3i first invested in DNA in 2007, backing the planned merger of DNA with five local fixed-line telecommunications operators. During the period of 3i's investment, the Vantaa-based company integrated its fixed line and mobile businesses and pursued an ambitious growth strategy, most especially in the area of mobile communications. In this time, it almost doubled its mobile subscriber base, increasing the number of mobile service customers by 821,000 to around 1.9 million, a market share of 25%. It further grew revenues from EUR538 million in 2007 to EUR657 million today.

3i worked in partnership with DNA's management team to assist the company achieve its goal of establishing itself as a leading, national, full-service telecommunications group providing high-quality, state-of-the-art voice, data and mobile communications and television services to private households and businesses throughout Finland. 

Erkki Nikoskelainen of 3i's Nordic team commented on the transaction: "We are very pleased to have worked so closely with DNA on its exciting journey to become a strongly established competitor in the Finnish telecommunications space. We are impressed with how quickly DNA has strengthened its market position, both in fixed-line and mobile services, and believe the company is optimally positioned to succeed in the next stage of its development."

In October 2005, 3i invested US$31m in the company, with Anna Cheung, 3i Partner, taking a board role to support PCD's growth and expansion. During 3i's investment period, PCD Stores has demonstrated impressive growth, achieving revenue and profit CAGR of about 100% in the last two years alone. Its network of self-owned stores has risen from four to nine since January 2006 and PCD currently operates or provides management consultancy services to sixteen department stores and one outlet mall in Beijing and seven provinces in China.

3i's local knowledge and experience in the consumer sector both domestically and in Europe helped it to identify the investment opportunity and recognise PCD Stores' potential. 3i's consumer investments to date include Little Sheep, D.Phone and John Hardy in China, UFO Moviez in India, Agent Provocateur in the UK and GANT in the Nordics.

3i Partner and Co-Head of China, Anna Cheung said: "We, at 3i, have been proud to work as an active partner with PCD Stores' excellent management team led by Mr Alfred Chan. Given impressive business growth and value creation over the last four years, PCD Stores is now in an excellent position to further reinforce its brand recognition and image as a high-end luxury store operator in China."

PCD Stores was established in 1998 and is a leading group of luxury goods department stores in China serving high-income customers in major cities such as Beijing, Changchun, Guiyang, Liupanshui, Nanning, Qingdao, Taiyuan, Xi'an, Xiamen and Zunyi. The group carries more than 1,600 luxury brands including Armani Collezioni, Burberry, Cartier, Ermenegildo Zegna, Hugo Boss, Ralph Lauren and Ports 1961, and offers an extensive range of merchandise ranging from ladies and mens fashion, to jewelry and watches as well as sportswear, cosmetics and household goods.

PCD Stores plans to use the proceeds from this successful IPO to open new stores, selectively acquire more department stores, fund the development and construction costs of Xian Phase II, a retail, commercial and hotel development jointly developed with a third party developer, and further strengthen working capital.

Anna Cheung added, "We are happy at this conclusion of our successful partnership with PCD Stores, which has generated a strong return for 3i. PCD Stores is now in an excellent position from which to move forward, building on its success to date for further growth and expansion."

She said, "China is an important investment market for 3i and we will continue to look for attractive opportunities to grow the value of ambitious businesses in the food and beverage, energy, general industrials and healthcare sectors."

Credit Suisse (Hong Kong) Limited is the Sole Global Coordinator and Bookrunner. Credit Suisse (Hong Kong) Limited and CLSA Limited are the Joint Lead Managers while Credit Suisse (Hong Kong) Limited and Evolution Watterson Securities Limited are the Joint Sponsors of the listing.

17 organisations and individuals were rewarded for their contributions to business success in Britain including Co-op boss Peter Marks who won the Orange Leader of the Year award. The public was invited to vote for their favourite leader to win the accolade and their votes were combined with those of an expert panel of 25 judges to make the final tough decision.

Liverpool's T.J. Morris under the branch Home Bargains, won the 3i Private Business of the Year category, with the award accepted by Joe Morris; London-based Inmarsat triumphed with the Coutts & Co Large-Cap Business of the Year Award; and ASOS, the online fashion and beauty retailer, was presented with the Grant Thornton Mid-Cap Business of the Year Award.

"This year we were overwhelmed by some very impressive business finalists. TJ Morris passionately articulated its ambition and differentiation that has enabled it to be so successful in what is a very competitive market" added David Whileman, 3i Partner and Head of UK Growth Capital

Public service organisations also fared well with The Environment Agency, based in Bristol, securing the Better Regulation Award. Forensic Pathways & Cambridgeshire Constabulary won the Orange Best Use of Technology in Business Award for its innovative private public partnership that set out to improve the management of police evidence and intelligence across Cambridgeshire. As the first adopter of FPL's state-of-the-art technology now being rolled out across the globe, the Cambridge Force has seen significant upturns in efficiency and corresponding downturns in operating costs.

A category peppered with first class enterprises, the much sought after Santander Small to Medium Sized Business of the Year accolade, went to Suffolk's Go Ape! High Wire Forest Adventure. "It's past, one not without challenges, has brought to a healthy present and the Chief Gorilla (also known as Tristram Mayhew when he's off duty) has laid out a careful and measured path to a diversified future and long term prosperity. The judges felt Go Ape! have all the makings of a model small-to-medium sized business", said Robert Janes, Vice Chairman of Judges.

Commenting on the caliber and strength of the public and private sector organisations taking part in The National Business Awards this year, Philip Forrest, Chairman of Judges, said: 

"All finalists have demonstrated great strength in the ability to adapt and innovate quickly in response to challenging circumstances this year. We're seeing a diverse range of businesses enjoying success, which should rightly stimulate confidence for any organisation to invest in both financial and human capital terms in UK plc. On behalf of the judges I would like to offer our congratulations to all finalists and winners on their achievement to date and wish them continuing success in the year ahead."

Open to organisations of all sizes from all sectors across the UK, The National Business Awards, sponsored Orange, is the UK's most prestigious independent business recognition platform with its particular emphasis on success, innovation and ethical business. The National Business Awards connects the nations' professionals through its annual awards ceremonies and round-table events and is United Business Media's leading awards programme.

Visit www.nationalbusinessawards.co.uk for the full list of finalists and winners. 

WINNERS THE NATIONAL BUSINESS AWARDS

o The Orange Leader of the Year Award
Winner: Peter Marks, CEO, Co-Operative Group, Manchester, M60 4ES

o The 3i Private Business of the Year Award
Winner: TJ Morris - Home Bargains, Liverpool, L11 0JA

o The Coutts & Co Large-Cap Business of the Year Award
Winner: Inmarsat, London, EC1Y 1AX

o The Grant Thornton Mid-Cap Business of the Year Award
Winner: ASOS, London, NW1 7FB

o The Daily Telegraph Award for Decade of Excellence in Business
Winner: Sir Philip Hampton, Chairman, The Royal Bank of Scotland

o The Orange Best Use of Technology in Business Award
Winner: Forensic Pathways and Cambridge Constabulary, Tamworth, B77 5ES

o The Better Regulation Award
Winner: The Environment Agency, Bristol, BS10 6BF 

o The Health, Work and Well-being Award
Winner: Artizian, Wargrave, Berkshire, RG10 8PZ

o The Health, Work and Well-being for Small Business Award
Winner: The Crown Spa Hotel, Scarborough, YO11 2AG

o The ICAEW Corporate Responsibility Award
Winner: Framptons, Shepton Mallet, BA4 4BW

o The Santander Small to Medium Sized Business of the Year Award
Winner: Go Ape!, Bury St Edmunds, IP29 5HH

o The businesslink.gov.uk Growth Strategy of the Year Award
Winner: dotDigital, Croydon, CR0 0XT

o The IMechE Business Innovation of the Year Award
Winner: Addison Lee, London, NW1 3ER

o The Customer Focus Award
Winner: DPD, Smethwick, B66 1BY

o The Entrepreneur of the Year Award
Winner: Sara Murray - buddi, London, SW3 2ND

o The Marketing Strategy of the Year Award
Winner:  HMRC, London, SW1A 2HQ

o The Employer of the Year Award
Winner: Cirrus Communication Systems, New Milton, BH25 5NN

During our involvement with the company we worked with the management team undertaking a challenging M&A process which involved transforming the scale and scope of the business and successfully entering into new markets, thereby reinforcing Dockwise's position as the global market leader. Between 2006 and 2008, revenues increased from $250m to $456m and EBITDA grew from $102m to $225m. Similar levels of profitability are expected in 2009.
 
In May 2007, Dockwise undertook a reverse merger with Sealift in a $2.0bn merger and refinancing with the enlarged business remaining listed on the Oslo OTC market. Subsequently, the business migrated its listing to the Oslo Stock Exchange in October 2007 with 3i retaining a 26% stake in the business.

The merger provided capital to undertake the transformation of 6 sealift tankers into large heavy lift vessels capable of carrying some of the largest cargos, reinforcing Dockwise's position as the global market leader. In addition, the company completed the introduction of the yacht express, the largest of the yacht carrying vessels. Since then, Dockwise has sold 2 of its smaller dock type vessels bringing today's fleet to 20.

During the past three years Dockwise has continued to develop itself as a fully integrated oil and gas service provider. In July 2007, Dockwise acquired two small affiliated Houston-based engineering businesses, Offshore Kinematics Inc and Ocean Dynamics LLC, market leaders in 'floatover' engineering services, for $48m, which, alongside organic investment in the engineering capabilities of the company, fast tracked the evolution of Dockwise into an integrated transport and installation provider for offshore and onshore structures. The company now competes alongside established providers, such as Saipem and Technip.

With the increasing demands of an enlarged business and scope of offering, combined with meeting public market demands we worked with the Board to bolster the management team. The Chairman, Adri Baan, has extensive public markets experience, and the non-executive Directors have substantial industry experience: Rutger Van Slobbe of Royal P&O Nedlloyd N.V.; Pietro Tali, Chairman and CEO of Saipem SpA; Tom Ehret, the former CEO of Acergy S.A; and Danny McNease, Chairman and CEO of Rowan Companies Inc. During our investment, the management team also grew to support CEO Andre Goedee; during 2008, Martin Adler was recruited as CCO and Rob Strijland as COO, with Peter Wit recently joining as CFO.

Baroness Hogg, Chairman, said:

"Robert has made an outstanding contribution to the board over many years and has been a marvellous colleague providing the perfect balance of challenge and support. We are delighted that he has been appointed as Chairman of the 2014 Commonwealth Games organising committee and wish him every success."

Russel Joffe, managing director and founder of Giraffe, comments:
"With the support of our investors Risk Capital Partners and 3i, our strategy is to continue growing the brand nationally year on year. This acquisition of some great sites allows us to accelerate the roll out of Giraffe, and takes Group revenues to in excess of £35 million."

The sites are located in London, Norwich, Bury St Edmunds, Weybridge and Portsmouth and the acquisition brings the Giraffe group up to 36 restaurants plus five airport franchises, of which three are at London's Heathrow.

Chairman Luke Johnson comments: "'This is a deal that will transform Giraffe and it shows how ambitious we are for the business."

Giraffe is a successful all-day restaurant concept based on global food, world music, great service and good value for money. The group partnered with 3i in October 2006 to support the national roll-out of the brand.

Justin Maltz, Director of 3i Growth Capital comments: "Giraffe's exceptional performance has defied the downturn and this deal will give the brand further room for growth - we believe there is plenty more to go for."

Mark Silver of Inspicio won the 'PE-backed CEO of the Year' award in the Southeast and London region. Chris Rea of AES Engineering received the 'Best Corporate and Environmental Responsibility' award in the Northeast region. Both will go through to the National Finals which will be held on 14 October in London.

The six regions are: Scotland and Northern Ireland; Northwest; Northeast; Wales and Southwest; London and Southeast; and the Midlands. 

The five categories are PE CEO of the Year; VC CEO of the Year; Best Investment / Exit; Best Corporate and Environmental Responsibility; and Best International Impact.

3i has divested its minority stake above its valuation at 31 March 2009.

The changes to the indices take place following FTSE's UK Index Series quarterly review, which is carried out by the independent FTSE Europe, Middle East and Africa Regional Committee. The regular index reviews ensure the indices remain an accurate reflection of the market they represent which is essential, as they form the basis of many pension fund's and investment portfolios.

All changes from this review take effect from the start of trading on Monday 22nd June 2009.

Specifically, the 3i team helped Little Sheep to sharpen its strategic focus on company-owned restaurants, developing its franchise model and aligning standards, also creating operational efficiencies, improving quality control, customer service and restaurant design, which all significantly enhanced Little Sheep's brand image over the last few years.  Additionally, 3i used its extensive network within the consumer sector to introduce non-executive directors to the Company board and played a pivotal role in supporting Little Sheep's highly successful IPO in Hong Kong in June. 3i's support, the company's strong brand and its focus on operational excellence has enabled Little Sheep to weather the challenging economic environment and continue its growth, as reflected in its recently announced full-year 2008 earnings results.

Little Sheep is the leading full-service restaurant chain operator with 6% market share in the PRC*. As of 31 December 2008, the company operated 375 restaurants. Little Sheep has performed strongly since 3i's $20m investment in June 2006. The Group reported a 34% increase in revenues and a 41% rise in profits from RMB91 million (US$13 million) to RMB129 million (US$19 million) for 2008. Lastly, Little Sheep reported same store sales growth of 10% (up from 3% for 2007), demonstrating the growing success of the brand concept and innovation.

Anna Cheung, 3i Partner, and Co-head of 3i China commented: "We have been proud to work with such an exceptional management team and outstanding business as Little Sheep during the past three years.  This is a great example of 3i's ability to generate good returns even in a challenging market environment, by creating real value and improved performance through hard work, collaboration with the Company and a strong partnership style.  We believe that Yum! is an excellent long term strategic partner for Little Sheep in the next phase of its growth."

3i maintains a positive outlook on the long term fundamentals of investing in China and is well positioned for further investments in the region, particularly in the food and beverage, energy, general industrials and healthcare sectors. Anna Cheung added: "China is an important investment market for 3i and we will continue to look for attractive opportunities in the region."

This successful sale demonstrates impressive growth of Insensys over the last 6 years and generates a strong return on 3i's investment over the period. 3i initially invested in Insensys in 2003, providing capital funding, enabling a merger with Indigo Photonics, and taking an active role on the board to drive forward ambitious growth plans.

"We are particularly pleased to be joining forces with Moog - the technical synergies are very strong.  In addition, Moog will enable us to significantly increase our global footprint and give us the platform to expand our presence in our key markets, namely the USA and Far East," said Martin Jones, co-Founder and Chairman of Insensys.

Matthew Mead, 3i Partner, on the Insensys board, added: "We are delighted to have invested and supported the rapid growth of this innovative cleantech business.  Insensys has grown strongly over the last three years and is now a major supplier to the wind turbine sector. We and the other shareholders see its acquisition by Moog as a great platform to take the business into its next phase of development."

Steve Huckvale, President of Moog's International Group added: The acquisition of Insensys strengthens our technology product portfolio, domain expertise and relationships with customers in the alternative energy sector."  He continued: "The use of real-time data improves turbine performance and lower a wind turbine's total cost of ownership. Fibre-optic sensing systems from Insensys add advanced measurement capabilities and data intelligence that will be a differentiator for turbine manufacturers, blade manufacturers and wind park operators."

3i has a strong track record in the transport and logistics sector and has provided this distribution group specialising in packages from pickup to delivery, and offers a choice of standard, rapid and express delivery across France with the benefit of its network and its on-the-ground expertise in order to optimise both growth and profitability. In two years, turnover grew by nearly 50% to almost €300 million, while the number of employees rose from 2,300 to 3,000.  

With the acquisition of Transports Alloin, Kühne + Nagel adds to its European network. In its business areas, Transport Alloin will be the Swiss group's leader in France.  

According to 3i partners Denis Ribon and Laurent Savinelli, "Transports Alloin has shown that it is able to generate profitable growth in this sector, which is very capital intensive and has tight margins. The fact that it is joining one of the European leaders shows that its strategic positioning has been correct".   

Jean-Louis Alloin, who will retain his position as chairman of the group in the new entity, said: "We are very happy to be joining an international group like Kühne + Nagel. We are sure that our clients will value this new structure and will benefit from the expansion of our range of services".

Xavier Urbain, a member of Kühne + Nagel's executive committee, added: "Expanding our overland logistics business in France is essential to our European development and Alloin gives us a strong position in that important economic area". 
This transaction remains subject to the approval of the EU competition authorities.

The transaction is expected to close at the beginning of January 2009.

Denis Ribon, 3i comments 'The partnership between the founders of Défimode and 3i has been exemplary. 3i brought its finance and experience to bear, to assist company management to grow sales and profitability to a level not previously known at Défimode. As well as contributing €20m in capital, 3i proved itself of utmost value during the structuring of management control and final negotiations. Additionally, this transactions enables Défimode to continue its development supported by impressive foundations with its new owners. A real win-win deal!"

Advisors included Lovells (Monique Sentilles-Dupont, Stephane Martin) for 3i and Sarrau Thomas Couderc (Christian Couderc, David de Pariente) for the company as well as BNP Paribas (Laurent Bory, Hervé Bodin) and KPMG (Florent Steck).

On 12 October 2007 Inspicio announced that it had received approaches from interested parties regarding a potential offer for Inspicio. Since then, the Independent Directors and their financial advisers have invited expressions of interest from both trade and private equity parties. As part of these discussions, a number of parties were allowed access to due diligence as part of a competitive process. The offer being announced today represents the conclusion of that competitive process.

The Independent Directors, who are not connected with Angus Newco and are advised by Kaupthing, consider the terms of the offer to be fair and reasonable and unanimously recommend that Inspicio shareholders accept the offer. Members of the Executive Management Team, Keith Tozzi and the Independent Directors have given Angus Newco irrevocable undertakings to accept the offer in respect of all of their respective beneficial holdings of Inspicio shares amounting in aggregate to 1,011,860 Inspicio shares representing approximately 1.0% of the existing issued share capital of Inspicio. Including support received from institutional shareholders, in total Angus Newco has received irrevocable undertakings and non-binding letters of intent to accept the offer in respect of 20,544,812 Inspicio shares representing in aggregate approximately 20.2% of Inspicio's existing issued share capital.

Commenting on the offer, Alan Giddins, Global Head of Business Services at 3i said: "Business Services is a key sector focus for 3i and we are delighted to be in a position to invest in Inspicio. We are looking forward to working with the management team, led by Mark Silver, to help the business achieve its full potential. Inspicio's business reflects 3i's global presence and the underlying organic growth prospects for Inspicio remain strong. In addition we are committed to supporting Inspicio's acquisitive strategy to continue to build its international presence in its core markets."

Commenting on the offer on behalf of the Independent Directors, Lesley James said: "Today, the Independent Directors have pleasure in bringing to a close a process that started over two months ago. In that time we have evaluated all aspects of the offer from 3i, as well as proposals from a number of other potential bidders. We have concluded that the offer from 3i is in the best interests of Inspicio's shareholders as a whole and recommend that shareholders accept the offer."

Mark Silver, CEO of Inspicio said: "This is a good deal for Inspicio and provides an opportunity for the company to fulfil its potential. It will enable us to exploit fully the growth opportunities in the global testing and inspection market with the support of a long term investor who understands our business and our strategy."

3i identified Telecity's potential early on, backing the start-up in 1998 and floating the business in 2000.  However, its first period as a quoted company was not a success and several rescue funding rounds involved 3i re-investing some, but not all, of its initial IPO profits.  By 2005, 3i had a 45% stake in Telecity, which had limited financial resources and whose stock market value, at less than £50m, reflected investors' lack of faith in its prospects.  3i's view was that industry consolidation was the route to creating value, but the stock price was not strong enough to allow the company to lead the process.  3i therefore formed a 50/50 partnership with Oak Hill Capital, a California-based fund with experience from the US of the data centre cycle and together they took Telecity private. 

Shortly afterwards, the industry consolidation began, with the purchase of key UK competitor, Redbus plc, and the installation of the Redbus management to lead the enlarged group.  The add-on acquisition of Globix followed shortly after.  With a major new focus on sales force effectiveness, the group began to achieve significant growth in turnover.  And in a business with high operational gearing, this led to rapidly improving financial performance.  Furthermore, with the company's improved business model, greenfield investment in new datacentre space began once again to look attractive.  This growth opportunity, well presented by a strengthened management team, has now allowed a highly successful IPO.

3i Director, Ian Nolan said: "As with many technology businesses, the business potential is often as great or greater than envisaged, but can take much longer to come through than initially envisaged and this is a great example of how the involved and driving private equity model can create value for shareholders.

Telecity's successful IPO today reflects the impressive achievements of the company whom we've been delighted to support over the last nine years.  The funds raised in the course of the IPO will allow them to move forward to the next phase of the company's development."

Besides providing funds, 3i also offered strategic guidance through the introduction of key individuals such as the current President, Jean-Yves Dréan, which has had a phenomenal impact on the company's growth. This was also the case with Se Loger and Vétoquinol, which both floated on the Paris stock exchange in 2006.

Denis Ribon, 3i Director, said that "3i is delighted  to have played such an integral role in the expansion of Grand Frais in a particularly competitive market. The success of Grand Frais has allowed us to realise twice our investment over four years, achieving an IRR of 20%.".

This exit occurs shortly after our €36 million investment in Lyon-based Groupe Cair. Denis Ribon today commented " We are very active in the Lyon region, managing more than €150 million worth of assets. "

Bestinvest's high net worth discretionary investment management service, launched in June 2003, now has £1 billion of client assets and the company has a successful fee-based financial planning service.

John Spiers, Bestinvest founder, comments:
"After much careful thought I've decided that this would be an appropriate time for my family and me to sell a large part of our shareholding in Bestinvest. While I believe the opportunities for Bestinvest are greater than ever, it makes little sense for so much of the share capital to be owned by a largely passive shareholder who is becoming more interested in capital preservation than future growth."

"My decision to accept a bid from 3i was heavily influenced by the respect for our culture of independence and willingness to back our existing management team. 3i clearly understands the wealth management sector and our business and therefore quickly became the most obvious partner for Bestinvest. Selling to a product provider was never a realistic option."
 
Andrew Barnes, Bestinvest Chief Executive Officer, will continue to lead the existing management team moving forwards.
-More-

Peter Gordon, 3i Partner and Head of Financial Services comments:
"We believe Bestinvest offers one of the most exciting opportunities in the UK financial services sector. The company is one of few financial advisers with a profitable, robust and scalable business model. Bestinvest has a high quality and loyal client base along with an excellent brand and reputation."

"It will be strictly business as usual for both Bestinvest clients and staff. We plan to enhance rather than significantly change a winning formula."

The shareholders of Bestinvest were advised by KPMG Corporate Finance.

"This round was already fully funded when we met 3i," said David Friend, "and we weren't really looking to bring in a VC. However, we were so impressed with the international resources that 3i could bring to the table and their background in consumer technology that we agreed to restructure our round to make room for them.  We are thrilled to have 3i on our board and to be able to tap into 3i's considerable resources. "

"This was an opportunity to invest with a proven team of entrepreneurs -- Carbonite is the fifth company that David Friend and Jeff Flowers have founded together.  Carbonite offers a compelling alternative to traditional methods of backing up files," added Mikko Suonenlahti.  "Carbonite has come up with a way to make backing up your PC really simple and inexpensive.  We think this kind of backup service will become as ubiquitous as virus protection or anti-spyware," said Mr. Suonenlahti.

Carbonite backup is available at www.carbonite.com and at Staples stores. 

About David Friend and Jeff Flowers:
Prior to founding Carbonite, David Friend and Jeff Flowers co-founded four other companies as CEO and CTO respectively:
o Computer Pictures Corp., sold profitably to Cullinet Software, subsequently acquired by Computer Associates.
o Pilot Software, a leading producer of OLAP and decision support systems for the retail industry.  About $40M in revenues when we sold to Dun & Bradstreet.
o FaxNet Corp., a leading provider of fax-to-email and email-to-fax services, marketed under the Verizon, US West, Ameritech, Bell South, and other phone company brands.  Sold in 1998 for about $240M.
o Sonexis, Inc., a manufacturer of CPE VoIP audio and web conferencing hardware, still private and thriving. 
David has a BA, Scholar of the House, from Yale and pursued graduate work in engineering at Princeton.  Jeff has a BS and MS in computer science from Georgia Tech. 

3i has divested its minority stake above its valuation at 31 March 2009.

Joining forces with the number one specialist D&O broker in Germany will give Howden immediate market leadership and will provide both companies with a platform for both product and geographic expansion. 

This is Hyperion's first major acquisition since 3i acquired a minority stake in the company in April 2008 and will further expand the Group's international distribution network, which in the last 12 months alone has seen new offices open in Hong Kong, the Middle East and Latin America.

David Howden commented: "I am absolutely delighted that Hendricks is becoming part of the Group.  This acquisition is a clear fit with our strategy of driving growth in one of our core product lines.  Moreover, Howden is keen to expand its retail distribution network and Germany, as the EU's largest economy and with an increasing demand for our specialist products has long been a target.  Driven by energetic and entrepreneurial leaders, the culture at Hendricks will fit well with our business.  This represents excellent news for our clients globally as the expertise of Michael Hendricks and his team of lawyers is something we can share across our Group". 

As litigation risks for professionals and executives spiral upwards, liability insurance cover is vital for individual and business protection.  Specialist brokers like Howden and Hendricks have the skills to source the right cover at the right price and to provide strong claims support.

Established in 1993 and with three offices in Germany, Hendricks has a market share of over 10%.  Its enviable reputation has been gained by a highly experienced and entrepreneurial management team, which includes 15 qualified lawyers, and is led by Michael Hendricks, an acknowledged national authority on directors' liabilities. 
Michael Hendricks added: "One of our major strengths has been to anticipate changes in the German D&O market by interpreting international developments and adapting our client's coverage accordingly.  But in the future, being the best in the German market will no longer be enough.

As part of Howden, we will be able to provide a global service to our many multinational clients, as well as significantly improving the scope of our services and developing our business with the big DAX companies.  We will also be able to draw upon Howden's internationally recognized expertise in the field of professional indemnity, which will place us at the forefront of developments in the German market".
The deal will be completed on 1st October 2009.

About 3i
3i is an international leader in private equity.  We focus on Buyouts, Growth Capital and Infrastructure and invest across Europe, Asia and North America. Our competitive advantage comes from our international network and the strength and breadth of our business relationships.  These underpin the value that we deliver to our portfolio, shareholders and fund investors.
www.3i.com

About Howden
Howden, with an accredited Lloyd's broker, and a strong global footprint, provides a range of specialist wholesale, retail and reinsurance services to a broad base of clients through its network of international offices.  It is the broking arm of Hyperion Insurance Group.
Established in 1994 and headquartered in the City of London, the Hyperion Insurance Group is a fast expanding, independently owned insurance and underwriting company. Since its inception it has grown to become a leading global provider of specialist insurances. Hyperion employs over 550 people in 40 offices operating out of 18 countries. The Group was awarded a Queen's Award for Enterprise in International Trade in April 2007.
Hyperion was ranked for the second year running in the 2008 Sunday Times Buyout Track 100. It was also ranked 27th in the 2008 Insurance Times Top 50 UK Brokers league table and 10th in Post Magazine's 2008 Top 25 City Brokers report.
Hyperion is backed by 3i, a world leader in private equity, who in April 2008 acquired a 27% shareholding in Hyperion.  With access to 3i's capital, along with its resources and expertise, Hyperion is looking to continue its fast pace of growth, both organically and through acquisitions. It is also backed by specialist private equity investor, BP Marsh & Partners plc, and Murofo Investments SL.
www.hyperiongroup.com

About Hendricks 
Established in 1993, Hendricks is the leading specialist D&O and commercial legal expenses broker in Germany.  Its head office is in Dusseldorf, with branch offices in Hamburg and Munich.  The total headcount is 30, of which 15 are qualified lawyers. The business has a unique position in the German market delivered by a quality offering, with a highly developed capability to generate differentiated products - enabled by the expertise of its staff.  The company, spearheaded by its Hamburg office, is also developing a significant sector specialisation, targeting the financial services sector.
www.hendricks.com