Resignation of Director
3i Group plc announces that Martin Gagen, an Executive Director, has resigned from the Board with effect from 23 August 2004 and will give up his executive duties at the end of the month.
Allan Ferguson based at 3i's Waltham Massachusetts office assumes responsibility for 3i's US operations reporting to Rod Perry, Executive Director responsible for the 3i Group's venture business worldwide. Chris Rowlands, a member of 3i Group's Executive Committee responsible for growth capital, will assume responsibility for Asia Pacific.
Martin Gagen said:
"I have thoroughly enjoyed my time at 3i, especially the latter period in establishing our business in the US. 3i is a fantastic business and it has the opportunity to grow further in the US and in Asia Pacific."
Philip Yea, 3i's Chief Executive, paid tribute to Martin Gagen:
"Martin has made a significant contribution to 3i since he joined in 1983. He has done a great job establishing 3i's presence in the United States and in developing our business in Asia Pacific. We wish him every success in the future."
Commenting further on the announcement, Philip added:
"Martin had been considering a change in career and indicated this earlier in the year. Making this announcement at this time allows the business to organise for the future and enables Martin to take up a place at Stanford University in September."
For further information, please contact:
Michael Queen- 020 7975 3400
Ingrid Tighe, press office - 020 7975 3020
Allan Ferguson, 3i US Corporation - 00 1 781 839 2602
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, in the United States and in Asia Pacific. 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.
In the year to 31 March 2004, 3i invested £979 million, including co-investment funds. 3i's buyout business concentrates on the mid and smaller buyout markets in Europe and Asia Pacific and invested £492 million in the year to 31 March 2004. Our growth capital business invested £313 million in the year to 31 March 2004 in high growth companies expanding organically or through acquisition. 3i's venture capital business invested £174m in the year to 31 March 2004 in early stage technology companies.
3i's business in the US
3i's US business is focused on venture investing. The teams in Menlo Park in Silicon Valley and in Boston manage a portfolio today of 82 companies valued at £234 million.
3i's business in Asia Pacific
In Asia Pacific, where 3i operates from Hong Kong and Singapore, the business has a portfolio of 25 companies valued at £75 million.