the private equity arm of Lloyds
investee companies on league table
Banking Group, has 10 portfolio companies on the league
No of table, the same number as it had last year. Half of LDC's
Private equity house investee investee companies on the league table are less than 50%
companies shareholdings.
LDC 10
• To appear on the league table, companies have to be at
Barclays Private Equity 4
least 20% owned by private equity. 27 companies are still
Bowmark Capital 4 majority-owned by founders or management, including GO
Inflexion Private Equity 4 Outdoors (No 2, backed by YFM Group) which is 77% owned
Duke Street Capital 3 by management, and 99p Stores (No 84, backed by Barclays
Silverfleet Capital 3 Ventures) which is 51% owned by the founding Lalani family.
3i 2 • 12 companies are backed by multiple private equity owners.
August Equity 2 For example, National Accident Helpline (No 76) is owned 30%
Bregal Capital 2 by LDC and 30% by Inflexion Private Equity.
Bridgepoint 2
Caird Capital 2
Deal type breakdown
Charterhouse 2
• 54 companies appear following a primary deal where the
Graphite Capital 2
acquired business has been bought for the first time from a
Growth Capital Partners 2
trade seller or the company's founder. A total of 41 have been
Phoenix Equity Partners 2 transferred between private equity houses in secondary (32),
Primary Capital 2 tertiary (7) or quartertiary (2) deals.
Sovereign Capital 2
• There were five public-to-private deals including fleet
TA Associates 2
management software provider Trafficmaster (No 100), which
Vision Capital 2
Vector Capital delisted from the LSE main market for £87m in
Vitruvian Partners 2 June 2010.
Warburg Pincus 2
Deal activity
Deal type • 27 companies on this year's league table have been the subject
of private equity buyouts since the beginning of 2010. On last
Number of companies year's league table, the comparative number was 10.
• One company featured on last year's league table has gone
Primary 54 on to float, compared to none the previous year. Apax-backed
Promethean listed on the LSE with a market capitalisation
Secondary 32 of £396m in March, but its share price subsequently under
performed.
Tertiary 7
• There were 12 other exits from last year's league table,
Quartertiary 2 compared to three last year. Half were trade sales, including
Lion Capital's sale of Kettle Foods to US listed group Diamond
Public-to-private 5 Foods for $615m. Four were exited in secondary deals,
including Webfusion which Oakley Capital sold to Montagu
0 15 30 45 60 Private Equity for £222m. RJD Partners exited Teaching
Personnel in a £45m tertiary deal with Graphite Capital, and
Kcaj sold its stake in Mountain Warehouse for an undisclosed
amount in a quartertiary deal backed by LDC.

Secondary 49%
Sector breakdown Sector breakdown

• The two largest sectors are services, with 51 companies, and
retail with 28.
• Service (51) businesses encompass a wide range of industries
Services 51
from business travel agencies, such as financial services provider
ATP International (No 42, backed by Barclays Private Equity)
to financial data provider Data Explorers (No 27, backed by
Bowmark Capital). The service sector represents combined profits
of £633m and employs 34,748 staff.
• Retailers (28) include fashion chains such as Jack Wills (No 36,
backed by Inflexion), discount retailers such as 99p Stores (No
Retail 28 84, backed by Barclays Ventures) and sports and outdoors stores
Manufacturing 15 including Evans Cycles (No 4, backed by Active Private Equity).
Wholesale 3 The retail sector represents combined profits of £387m and
Construction 3 employs 38,682 staff.
• Manufacturers (15) include safety and survival equipment
maker Survitec (No 55, backed by Warburg Pincus) and yacht
builder Oyster Marine (No 88, backed by Balmoral Capital). The
manufacturing sector represents combined profits of £238m and
employs 10,018 staff.
• Wholesalers (3) include office equipment supplier Danwood
Group (No 91, backed by Bregal Capital). The wholesale sector
represents combined profits of £34m and employs 4,593 staff.
• Construction (3) companies include home improvements
products provider Anglian Group (No 93, backed by a consortium
Industry breakdown including Barclays) best-known for its double-glazed windows,
and contractor United House Group (No 9, backed by LDC) which
focuses on social housing developments. The construction sector
represents combined profits of £67m and employs 2,875 staff.
Industry breakdown
Consumer (inc retail) 31
• The top industry, representing nearly a third of the league table,
is consumer-related. 31 companies fall into this category,
including shoe retailer Office (No 39, backed by Silverfleet
Capital) and child car seat maker Britax Childcare (No 41, backed
by Nordic Capital). Consumer-related represents combined
Business services 14 EBITDA of £449m and employs 45,967 people.
• The business services industry provides a further 14 companies,
including training services provider JHP Group (No 33, backed by
TMT 14 LDC) and vehicle leasing services provider Zenith Provecta
(No 73, backed by Morgan Stanley Private Equity). Business
services represents combined EBITDA of £159m and employs
Life sciences, healthcare 10 10,821 staff.
• Technology, media and telecommunications (TMT) accounts
for 14 companies, including telecoms network operator Gamma
Manufacturing 10
Telecom (No 30, backed by Kerry Group), and IT services provider
THL (travel, hospitality, leisure) 7 Kelway (No 16, backed by Core Capital). TMT represents
combined EBITDA of £157m and employs 6,127 people.
Financial services 5 • The life sciences and healthcare industry provides ten
Real estate (inc construction) 5 companies, including drug manufacturer Aesica Pharmaceuticals
EIU (energy, infrastructure, utilities) 4 (No 3, backed by LDC) and specialist healthcare provider
Castlebeck (No 72, backed by Lydian Capital Partners). Life
sciences and healthcare has combined EBITDA of £155m and
employs 10,046 people.
Regional breakdown Regional breakdown

• London is home to the highest proportion of Buyout Track 100
Number of companies in each region companies, with more than a quarter of the companies (27) on
this year’s league table headquartered here.
London 27
• The next highest is the Southeast, with 21 companies.
Southeast 21
Northeast 13 New companies

• There are 48 new entrants on the league table, including
Midlands 13
bicycle retailer Evans Cycles (No 4, backed by Active Private
Northwest 8 Equity), lifestyle retailer Cath Kidston (No 18, backed by TA
Associates) and restaurant operator Las Iguanas (No 51, backed
East 6
by Bowmark Capital).
Scotland 5
Southwest 4
Wales 2
Northern Ireland 1
0 5 10 15 20 25 30
Eren Ali, founder of Las Iguanas (No 51), backed by Bowmark Capital.

Buyout Track 100 Research Report 2011 10
Sustained growth
• 37 companies appear on the league table for their second
consecutive year, eleven make their third appearance. Three
make their fourth consecutive appearance. Two companies,
energy research consultancy Wood Mackenzie (No 63, backed
by Charterhouse) and specialist healthcare provider Castlebeck
(No 72, backed by Lydian Capital Partners) have appeared on
all five Buyout Track 100 league tables.
• An additional 15 companies make re-entries, having appeared
in a Buyout Track 100 league table prior to 2010.
• The table below shows the eleven companies that have
appeared at least three years in a row.
Companies appearing for at least three consecutive years
Company Current backer Rank 2011 Rank 2010 Rank 2009 Rank 2008 Rank 2007
Activity
Tangerine Confectionery Growth Capital Partners 20 47 40
Confectionery maker
Office Silverfleet Capital 39 93 81 82
Shoe retailer
Tinopolis Vitruvian Partners 40 51 38
Film and television producer
National Fostering Agency Sovereign Capital 56 66 90
Foster care agency
Wood Mackenzie Charterhouse 63 69 67 19 12
Energy research consultancy
EIC MML Capital 65 43 14
Integrated building services provider
Castlebeck Lydian Capital Partners 72 67 63 61 68
Specialist healthcare provider
Dunlop Aircraft Tyres AAC Capital Partners 75 87 35
Aircraft tyre manufacturer
National Accident Helpline LDC, Inflexion Capital 76 96 92 54
Legal services marketing agency
YO! Sushi Quilvest Private Equity 82 100 61
Japanese restaurant operator
Dreams Exponent 83 82 24
Bed retailer

key THEMES
The research highlights a number of themes which characterise

both the kinds of companies achieving success on this year’s
league table and the current economic environment for private
equity-backed businesses:
• Increased deal activity: An increase in deal activity meant

that 27 of the companies on the league table had private
equity investment in the last year, compared with 10 on the
2010 Buyout Track 100.
• Outsourced public services: 15 companies on the league

table provide services to the public sector. They include ten
healthcare providers and two education operators.
• Growth by acquisition: At least 25 companies on the league

table have grown profits through acquisition.
• Counter-cyclical businesses: 15 of the companies can be

considered to be counter-cyclical, such as discount retailers and
Fashion retailer Jack Wills (No 36), backed by Inflexion, debt collectors.
appears on the league table for a second time.
• Well-known brands: household names that feature on the

league table include Cath Kidston (No 18) which is making its
Buyout Track 100 debut, Jack Wills (No 36) which makes its
second appearance, and YO! Sushi (No 82), making its third
consecutive appearance on the league table.

SELECTED COMPANY PROFILES

Increased deal activity
27 league table companies received new private equity investors
in the last year. This is an increase from 10 from last year's
league table, demonstrating a recovery in confidence and better
availability of funding. Nine of the deals in the last year were
primary buyouts, 17 were transferred between private equity
houses, and Vector Capital delisted fleet management software
Office (No 39) is backed by Silverfleet Capital. provider Trafficmaster (No 100) for £87m. Three of the deals
from last year are highlighted below.
Office
39 Main shareholders: Silverfleet Capital (95%), Brian McCluskey (5%)
Shoe retailer
CAGR§ 45.00% From Ugg boots to kitten heels and Converse trainers, Office
EBITDA 2010 £18.4m* sells footwear from 74 shops and 42 concessions in Britain, as
EBITDA 2008 £8.7m well as from a concession in Top Shop’s New York outlet. The
Sales 2010 £142.9m* company opened its doors in 1981, when husband and wife
Staff 1,748 David and Liz Casey furnished their first London shop with old
office furniture and named it Office London. The Caseys sold
Location Central London
the business to Sir Tom Hunter’s West Coast Capital for £15m
in 2003, before Silverfleet Capital acquired the business for a
reported £140m in December 2010.
Poundland
46 Main shareholders: Warburg Pincus (76%), management (24%)
Discount retailer
CAGR§ 40.02% Poundland has almost doubled its number of stores to more
EBITDA 2010 £30.1m than 300 over the past three years. It plans to open a further
EBITDA 2008 £15.3m 50 in the year to March 2011, and says the scale of the
business is helping profit growth thanks to improved buying
Sales 2010 £510m
power. The company sells more than 3,000 products, including
Staff 6,702 food, household goods and DIY products, all priced at £1.
Location West Midlands Warburg Pincus backed a £200m secondary buyout from
Advent International in June 2010.
Deb Group
57 Skincare product maker
Main shareholders: Charterhouse (80%), management (20%)
CAGR§ 34.43% The hands of employees all over the world are cleaner thanks
EBITDA 2009 £35.5m to Deb Group. Best known for its Swarfega hand cleanser, it
EBITDA 2007 £19.7m also supplies a range of other skincare products to companies
Sales 2009 £140.1m in the industrial, commercial, healthcare and food sectors.
Staff 688 The company was founded in Derbyshire in 1941 and now
has subsidiaries in 14 countries. Charterhouse Capital Partners
Location Derbyshire
backed a £325m secondary buyout from Barclays Private Equity
in March 2010, taking a 80% stake.
§ compound annual growth rate between 2007/08 and 2009/10 * annualised figure † accounts not filed at Companies House

Outsourced public services

15 companies provide services to the public sector, operating
mainly in the healthcare and education sectors. Growth
by acquisition is a particularly strong theme among these
companies, with a third of the businesses having acquired
competitors. Examples of companies providing services to the
public sector on the league table include National Fostering
Agency (No 56, backed by Sovereign Capital) and specialist
healthcare provider Castlebeck (No 72, backed by Lydian Capital
Lifeways Community Care (No 12) is backed by Partners), as well as those listed below.
August Equity.
Lifeways Community Care

12 Main shareholders: August Equity (78%), management (22%)
Community care provider
CAGR§ 76.83% Lifeways Community Care provides supported living services

EBITDA 2010 £7m for 1,500 people with complex care needs, including learning
EBITDA 2008 £2.2m disabilities and autism. The London-based company has offices
throughout Britain and care contracts with more than 60 local
Sales 2010 £57.9m
authorities and primary care trusts. In 2007 August Equity
Staff 3,009 backed a buyout for an undisclosed sum and installed Paul
Location South London Marriner, a qualified nurse, as chief executive. Following a buy
and build strategy, the company has acquired four businesses
in the last two years.
CastleCare
69 Main shareholders: Baird Capital Partners (72%), management (26%)
Youth care homes operator
CAGR§ 29.64% CastleCare is a provider of education, residential care and

EBITDA 2009 £3.4m treatment programmes for children and young people. The
EBITDA 2007 £2m Northamptonshire company runs more than forty homes and
schools across England and Wales for children with social,
Sales 2009 £20.2m
behavioural or special needs. Baird Capital Partners backed
Staff 456 a £22m management buyout in 2004 and the business
Location Northants bought competitor Sovereign Care the following year for an
undisclosed amount.
Teaching Personnel
81 Main shareholders: Graphite Capital (64.5%), management (35.5%)
Supply teacher recruiter
CAGR§ 26.37% Teaching Personnel supplies temporary staff to 4,000 primary,

EBITDA 2009 £5.7m secondary and special needs schools in England and Wales.
EBITDA 2007 £3.6m Based in Welwyn Garden City, the business was founded
in 1996 and now has 32 regional branches. The company
Sales 2009 £46.3m
provides supply teachers to state and independent schools and
Staff 192 also recruits teaching assistants, nursery nurses and special-
Location Hertfordshire needs teachers for both short and long term. Graphite Capital
backed the £45m tertiary buyout from RJD Partners in July
2010.

Growth by acquisition
Companies growing through acquisition once again feature
heavily on this year's league table, with at least 25 reporting that
acquisitions have helped grow profits. Some, such as Lifeways
Community Care (No 12, backed by August Equity) have
grown through buy-and-build strategies. Others have acquired
competitors, including Tangerine Confectionery (No 20, backed
by Growth Capital Partners) which bought underperforming
divisions from Burton Foods and Cadbury.
Weathering the storm: Survitec (No 55) is backed
by Warburg Pincus.
Kelway
16 Main shareholders: Core Capital (25%), management and staff (75%)
IT services provider
CAGR§ 67.25% Kelway sells computer software and hardware, as well as

EBITDA 2010 £8.4m offering consultancy services on data-centre setup, network
EBITDA 2008 £3m design and training. Founded in 1990 by chief executive Phil
Doye at the age of 21, the company now has more than
Sales 2010 £178.1m
2,000 clients including Microsoft, Bank of America and Oxford
Staff 355 University Press. In 2006, Core Capital invested £5m for a 25%
Location Central London stake which has been used to make four acquisitions for its
buy-and-build strategy, including the acquisition of competitor
Repton in June 2009 for an undisclosed amount.
Engine Group Main shareholders: HIG Capital (38%), management and staff
37 (47%), institutional shareholders (15%)
Marketing agency
CAGR§ 47.98% This marketing group consists of 10 different partner

EBITDA 2009 £13m companies providing a range of services from direct marketing
EBITDA 2007 £6m* and sponsorship to social media and digital marketing. In
Sales 2009 £59.1m October 2010 HIG Capital invested £32.5m in the London
Staff 540 company, giving it a 38% stake. Profit growth has been helped
by a number of acquisitions in 2007 and 2008, and in October
Location Central London
2010, the business made its first acquisition overseas, buying
the American digital agency Deep Focus.
Survitec
55 Main shareholders: Warburg Pincus, management
Survival equipment maker
CAGR§ 35.32% Survitec provides safety and survival equipment to the marine,
EBITDA 2010 £34.8m defence, aviation and oil and gas sectors. It makes life rafts,
EBITDA 2008 £19m life jackets, submarine escape suits, and anti-gravity and
Sales 2010 £162m survival suits for customers including P&O, BP, Thompson
Staff 1,270 Airways, the US Navy and Westland Helicopters. Warburg
Pincus backed a secondary buyout in January 2010 for £280m
Location Belfast
which should help fund the company's buy-and-build strategy.
Its latest acquistion, Seaweather Marine and Aviation Services,
completed in September 2010.

Counter-cyclical businesses
Companies operating in counter-cyclical sectors are well
represented on the league table, with a total of 15 companies.
This includes four discount retailers such as Poundland (No 46,
backed by Warburg Pincus) and 99p Stores (No 84, backed by
Barclays Ventures), and two debt collectors: Marlin Financial
Group (No 15, backed by Duke Street Capital) and Apex Credit
Management (No 59, backed by Anacap Financial Partners).
Andrew Page (No 86), backed by Phoenix Equity

Partners, has driven through the downturn
growing sales and profits.
Apex Credit Management

59 Main shareholders: Anacap Financial Partners (100%)
Debt purchaser
CAGR§ 33.9% Established in 2000, this company specialises in providing

EBITDA 2010 £3.6m outsourced debt collection, tracing absent debtors, and
EBITDA 2008 £2m recovering portfolios of debt bought from financial institutions.
It works with banks such as RBS and Lloyds Banking Group,
Sales 2010 £24m
as well as major credit card and motor finance houses. In
Staff 195 2007, AnaCap Financial Partners backed a buy-in management
Location Warwickshire buyout for an undisclosed sum from credit management
company BCW.
99p Stores Main shareholders: Lalani family (51%), Barclays Ventures

84 (25%), other (24%)
Discount retailer
CAGR§ 25.31% Nadir Lalani opened the first of his 99p Stores in London in
EBITDA 2010 £4.5m 2001, and now operates 137 outlets nationwide after picking
EBITDA 2008 £2.9m up 67 former Woolworth shops to date. True to its name, the
single price retailer sells everything at 99p, and the company
Sales 2010 £183.5m
has recently launched Family Bargains, a new budget retail
Staff 2,156 chain not constrained by the 99p price tag. Barclays Ventures
Location Northampton owns a 25% stake after making investments in the business in
2004 and 2006.
Andrew Page Main shareholders: Phoenix Equity Partners (>50%),

86 management (<50%)
Vehicle component distributor
CAGR§ 25.24% Andrew Page claims to be one of the largest independent

EBITDA 2010 £13m distributors of car parts and workshop tools in Britain. The
EBITDA 2008 £8.3m company says the recession has helped sales because more
people are repairing their cars rather than buying new ones.
Sales 2010 £111.5m
Founded in 1946, it has expanded to more than 50 branches.
Staff 1,168 The founder’s family retains a significant stake and Andrew
Location Leeds Page remains on the board. Phoenix Equity Partners backed a
£102m buyout in March 2010, taking a majority stake.

Well-known brands
Household names that feature on the league table are
predominantly consumer-facing businesses such as retailers and
leisure operators such as Go Outdoors (No 2, backed by YFM
Group), Poundland (No 46, backed by Warburg Pincus) and
Yo! Sushi (No 82, backed by Quilvest Private Equity), in addition
to the ones below; including the number one company,
Lovefilm.com.
Simon Calver, chief executive of Lovefilm.com

(No 1), backed by a private equity consortium
including Balderton Capital.
Main shareholders: Private equity consortium (38%), Amazon

Lovefilm.com
1 (45%), founders and business angels and
Online DVD rental provider
others (14%), management (3%)
CAGR§ 283.72% Lovefilm.com is one of Europe's leading film subscription

EBITDA 2009 £16m services offering more than 70,000 movies to its 1.4m
EBITDA 2007 £1.1m members across Britain, Sweden, Norway, Denmark and
Sales 2009 £97.2m Germany. In 2008, it bought Amazon.com's European DVD
Staff 427 rental businesses in Britain and Germany for an undisclosed
Location West London sum with Amazon taking a significant minority stake. In
January the company announced that an agreement had been
reached for Amazon to acquire it outright. The deal, which is
thought to value the business at around £200m, is subject to
regulatory approval, and is expected to complete later in the
first quarter of 2011.
Cath Kidston Main shareholders: TA Associates (62%), Cath Kidston (21%),

18 management (17%)
Lifestyle retailer
CAGR§ 66.56% Cath Kidston set up her Notting Hill shop in 1993 selling
EBITDA 2010 £8.8m antique furniture and fabrics, becoming a hit with her largely
EBITDA 2008 £3.2m female clientele when she designed a homeware range.
Distinctively decorated with floral prints, the items have
Sales 2010 £50.4m
tapped into the 'modern vintage' trend, and can be seen on
Staff 383 items from key rings to Apple iPhone covers. TA Associates
Location Central London backed a majority buyout in March which valued the company
at £100m.
Jack Wills Main shareholders: Inflexion Private Equity (27%),

36 Fashion retailer management (73%)
CAGR§ 47.98% Targeting affluent university towns, Jack Wills now has 45
EBITDA 2010 £10.2m shops in Britain, Ireland and America. The company sells
EBITDA 2008 £4.6m casual, preppy clothes aimed at 18-21 year olds, as well as a
range for more mature customers sold through its Aubin and
Sales 2010 £64.8m
Wills brand. It puts growth down to the quality of its clothes,
Staff 1,286 geographical expansion and marketing. The company was
Location Northwest London founded in 1999 by university friends Peter Williams and Rob
Shaw, and in 2007 Inflexion purchased a 27% stake for an
undisclosed sum.

2011 BUYOUT TRACK 100 LEAGUE TABLE

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1 3 Lovefilm.com West London Dec 09 283.72% 15,961 1,084 97,170 427 Private equity consortium (38%), Amazon
Online DVD rental provider (45%), management and others (17%)
2 40 GO Outdoors Sheffield Jan 10 114.04% *6,617 1,444 *74,005 497 YFM Group (21%), management (79%)
Outdoor equipment retailer
3 50 Aesica Pharmaceuticals Newcastle Dec 09 105.74% 14,700 *3,473 84,600 615 LDC (60%), management (40%)
Pharmaceuticals manufacturer
4 Evans Cycles West Sussex Oct 09 103.83% 6,054 1,457 72,969 715 Active Private Equity (70%),
Bicycle retailer management and others (30%)
5 Celerant Consulting Richmond Dec 09 100.31% 7,483 1,865 122,729 571 Management (53%), Caledonia
Operational management consultancy Investments (47%)
6 XLN Telecom Central London Mar 10 100.11% 11,572 2,890 54,862 153 ECI Partners (>50%), management
Telecoms services provider (<50%)
7 HellermannTyton Manchester Dec 09 90.77% 7,435 2,043 37,753 427 Doughty Hanson (100%)
Cable manufacturer
8 Acturis Central London Sep 09 88.24% 5,750 1,623 14,083 110 Management (<80%), Summit Partners
Software services provider (>20%)
9 United House Group Kent Dec 09 86.71% 11,169 3,204 159,645 466 Management (60%), LDC (40%)
Building contractor
10 DWS Bodyworks Essex Sep 09 84.13% 4,135 *1,220 36,755 379 Risk Capital Partners (60%),
Car repairer management (40%)
11 1 Skrill Central London Dec 09 81.73% 18,956 5,740 42,655 317 Investcorp (51%), founders and
Online payment provider management (49%)
12 32 Lifeways Community Care Southwest London May 10 76.83% 6,983 *2,233 57,875 3,009 August Equity (78%), management
Community care provider (22%)
13 29 Achilles Group Abingdon Apr 10 74.00% 10,636 3,513 37,979 579 HgCapital (69%), management (31%)
Procurement consultancy
14 Quantum Pharmaceutical County Durham Jan 10 73.98% 7,328 2,421 29,983 180 Management (52.5%), LDC (47.5%)
Pharmaceutical manufacturer
15 Marlin Financial Group West Sussex Dec 09 70.09% 6,706 2,318 11,542 68 Duke Street Capital (58%), management
Debt purchaser (42%)
16 46 Kelway Central London Mar 10 67.25% 8,408 3,006 178,140 355 Core Capital (25%), management and
IT services provider staff (75%)
17 63 Rixonway West Yorkshire Feb 10 67.21% 5,113 1,829 28,811 430 August Equity (60%), management
Kitchen maker (40%)
18 Cath Kidston Central London Mar 10 66.56% 8,785 3,167 50,369 383 TA Associates (62%), Cath Kidston
Lifestyle retailer (21%), management (17%)
19 Nexus Industries Telford Dec 09 66.28% 4,075 1,474 44,537 248 Management (50.1%), EPIC Investments
Electrical products supplier (49.9%)
20 47 Tangerine Confectionery Blackpool Dec 09 65.14% 13,109 4,807 154,549 1,343 Growth Capital Partners (41%), management
Confectionery maker (40%), Appleby Trust (14%), Toms Gruppen (5%)
21 Worldmark Lanarkshire Dec 09 65.11% 13,432 4,927 73,051 1,413 Barclays Private Equity (70%),
Identification systems developer management (30%)
22 5 UPP Central London Aug 10 63.20% †41,585 15,614 †84,219 353 Barclays Infrastructure Funds (100%)
University accommodation provider
23 DCK Essex Jan 10 60.56% 19,560 7,587 190,498 1,953 Caird Capital (20%), management and
Jewellery retailer others (80%)
24 44 Inchcape Shipping Services Essex Dec 09 58.97% 41,546 16,440 322,114 3,568 Istithmar World Capital (85%),
Marine services provider management and staff (15%)
25 Aim Aviation Bournemouth Apr 10 58.41% †13,300 5,300 †69,200 800 LDC (>50%), management (<50%)
Aircraft interior designer


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26 Bounty Welwyn Garden Dec 09 56.69% 8,289 3,376 30,292 688 Barclays Private Equity (63%),
Pregnancy and parenting club City management (37%)
27 Data Explorers Central London Jun 10 55.98% †4,825 *1,983 †17,490 100 Bowmark Capital (51%), management
Financial data provider (49%)
28 Thompson & Morgan Ipswich Jun 10 55.57% 3,899 1,611 40,602 294 Primary Capital (52%), management
Garden seed supplier (48%)
29 Quantel Newbury Sep 09 54.61% 4,480 1,874 39,093 243 LDC (55%), management and staff
Broadcasting technology provider (45%)
30 Gamma Telecom Newbury Dec 09 54.49% 6,540 2,740 141,292 263 Kerry Group (46%), Michael Stone
Telecoms network operator (24%), Sofaer Capital (21%), other (9%)
31 11 Cognita Milton Keynes Aug 09 54.40% 26,632 11,171 138,618 2,937 Bregal Capital (81%), management
Schools operator (19%)
32 49 Wiggle Portsmouth Jan 10 52.90% 7,402 3,166 55,597 92 ISIS Equity Partners (48%), management
Online sports goods retailer (52%)
33 JHP Group Coventry Jul 10 51.87% †10,158 4,404 †62,642 1,400 LDC (78%), management (22%)
Training services provider
34 Thomsons Online Benefits Central London Dec 09 50.45% 3,434 1,517 16,319 132 Pi Capital (48%), Michael Whitfield
Employee benefits software developer (29%), Chris Bruce (23%)
35 HobbyCraft Group Dorset Feb 10 48.97% 12,155 5,477 84,366 1,538 Bridgepoint (>50%), management and
Craft goods retailer others (<50%)
36 22 Jack Wills Northwest London Jan 10 47.98% 10,156 4,638 64,764 1,286 Inflexion Private Equity (27%),
Fashion retailer management (73%)
37 Engine Group Central London Dec 09 47.98% 13,038 5,954 59,102 540 HIG Capital (38%), management and staff
Marketing agency (47%), institutional shareholders (15%)
38 74 FDM Group Brighton Dec 10 46.39% †11,277 5,262 †83,736 784 Inflexion Private Equity (61.5%),
IT services provider management (38.5%)
39 93 Office Central London Jan 10 45.00% *18,388 8,746 *142,923 1,748 Silverfleet Capital (95%), Brian
Shoe retailer McCluskey (5%)
40 51 Tinopolis South Wales Sep 09 44.28% 6,926 3,327 65,750 389 Vitruvian Partners (70%), management
Film and television producer (30%)
41 Britax Childcare Surrey Dec 09 44.14% 36,161 17,405 202,872 1,010 Nordic Capital (majority), management
Child car seat maker (minority)
42 ATP International Central London Dec 09 43.99% 15,731 *7,587 74,606 1,040 Barclays Private Equity (60%),
Business travel agency management (40%)
43 99 Attenda West London Dec 09 43.67% 5,668 2,746 33,186 209 M/C Venture Partners & Phoenix Equity
IT services provider Partners (52%), management (48%)
44 CPL Industries Chesterfield Mar 10 40.74% 20,600 10,400 132,800 549 Royal Bank of Scotland (46%), Vision Capital
Solid fuels supplier (39%), current and former management (15%)
45 23 Mountain Warehouse Central London Feb 10 40.39% 9,038 *4,585 47,534 654 Management (>50%), LDC (<50%)
Outdoor clothing retailer
46 92 Poundland West Midlands Mar 10 40.02% 30,053 15,328 509,791 6,702 Warburg Pincus (76%), management
Discount retailer (24%)
47 Adelie Food Milton Keynes Oct 09 39.97% *12,804 6,535 *231,270 3,248 Duke Street Capital (>50%),
Food producer and distributor management (<50%)
48 Republic Leeds Jan 10 39.73% 33,588 17,202 173,302 2,459 Texas Pacific Group (>50%),
Fashion retailer management (<50%)
49 LGC Southwest London Mar 10 38.85% 20,731 10,753 123,569 1,332 Bridgepoint (>50%), management
Analytical services laboratory (<50%)
50 A-Gas International Bristol Dec 10 38.51% †10,300 5,369 †52,000 130 Growth Capital Partners (40%),
Chemicals and gases distributor management (60%)


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51 Las Iguanas Bristol Mar 10 38.10% 4,050 *2,123 29,753 754 Bowmark Capital (52%), Eren Ali (23%),
Restaurant operator current and former management (25%)
52 Inexus Cardiff Jun 09 38.08% †43,531 22,831 †60,007 249 Challenger Infrastructure Fund (83%), CFSPC and
Gas transportation operator CFSI Infrastructure Fund (13%), management (4%)
53 41 Weldex Inverness Nov 09 36.64% 14,277 7,647 27,201 128 Dunedin Capital Partners (58%), McGilvray
Crane hirer family (37%), NVM Private Equity (5%)
54 17 Ultimate Products Manchester Jul 10 35.91% 6,792 3,677 78,264 231 LDC (46%), management (54%)
Homeware designer and sourcer
55 95 Survitec Group Belfast Mar 10 35.32% 34,814 19,013 161,951 1,270 Warburg Pincus (>20%), management
Safety equipment maker
56 66 National Fostering Agency West London Mar 10 35.00% 10,260 5,630 53,908 200 Sovereign Capital (50%), Edwina Beech
Foster care agency (21%), Michael Lovett (21%), other staff (8%)
57 Deb Group Derbyshire Dec 09 34.43% 35,534 19,663 140,120 688 Charterhouse (80%), management
Skincare product maker (20%)
58 DC Leisure Management Surrey Mar 10 34.07% 13,648 7,593 103,858 1,871 Sovereign Capital (70%), management
Leisure facility operator (30%)
59 Apex Credit Management Stratford-upon- Dec 09 33.90% 3,620 2,019 24,007 195 Anacap Financial Partners (100%)
Debt purchaser Avon
60 Griffin Marine Travel Central London Dec 09 33.11% 12,673 7,152 24,751 503 Inflexion Private Equity (25%),
Marine travel agency management (75%)
61 Adapt Central London Jun 10 32.94% †3,137 1,775 †30,647 85 Private equity consortium (25%),
Managed services provider management (75%)
62 2 Callcredit Information Group Leeds Dec 09 31.75% 11,747 6,767 53,645 642 Vitruvian Partners (>50%), management
Business risk evaluator (<50%)
63 69 Wood Mackenzie Edinburgh Dec 09 31.42% 48,500 28,080 108,263 700 Charterhouse (77%), management and
Energy research consultancy staff (23%)
64 MandMDirect.com Herefordshire Feb 10 30.29% 14,299 8,423 107,822 588 TA Associates (78%), management
Online discount retailer (22%)
65 43 EIC West Midlands Dec 09 30.11% 7,830 4,625 93,287 617 MML Capital (67%), management (33%)
Building services provider
66 FMG Support Huddersfield Sep 09 29.93% 4,447 2,634 78,757 419 Spirit Capital Partners (40%), N Brown
Fleet management services provider (40%), other management (20%)
67 36 Frozen Value Barnsley Jan 10 29.78% 3,077 1,827 51,013 830 3i (40%), management (60%)
Value food retailer
68 Leaders Lettings Worthing Mar 10 29.73% 4,146 2,464 24,209 466 Bowmark Capital (71%), management
Residential letting agent (29%)
69 CastleCare Northamptonshire Dec 09 29.64% 3,419 2,034 20,247 456 Baird Capital Partners (72%),
Youth care homes operator management (26%)
70 Rosemont Pharmaceuticals Leeds Dec 09 29.45% 17,971 10,724 37,019 208 CBPE Capital (80%), management (20%)
Liquid pharmaceuticals manufacturer
71 The Original Factory Shop Burnley Mar 10 29.19% 14,892 8,923 116,853 2,500 Duke Street Capital (70%), management
Discount retailer (30%)
72 67 Castlebeck Darlington Dec 09 28.76% 31,266 *18,857 85,225 1,908 Lydian Capital Partners (80%),
Specialist healthcare provider management (20%)
73 Zenith Provecta Leeds Mar 10 28.63% 8,888 *5,372 125,387 157 Morgan Stanley Private Equity (60%),
Vehicle leasing services provider management (40%)
74 10 Wireless Infrastructure Group Lanarkshire Dec 09 28.18% 10,815 6,582 17,120 29 Royal Bank of Scotland Special Opportunities Fund
Wireless tower operator (43%), Penta Capital (22%), other investors (35%)
75 87 Dunlop Aircraft Tyres Birmingham Dec 09 27.69% 7,321 4,490 30,727 314 AAC Capital Partners (75%),
Aircraft tyre manufacturer management (25%)


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76 96 National Accident Helpline Northamptonshire Dec 09 26.92% 9,026 5,603 29,028 54 LDC (30%), Inflexion Private Equity
Legal services marketing agency (30%), management (40%)
77 Civica Southwest London Sep 10 26.90% †28,705 17,826 †170,291 1,548 3i (74%), management (26%)
IT services provider
78 Arthouse Lancashire Dec 09 26.80% 3,564 2,216 20,827 50 Total Capital Partners (43%),
Home decoration supplier management (57%)
79 Innovia Films Cumbria Dec 09 26.75% 45,573 28,368 307,864 1,376 Candover (84%), management (16%)
Film manufacturer
80 i2 Cambridge Dec 09 26.62% 12,833 8,004 27,963 163 Silver Lake Sumeru (70%), York St Capital (6%),
Software developer Pennant Park (3%), management (3%), others (18%)
81 84 Teaching Personnel Welwyn Garden Nov 09 26.37% 5,728 3,587 46,337 192 Graphite Capital (64.5%), management
Supply teacher recruiter City (35.5%)
82 100 YO! Sushi Central London Nov 09 25.92% 6,361 4,012 41,700 1,149 Quilvest Private Equity (71%),
Japanese restaurant operator management (29%)
83 82 Dreams High Wycombe Dec 09 25.48% 25,121 15,955 243,570 1,774 Exponent (>50%), management (<50%)
Bed retailer
84 99p Stores Northampton Jan 10 25.31% 4,523 2,880 183,472 2,156 Lalani family (51%), Barclays Ventures
Discount retailer (25%), other (24%)
85 72 Microlease Northwest London Feb 10 25.26% 13,496 8,601 29,772 120 LDC (71%), management (29%)
Electronic equipment provider
86 Andrew Page Leeds May 10 25.24% 13,017 8,299 111,501 1,168 Phoenix Equity Partners (>50%),
Vehicle component distributor management (<50%)
87 Tobar Group Suffolk Jun 10 25.00% 3,274 2,095 51,915 488 Primary Capital (50%), management
Toy and gift retailer (50%)
88 Oyster Marine Ipswich Dec 09 24.92% 7,414 4,751 53,834 254 Balmoral Capital (99%), management
Yacht builder (1%)
89 Hotter Comfort Concept Lancashire Jan 10 24.88% 8,814 5,652 44,456 354 Gresham Private Equity (45%), S
Footwear retailer Houlgrave (45%), management (10%)
90 M&C Energy Group Fife Jun 10 24.77% †3,887 2,497 †25,473 330 Lyceum Capital (66%), management
Energy consultancy (33%)
91 Danwood Group Lincoln Sep 09 24.69% 17,423 11,207 194,072 1,295 Bregal Capital (40%), management
Office equipment supplier (60%)
92 27 Healthcare Homes Essex Sep 09 24.58% 5,787 3,729 28,997 942 Bowmark Capital (80%), management
Care provider (20%)
93 Anglian Group Norwich Mar 10 24.55% 14,739 9,501 209,228 2,056 Consortium of financial institutions
Home improvement products supplier (95%), management (5%)
94 Azzurri Communications Walsall Jun 10 24.33% †14,452 9,349 †141,056 721 Silverfleet Capital (65%), management
Telecoms services provider (35%)
95 Tuffnells Parcels Express Sheffield Dec 10 23.81% †11,400 *7,437 †103,100 1,800 Caird Capital (30%), management (70%)
Express parcel courier
96 BrightHouse Watford Mar 10 22.07% 34,091 22,879 197,327 1,825 Vision Capital (87%), management
Household goods retailer (13%)
97 Apogee Corporation Southwest London Dec 09 21.38% 6,125 4,157 32,505 136 Management (71%), LMS Capital (29%)
Document handling services provider
98 TJ Hughes Liverpool Jan 10 21.38% 12,782 8,676 266,710 4,189 Silverfleet Capital (85%), management
Department store operator (15%)
99 Kurt Geiger Central London Jan 10 20.57% 14,534 9,998 162,566 1,118 Graphite Capital (<50%), management
Shoe retailer (>50%)
100 Trafficmaster Bedfordshire Dec 09 20.57% 13,621 9,370 57,466 524 Vector Capital (100%)
Fleet management software provider

10 Biggest
Breakdown
The 10 Biggest private equity-backed companies must have

profits of more than £50m in their latest accounts, and are then
ranked by fastest-growing profits over a two-year period.
The top company is pharmaceutical logistics provider Marken,

which first appeared on the main Buyout Track 100 league table
last year. It was acquired by Apax Partners from Intermediate
Capital Group in what, at £975m, was reported as Britain's
biggest private equity deal in 2009.
Other companies in the 10 Biggest include R&R Ice Cream, which

Oaktree Capital delisted for £182m in 2006, and Terra Firma-
Infinis, backed by Terra Firma, makes its first appearance
on the 10 Biggest.
backed Infinis, which produces approximately 10% of the UK’s
renewable power. Half of the 10 Biggest companies are new to
the league table this year.
Large private equity-backed businesses typically carry a great deal

of debt. The 10 Biggest hold an average of £700m in debt, which
equates to six times EBITDA. Airwave (backed by Macquarie
European Infrastructure Fund and Canada Pension Plan) reported
the highest debt in its latest filed accounts, with total loans and
borrowings of £2bn, which is equal to 10 times EBITDA.
Most of the companies on the 10 Biggest pay considerable

amounts in interest (£55m on average), although none paid out
more in interest than they took in profit (EBITDA) last year.
Please see the full 10 Biggest league table on the following page.

10 Biggest league table with profits over £50m
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1 Marken Dec 09 101.27% 73,443 *18,131 154,383 360 Apax Partners(67%), Marken transports biological samples, vaccines and clinical trial
Pharmaceutical logistics provider management (33%) material around the world for the pharmaceutical industry. The
West London company was founded in 1980 and now has operations in North
America, Europe, the Asia Pacific, Latin America, and Africa. Apax
Partners backed a £975m tertiary buyout from Intermediate Capital
Group in December 2009.
2 Markit Dec 09 82.56% 116,877 35,067 305,392 1,389 Employees, General Markit is a global financial information services company which
Financial information provider Atlantic and other provides independent data, valuations and trade processing
Central London financial institutions services for the over-the-counter markets across asset classes
including credit, equities, interest rates, foreign exchange,
structured finance, commodities and environmental markets.
Financial institutions hold a majority stake. General Atlantic paid a
reported $250m for a 7.5% stake in January 2010.
3 3 R&R Ice Cream Dec 09 69.70% 65,376 22,702 367,601 1,875 Oaktree Capital (83%), R&R operates eight factories across Europe that produce 730m
Ice cream manufacturer management (17%) litres of ice cream per annum. It manufactures a broad range
North Yorkshire of own label ice cream products for several leading European
supermarket chains and has manufacturing and distribution
agreements with several brand owners, including Nestlé and Mars.
Oaktree Capital delisted the group in 2006 for £182m.
4 Infinis Mar 10 52.85% 71,770 30,720 143,434 454 Terra Firma Capital Infinis is Britain's leading generator of purely renewable power
Renewable energy generator Partners (100%) and is also the largest generator for the landfill gas-to-electricity
Northampton market. It claims to produce approximately 10% of the UK’s
renewable power, and about 0.7% of total electricity supply. In
2006, Terra Firma spun Infinis out of WRG, the waste management
company it took private for £531m in 2003.
5 7 Spire Healthcare Dec 09 38.41% 150,383 78,500 619,992 6,284 Cinven, management This company says it is the second-biggest operator of private
Private hospital operator hospitals in Britain. It has 37 hospitals with a total of 1,935 beds.
Central London The company was formed in 2007 when Cinven, the private-equity
firm, backed the £1.4bn acquisition of 25 former Bupa hospitals.
6 Barchester Healthcare Dec 09 29.03% 50,826 30,528 413,115 14,127 Grove Investments Mike Parsons set up this company in 1993 and it now runs more
Care home operator (100%) than 200 nursing homes, caring for more than 10,000 people, and
West London offering dementia care and assisted living as well as support for
younger people with disabilities. Irish entrepreneurs John Magnier,
JP McManus and Dermot Desmond acquired the business in 1994
for an undisclosed amount.
7 Vue Entertainment Nov 09 24.89% 57,979 37,171 271,952 3,069 Doughty Hanson (73%), Vue's 70 cinemas attract in excess of 37m customers every year
Cinema operator management (27%) and a further 10 sites are expected to open over the next three
West London years. Formed in 2003 when SBC International bought 36 cinemas
from Warner Village for £250m, the company was sold to Doughty
Hanson in November for a reported £450m including debt.
8 Airwave Jun 10 22.33% †192,759 *128,813 †413,227 866 Macquarie European Airwave's core business is supplying the emergency services with
Emergency communications provider infrastructure fund (50%), secure digital radio communication systems. In 2007, Macquarie
Slough Canadian Pension Plan paid Telefonica £1.9 billion for the firm. In 2009, the listed
Investment Board (50%) Macquarie fund MCG, which owned 50% of the business, was
then acquired by Canada Pension Plan.
9 Harrods Jan 10 21.60% 86,500 58,500 519,800 3,314 Qatar Holding (100%) Harrods says its Knightsbridge site is Britain’s largest shop, selling
Department store operator an array of fashion, food, jewellery, beauty items and luxury
Central London goods. Other enterprises within the Harrods brand include
property, aircraft sales and a number of smaller outlets in overseas
department stores and airports. Qatar Holdings bought Harrods
from Mohamed Al-Fayed for a reported £1.5bn last May.
10 Enterprise Dec 09 20.32% 84,400 58,300 1,060,200 8,515 3i (57%), Equiom Enterprise works from more than 150 sites across Britain and
Maintenance services provider Trust Company (23%), Ireland, providing infrastructure maintenance for the likes of the
Lancashire management and staff Highways Agency, United Utilities and the MoD. In 2007, 3i backed
(20%) a £594m public-to-private deal, led by former and current chief
executives Owen McLaughlin and Neil Kirkby. Later that year,
Enterprise bought its competitor, Accord, for £195m.

METHODOLOGY
The Buyout Track 100 league table ranks private equity-backed

companies based on their annual growth in profits (EBITDA) over
their latest two years of available accounts. EBITDA is the profit
measure favoured by private equity houses as it demonstrates cash
generation potential. It is defined as operating profit excluding
exceptionals, with depreciation and amortisation added back.
Qualification criteria
• Registered in the UK, unquoted and not subsidiaries
• EBITDA more than £3m in latest accounts (2009 or 2010)
• EBITDA more than £1m in base year accounts (2007 or 2008)
• EBITDA in latest year more than EBITDA in penultimate year
• Private equity stake of at least 20%
• Latest sales of at least £10m (2009 or 2010)
• More than 25 trading weeks in the base and final years
• Excluded companies include LLPs, pure property and financial
trading companies
• Companies with latest EBITDA of more than £50m feature in
the separate 10 Biggest table with the fastest-growing profits
Research approach
The research was conducted by the Fast Track research team
primarily between 1 September 2010 and 1 January 2011. The
companies have been interviewed by telephone by the Fast Track
research team, and many were visited during the research process.
Companies were selected from a database of about 2m

independent private UK companies followed by extensive desk and
telephone research. Of the 100 companies, 49 had financial years
ending in 2009 and 51 had financial years ending in 2010.
Definition of private equity

Private equity funds can be based abroad, as long as the portfolio
company is UK-based. In addition to standard private equity funds,
which are often members of the BVCA, other investors, which
act like private equity funds, were also included. Examples are
Lydian Capital Partners, the investment vehicle for Irish investors
John Magnier, Dermot Desmond, JP McManus and Denis Brosnan,
which backs Castlebeck (No 73), and Challenger Infrastructure
Fund which backs Inexus (No 53).
Disclaimers
Companies are not endorsed, guaranteed or recommended by
Fast Track or its sponsors. They are not necessarily the best-run
companies, but are ranked on historical profit growth.
Private company information can be incomplete and, while every

effort is made to include all qualifying companies, there may be
omissions. Nominations for next year’s table would be welcome.

ABOUT THE SPONSORS

Fast Track would particularly like to thank the sponsors of our
Buyout Track 100, Deloitte and Lloyds Bank Corporate Markets,
for a fifth year, UBS Wealth Management for a second year, and
Skillcapital for a first year.
Deloitte is the title sponsor.
With 12,000 people across the UK, Deloitte is renowned for its
innovation, collaboration, industry expertise, and outstanding
client service. Our depth of talent across our chosen disciplines
– audit, tax, consulting and corporate finance – allows us
to deliver a total solution to our clients, whatever their size,
location or need.
Mark Pacitti
Head of London Corporate
Finance Advisory www.deloitte.co.uk
Lloyds Bank Corporate Markets is a main sponsor.
Lloyds Bank Corporate Markets’ Acquisition Finance team is a

leading force in providing leveraged finance in Europe, working
in tandem with specialist private equity sponsors. We have
supported over 500 private equity transactions in the last five
years and have a dedicated team of experienced professionals
who can provide you with flexible and innovate debt solutions
Jon Herbert
Head of acquisition finance
across a range of countries and industries.
Lloyds Bank Corporate
Markets www.lloydsbankcorporatemarkets.com
Skillcapital is a main sponsor.
Skillcapital recruits management teams for private equity-

backed portfolio companies throughout Europe. We also use
our experience and knowledge to help our private equity clients
research markets and evaluate potential transactions.
www.skillcapital.com
Tim Macready
Chief executive officer

UBS Wealth Management is a main sponsor.
UBS is one of the world’s leading providers of private banking

services, and in the UK has more than 250 client advisers who
focus on the needs of UK customers. UBS Wealth Management
has developed and implemented many innovative wealth
management strategies for UK entrepreneurs.
Michael Bishop www.ubs.com/uk

Managing director, Private
Wealth Management
The Sunday Times has been Fast Track's media partner for 14 years.
The Sunday Times is Britain's leading Sunday broadsheet newspaper

attracting three million readers every week. It is the leading business
Dominic O'Connell newspaper with a business readership of over 500,000, three times
Business editor more than its nearest rival The Sunday Telegraph.
Dominic O’Connell is the business editor of The Sunday Times.

He was previously deputy business editor and has been at the paper
since 2001. Before that he was news editor of Sunday Business,
having joined the paper at its launch in 1997.
www.thesundaytimes.co.uk

BACKGROUND
About the authors
Steve Beever
Steve is responsible for managing the Buyout Track 100. He
is a chartered accountant and previously worked in Deloitte's
Reorganisation Services practice in London. He has a degree in
business administration from Cardiff University.
Research support was also provided by Fast Track researchers

Adam Jankiewicz, Kate Greasley, Laura Vicary, Lindsay Uppadine
and Naomi Colegate.
Dr Hamish Stevenson
Hamish owns and runs Fast Track, which he founded in 1997,
after securing cornerstone sponsorship from Sir Richard Branson.
He works closely with media partners, sponsors and leading
entrepreneurs. He holds an associate fellowship at Green
Templeton College, Oxford University.
About Fast Track

Fast Track 100 is compiled by Fast Track, the UK's leading face-to-
face networking events and research company, which focuses on
top-performing private companies and entrepreneurs.
Its annual national awards events and bespoke dinners provide

an opportunity for entrepreneurs and directors to network and to
meet the sponsors.
Fast Track has compiled league tables on private companies in

partnership with The Sunday Times for the last fourteen years. It
publishes six other annual league table awards programmes:
Tech Track 100 (since 2001) ranks Britain's private technology


(TMT) companies with the fastest-growing sales.
Fast Track 100 (since 1997) ranks Britain’s private companies with

the fastest-growing sales.
International Track 100 (since 2010) ranks Britain’s private

companies with the fastest-growing international sales.
 Profit Track 100 (since 2000) ranks Britain’s private companies
with the fastest-growing profits.
Top Track 250 (since 2005) ranks Britain’s leading mid-market

private companies with the biggest sales.
Top Track 100 (since 2002) ranks Britain’s private companies with

the biggest sales.
Fast Track is based in Oxford with 22 staff, and a network of

freelance researchers.

Contact details
Fast Track
Angel Court
81 St Clements
Oxford
OX4 1AW
Tel: 01865 297 100

Fax: 01865 297 001
Email: info@fasttrack.co.uk
Web: www.fasttrack.co.uk

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Research Report 2011

Buyout Track 100 Research Report 2011 

Britain's private equity-backed companies

SELECTED COMPANY PROFILES 12

2011 BUYOUT TRACK 100 LEAGUE TABLE 17

ABOUT THE SPONSORS 24

© 2011 Buyout Track 100 www.fasttrack.co.uk

Simon Calver, CEO of Lovefilm.com, who announced in

Many of the companies on the Buyout Track 100 are household

Businesses with profits greater than £50m are listed separately in

Top 10 Buyout Track 100 companies rs

© 2011 Buyout Track 100 www.fasttrack.co.uk

Growth in profits Growth in profits

Staff • The largest employers are Poundland, with 6,700 employees

© 2010 Buyout Track 100 www.fasttrack.co.uk

EXECUTIVE SUMMARY (continued)

Sector and industry breakdown

New and sustainable growth companies

• 37 companies appear for a second consecutive year. 11 have

© 2011 Buyout Track 100 www.fasttrack.co.uk

EBITDA on main table KEY STATISTICS

• Energy research consultancy Wood Mackenzie (No 63, backed

• More than half of the companies (55) had EBITDA of more

• The top-ranked company, online DVD rental provider

© 2011 Buyout Track 100 www.fasttrack.co.uk

EBITDA margins on main table Margins

Rank Name EBITDA Latest Sales

5 companies with the biggest sales

Rank Company 2009/10 Latest

© 2011 Buyout Track 100 www.fasttrack.co.uk

Number of employees Staff and job creation

© 2011 Buyout Track 100 www.fasttrack.co.uk

Private equity houses Private equity house breakdown

© 2011 Buyout Track 100 www.fasttrack.co.uk

Sector breakdown Sector breakdown

Regional breakdown Regional breakdown

Northeast 13 New companies

© 2011 Buyout Track 100 www.fasttrack.co.uk

Companies appearing for at least three consecutive years

© 2011 Buyout Track 100 www.fasttrack.co.uk

The research highlights a number of themes which characterise

• Increased deal activity: An increase in deal activity meant

• Outsourced public services: 15 companies on the league

• Growth by acquisition: At least 25 companies on the league

• Counter-cyclical businesses: 15 of the companies can be

• Well-known brands: household names that feature on the

© 2011 Buyout Track 100 www.fasttrack.co.uk

SELECTED COMPANY PROFILES

© 2011 Buyout Track 100 www.fasttrack.co.uk

Outsourced public services

Lifeways Community Care

CAGR§ 76.83% Lifeways Community Care provides supported living services

CAGR§ 29.64% CastleCare is a provider of education, residential care and

CAGR§ 26.37% Teaching Personnel supplies temporary staff to 4,000 primary,

© 2011 Buyout Track 100 www.fasttrack.co.uk

CAGR§ 67.25% Kelway sells computer software and hardware, as well as

CAGR§ 47.98% This marketing group consists of 10 different partner

© 2011 Buyout Track 100 www.fasttrack.co.uk

Andrew Page (No 86), backed by Phoenix Equity

Apex Credit Management

CAGR§ 33.9% Established in 2000, this company specialises in providing

99p Stores Main shareholders: Lalani family (51%), Barclays Ventures

Andrew Page Main shareholders: Phoenix Equity Partners (>50%),

CAGR§ 25.24% Andrew Page claims to be one of the largest independent

Buyout Track 100 Research Report 2011