CedarBridge Partners

2019

Corporate Presentation

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CedarBridge Partners - Overview

Who We Are

Investment Vehicles

CedarBridge Partners invests in solid and promising companies and management teams. We partner with and support

our portfolio companies both financially and operationally to achieve exceptional growth

CedarBridge High Growth 1

Invested $1 to $10mn in operating

companies in MENA that combine both

growth and cash flow generation

CedarBridge High Growth 2

Currently investing $2 to $20mn per

transaction in Education, Healthcare,

and Retail Services

Co-investment Vehicles

Customized and flexible co-investment

vehicles for our investors and partners to

invest in selected opportunities

alongside CedarBridge

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Sector Focus with Strong Industry Expertise

Education Healthcare

Areas of

Investment

Investee

Companies

Retail and Consumer

K-12 Schools

Training Academies

Nurseries

Universities & Colleges

Test Centers

Content Development

(mainly Digital)

Clinics

Cosmetic Centers

Laboratory Chains

Pharma Distributors

Equipment Maintenance

Day Surgery Centers

Radiology Centers

Coffee Shops

Beauty Salons

Restaurants

Spas

Sports Shops

Cosmetics

4

Geographical Focus

Kenya

Morocco

Egypt

Tunisia

United

Kingdom

Oman

Saudi Arabia

Kuwait

Qatar

Turkey

Cyprus

Lebanon

UAE

Invested Very Familiar

CedarBridge team has demonstrated a hands-on ability to grow businesses across the GCC, United Kingdom, Egypt,

Cyprus and the Levant while having significant investment knowledge of Turkey, East Africa, Morocco and Tunisia

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Investment Style

Operationally Savvy &

Resourceful

Deep Sector Knowledge

Operational Expertise

Seasoned Investment Team &

Advisory Board

Proprietary Deal Flow

Deep Networks in Focus Sectors

Access to Proprietary Deals

Innovative and Independent

Thinkers

Strict Investment Discipline

Best Global Practices

Well-versed with MENA region

Focus on Returns, not Size

Focus on Investor Returns

Long-term Buy and Build Strategy

for small, promising companies

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Three-pronged Unique Strategy

Buy solid businesses

at reasonable multiples

Expand business lines or

geographic footprint while

controlling cost and capital

expenditure

Maintain positive operating

cash flow from the

businesses

Distributions in the short-term and Capital gains in the long-term

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Core Strengths

>12 years

of Managing Directors working

together

20+ deals done

>$1bn of cumulative AUM in

prior experience

45+ years cumulative experience

in investing

Private Equity and Venture Capital

SME / Entrepreneurial

IT

Consulting

Industrial

Multinationals

Family Businesses

Well-rounded,

Experienced Team

Three Managing Directors

covering all aspects of the deal

Sourcing

Due diligence

Closure

Post-acquisition monitoring

Value creation

Flat Structure

Managing Directors with

experience in multiple geographies

particularly in Europe and MENA

International

Expertise

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Experienced Leadership Team with an Impeccable Track Record

(1/3)

A well recognized regional Private Equity investor, Imad Ghandour, co-founded CedarBridge Partners. He is also a member of its

Investment Committee

Mr. Ghandour is a board member of the MENA Private Equity Association (MPEA). He is also the Editor-in-chief of MPEA’s

Annual Report since 2006

Mr. Ghandour represents CedarBridge in Advanced Laboratory Services (now exited), a leading provider of isometric medical

testing in Saudi Arabia; CIRA, the largest education company in Egypt, and Kids First Group, the largest chain of nurseries in

GCC. He co-leads all transactions, and continues to monitor investments. He also leads the acquisition program of Kids First

Group which has closed 5 acquisitions to date

Prior to CedarBridge, Mr. Ghandour was an Executive Director- Private Equity at Gulf Capital based in the UAE. Prior to Gulf

Capital, he was an Independent Consultant for 12 years, working with several regional and international organizations on

investment and market research assignments

He has successfully invested over $220mn throughout the MENA region in strategic sectors including Healthcare, Education,

and Utilities

Mr. Ghandour also holds directorships in Ma’arif Education and Training Holding; Metito Holding Ltd; and TechnoScan

Investment Holding

Graduated in Computer Engineering from American University of Beirut, Mr. Ghandour holds an MBA from University of

Wisconsin. He was also awarded with the prestigious Private Equity Man of the Year Merit Award in 2011

Imad Ghandour Co-Founder & Managing Director

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Experienced Leadership Team with an Impeccable Track Record

(2/3)

Magellan Makhlouf is a seasoned Business and Private Equity leader. His international experience has developed through

multiple postings, board positions and leadership roles, across numerous industries

Prior to CedarBridge Partners, Mr. Makhlouf was the MD, Private Equity at Gulf Capital based in the UAE

Mr. Makhlouf’s extensive Board experience includes Ma’arif Education and Training Holding; Metito Holding Ltd; Gulf Marine

Services; and Techno Group

Prior to working in the UAE, Mr. Makhlouf worked for Johnson Controls in Brussels, Belgium for 5 years, most recently as

Director of Marketing, Service and Solutions - EMEA

Prior to Johnson Controls, Mr. Makhlouf was at General Electric (GE) for 8 years in various business units and leadership roles

in North America and Europe. During his stint at GE, and in addition to his business roles, he also won numerous management

leadership awards and taught GE’s Executive Training Program

Graduated with a BSBA from the University of Windsor in Ontario, Canada from GE’s Executive Financial Management Program,

Mr. Makhlouf is also a certified six-sigma black belt

Magellan Makhlouf Co-Founder & Managing Director

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Experienced Leadership Team with an Impeccable Track Record

(3/3)

Prior to joining CedarBridge Partners, Mohamed Sharara served as Managing Director-Investments at the Bahamdan Group

Mr. Sharara served on the senior management committee and as board director and executive committee member for a number

of companies, including Tas’helat, Sahl Retail, Sahl Transport and Sara Business Solutions, and closely advised on Aluminum

Products Company, Health Water Bottling, Farabi Petrochemicals and the Economic Cities of Saudi Arabia

Prior to Bahamdan Group, Mr. Sharara served as an Executive Director - Private Equity at Gulf Capital in the UAE for 5 years,

focusing on proprietary sourcing, origination and execution of Private Equity transactions, with particular emphasis on F&B

industrial and retail, as well as on fund raising and investor relations

Before moving to the UAE, Mr. Sharara was Vice President at JPMorgan Investment Banking M&A as well as in Wealth

Management, based out of London and Geneva offices. He was a member of the JPMorgan team advising Saudi Aramco on the

Natural Gas Initiative

Previously, Mr. Sharara was based in the United States (Boston and Washington DC) with the BV Group (Safanad) where he

assessed and closed VC transactions in the US and led work on international business development

Mr. Sharara holds a Bachelor of Science and a Master of Science in Manufacturing Engineering with a Concentration in

Operations Management from Boston University where he graduated Summa Cum Laude, and an MBA from INSEAD

Mohamed Sharara Managing Director

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Recognized Thought Leaders in Private Equity

The firm was currently

positive on businesses

correlated to government

budget spending, which

included infrastructure,

education and healthcare,

said Magellan Makhlouf

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Financial & Operating Advisory Board F

ina

nc

ial A

dvis

ory

Bo

ard

O

pe

rati

ng

Ad

vis

ory

Bo

ard

Founder, Z Capital

and Black Diamond Capital, USA

James Zenni

Founding Partner

Vision Brazil Investments, Brazil

Amaury Junior

Managing Director

Primavera Capital, China

David Lin

Ex-CEO, TGI Fridays, USA

Wallace Doolin

CB MA D.Ed FRSA, UK

Ralph Tabberer

Founder mHealth Company, Saudi

Arabia

Dr. Hamad Al-Omar

Chief Executive Officer, Al Meera,

Qatar

Guy Sauvage

Founder Mars Media Services, Ex

COO Starcom Mediavest Europe,

UAE

Tarek Antrazi

CEO, Agility MENA, Saudi Arabia

Elias Monem

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Past Investments

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Past Investments

The Company

CedarBridge co-founded KFG in

2011 along with Kamil Najjar who

served as the CEO

KFG has grown into a regional

leader in the early childhood sector,

and one of the largest operators of

nurseries in the MENA region

CIRA is the largest operator of K-12

schools in Egypt with 21 operating

schools all around Egypt and

17,000 enrolled students

CIRA also owns and operates Badr

University in Cairo

ALS is the leader in Saudi Arabia in

advanced medical diagnostic, with

70% market share and offices in

Riyadh, Jeddah and Dammam

Investment Terms

Owned a large minority of KFG

Representation on the Board of

Directors and Executive Committee

In 2012, CedarBridge invested into

a minority equity stake in a

coordinated effort with the IFC

Representation on the Board of

Directors

In 2011, CedarBridge acquired 51%

of ALS

Returns Summary

MoM of 6.5x Invested Capital

IRR on Exit: 36%

Exit in July 2018

IRR on Exit: 28% in US

Dollars; 46% in Egyptian

Pounds

Exit in 2015

IRR on Exit: 35%

Exit in December 2012

Kids First Group

(KFG) – UAE &

Qatar

Cairo For

Investment &

Real Estate

(CIRA) - Egypt

Advanced

Laboratory

Services (ALS)-

Saudi Arabia

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Current Investments

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I. Education

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Eton Institute - UAE

Established in 2006 and headquartered in Dubai Knowledge Village,

Eton Institute provides languages and professional skill solutions in the

UAE

Eton operates out of two locations in Dubai and Abu Dhabi where it

offers a set of learning programs for various age groups and

professions including individuals, government entities and corporates

Eton Institute is accredited by EAQUALS (the evaluation and

accreditation of quality in language services)

% Acquired: 100%

Year of Investment: June 2018

Investment Strategy: Working closely with the management team to

grow the business

About the Company Investment Terms

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SAE Institute - UAE

% Acquired: 100%

Year of Investment: 76% in H2 2015 and 100% acquisition in

2017

Investment Strategy: Supporting management in expanding SAE

business and operation

SAE Dubai was founded in 2005 as a branch campus of the

world's largest media education provider SAE Institute ($130+mn

revenues, 58 institutes in 27 countries, part of Navitas Group)

SAE has a unique offering with no direct competitor in the UAE;

offers bachelor degrees in film, audio, gaming, multimedia, and

animation, in addition to short-term courses under the same topics

SAE degree graduates receive accredited Australian degrees

About the Company Investment Terms

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II. Retail and Consumer

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Costa Coffee - Cyprus

Costa Coffee, founded by Sergio and Bruno Costa, in 1971 in London,

UK, offers handmade Italian coffee to customers

Costa Coffee is recognized as a leading coffee brand and has developed

a strong footprint in Europe and internationally

Established in 2004 with its first store in Nicosia (2005), Symeonides

Coffee Cyprus Limited (Costa Coffee Cyprus), is the sole Costa Coffee

Franchise in Cyprus; currently operates 23 stores on the Island

About the Company

% Acquired: 70%

Year of Investment: 2018

Investment Strategy: Actively supporting the company in its strategic

expansion plans in Cyprus

Investment Terms

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Sisters Beauty Lounge (SBL) – UAE

Founded in 2004, Sisters Beauty Lounge (SBL) is currently

positioned as a premium female beauty lounge, providing full

range of hair, nail and body treatments

Operates through its 7 owned centres in Dubai and Abu Dhabi

with presence in all the large malls of Dubai including The Dubai

Mall, Mall of the Emirates, and Mirdif City Centre

SBL is considered the second largest chain of female grooming

services in UAE

% Acquired: 100%

Year of Investment: 2015

Investment Strategy: Significant expansion of business in the UAE

About the Company

Investment Terms

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The Grooming Company (TGC) - UAE

Founded in 2001 in Dubai, The Grooming Company (TGC) is

the parent company of three grooming/beauty brands

The Company started as a nail bar in Jumeirah area called

“N.Bar”, followed by male grooming lounge “1847” in 2004,

and wash and blow dry concept hair care lounge “JetSet” in

2005

% Acquired: 100%

Year of Investment: 2015 acquisition of 51% followed by

the acquisition of the remaining 49% in 2017

Investment Strategy: Actively supporting the company in its

strategic expansion plans both in the UAE and abroad

About the Company

Investment Terms

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Trevor Sorbie (TSI) – UK

About the Company

Investment Terms

Founded in 1979 Trevor Sorbie International (“TSI”) is

a leading chain of hair salons in the UK that is

continually ranked among the top hair salon brand

TSI operates 6 salons in the UK and one flagship store

in Dubai Mall. In addition, TSI distributes a range of

retail and professional products under the brand name

“Trevor Sorbie”, both in the UK and internationally

% Acquired: 100%

Year of Investment: 2017

Investment Strategy: Actively supporting the company in its

strategic expansion plans both in the UK, UAE and other

international markets

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Stripwax - UK

Founded in 2005 by sisters Danielle and Maria-Louise

Strip owns and operates a chain of 6 beauty salons

mainly focusing on waxing services and laser hair

removal

Strip boasts many celebrities amongst its clients

% Acquired: 100%

Year of Investment: 2018

Investment Strategy: Actively supporting the company

in its expansion plans in the UK

About the Company

Investment Terms

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Dreamworks Spa (DWS) was established

in 2007 and is the largest chain of

wellness centres in Dubai, operating 22

centres in standalone locations, inside

hotels, and in shopping centres

DWS plans to maintain its leadership in

the wellness sector and to expand its

footprint into more 5 star hotel locations

% Acquired: 100%

Year of Investment: In 2013,

CedarBridge acquired 75% of DWS, and

has since acquired the remaining 25% to

fully own the company

Investment Strategy: Supporting the

company’s expansion in the UAE and into

new attractive services

About the Company

Investment Terms

Dreamworks Spa – UAE

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Zen Yoga (ZY) – UAE

Zen Yoga was founded in 2006 to spread awareness of yoga and its benefits, and is the

first yoga centre in Dubai

Zen Yoga now operates 3 studios and is one of the best known yoga chains in Dubai

It also offers corporate yoga services, yoga excursions, and other yoga teacher training

% Acquired: 100%

Year of Investment: 2014

Investment Strategy: Focused on

enhancing operational efficiency

and expand the network

About the Company

Investment Terms

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Surge Ventures Inc. (SHEDUL) – UAE

Launched in Dubai in 2015, Surge Ventures Inc. provides cloud

software solutions targeting the Wellness and Beauty industry

Through its main offerings Schedul and Fresha, it provides venue

management software and an integrated booking platform

connecting Spa and Salon businesses with consumers online

The Company has been experiencing fast exponential organic

growth with currently thousands of businesses using its services

globally and millions of online appointment bookings since inception

% Acquired: In 2015, CedarBridge acquired a minority stake in

Surge Ventures and increased its investment in 2016

Year of Investment: 2015 & 2016

Investment Strategy: Support the growth of the Company through

expanding its retail channels in the wellness industry

Investment Terms

About the Company

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III. Healthcare

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Al Shams Laboratories (Shams) – Egypt

About the Company

Al Shams Laboratories (Shams) was

founded in 2012 by Dr. Ahmed Al

Safi, founder of Al Borg Lab and

other partners

Shams has successfully opened 62

branches throughout Egypt in a short

span of 3 years, making it the second

largest branch network in Egypt

Shams operates 3 highly accredited

central laboratories to service its

network

% Acquired: Minority Stake

Year of Investment: 2015

Investment Strategy: Supporting

the owners in strategic decisions,

international linkages, and financial

organization

Investment Terms

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F O R M O R E I N F O R M A T I O N

I N F O @ C E D A R - B R I D G E . C O M

W W W . C E D A R - B R I D G E . C O M

Founding Member of Member of