3i Group plc

From WikiCorporates
(Redirected from 3i)
Jump to navigation Jump to search
3i-Group.svg

3i is a multinational private equity and venture capital company based in London. It has two main sectors: #Private Equity and #Infrastructure. 3i specialises in core investment markets in Northern Europe and North America.ref

Transparency

Rating 2017: two portfolio companies reviewed: Anglian Water Group and Infinis Ltd; both complied with the Guidelines.
3i almost go the whole hog. The information freely available on their website covers almost everything one would want to know - with the notable exception of their investors.

Philanthropy

ToDo: Compare $$s dished out w/ $$s profit made.

Company

Shareholders

Total float: 96.8%
Source: MarketScreener.svg, Mar.2020

Structure

  • 3i Group plc, CH
    • 3i Holdings plc, CH
      • 3i plc, CH

See "Subsidiaries", AR-2018, p.134

Portfolio Companies

Current

ToDo: AR-2018, PE, Portfolio: Business, Portfolio: Infrastructure, Funds

We congratulate 3i on the successful acquisition of Magnitude Software. 3i is investing alongside Chris Ney, Chairman and CEO of Magnitude, and other senior executives, who will maintain a significant minority stake in the business. Magnitude (based in Austin, Texas), provides unified application data management solutions, operating in the US, the Netherlands, UK, Canada and India, and offers a range of software products which enable business users to access, extract and analyse data efficiently.ref

During the year 3iN disposed of its 33% stake in Cross London Trains (“XLT”) for proceeds of £333m, representing a 5.9x return and a 40% IRR. p.8 3iN completed the acquisition by Infinis of Alkane Energy in the year Our role changed from Investment Adviser to Investment Manager of 3iN in October 2018, when 3iN moved its management and tax domicile from Jersey to the UK. The move was accompanied by 3iN successfully applying to HM Revenue & Customs for UK approved investment trust status. p.24 3i has been making annual submissions to CDP since 2006. 3i‘s score in the 2018 CDP assessment was B. p.57 https://www.3i.com/media/4106/3i-group_2019_final_web.pdf

Further investment in Alkane Energy. Infinis is the largest generator of electricity from landfill gas (“LFG”) in the UK, with a portfolio of 121 landfill sites and total installed capacity of over 300MW. 3iN invested an additional £125 million to fund Infinis’ acquisition of Alkane Energy, an independent power generator from both coal mine methane (“CMM”) and reserve power operations and the largest generator from CMM in the UK. Alkane performs a vital environmental service, extracting methane from abandoned coal mines that would otherwise be released into the atmosphere. In addition, by using the CMM to generate electricity, Alkane supplies distribution networks with a reliable source of baseload power. The merger of Alkane with Infinis will create a business with significant scale, offer operational improvement opportunities and the potential to further elevate Alkane’s generation performance and growth potential. p.25 3iN agreed to sell its stake in Anglian Water Group, the supplier of water and water recycling services to the east of England and Hartlepool, in December 2017, having held its stake since its IPO in 2007. It received proceeds of £399 million from the transaction in February 2018. p.26 In March 2017, we sold our Debt Management business to Investcorp. As part of the agreement we retained certain investments, which are detailed in Table 16. We redeemed all of our holdings by 31 December 2017, generating proceeds of £152 million. p.33 https://www.3i.com/media/3557/3i-group-ar-2018.pdf

Wireless Infrastructure Group is an independent communications infrastructure provider headquartered in Bellshill, Scotland. The business builds and operates communication towers in rural and suburban areas, together with fibre-based networks to improve mobile coverage in large buildings and on city streets. WIG is independent of any network operator and invests in infrastructure that can be accessed by all networks. 3iN acquired a 36% economic interest in WIG, investing £75 million. WIG diversifies 3iN’s portfolio and provides exposure to a growing communications infrastructure business. With its scalable platform and track record of building new infrastructure and making accretive acquisitions, WIG is well placed to target further growth in the UK and across Europe. Website, p.27 The Group’s parent company has operated in the UK as an approved investment trust company since its listing on the London Stock Exchange in 1994. An approved investment trust is a UK investment company which is required to meet certain conditions set out in the UK tax rules to obtain and maintain its tax status. This approval allows certain investment profits of the Company, broadly its capital profits, to be exempt from tax in the UK. p.33 On 3 March 2017, we completed the sale of our Debt Management business to Investcorp for total proceeds of £270 million. The sale comprised the entire Debt Management fund management business, which had teams based in London and New York, and the CLO investments required by the buyer for regulatory and contractual purposes. p.33 Global Income Fund: Debt Management open ended fund with exposure to North America and western European issuers. Launched in 2015. p.157 https://www.3i.com/media/1849/3i-group-ar-2017.pdf

Weener Plastic Packaging Group: in June 2015 3i announced an investment in Weener Plastic Packaging Group.ref Weener Plastic is a leading manufacturer of innovative plastic packaging systems for FMCG companies. It focuses on the design, development and manufacturing of value added caps, valve closures and roll-on balls for blue-chip names such as Beiersdorf, Colgate-Palmolive, L’Oréal, Nestlé, P&G, Unilever and Homann. 3i will support management to secure further sustainable growth using its existing innovation-led platform, investing in its successful international expansion strategy and continuing its operational improvement initiatives. 3i will use its international network, experience and capital to support Weener Plastic to pursue a buy-and-build strategy to expand into adjacent product categories and new geographies. Alongside a co-investor who contributed €50 million, we invested €201 million in Weener Plastic, a manufacturer of plastic packaging systems headquartered in Germany. Website, p.18 West of Duddon Sands Offshore Transmission Owner: In August 2015, 3iN invested £23 million in a 50% holding in the West of Duddon Sands Offshore Transmission Owner (“WODS OFTO”) project. This project involves the acquisition, financing and operation of power transmission cables and associated electrical equipment connecting the West of Duddon Sands offshore wind farm, located off the coast of Cumbria in the Irish Sea, to the onshore grid. The project operates under a licence awarded by Ofgem, the UK’s electricity regulator, with a 20-year revenue entitlement period, providing predictable cash flows over the period. p.23 Mayborn: Manufacturer and distributor of baby products. 2006. Jake Holdings Limited (Mayborn) Exit announced in Apr.2016. p.146 Agent Provocateur: Women’s lingerie and associated products. Pearl (AP) Group Limited. 2007-?? agentprovocateur.com p.147 https://www.3i.com/media/1847/3i-group-ar2015.pdf

The acquisition of the Barclays Infrastructure Funds Management business, which invests in PPP projects, which completed in November 2013, will further increase third-party fee income and positions the Infrastructure business for growth. p.21 In November 2013, 3i completed the acquisition from Barclays of its infrastructure fund management business. The business currently manages two active unlisted funds that invest in UK and European PPP and energy projects. p.34 the sale of Civica for £124 million, p.24. Civica is a market leader in specialist systems and business process services for public sector organisations. It supplies over 2,500 organisations in the UK, Australia, New Zealand, Singapore, Canada and the US. We invested in UK-based Civica in 2008, alongside Eurofund V, in a public to private transaction. We backed the incumbent management team, led by Simon Downing as Chief Executive and, through our Business Leaders Network, introduced Mike Jeffries as Chairman, who brought 30 years of support services experience including similar roles at VT Group and WS Atkins. Our investment helped accelerate Civica’s strong underlying organic growth, through the completion of 10 acquisitions in the UK, Australia and New Zealand, adding key product and geographical presence. Further, we supported the investment and diversification into business process outsourcing which helped significantly strengthen Civica’s strategic positioning, during a period of unprecedented change in Government spending. In May 2013, having run a carefully planned sale process that attracted significant interest, we sold Civica to OMERS Private Equity. p.29 Cornwall Topco Limited (Civica), civica.co.uk Public sector IT and services. Cross London Trains: Acquisition and on-leasing of passenger rolling stock for the Thameslink rail network. The largest single investment in the year was Cross London Trains, a company established to procure and lease the rolling stock for use on the Thameslink passenger rail franchise, made by 3iN. Jun.2013- p.31 Mersey Gateway Bridge: Design, build, finance and operating of a new tolled bridge over the Mersey river. Mar.2014-?? p.31 https://www.3i.com/media/1842/3i-group-ar14.pdf

EUSA Pharma Inc: Pharmaceuticals business, focused on pain, oncology and critical care 2.3x. 18% IRR. 2007-?? eusapharma.com https://en.wikipedia.org/wiki/Jazz_Pharmaceuticals. p.27 Mayborn: 2007-?? 19% IRR. p.27 Mold-Masters: In February 2013, 3i realised £222 million through the sale of Mold-Masters, a leading manufacturer of melt delivery and control systems for the plastics industry. The proceeds from the sale represent a 93% uplift over the March 2012 opening value of £115 million and a 2.7x money multiple on 3i’s initial investment in October 2007. A Toronto-based provider of plastics processing technology with operations in more than 20 countries. 3i invested to provide capital to support a share restructuring and to accelerate international growth. Aug.2007. p.29. https://en.wikipedia.org/wiki/Milacron https://www.3i.com/media/1841/3i-group-ar2013-final.pdf

Mayborn Group Ltd: UK-based manufacturer and distributor of baby and child products under the Tommee Tippee brand. Operations in 46 countries. 3i invested to provide capital to support a buyout and to accelerate growth through international expansion. International expansion has driven rapid growth, including a successful launch in the US in 2010 through an exclusive agreement with Babies R US. The addition of Target, as a second US retailer, will support continued growth. Jul.2006-??. p.23. mayborngroup.com Mold-Masters is a leading manufacturer of melt delivery and control systems for the plastics industry. From its manufacturing facilities in Canada, China, Germany, India and Brazil, it serves a diverse and global customer base across high growth end markets. These include consumer electronics, medical devices, personal care consumer products, telecommunications, packaging and automotive. 3i invested in Mold-Masters in August 2007 to accelerate organic growth in Asia, Eastern Europe and Latin America, and to support acquisitions. Since investing, we have leveraged our global Business Leaders Network to build the board and executive team. We have also supported the company through a range of performance improvements, including sales force effectiveness, global manufacturing footprint optimisation, new product introductions, upgraded financial management and controls and a de-leveraging in 2009. Mold-Masters’revenue and earnings for the year to 31 December 2011 were up 23% and 21%, respectively,repeating the 20%+ growth for the previous year. Much of this was achieved through expanding international sales, with core revenue up 20% in Europe and 34% in Asia in 2011. p.31 In the prior year, on 15 February 2011, Mizuho Investment Management (UK) Limited, one of the leading debt management businesses in Europe, became a subsidiary of the Group. MIM has since changed its name to 3i Debt Management Investments Limited. The acquisition formed part of the Group’s strategy to build its Debt Management business line. The acquisition of MIM was effected by 3i Debt Management Limited (“3iDM”) on 15 February 2011. 3iDM paid cash consideration of £18 million for 100% of the issued share capital of MIM. The equity shares of 3iDM are owned 55% by the Group and 45% by the management team of MIM. The Group entered into agreements to purchase this remaining 45% of the equity of 3iDM from the management team over the next five years, with the price subject to the performance of 3iDM and its subsidiaries. After the year end the Group entered into agreements to purchase 2.7% of the remaining 45% equity from a member of the management team who is no longer employed by 3iDM.In accordance with IFRS 3, the purchase of the management team’s equity holding or “earn-out” was reflected in two parts: £13 million deferred consideration, for the transfer of the remaining 45% of the shares held by MIM management over five years. This was recognised on acquisition and is carried as a liability on the Group balance sheet. The remaining amount is contingent on the individuals remaining in employment with 3i and 3iDM. The amount will be determined by the performance of 3iDM during the five-year period and will be recognised in the statement of comprehensive income as carried interest and performance fees payable. p.113 Tato Holdings Limited, Manufacturer and sales of speciality chemicals, thor.com 1989-?? Hyperion Insurance Group Limited, Specialist insurance intermediary. hyperiongrp.com 2008-?? https://www.3i.com/media/1864/ar-report-2012.pdf

Refresco Group BV, refresco.com, Manufacturer of private label juices and soft drinks. Netherlands, 2010-?? https://www.3i.com/media/1861/ar-report-2011.pdf

The failure of British Seafood in February 2010 was our largest single loss in the year. a realised loss on British Seafood of £72 million. The placing of UK-based fish importer British Seafood into administration in February 2010 crystallised a loss of £72 million. Telecity Group Plc: telecitygroup.com Operating from 23 sites in prime city centre locations, Telecity is the leading provider of premium network independent data centres in Europe. 3i first invested in the company as a start up in 1998, however the relevant investment for this case study was made in 2005 to support the “take private” of Telecity. The company had not achieved its potential as a public company, in part because the internet data centre market, which it had pioneered, had failed to deliver the growth anticipated through the “dot com” bubble. However, 3i had a clear view about the potential attractiveness of this market if there was consolidation in the sector. Concluding that this strategy could more effectively be executed in the private domain, 3i teamed up with US investment firm Oak Hill Capital Partners to de-list Telecity for £60 million and invested £30 million to support this. more. 1998-?? p.48 Venture Production plc: www.vpc.co.uk Venture Production was a UK North Sea oil and gas producer, focusing on development and enhancement of discovered and producing oil and gas fields. 3i initially backed Venture Production in 1997 before its IPO and realised its investment in 2002. In 2006, 3i became a minority shareholder again in Venture Production when it received shares as partial consideration on the sale of a portfolio company, CH4. 3i then invested a further £110 million in Venture Production during August 2007. The investment case was to support the company’s growth and, in particular, its development in the UK and Netherlands sectors of the North Sea. more p.47 Inspicio is a market-leading provider of commodity, food and environmental testing, inspection and certificating services. It operates in over 120 countries across the world and employs 8,000 people. 3i’s Eurofund V invested £164 million in February 2008 to enable the public-to-private buyout of Inspicio. 2008-?? inspicioplc.com p.49 https://www.3i.com/media/1859/ar-report-2010.pdf

Anglian Water Group www.awg.com, osprey-water.co.uk Osprey Jersey Holdco Limited AWG is the parent company of Anglian Water, the fourth largest water supply and waste water company in England and Wales as measured by regulatory capital value. The majority of the group’s revenue is earned through tariffs regulated by Ofwat and linked to RPI. The group also includes Morrison Facilities Services, a support services business focused on the local authorities and housing sectors, and a small property development business. AWG has strong infrastructure characteristics, with a regulated near-monopoly position in its geographical area for the provision of water supply and sewerage treatment, stable and predictable earnings through RPI-linked tariffs and largely predictable operating costs. 3i initially invested in AWG in 2006, taking the company private in partnership with a consortium of international investors. p.50 RBG Limited, rbgltd.com Oil and gas service provider. 1996-?? p.135 Enterprise Group Holdings Limited, UK utilities and public sector maintenance outsourcing. Kirk Newco plc (Enterprise) 2007-?? enterprise.plc.uk p.132 https://www.3i.com/media/1859/ar-report-2010.pdf

British Seafood Distribution Group Holdings Ltd Seafood sourcer, processor and importer from Far East, 2007-?? britishseafood.co.uk Newco Sourcing Ltd (British Seafood) NCP Services Transport management and parking services is the residual business remaining after 3i sold the bulk of the business of NCP to Macquarie in 2007. Although NCP Services is considerably smaller than the criteria required for the Walker guidelines to apply, and NCP under its new ownership has produced a Walker compliant report, the Walker Guidelines Monitoring Group decided that in order to track the full performance of NCP since the buyout in 2005, it would be helpful to have a “Walker compliant” report from NCP Services for the second year of Walker reports and requested 3i to do this. NCP Services Topco Limited 2005-?? p.142 https://en.wikipedia.org/wiki/NSL_(company) https://www.3i.com/media/3404/annual-report-2009-1.pdf

Inspicio Business services www.inspicioplc.com 3i’s Eurofund V invested £164m in February 2008 to enable the public-to-private buyout of Inspicio. Inspicio is a market-leading global provider of commodity, food and environmental testing and inspection services. 3i is applying its sector expertise to support Inspicio’s growth strategy. Since announcing an offer for the business in December 2007, Inspicio has made four strategic bolt-on acquisitions, as well as committing to a further capital expenditure plan to accelerate laboratory expansion. Mar.2008-?? Care Principles www.careprinciples.com Care Principles TopCo Limited 3i’s Eurofund IV invested £54m in March 2005 to enable the management buyout of Care Principles. 3i Group plc held a minority position in the company since 1997. Care Principles provides specialist assessment, treatment and rehabilitation for adults with learning difficulties, personality disorders and autistic spectrum disorders. 3i used its sector knowledge and experience in Healthcare to assist in the development of Care Principles. We introduced Paul Preston as CEO, and Nick Irens, formerly of another successful 3i buyout Westminster Healthcare, as Chairman. In 2005 3i helped Care Principles acquire Ermine Care, a provider of community-based specialist services. The company performed strongly and ahead of plan, and in July 2006 Care Principles was re-capitalised, returning £32m to 3i and Eurofund IV investors. In July 2007, Care Principles was sold to Three Delta LLP for £275m, generating a 3.5 times money multiple for 3i and investors in Eurofund IV. Over 10 years, Care Principles has evolved from a start-up operation to a company with over 1,400 employees. p.15 Venture Production plc Oil, gas and power www.venture-production.com 3i initially backed Venture Production in 1997 before its IPO and divested in 2002. Since receiving a minority stake as consideration on the sale of CH4 to Venture Production in 2006, 3i invested a total of £110m in Venture Production plc during August 2007. The aim is to support development in the UK and Netherlands sectors of the North Sea. Venture Production is a UK North Sea oil and gas producer, focusing on development and enhancement of discovered and producing oil and gas fields. During 2007, the company continued the development of its North Sea asset base, participating in the drilling of 11 new wells and bringing two new fields on stream. Since the start of 2008, the company has announced seven acquisitions of which six have already been completed. These include the company’s first add-on deal following its entry into the Dutch sector in 2006 and the acquisition of WHAM Energy plc, an AIM listed company, for £14m. Venture Production’s debt facilities have expanded to £585m, giving a strong base to consolidate the company’s position as a leading independent oil and gas company in the North Sea. p.18 Hayley Conference Centres www.hayley-conf.co.uk In September 2005, 3i acquired a 46% stake in Hayley for £40m to support the company’s plans for UK and international expansion. At the time of realisation, Hayley was the leading provider of premium dedicated conference venues in the UK. At sale, the company had eight UK sites and one under construction in France. Hayley was voted number 70 in the Sunday Times 100 Best Companies to Work For in 2006. Employee numbers rose from 754 in September 2005 to 833 in May 2007. The reputation of the business as a highquality service provider led to the successful sale of the company to Principal Hotels in May 2007. This generated proceeds for 3i of £72m which, in addition to £46m re-gearing proceeds in November 2006, represents a cash multiple of 2.9 times and an IRR of 120%. p.19 Healthcare Brands International www.healthcarebrandsinternational.com 3i first invested £3m in Healthcare Brands International (“HBI”) alongside other investors as part of a second-round funding in July 2006. In December 2007, 3i invested a further £13m into HBI to support the company’s growth. HBI acquires, develops, and invests in differentiated healthcare products, primarily in the over-thecounter medicine market. HBI has been making acquisitions in products and brands in line with its strategy and is expecting trading to be in line with budget forecasts for 2007. HBI’s first brand, Sambucol, is trading well and is now available selectively across Europe and North America. In December 2007, HBI acquired Scandinavian healthcare company, Antula, with the support of 3i’s investment. Antula is a significant over-the-counter healthcare company in the Scandinavian market. p.26 CSR plc Semiconductors/wireless single chip solutions www.csr.com 3i invested £7.7m in Cambridge Silicon Radio Ltd over several rounds of funding between 1999 and 2002, after the company was formed as a spin-out from Cambridge Consultants Ltd. CSR is a leading manufacturer of single-chip Bluetooth wireless devices. 3i assisted in the successful development of CSR from its founding through to its position as a market leader at the point of divestment. This assistance was provided through recruitment of several members of the board, backing further funding rounds and assisting with business negotiations with companies such as Intel Capital and Sony. CSR floated in 2004 and 3i supported the IPO and fund raising on the London Stock Exchange. Over the course of 3i’s investment, CSR returned a total of £75m, representing a 9.8 times money multiple and an IRR of 57%. p.27 Planet Acquisitions Holdings Limited (Chorion) Owner of intellectual property 2006 p.109 https://en.wikipedia.org/wiki/Chorion_(company) Emperor I Limited (Bestinvest) Wealth management 2007, p.108 https://en.wikipedia.org/wiki/Bestinvest https://www.3i.com/media/3402/ar-report-2008.pdf

Mayborn Group Ltd: 3i’s Eurofund IV invested £58m in July 2006 to fund the £137m public-to-private buyout of Mayborn and its planned expansion. A UK-based manufacturer and distributor of branded and own-label baby (75% of sales) and household products (25% of sales). Market leading brands include Tommee Tippee (baby products) and Dylon (fabric dyes). Since our investment in July 2006 the business has performed in line with expectations, with full year sales expected to be up on prior year and an improved cash flow. In July 2006, former International President of Burger King, Nish Kankiwala, was appointed CEO through 3i’s introduction. A detailed business plan is currently being implemented which aims to further internationalise the business. p.14 NCP: www.ncp.co.uk Parking International Holdings Limited 3i’s Eurofund IV invested £121m in September 2005 to enable the £555m buyout of NCP from Cinven and to provide capital to develop NCP Services. NCP Group comprised NCP Off Street, providing services ranging from city-centre car park management to rail and airport parking; and NCP Services, providing traffic enforcement and management services to local authorities, Transport for London and government agencies. 3i has utilised its sector knowledge and experience in Support Services and Outsourcing to assist in the development of NCP. Total workforce grew from 4,500 at the time of the buyout to 6,200 in early 2007. New contracts have enabled NCP Services to grow revenue; it now has a turnover approaching £140m. During 2006, the decision was taken to form NCP Services as a distinct company in order to maximise value. In March 2007, NCP Off Street was sold to Macquarie for £790m, generating a realised money multiple of three times for 3i and investors in Eurofund IV, who retain a combined 76% shareholding in NCP Services. p.15 + 2006, p.24 EUSA Pharm: Healthcare www.eusapharma.com 3i invested $50m in March 2007 as part of a $175m fund raising round to provide capital to acquire and develop a portfolio of pharmaceutical products. A specialty pharmaceutical company focused on oncology, pain and critical care. EUSA’s focus is on growing a portfolio of specialty hospital medicines. The first of these, Rapydan, is due to be launched in Sweden in the first half of 2007, followed by a phased roll out across the EU. During 2007, EUSA will have a marketing capability in the five major European markets as well as Scandinavia, Benelux, Austria, Ireland and Portugal. EUSA acquired French-based OPi in March 2007 and plans are underway to develop an effective US capability facilitating access to the North American specialty pharmaceutical market. The company now employs 93 people. p.22 Domantis: www.domantis.com In February 2004, 3i invested £4.2m as part of a £17.5m early-stage fund raising round to support research and development. A pre-clinical stage biotechnology company focused on next-generation human antibody products 3i was instrumental in assisting Domantis to successfully develop and implement a strategy to build a commercial presence in the US and in the recruitment of a new chairman and CFO. This, combined with the company’s technical development, made Domantis attractive to industry leaders and the company was acquired by GlaxoSmithKline for £230m in January 2007. The proceeds for 3i represented a cash multiple of over 4 times 3i’s investment and an IRR of 98%. p.? HSS Hire Services Holdings Limited Tool hire 2004-?? Morse plc Technology integrator 1995-?? p.100 https://www.3i.com/media/1854/ar-report-2007.pdf

Petrofac oil, gas and power In October 2005 3i realised over £115 million through the IPO on the London Stock Exchange of Petrofac, the international oil and gas facilities service provider, at a market capitalisation of £742 million. 3i originally invested £22 million for a 16% stake in May 2002. The realisation delivered a money multiple of 5.2 times and an IRR of 64%. 3i’s funding supported the company during a period of rapid growth, helping Petrofac transform itself from an engineering procurement construction contractor into a total integrated facilities management solutions provider. 3i funded 36% of all European oil and gas private equity deals from 2003 to 2005 and manages an investment portfolio of 18 companies in the exploration and production and service sectors. Actively utilising this sector knowledge, 3i was able to introduce another 3i-backed company, training business RGIT Montrose, to Petrofac, which it subsequently acquired in February 2004. p.29 UbiNetics Realisation – UK – electronics, semiconductor and advanced technologies In July 2005 3i sold its remaining investment in UbiNetics to Cambridge Silicon Radio (“CSR”), the leading global provider of Bluetooth technology, which 3i had backed in 1999 and helped float on the London Stock Exchange in April 2004. The deal at US$48 million, together with the sale in May 2005 of UbiNetics’ test and measurement business to Aeroflex for US$84 million, delivered a total 2.4 times money multiple and an IRR of greater than 75% for 3i in less than 18 months. UbiNetics, a global supplier of the software and silicon IP for wireless terminals, which drives 3G mobile wireless technology, was founded by PA Consulting Group in 1999. The company grew from just 16 employees at its formation to over 400 employees and a £24 million turnover prior to the disposal. 3i’s investment in UbiNetics was part of an ongoing collaboration with PA. 3i invested in the company in 2004, attracted by the huge potential of the 3G market. Laurence Garrett of 3i joined the board as a non-executive director together with John Scarisbrick, who 3i introduced. 3i subsequently helped UbiNetics to recruit a chief financial officer. Working closely with the board on strategy, 3i was able to identify that the UbiNetics’ handset business would be an excellent strategic fit for CSR, in which 3i remains a substantial investor. 3i made the initial introductions between the two companies, actively demonstrating both the value of 3i’s network and its sector experience. p.32 Vetco International Ltd Oilfield equipment manufacturer 2004 p.90

Historic

  • Agent-Provocateur-2013.svg
    Nov.2007-Mar.2017: Agent Provocateur: 3i Group plc purchased an 80% stake in the company.ref The business entered administration in Mar.2017.ref 3i was heavily criticised for "road-crashing" the business to wipe out creditors,ref when private equity firm Quadro Capital Partners had tabled a higher offer that would have protected both jobs and creditors.ref See Sports Direct International plc/Agent Provocateur
  • Republic-2007.svg
    Feb.2004-Oct.2005: Republic: a mass-market men's denim retailer, now defunct. Inhoco 3017 LtdOC acquired the entire share capital of Republic (UK) Ltd.ref,ref Change Capital Partners LLP bought out 3i's shareholding via Teen Topco Ltd,OC. See Sports Direct International plc/Republic.
  • Jun.2010: Inspectorate, a global commodity testing company, was sold to Bureau Veritas of France, via Inspectorate's parent company Inspicio. 3i had financed a deal in 2008 to take Inspicio private. Inspectorate accounted for 70% of Inspicio's sales, and was the world's 2nd-largest inspection company for metal and minerals.ref
  • Feb.2010: Ambea, a care services operator across the Nordic region, was sold to Triton.ref
  • ?date?: Our Infrastructure team advised 3iN on its disposal of AWG plc, 3iN’s last investments in regulated utilities, generating returns of 3.3x.ref, p.6
  • ?date?: British Seafood Ltd.

https://www.3i.com/media/1852/ar-report-2006.pdf

ToDo: Done to AR-2006. https://www.3i.com/investor-relations/report-library/archive/#tabs
  • Dec.2010: Seafood Holdings: Baxendale sold the company to South African foodservice conglomerate Bidvest.ref (more), WP search

Timelines

ToDo: link (interesting + some good stuff); 3i.comArchive-org-sm.svg, 3igroup.comArchive-org-sm.svg