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JZ International

London · Madrid · New York

JZ INTERNATIONAL Long-Term Value Investor in Europe

JZ International

London · Madrid · New York Office: Madrid 2 Investment Professionals 2 Operating Professionals “European Operations Group” led by JZI Partners with

• perational background,

former enterpreneurs and industry specialists

JZ International JZ International

19 Portfolio companies 19 Portfolio companies 22 Add-on acquisitions 22 Add-on acquisitions Long-term growth capital Long-term growth capital Return through value generation Return through value generation Entrepreneur talks to Entrepreneur Entrepreneur talks to Entrepreneur

Investments primarily in Western Europe

2

Office: London 8 Investment Professionals 2 Operating Professionals

JZ International

London · Madrid · New York

• Since 1982 David Zalaznick and Jay Jordan have invested in small and mid-size

companies around the world

• Investment philosophy is to become the true value investor of choice by providing

long term capital to small and mid-size companies.

• Returns are generated through value generation and not through financial
• engineering. Bank finance enhances the return but does not generate it
• Investments have been made in USA, Canada, Brazil, China, UK, Finland,

Sweden, Norway, Germany, Holland, Italy, Czech Republic and Spain.

• Completed in excess of 200 deals in 16 different industrial sectors.

Investing in small and mid-size businesses for 30 years

JZ International

London · Madrid · New York

European Investment Focus

• JZ International dates back to 1999 when David Zalaznick, Jay Jordan and Jock

Green Armytage started investing in Europe together.

• JZ International provides long term capital to small and mid-size companies for

growth, capital diversification, family succession, MBO or MBI with a preference for but not limited to the services and BPO sectors.

• In 2003, JZI developed the “European Operations Group”. A team led by JZI

partners with operational and management background, complemented by former entrepreneurs and industry specialists to actively assist portfolio companies to enter the next phase of development.

• JZ International encourages significant

interaction between entrepreneurs and managers in its portfolio companies to promote best practice as well as business

• pportunities across Europe.

JZ International

London · Madrid · New York

Investment Criteria

• JZ International has closed 30 + investments in various sectors through out Europe

with a combined revenue over Euro 1 billion.

• Current investments include companies in the following sectors: Energy Trading,

Wireless Equipment, Financial Outsourcing, Security Services and Digitalization & Storage.

• Platform companies have an EBITDA between Euro 4 M and 20 M, whilst add-on

acquisitions can have smaller EBITDA.

• JZ International will invest across all of Europe,

currently JZI has invested in 10 European countries.

• JZ International looks for strong management,

stable cash flow and a scalable business models.

JZ International

London · Madrid · New York

Management Principals

• JZ International leaves all day to day decisions in the hands of the

management/owner partners in the business.

• JZ International and management will have equal vote on key strategic decisions

such as capital increase, business development etc…

• All attempts will be made so that Growth capital requirement will not dilute any

shareholders.

• JZ International will create a group

in the sectors it invests in. Hence JZI’s partners can share best practice, customers, supplier discounts etc…

JZ International

London · Madrid · New York

Senior Partners

Partner Background Core responsibility Prior Experience David Zalaznick Managing Principal Since 1982 Middle Market Buyout Investor All aspects of Portfolio Strategy and Implementation The Jordan Company JZ Capital Partners Jock Green-Armytage Chairman Since 1987 Corporate Management Middle Market Buyout Investor Portfolio Company Operations JZ Capital Partners NM Rothschild The Guthrie Corp Kelt Energy PLC William Baird PLC AMEC Miguel Rueda Hernando Partner Since 2002 Corporate Management Portfolio Company Operations Equifax Barclays Martin Wright Partner Since 2003 Middle Market Buyout Investor Origination and Due Diligence Portfolio Financing Fund Portfolio Exit Management ABN AMRO Hambros Touche Ross Torben Luth Partner Since 1998 Corporate Management Origination and Due Diligence Jordan Industries Inc Invest in Denmark Samson Logistics Hans Luth Processor Ole Groth Partner Since 2006 Corporate Management Origination and Due Diligence Portfolio Financing Realization Management E3Light International Nestle International NC Finanzas Corp Michael Schmitz Partner Since 2007 Mezzanine Investor Accountancy Origination and Due Diligence Portfolio Financing Realization Management MezzVest KPMG Deloitte and Touche

JZ International

London · Madrid · New York

JZ Financial Service JZ Document Management JZ Telecom Services JZ Energy JZ Security

Loan Broker Cash Management Back Office Processing Insurance Broker Freedom Finance – Spain Sweden Norway Finland Moneio UK Cannock Chase NL Mandaat NL MacKenzie Hall UK Collecta SP Diagonal Recobros SP Gedesco SP Pagaralia SP Previnet IT Previmedical IT Diagonal Gest SP Gesar SP Atacas SP

Grupo Galilea SP

Eurolloyd SP M24 SP Docout SP Seeking Targets in: UK Spain Italy Germany Seeking Targets in: UK Spain Italy Germany

Grupo Ombuds SP

Factor Energia SP Seeking Targets in: UK Spain Italy Seeking Targets in: UK Spain Italy Germany Xacom SP

JZ International

London · Madrid · New York

Personal Finance Group

• Original investment, March 2000 in

Freedom Finance UK.

• Add - on investments in Sweden and

Norway.

• Greenfield investments in Spain and

Finland.

• The group focuses on finding

borrowers the best mortgage or personal loan.

• Group synergies include sharing

banking relationships, advertising design and IT systems.

JZ International

London · Madrid · New York

Personal Finance Group

• Freedom Finance United Kingdom Original Investment March 2000 – Focused on

providing individuals with the best mortgage or personal loan available to an applicant based on their financial situation.

• Greenfield start ups in Freedom Finance Spain, Freedom Finance Ireland and

Freedom Finance Finland.

• Acquisition of Freedom Finance Sweden and Centum Norway.
• Spin out and divested – Freedom Funding, specialized mortgage lender in the UK.
• Moneio – Straight through processor of mortgages via the Internet.

JZ International

London · Madrid · New York

Credit Management and Working Capital Solutions

• Hiring of management team for

Greenfield start up in Spain.

• Acquisition made in Holland and

United Kingdom.

• Add - on acquisition made in

Holland and Spain.

• The group collects all types of

debt from three days old to many years old.

• The companies have shared

clients across Europe as well as IT systems for various type

• f debt collection.

JZ International

London · Madrid · New York

Credit Management and Working Capital Solutions

• Collecta in Spain was founded in 2002 with an experienced management

team to focus on collecting very early stage consumer debt.

• Cannock Chase Holland was acquired in 2004 to be the business collection

arm of the group. Experience and technology was exchanged with Collecta so that both could work in B2B and B2C collection.

• McKenzie Hall based in the United Kingdom was added in 2006 to bring

the ability to collect debt which was very old and where the debtor has to be tracked down.

• With JZI becoming a partner in Gedesco Spain the group is also able to
• ffer financing by acquiring outstanding invoices in Spain.
• Cannock Chase has made a number of add-on acquisition and Collecta has

made one in Spain.

JZ International

London · Madrid · New York

Back Office support

• Initial acquisition of Gesar in

Spain.

• MBO of Previnet in Italy from

three large corporate.

• Strengthening of Gesar with

acquisition of Diagonal Gest.

• Add on acquisitions in Italy and

Spain.

• The group provides back office

services for banks, insurance companies and pension funds.

• The group has rationalized costs

by sharing facilities and increased sales by cross selling across clients.

JZ International

London · Madrid · New York

Back Office Support

• The initial acquisition of Gesar was done in 2005, the first investment into providing

services for Financial Institutions. A number of small add on acquisitions followed to expand the geographic territory which Gesar operated in.

• In 2007 Diagonal Gest doubled the size of the group in Spain and allowed national

coverage for providing services to financial institutions.

• The MBO of Previnet which took place in 2005, from three large Italian corporate,

has allowed the management to more than triple the business with the strategic help

• f JZI. Previnet provides back office administration for pension funds and insurance

products.

JZ International

London · Madrid · New York

Insurance Broker

• Combining insurance

products from all brokers allows for higher commissions from Insurance Companies based

• n volume.
• Group purchasing has

significantly reduced back

• ffices expenses.
• Initial investment in one
• ffice in 2005.
• 10+ add on acquisitions has

created a major player in Spain ranked 4th by volume among insurance brokers

JZ International

London · Madrid · New York

Insurance Broker

• Grupo Galilea based in Barcelona was acquired in 2005.
• Additional acquisitions has created a network covering most of Spain with 17
• ffices.
• Total Insured Premiums are in excess of Euro 150 M.
• Covers all major types of insurance with majority being focused on insurance for

small and mid-size companies.

JZ International

London · Madrid · New York

Energy Sales

• Initial investment 2010

in the form of an MBO with founder and CEO.

• Expanded sales office

throughout Spain to triple revenue and profit first year.

• Focuses on selling electricity to

small and midsize companies throughout Spain with sales people on the ground.

• Central offices insures best

pricing and delivery.

JZ International

London · Madrid · New York

Energy Sales

• JZI and Factor Energia’s founder/CEO acquired the company in August 2010 from

its distressed parent company.

• The Company’s focus is on selling electricity to small and midsize companies at a

reduced rate to major national players.

• Upon completion of transaction Factor Energia started working through Gedesco’s

(JZI Portfolio company) sales offices across Spain.

• First year revenue tripled and growth is continuing with thousands of new clients

being added every month.

JZ International

London · Madrid · New York

M2M Communication

• Acquisition of Xacom in 2010

to help The Company take international expansion

• pportunities available.
• Sales and service office opened

in Chile.

• Add-on acquisition are

currently being completed in Europe.

• Xacom is a leading

designer, sourcing, installation, maintenance and training of equipment used in wireless machine to machine communication.

JZ International

London · Madrid · New York

M2M Communication

• Xacom is a leading designer of wireless products used in machine to machine
• communication. Xacom will design and outsource the production of the products,

then help the major telecoms sell, install and maintain the products.

• Together with JZI, Xacom has expanded into Chile at the request of one of its major

clients, additional countries are under start up phase.

• Xacom is looking at a number of add-on acquisition to help it grow faster and

become the leading partner of large telecom companies for wireless machine to machine communication.

JZ International

London · Madrid · New York

Document Management

• Docout was acquired in April

2011 as additional capital was required to build new facility for a key clients.

• Additional acquisitions and

green field start ups will take place across Europe and Latin America.

• Docout is a leading

provider of document

• utsourcing solutions

including scanning and storage.

• Clients come from the

health care, financial and government sector

JZ International

London · Madrid · New York

Document Management

• Docout is a specialist in document outsourcing with over 20 years experience.
• Docout will consult on the best way for an organization to handle their documents,

then scan as well as host them electronically and also provide a full service storage

• r certified destruction.
• Clients include large financial institutions, insurance companies, local and national

governments, large corporate and utilities.

• Docout is looking to expand their expertise as well as geographical coverage through

acquisitions and opening new facilities. A large number of clients are multinational and are requesting Docout services through out larger geographical areas.

JZ International

London · Madrid · New York

Security Sector

• Grupo Ombuds joined JZI

in May 2011 to allow family members to realize some of their equity.

• JZI will assist in making a

number of add – on acquisitions to further strengthen the Company.

• Grupo Ombuds provides a

range of services including personal security protection, asset protection and personal for receptions etc…

• Companies clients include

local and national government as well as blue- chip companies.

JZ International

London · Madrid · New York

Security Sector

• Grupo Ombuds was founded in 1995 and enjoyed fast growth to become one of the

market leaders in Spain. By doing a transaction with JZI the family retained a significant stake in the business, managed to realize some gains and gave the Company growth capital.

• The Company is active in personal security protection to government officials and

corporate executives, asset protection and security services to public and corporate buildings, and ancillary facility services like switchboard attendance or receptionist services.

• Grupo Ombuds employ almost 3,000 people with revenue over Euro 100 M.
• With the help of JZI Grupo Ombuds intents to make a number of acquisitions to

broaden it service offering and solidify its market position.