The Covid-19 crisis has accelerated many trends in markets and society and has hugely increased companies’ focus on digital transformation. ByFrançois Jerphagnon, Head of Ardian Expansion In the very challenging context fund to complete around 18 deals and to back of the Covid-19 crisis, the quality and many international build-up acquisitions. responsiveness of management teams of our portfolio companies has enabled us to Despite the economic slowdown due to the come through in good shape. On average, Covid-19 outbreak, Ardian Expansion’s team has their sales in 2020 grew organically by 2% maintained an active investment pace in 2020. The and 11% in total. team has focused on companies displaying strong organic and external growth and operating in We believe this performance validates our resilient sectors. Thanks to the quality of our network, investment approach. Ardian Expansion targets we were able to close three new investments after the high-quality and growing midcap companies and pandemic began, including our first in Switzerland, works closely with them to expand their internationalin fast-growing companies.This reinforces our reach through cross-border acquisitions. By the timeposition as a strong player able to complete we invest, we have typically known the managementtransactions in testing conditions, where our close team for three years and it is often the strength of thislinks with management teams and our investment relationship that tips the balance in our favor whentrack record become powerful differentiators. transactions are negotiated. The Covid-19 crisis has accelerated many It was especially pleasing during 2020 trends in markets and society that were already to see our investors endorse this approach so present, but in particular it has hugely increased readily. In June, we closed Fund V after just sixcompanies’ focus on digital transformation, which months at €2 billion, double the size of Fund IV.has always been a pivotal part of our investment It demonstrates the success of our strategy and and monitoring strategy. Ardian Expansion has the quality of our financialperformance. This historically backed both digital transformation plans, success also underpins the interest in the investmentsuch as for Diam and CCC, as well as established philosophy we have built over the last 20 years: digital native players, such as CLS and Berlin Brands to focus on developing strong relationships with Group, playing an active role in accelerating the experienced and dedicated management teams, companies’ roadmap. We are confident our leveraging Ardian’s network to accelerate value approach will further create substantial value in creation for all stakeholders. We expect the new Fund V and beyond. 2020 ACTIVITY REPORT 65