3i announces team to address quoted market opportunity
3i Group plc, a world leader in private equity and venture capital, today announces the creation of a new team to address opportunities for creating value in the European quoted markets, which may not be suited to an all cash take private transaction.
This dedicated team will draw on 3i's experience of both private equity and public markets to generate private equity style returns by applying private equity management skills to the small and mid-cap listed companies in which it will invest.
Joining 3i as founding partners of this new team are Bruce Carnegie-Brown (managing partner), Stephen Hill and Richard Segal. They are joined by Alan MacKay, who has held a number of senior roles within 3i's European private equity business.
Bruce Carnegie-Brown brings considerable investment banking and capital markets expertise, while Stephen Hill and Richard Segal both have strong track records of strategic and operational management in industry as well as first hand private equity experience. Their skills will be complemented by the private equity capabilities and skill-base of senior colleagues within 3i. Bruce Carnegie-Brown will become a member of 3is management committee when he joins on 8 January 2007. Further appointments will be made to this team in due course.
At the outset, the team will be focusing on industrial and consumer sectors across Europe.
Speaking today, Philip Yea, chief executive of 3i Group said:
"The private equity model has proven to be a highly effective investment model bringing considerable value to companies and investors. The formation of a dedicated team to address the increasing level of opportunity within the public markets is a natural step for 3i. We believe there is an opportunity to create value by acquiring and holding influential stakes in small and mid-cap listed companies and applying a private equity management approach to them."
Bruce Carnegie-Brown, added:
"3i has a proven track record of delivering attractive returns from private equity investing in privately held companies. I am delighted to work with 3i as part of an experienced team to implement these skills in the public market where we see great opportunity."
For information please contact:
3i press office
Helen Adams 020 7975 3465
The Maitland Consultancy
Philip Gawith - 020 73795151
Please see http://www.cantos.com/ for an interview with Philip Yea relating to today's announcement.
Notes to editors
3i is a world leader in private equity and venture capital. We focus on buyouts, growth capital and venture capital and invest across Europe, the US and Asia. Our competitive advantage comes from our international network and the strength and breadth of our relationships in business. These underpin the value that we deliver to our portfolio and to our shareholders.
Bruce Carnegie-Brown is an independent non-executive director of Close Brothers Group plc and was chief executive of Marsh Limited from 2003 to 2006. Prior to that he was head of debt Capital Markets in Europe and Asia for JP Morgan Chase where he had worked since 1985. At JP Morgan, Bruce Carnegie-Brown held a number of positions including chairman JP Morgan Securities Asia, chief credit officer EMEA as well as managing director UK Investment Banking. He began his career as an investment banker with Bank of America in 1981. He is the immediate past president of the Institute of Financial Services; a vice president of the Insurance Institute of London; and a Fellow of the Chartered Institute of Bankers. He is a graduate of Oxford University.
Stephen Hill was chief executive of The Sporting Exchange (trading as Betfair) from 2003-5, having spent the previous year as a chief executive in residence at Permira Partners. From 1998-2002 he was chief executive of the Financial Times Group and a member of the Pearson Management board. Stephen Hill joined the Pearson Group in 1987 holding a number of roles including director of strategy for Pearson, managing director of two regional newspapers, as well as chief executive of Westminster Press. In 1996 he was appointed chief executive of the Financial Times newspaper. Stephen Hill began his career as a management consultant with Boston Consulting group. He holds a Law degree from Cambridge and attended the PMD at Harvard Business School. He is also a director of Channel Four.
Alan MacKay trained as a lawyer then founded a marketing services business to exploit the de-regulation of advertising in the UK legal profession. He joined 3i in October 1987, investing in Scotland, Ireland and then London, leading private and public transactions including the buyout of Clyde Blowers plc and the IPOs of Workplace Technologies on the LSE and Dr Solomons on Nasdaq. From 1997 he was development director responsible for the rapid expansion of 3i in Europe. In 2000 he moved his family from London to Stockholm to build 3i Nordic plc through the acquisition of listed industrial holding company Atle AB. Until 2006 he has been a senior partner in 3is leveraged buyout business and global lead partner for 3i in Healthcare. In 2006 Alan MacKay has nurtured 3i activity on the interface between private equity and public capital markets. He currently sits on the Strategic Advisory Board of SVG Investment Advisers, is chairman of 3TS Capital Partners, and is a director of AIM listed Character Group plc.
Richard Segal joined PartyGaming in August 2004 as chief executive, leading the company in its June 2005 IPO. Prior to joining PartyGaming, Richard was chief executive of Odeon Limited where, backed by Cinven, he led a management buy-out from the Rank Group in February 2000. In December 2002, Odeon concluded a private placement securitisation and in March 2003 Richard led the sale of Odeon to a consortium led by West LB Bank for £431 million. During Richard's employment with Rank from 1988 to 2000, he held a number of senior management positions, including managing director of Rank's Entertainment Sector (cinema, nightscene and family entertainment) and operations director of Mecca Bingo. Prior to joining Rank, Richard spent four years with Arthur Andersen & Co in its London audit practice. A chartered accountant, Richard also holds a BA in Economics from Manchester.