Newsletter private equity
Après-demain S.A.

DECEMBER 2024

Après-demain SA’s Private Equity team is delighted to share with you the latest update on its activities and wishes you a happy holiday season as well as a new year full of energy and new projects!

DIRECT INVESTMENTs

Following a successful first investment in March 2023, Après-demain is strengthening its long-term participation through a new equity raise for Axis, allowing the group to further expand in France.
Axis is a real estate platform specialising in short and medium-stay accommodation. Led by co-founders Benoît Jobert and Matthieu Brugières, the group operates hybrid residences combining coliving and coworking with a wider ecosystem of services (restaurants, events and leisure activities) under the brand name The Babel Community.
The Babel Community is currently operating in Marseille, Montpellier and Grenoble (4 residences-460 keys), and has a secure pipeline of 12 new residences, 3 of which will open in 2025 (Lille, Paris and Bordeaux), bringing its capacity to almost 3,000 keys by 2027.

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Après-demain SA sold its stake in Compliant Concept, a Swiss company offering innovative medical beds used for the prevention of pressure injuries and falls.

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PRIVATE DEBT

Après-demain SA participated in the financing of a repositioning project for a property into a 5-star hotel based in Courchevel. This bridge financing allowed the acquisition of the asset and the financing of the preliminary transformation costs.

Funds & Co-investments

On top of new commitments in PE funds, Après-demain SA recently completed several new co-investments, illustrated by 3 examples below.

Après-demain SA invested alongside Leeds Equity Partners in OffSec, a leading provider of hands-on cybersecurity training including 13 proprietary certifications and ongoing training labs for cybersecurity professionals.

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Après-demain SA invested alongside Georgian in Tenstorrent, a company designing Artificial Intelligence and Machine Learning accelerators (processors) for IoT and High-performance data centers.

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Après-demain SA invested alongside IK Partners in Sansidor, a Dutch company active in the testing, inspection & certification industry and a provider of related services focused on the built environment.

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GeneractionS planet

GeneRActions Planet is our impact investment initiative dedicated to the energy transition.

Après-demain SA participated in a financing round for Ecopals, a German company that has developed new construction materials from the waste and recycling industries. With its asphalt additive that reduces bitumen costs by 15% and the carbon footprint by up to 30%, Ecopals is directly linked to our investment thesis “Recycling and the Circular Economy”. This round of financing will enable Jonas Varga, Fabian Zitzmann and their team to accelerate the marketing of their EcoFlakes and to increase their workforce.

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TESTIMONIES

Watch Olivier Desmarais, Chairman and Pierre-Olivier Perras, CEO of Power Sustainable (an Après-demain's long-term participation), share their views on their collaboration with Après-demain SA.

Power Sustainable is a Canadian partnership investing primarily in the development, construction and operation of renewable energy infrastructure in North America.

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OUR INVESTMENT CRITERIA

Après-demain SA is a private, family owned, company based in Switzerland and parent company of a group that consists of a life sciences division (Debiopharm) and an asset diversification division.
In the asset diversification division, we diversify and manage the group's financial reserves to ensure its sustainable growth and independence.

LONG TERM PARTICIPATIONS INVESTMENTS

Strategic partnerships between entrepreneur families and Après-demain SA as minority shareholder
Tickets: 30-100 m€/CHF
All sectors excluding pharma, in western Europe with a focus on CH/FR
Horizon: > 10 years

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MID-MARKET INVESTMENTS

Minority investment
Tickets: 15-30 m€/CHF
All sectors excluding pharma, in western Europe with a focus on CH/FR
Growth & buy-out stages
Flexibility on exit timing and ability to reinvest in support of growth

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PRIVATE DEBT INVESTMENTS

Operations: real estate, sponsorless, hybrid financing, refinancing
Tickets: 3-10 m€/CHF
Guarantee: tangible collateral
Horizon: 3/4 years

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Funds & Co-Investment

Funds: 10-30 m€/$ commitment in funds with the following criteria: Size ≥ 400M€/$ with a co-investment program, Min 3rd vintage; Europe/US mainly; LBO, secondaries, Growth/VC
Co-investment: 5-10 m€/$ alongside our current GPs

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Generactions planet

Investment in PE funds, start-ups or co-investments to support feasible projects with visible impact within 3 to 5 years
Investment themes: temperature control, geothermal energy, energy storage, change of behaviors, recycling / circular economy
Tickets: 0,5-4m€/$ in direct investments and 3-8 m€/$ in funds

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