More than 6 World’s only 350 company dedicated to the manufacture Specialty additives with regional customer and distribution applications in Life Sciences, applications centers of nitroalkanes and Personal Care and high-growth employees around the world their derivatives industrial end-markets David Neuberger: We were really impressed with they are much stronger on the international side and Ardian’s due diligence. As an example, they were can give us access to European M&A opportunities the only group that I reached out to personally to that will accelerate our growth in those markets. better understand one of our end markets, because I thought some of their experts had better insights than TB: We are strong believers that ANGUS can we did internally. That’s extremely rare and it made become a consumer-focused company. For all of us think, ‘maybe these guys do things a little bit example, when we invested, personal care differently.’ We could see there was a network that represented about 10% of the business. If we want Ardian could bring that we did not have access to it to reach 20% or more a few years from now, elsewhere, on top of shared values and a philosophy we need to do M&A. The big opportunity we see of partnering with management teams. is that there are a lot of interesting small- to mid- size personal care companies headquartered in TB: Our involvement with ANGUS is unusual European countries like France and Spain, where because their previous shareholder, Golden Gate our networks are strong. This is true as well for life Capital, has reinvested for a 50% stake, so we are sciences. We have no doubt that with this strategy equal partners with them. As Ardian, we already ANGUS can become a billion-dollar-revenue had other indirect relationships with Golden Gate group over the next couple of years. via our platform and the feedback we had from David was that he was extremely happy with them. DN: As a leadership team and as a company, we They have fully supported ANGUS’ growth strategy realize that we are somewhat unique in the Ardian over the past five years, so we were pleased to portfolio because we are the first North American partner with them. investment of this size. We take that commitment very seriously and in addition to any financial benefits to DN: Golden Gate’s network and resources are the group, we want the Ardian team to do well too. concentrated in the US and with them we’ve built a We want to show what we’re capable of and help very profitable business in life sciences and personal tell that story for future investors. care, which has grown organically to about 50% of our revenues in 2020. Where this situation starts to get really interesting with Ardian’s involvement is that 2020 ACTIVITY REPORT 59