TMM 6 ETN INVEST | PM Alpha Platform

Triton 6

INVEST

Triton Middle Market 6 (Triton 6)

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Comportamiento

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OPORTUNIDAD DE MERCADO

Descripción

Strategy

Sourcing primary investment opportunities
Investing in fundamentally sound businesses
Value creation focused on margin improvement
Generating >2.0x net MOIC consistently

Team

68 dedicated investment professionals
60+ value creation specialists
9 local offices in investable “Triton region”

Focus1

€200-1,200m enterprise values
€200-500m equity ticket sizes

Track Record2

3.5x realised gross MOIC
28% realised gross IRR
Top-quartile TVPI consistently3

As of Q4 2024, with personnel stats as of Q1 2025. 1 The Fund may occasionally make investments that require a smaller or larger commitment. 2 Returns based on realised and partially realised investments; no single investor has received the stated returns as it is across all TMM; pro forma for the realisation of Bormioli Pharma, DeepOcean and RENK. Quartiles based on Q3 2024 Burgiss benchmarks. Gross performance figures do not reflect the effect of management fees, carried interest, taxes and other fund level expenses borne by investors. For important disclosures regarding performance metrics, please refer to the Important Performance Information section.

OPORTUNIDAD DE MERCADO

Descripción

Source: Preqin, March 2024. Includes Buyout, Growth and Turnaround funds with European focus.

Source: DealEdge, September 2024. Triton 6 average entry multiple includes MacGregor and Bosch Security and Safety Systems which are signed but not yet closed. Bosch Security entry multiple based on pro forma year 1 run-rate of significant cost savings identified. Note: 1) Significant unrealised, 2) Majority unrealised. Selection: Global buyout and growth deals. All sizes. Utilities and Real Estate excluded. Gross IRR includes realised and partially realised investments. Multiple data includes unrealised investments. Gross performance figures do not reflect the effect of management fees, carried interest, taxes and other fund level expenses borne by investors. For important disclosures regarding performance metrics, please refer to the Important Performance Information section. Projected returns are not a reliable indicator of future performance.

OPORTUNIDAD DE MERCADO

Sector Diversification

Triton builds diversified portfolios, actively avoiding overexposure to any single sector

Proven Ability to Buy Well

Last three platform investments acquired an average multiple of 6.7x1

Faster Business Fixes

Triton targets businesses where problems can be resolved within one to two years to accelerate transformation and growth.

Investing in

Growing Markets

They focus on businesses in markets with strong macro tailwinds, such as ESG or digital trends, that grow faster than GDP.

Avoidance of

Challenged Sectors

Triton avoids sectors with systemic challenges or weak prospects, like Oil & Gas, to prioritize sustainable growth.

Source: DealEdge, September 2024. Triton 6 average entry multiple includes MacGregor and Bosch Security and Safety Systems which are signed but not yet closed. Bosch Security entry multiple based on pro forma year 1 run-rate of significant cost savings identified.

OPORTUNIDAD DE MERCADO

STRATEGY

Through-Cycle / All Weather

Cyclical

SOURCING CHANNELS

80%+ from primary sources
Triton 6: 100% primaries to date

Broad auctions
c.50% secondary transactions

ENTRY VALUATION

Below market multiples
Triton 6: >20% avg. discount to market

High / market multiples

VALUE

CREATION

~50% from margin improvement

Primarily multiple expansion

TEAM

1-1 ratio Value creation specialists vs.

investment professionals

Smaller, more generalist teams

VALUE

CREATION

>50% to corporates / strategics

Public markets / financial sponsors

RETURNS

>2x TVPI, consistently

Cycle-driven

Market information sources (in order by row from top to bottom): Triton market intel; Mergermarket (Feb-2024) based on Triton mid-market buyout peer group focused on European M&A; Factset (Jan-2024) and DealEdge (April 2024); Bain & Company Global Private Equity Report 2024; Triton market intel, Preqin (Q1 2024) and Triton market intel. Triton information as of Q4 2024. Triton 6 datapoints represented include investments signed but not yet closed. TMM returns represent net MOIC for mature funds and projections for current funds. Gross performance figures do not reflect the effect of management fees, carried interest, taxes and other fund level expenses borne by investors. For important disclosures regarding performance metrics, please refer to the Important Performance Information section. Projected returns are not a reliable indicator of future performance.

OPORTUNIDAD DE MERCADO

Descripción

1 Triton data as of November 2024 and includes all realised and unrealised investments within TMM strategy excl. continuation funds and toehold investments. 2 Mergermarket, 2024-02; includes M&A transactions done during the last 10 years by Altor, Apax, Apollo, Ardian, Astorg, Bain Capital, BC Partners, Bridgepoint, Cinven, Clayton, Dubilier & Rice, CVC, EQT, Hg Capital, InvestIndustrial, KKR, Nordic Capital, PAI Partners, Permira, TowerBrook, Vista Equity where the target has been European headquartered. 3 Numbers may not add up due to rounding. Data is by number of PCs and is as of Jun-24; represents realised investments in TI-TV and includes continuation vehicle PCs that are realised; excludes toeholds. Gross performance figures do not reflect the effect of management fees, carried interest, taxes and other fund level expenses borne by investors. For important disclosures regarding performance metrics, please refer to the Important Performance Information section.

OPORTUNIDAD DE MERCADO

Descripción

Operational Specialists includes part-time professionals, as of Q1 2025. Headcount between funds is illustrative and has been estimated where required.

OPORTUNIDAD DE MERCADO

Descripción

OPORTUNIDAD DE MERCADO

Descripción

As of Q3 2024, with TVPI benchmarks from Burgiss as of Q3 2024 (Triton III top quartile TVPI to 1dp). Triton III returns are shown pro forma for the Seves exit which was completed in October 2024. 1 No single investor has received the stated returns as it is across all TMM funds. 2 Triton IV TVPI based on preliminary Q4 2024 TVPI, with Triton IV 1st quartile to 1dp. For important disclosures regarding performance metrics, please refer to the Important Performance Information section. Projected returns are not a reliable indicator of future performance.

OPORTUNIDAD DE MERCADO

ODD REVIEW

PM Alpha ODD conducted an initial desk-based operational due diligence (ODD) review of Triton Partners (Triton) and the Triton Middle Market 6 Strategy, including an evaluation of the publicly available materials and information supplied by the Manager.

The ODD process evaluated the operations and non-investment aspects of the Manager, including a desk-side based review of all relevant documentation, although an onsite review has not yet been undertaken. PM Alpha ODD noted that Triton overall highlighted no material issues of concern and received a rating of ‘no material issues of concern’ across all 11 categories, however, it should be noted that this is only an initial review.

No material issues of concern

Overall Rating

Corporate & Governance Structure

Financing

& Cash Management

Compliance & Conflicts of Interest

Organisational Structure

Fees & Expenses

Affiliated Transactions

& Entities

Service Provider

Counterparties

Tech,

Cybersecurity & BC/DR

ESG,

Diversity & Inclusion

Valuations

& NAV

Regulation, Legal & Audit

No material issues of concern

Material issues of concern

OPORTUNIDAD DE MERCADO

1 Source: Responsible Investment Report 2023/24; data provided is in relation to TMM and TSM; numbers relate to those portfolio companies reporting in 2023. 2 Includes one portfolio company which reported against a subset of KPIs (SFDR PAIs) for 2023 due to majority exit of the company. 3 Based on 2024 ratings which is the latest available, where “Peers” refers to peer group median; as relates to Triton Debt Opportunities, Triton’s Direct Fixed Income UNPRI rating is 69% (versus a PRI peer group median of 67%); UNPRI dataset includes 2651 GPs. 4 In sub-industry of Business Support Services.

OPORTUNIDAD DE MERCADO

Information as of Q1 2025. “YOE” refers to Years of Experience. All years of tenure and experience represented are averages across subsets. 1 Jonas Köhlin is a West Park Managing Partner. 2 Matthew Turner is a Senior Partner. 3 Nadia Meier-Kirner is the Head of Strategic Investments.

TÍTULO

15-20

Positions

~4 year

Holding Period

3x Target

Gross MoiC

Entry Leverage

Triton 6 continues the sector-focused TMM strategy, emphasizing Business Services, Industrial Technology, and Healthcare. Since its inception in 1997, Triton has concentrated on these core sectors, with the Manager maintaining that this targeted approach is essential for effective deal sourcing and building a distinct portfolio capable of delivering strong, consistent returns for investors across various economic cycles and environments.

Key Objectives:

Triton 6 has an aggregate target of 3.0x gross multiple on invested capital
Acquiring assets at often discounted multiples and implementing a "Fix & Expand" strategy for value creation.
Invest in 15-20 middle-market opportunities to ensure diversification

Risk Mitigation:

Portfolio 100% focused on EU middle-market where rights are legally protected
Focus on mission-critical businesses operating within the real economy

Triton 6 targets companies that align with their investment criteria set out below:

Are mission-critical businesses operating within the real economy;
operate in attractive markets or niches with growing profit pools;
have a small number of issues that the Portfolio Manager believes can be fixed within one to two years;
have the potential to expand and become market leaders;
have the potential for a meaningful business transformation;
have the potential for value enhancement through Triton’s core value creation levers;
can be acquired at attractive prices, and preferably below their underlying potential value or prevailing market multiples;
can be subject to complex situations where innovative sourcing and structuring can unlock value; and/or
where Triton and/or West Park have compelling value-creation and/or due diligence insights

TRITON INVESTS IN REPEATABLE THEMES IN GROWING MARKETS

1 Returns represented are realised and partially realised investments across all TMM funds, excluding Toeholds, with gross results incl. effects of recycling, as of Q4 2024 and pro forma for Bormioli, DeepOcean and RENK. Returns are across all investments in respective sectors, and do not represent the returns of the subset of investments shown within each sub-sector. Market growth rates are estimates based on Triton sub-sector knowledge. 2 Source: Gain.pro The Europe 250 Investor Ranking 2024. 3 Source: Bain & Company October 2024 within $300-700m deal value between 2010-2024. 4 Source: Gain.pro analysis comparing 2011-2017 to 2018-2024 periods. Gross performance figures do not reflect the effect of management fees, carried interest, taxes and other fund level expenses borne by investors. For important disclosures regarding performance metrics, please refer to the Important Performance Information section.

PORTFOLIO MANAGEMENT APPROACH AND CAPABILITIES

Descripción

1 Triton data as of November 2024 and includes all realised and unrealised investments within TMM strategy excl. continuation funds and toehold investments (total 85PCs); Market information source: Mergermarket, 2024-02; includes M&A transactions done during the last 10 years by Altor, Apax, Apollo, Ardian, Astorg, Bain Capital, BC Partners, Bridgepoint, Cinven, Clayton, Dubilier & Rice, CVC, EQT, Hg Capital, InvestIndustrial, KKR, Nordic Capital, PAI Partners, Permira, TowerBrook, Vista Equity where the target has been European headquartered (total 979 PCs). Triton analysis based on raw data that is incomplete in some cases. For important disclosures regarding performance metrics, please refer to the Important Performance Information section.

2024 – STRONG YEAR FOR VALUE CREATION AND EXITS IN TMM

1 Total value growth between Q4-23 and Q4-24. 1 Earnings growth is based on Dec-23 LTM adjusted EBITA vs. Dec-24 LTM adjusted EBITA. 3 Represents overall gross MOIC for the assets shown; realised & partially realised gross MOIC and IRR represented; RENK returns PF for 2025 final selldowns; EQOS returns are based on Triton ownership across Triton IV and Triton IV Continuation funds; DeepOcean and Bormioli shown PF for exits completed in Q1-25. Gross performance figures do not reflect the effect of management fees, carried interest, taxes and other fund level expenses borne by investors. For important disclosures regarding performance metrics, please refer to the Important Performance Information section

OPORTUNIDAD DE MERCADO

Triton 4

Triton 4 (2013 vintage) has thus far delivered a 2.1x TVPI (total value to paid-in capital), which amongst European buyout funds is a top-quartile performance for 2013.

Complete European focus with emphasis on German-speaking Europe (DACH), The Nordic Region, Benelux and the UK

Triton 5

Triton 5 (2015 vintage) has thus far delivered a 1.8x TVPI (total value to paid-in capital), which amongst European buyout funds is a top-quartile performance for 2019.

Complete European focus with emphasis on German-speaking Europe (DACH), The Nordic Region, Benelux and the UK

18

Positions

€3.6bn

Deployed

2.1x

TVPI

20

Positions

€5.3bn

Deployed

1.8x

TVPI

OPORTUNIDAD DE MERCADO

Data is based on current capital invested as at Q4 2024. Due to rounding, figures may not exactly sum. Gross performance figures do not reflect the effect of management fees, carried interest, taxes and other fund level expenses borne by investors. For important disclosures regarding performance metrics, please refer to the Important Performance Information section. 1 Gross capital invested excl. recycling and impact of NAV line. 2 Data as at 31 December 2024 (save as otherwise indicated herein) and presented as a median. Data excludes LeDap. Source: DealEdge; data sourced on 22 March 2024. Market sector multiples are shown as a median for the full calendar years during the period in which Triton V (2019-2024) has made platform investments and in its relevant geographies (Europe), sectors (Business Services, Industrials and Healthcare). 3 The EV / EBITDA multiples are shown at acquisition, by current capital invested. 4 Represents the weighted average leverage based on current capital invested. Certain Portfolio Companies are partly financed through a listed bond and most recent publicly available data is used. EV/EBITDA multiples exclude LeDap and ACG. Leverage multiples exclude LeDap and Wavelynx

Gross MOIC across cycles

Triton vs. European PE

Source: DealEdge, April 2024. Selection: Median of fully realised buyout deals in Europe. The “Transportation” sub sector of “Industrials” in DealEdge is excluded from the selection, as it is not deemed an industrial sector by Triton. Gross performance figures do not reflect the effect of management fees, carried interests, taxes and other fund level expenses borne by investors.

Gross IRR across cycles

Triton vs. European PE

As of Q4 2024, with personnel stats as of Q1 2025. 1 Across all Triton funds.

OPORTUNIDAD DE MERCADO

ALPHA: Unique all-weather strategy

TMM is one of the world’s leading alpha return generator, delivering 2-4x net MOIC over 25 years

Driven by Triton professionals with decades of investment and operational improvement success

Buy Well

Sector expert: Industrial Tech, Business Services, Healthcare
Primary sourcing: Carve-Outs, Families, Lenders, P2P
Preferred buyer: Discount to market, margin of safety, price < value

Fix & Expand

Proven, hands-on value creation by an active owner
Vast majority of returns from true value creation (strategic, operational, financial vs. multiple expansion)
Expert team: Unique, well-resourced team of sector-specialised improvement experts

Sell Growth

3.5x MOIC / 28% IRR gross returns in core sectors over 25 years
Create and sell companies that are well-run, market-leading, profitable and growing

BETA: The market favours Triton
Large increase in investments at lower prices, with few buyers having Triton skills and focus

EUROPEAN MIDDLE MARKET OPPORTUNITY

Strong deal flow and attractive valuations: In 2024, the European private equity market recorded approximately €354 billion in deal activity through the third quarter, with the majority of deals being add-on acquisitions to existing private equity platforms. This indicates a robust deal flow in the middle market segment.

Opportunity for operational improvements: European mid-market private equity funds have demonstrated strong performance, with returns accelerating to 16.9% to the end of 2023. This performance underscores the potential for value creation through operational enhancements in middle-market companies.

Fragmented market with consolidation potential: The European market remains fragmented, with 3,185 completed transactions in Q3 2024, compared to 3,311 in Q3 2023—a 4% year-on-year decrease. This fragmentation presents opportunities for private equity funds to execute buy-and-build strategies, consolidating smaller entities into more competitive platforms.

Resilience and growth potential: Despite economic uncertainties, European mid-market private equity has shown resilience, with €215 billion invested over the last five years and returns accelerating to 16.9% to the end of 2023. This highlights the sector's capacity to withstand economic fluctuations and deliver consistent growth.

Sources: Valuation Research - European Private Market Update Q3 2024, Invest Europe - European Mid-Market Private Equity Returns Accelerate & DC Advisory - European Private Equity Mid-Market Monitor Q3 2024

WHY TRITON 6?

All-Weather Strategy

Fundamentally sound businesses that are out of favour and have some complexity
Sector-driven, following repeatable themes with a proven value-creation playbook
Buy Well - Fix & Expand - Sell Growth: Alpha generation throughout Triton’s ownership

Sustainable Value Creation

Fix & Expand: transforming businesses with proven hands-on operational ability
60+ team of dedicated operational & functional specialists support the investment team
48% of realised value generated* from margin improvement

Sustainable Value Creation

Fix & Expand: transforming businesses with proven hands-on operational ability
60+ team of dedicated operational & functional specialists support the investment team
48% of realised value generated* from margin improvement

>2x TVPI Consistently

Sell Growth: 6 exits in LTM, achieving 4.9x gross MOIC*
Since inception Triton has achieved 3.5x gross MOIC / 28% gross IRR realised returns*
All funds top quartile TVPI, returning >2x TVPI consistently

~28%

Gross IRR

Across all unrealised & realised investments since strategy inception

3.5x

Gross MoiC

Triton information as of Q4 2024, except personnel data which is as of Q1 2025. 1 Data is for TMM funds only, as of Q4 2023 and is a pooled sum of all deals for the period; toeholds are excluded. 2 Represents realised gross returns from RENK, Bormioli Pharma and DeepOcean realisations in last twelve months (LTM), some of which are not yet closed. 3 Pro forma for the realisation of Bormioli Pharma, DeepOcean and RENK. 4 Quartiles based on Q3 2024 Burgiss benchmarks. Gross performance figures do not reflect the effect of management fees, carried interest, taxes and other fund level expenses borne by investors. For important disclosures regarding performance metrics, please refer to the Important Performance Information section. Projected returns are not a reliable indicator of future performance.

OPORTUNIDAD DE MERCADO

Source: Triton Analysis, Bain & Company (Global Private Equity Report 2024), CEPRES Market Intelligence. Note: Global Buyout market is the median indexed value creation and includes fully and partially realised global buyout deals with more than $50 million in invested capital; excludes deals with missing data; excludes real estate and infrastructure deals. Triton data is for TMM funds only, as of Q4-23 and is a pooled sum of all deals for the period. Toeholds are excluded. TMM returns of >2x net MOIC consistently represents returns for mature funds and projections for current funds. For important disclosures regarding performance metrics, please refer to the Important Performance Information section. Projected returns are not a reliable indicator of future performance.

OPORTUNIDAD DE MERCADO

Descripción

Hanab was formerly known as V&N Group. 1 Entry multiple based on standalone pro forma adjusted financials; discount to market based on trading multiple of key peers (Source: Triton PIR); investment signed in Nov-24 and pending close in 2025. 2 Entry multiple basis is pro forma for the year-1 run-rate of significant cost-savings identified; discount to market based on peers identified (Source: Triton PIR); investment signed in Dec-24 and pending close in 2025. 3 Including investments signed pending closing; does not include toehold investments. 4 Includes toehold investments for anticipated public-to-private investments in pipeline. Gross performance figures do not reflect the effect of management fees, carried interest, taxes and other fund level expenses borne by investors. For important disclosures regarding performance metrics, please refer to the Important Performance Information section

OPORTUNIDAD DE MERCADO

1 Estimated adjusted PF earnings. As of 31 December 2022. Gross performance figures do not reflect the effect of management fees, carried interest, taxes and other fund level expenses borne by investors. For important disclosures regarding performance metrics, please refer to the Important Performance Information section

Disclaimer

triton@pmalpha.co.uk