iPP aims to partner with UK healthcare organisations to deliver pathology services that are responsive to users, cost effective and support NHS national clinical programmes. To date, pathology services have been predominantly carried out by Trusts in-house given limited opportunity to outsource to  independent experts.

Geoff Searle, managing director for the new joint venture, iPP, said: "We believe this new joint venture addresses many of the issues raised in the Carter Review* concerning improvements to quality and patient safety and increased efficiency, and that iPP will help the NHS achieve its ambitious £500m savings target for pathology services in England."

He added: "The combination of resources and clinical disciplines, which iPP draws from its two parent companies, equips us to be a strategic partner to the NHS and independent hospitals. We can assist healthcare providers and commissioners in meeting the challenges of quality, cost and rising demand in delivery of UK pathology services. Labco has excellent past performance in pathology in several major European healthcare markets and Sodexo has earned a key position in the NHS as a valued outsourcing partner."

Simon Scrivens, managing director for Sodexo, said: "This is an exciting development for Sodexo. We have been successfully delivering a wide range of services to the healthcare market for many years and we are delighted to be working with Labco through iPP, which has expertise in this field, to move into this new area of service provision."

Eric Souêtre, CEO of Labco said "Labco has unrivalled experience in Europe of managing pathology services through outsourcing models and has an excellent track record of successfully transferring its technical and medical knowledge to new healthcare markets: we are looking forward to helping our future UK clients improve their pathology services."

Stuart Quin, Investment Manager at 3i, a leading international investor and backer of Labco added: "Today's announcement underlines 3i's strategy to partner with fast growing international healthcare businesses. The iPP joint venture will bring an innovative model of delivering pathology services across Europe to improve quality and drive efficiencies in the UK market."

Operating models will vary and IPP will offer a range of services and partnership options depending on each healthcare organisation's needs.

NOTES TO EDITORS

*The Carter Review of Pathology in 2008 made 20 recommendations covering eight broad topics. Carter estimated the pathology market was worth £2.5 billion a year to the health service alone. To date, the NHS has dominated the pathology market with the majority of clinical tests being performed either by the health service or on its behalf. The NHS has set itself a target of £500m in savings for pathology services in England.

iPP
Integrated Pathology Partnerships (iPP) is dedicated to enabling UK healthcare organisations to strengthen the quality, delivery and cost-effectiveness of pathology services. The joint founders of our company are Labco, a major European clinical diagnostics company and Sodexo, a leading global provider of outsourced solutions for healthcare.

The combined clinical and outsourcing resources of iPP equip it to be a strategic partner to both the NHS and independent hospitals.
www.integratedpathologypartnerships.com

Sodexo
Sodexo is one of the world's leading providers of onsite service solutions.. The company has a major presence in the UK healthcare market with over 9,000 employees directly involved in the sector, of which 6,000 are working in NHS organisations across the UK having transferred from the NHS to Sodexo.

The services offered by Sodexo include a wide range of traditional hard and soft facilities management services such as catering, cleaning, portering and reception as well as decontamination, sterile services and clinical technology services.

Operating as a partner to the NHS as well as private healthcare providers for over twenty years, Sodexo currently delivers a wide range of services in almost 100 hospitals in the UK. It is also involved in a number of large and complex PFI schemes, both as a service provider and an equity partner.
Sodexo in the UK and Ireland employs around 43,000 people and delivers on-site service solutions to clients at over 2,300 locations in the corporate, healthcare, education, leisure and defence sectors.
www.sodexo.com

Labco
Labco is a leading medical diagnostics group that operates over 300 laboratories in six European countries, performing analyses for more than 10,000,000 patients a year from a range of over 2,500 clinical tests.

Labco has unrivalled experience, in multiple settings, of delivering diagnostics services, including pathology,  and performs over 250,000 tests each day. Such settings include community and academic hospitals (both public and private), inpatient, outpatient, general practitioners, health clinics etc. In addition, Labco has an excellent track record of successfully transferring its technical and medical knowledge to new healthcare markets.

In its outsourcing collaborations, Labco engages in very long-term relationships with its customers, and most of its contracts run for between seven and fifteen years. Many of these contracts have already been renewed by satisfied customers and to date Labco has yet to lose a customer. This 100% retention rate is testament to Labco's commitment to offering world-class services and focus on patient, clinician and customer satisfaction.

Labco's approach to business is based on scientific input in diagnostics. Labco's European expansion relies on the operational independence of the pathologist, underpinned by efficient management. Labco's commitment to meeting the highest national and international accreditation and certification standards is evidenced by its ongoing and substantial investment in company-wide quality programmes and innovation. Labco employs around 4,500 staff including 500 pathologists.
www.labco.eu

3i
3i is an international investor focused on buyouts, growth capital and infrastructure, investing in 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

PRESS CONTACTS

For Sodexo:
Clare Collins / Piers Zangana
+44 (0)20 7535 7400
clare.collins@sodexo.com / piers.zangana@sodexo.com 

For Labco:
Anne Souêtre, +32 (0)2 627 85 91, anne.souetre@labco.eu

For 3i:
Rachel Richards, +44 20 7975 3573, rachel.richards@3i.com

Via a collaborative partnership over the last three years and with 3i's support, KNEIP has successfully launched new offices in both London and Paris, attracting customers across both regions. In addition, KNEIP has made three international acquisitions. In 2009 KNEIP purchased La Cote Bleue in Paris, a press agency and major supplier of fund listings to the French media. Also in 2009, KNEIP acquired the assets of web development company Akiraweb to strengthen its capabilities in technological development and research, as well as Luxemburg-based fund publication specialist Lombard Fund Services which provided multi-lingual translation services and helped to enhance KNEIP's existing customer service.

During the last three years, KNEIP has successfully grown its business internationally, with staff numbers rising from 130 to 170 employees across UK, France, Switzerland and Luxembourg, providing services in 54 countries and on the internet across the globe. KNEIP has successfully maintained growth despite a global recession and against the backdrop of a particularly hard-hit financial sector.

Bob Kneip, CEO of KNEIP, comments: "In spite of the extremely challenging environment of the last 18 months, KNEIP has grown its revenue, customer service and geographic presence. 3i has been a supportive partner during the last three years and we look forward to continuing to build the business over the coming years."

Pieter De Jong, 3i Partner based in the Benelux, added: "3i has been proud to lend its expertise and international contacts to assist the geographical expansion and growth of KNEIP, to reach its position today as the leading European service provider to the global asset management industry." 

3i and funds managed by 3i acquired a majority stake in Inspicio, following a £345 million public to private transaction in February 2008.  Inspectorate is the global commodity testing and inspection division within the Inspicio group and accounts for approx. 70% of the group's turnover.
 
Over the past two and a half years Inspectorate has grown strongly following significant investment from 3i to support the completion of a number of bolt-on acquisitions and capital expenditure to both upgrade existing and establish new laboratories; resulting in the number of employees and turnover increasing by c. 2,000 and 75% respectively, since 3i's investment.  Today, the business is a market leader in global commodity testing and inspection, with a network of over 7,000 people and operations in 150 laboratories in 60 countries.  For the year ending December 2009, Inspectorate generated revenues of £246m.

The Inspicio Group will be rebranded as ESG.  ESG will comprise Environmental Scientifics Group (a UK market leader in geotechnical, laboratory and analytical and compliance testing, inspection and certification ("TIC") services) and Eclipse Scientific Group (a UK and Irish market leading food testing business).  This group will be led by the current management team of the Environmental Scientifics Group; with Alex Sleeth as Group CEO and Nick Louden as Group CFO.  3i and funds managed by 3i will remain the majority shareholder in ESG, supporting further growth and consolidation of the business.  Following completion of the transaction, Robert Walvis (Inspicio Chairman), Mark Silver (Inspicio CEO) and Richard McBride (Inspicio CFO) will step down from the Board of Inspicio.

Mark Silver, CEO of Inspicio, commented:

"Inspicio has come a long way since its founding in 2005.  Going forward, this is a great transaction for Inspectorate and I'm sure Bureau Veritas will be a fantastic partner to support the next stage of the business' development.  Moreover, the future of Inspicio's Environmental and Food business is in very safe hands under Alex's leadership and I am sure ESG will continue to be a success story in the TIC sector."

Alan Giddins, 3i Partner, commented:

"3i has worked closely with Inspicio's management team over the past couple of years to help build Inspectorate into a market leading business. Our experience in the testing and inspection sector has enabled us to support Inspectorate in its consolidation and international growth strategy, making it an ideal partner for further growth with Bureau Veritas.   This marks an exciting new chapter for ESG as it continues to build on its market leading positions in the Environmental and Food sectors.  We are looking forward to working together with Alex, Nick and the rest of the management team to continue to grow the business and play a key role in the ongoing consolidation of what are highly fragmented markets."

Alex Sleeth, CEO of ESG, commented:

"For us at ESG, it is business as usual. Our number one focus remains on continuing to serve all our customers to the highest standards.  The combination of the unique range of services we are able to offer, the experience of the management team together with the breadth of talent throughout the Environmental and Food businesses ensures we are well placed to deliver on our vision to be the service provider of choice in each of our markets."

For further information, contact:
Kathryn van der Kroft, 3i      Tel: +44 20 7975 3021
Mark Silver, Inspicio       Tel: +44 20 7004 2780

About 3i
3i is an international investor focused on Buyouts, Growth Capital and Infrastructure, investing in 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.

About ESG
ESG is a leading Environmental Compliance and Food Testing Company offering inspection, testing and advice to customers through an unrivalled range of technical expertise and accredited services.  With a history dating back more than 100 years, ESG has consistently developed its offer and now provides a complete solution for all legislative and regulatory environmental and food compliance.  The business has more than 1,000 employees and serves over 5,000 customers. All ESG's services are delivered across the UK and Ireland through a strong network of local accredited laboratories supported by a centralised head office. ESG specialises in five distinct areas: Geotechnical; Materials Testing; Laboratory and Analytical Services; Compliance; and Food Testing.

About Bureau Veritas
Bureau Veritas is the world's second largest group in conformity assessment and certification services. The Group, founded in 1828, has over 39,000 employees in 900 offices and 180 laboratories in 140 countries. Bureau Veritas helps its 370,000 clients worldwide to improve their performances by offering services and innovative solutions to ensure that their assets, products, infrastructure and management systems meet all quality, health and safety, environmental and social responsibility standards and regulations.

R.G.RAY is a leading designer and manufacturer of heavy duty engineered clamps for use in engine, pump / filtration, aircraft, commercial vehicle and industrial applications. Serving over 450 customers, R.G.RAY has developed long-standing relationships with a diverse group of global manufacturers. R.G.RAY's industry leadership and application driven approach to product design has solidified its market position among global competitors within the heavy duty engineered clamps industry. The acquisition will help NORMA to further strengthen its presence in North America and also to extend its product range in international markets.

"As a leading solution provider of engineered joining technologies the acquisition of R.G.RAY significantly strengthens NORMA Group's product portfolio to the benefit of our customers globally", said Werner Deggim, CEO of NORMA Group. "Besides our strong innovation pipeline we will continue to look for further opportunities to complement our existing product portfolio and global market reach".

"Becoming a part of NORMA Group is a perfect fit for R.G.RAY. We believe that the combination of both businesses is a great opportunity for our companies. Our customers will widely benefit by getting access to a significantly extended solution range. The global presence and reputation of NORMA Group will enable a wider distribution of the engineered products we are proud to have developed", said Dan Mitrano, CEO of R.G.RAY Corporation.

Founded in 1921 in Congrier (Mayenne), the Dirickx group is currently No. 1 in France and one of the market leaders in Europe in perimeter protection, offering a broad range of products (fencing, industrial gates) and services (installation, maintenance, engineering) in the areas of site delimitation, closure and control. It generated sales of €161 million in 2009 and has 1,165 employees.

Jacques Dirickx, Chairman of the group, comments: "The targets set in 2004 with my investors have been fully achieved. Dirickx has remained independent but has benefited from the support of top-ranking financial shareholders, who have helped us to implement an effective organisational structure to accompany our growth and have supported us actively in our expansion strategy in Europe and Asia."

Philippe Zurawski, LBO & Expansion Director at Crédit Agricole Private Equity, adds: "Over the last five years, we have played a driving role in the strategic review and structuring of Dirickx. This deal marks the end of an exemplary relationship between financial partners and a team of managers. It has enabled us to achieve an IRR of over 20% while also offering the family shareholders the possibility of owning the group's entire share capital."

Antoine Faguer, Director at 3i, states: "During our six years together, the Dirickx group has almost doubled in size thanks to the talent of its managers and the quality of the partnership and dialogue between shareholders. This deal is symbolic of what 3i can offer a fast-growing family-owned group that wants to develop its organisational structure and expand internationally."

Jennifer Dunstan transfers from 3i's Buyouts team as Partner to lead 3i's London based Fund IR team and further develop 3i's IR capabilities in Europe and Asia Pacific whilst James (Jim) Rutherfurd joins 3i from Veronis Suhler Stevenson as a Partner responsible for Fund IR within North America.

These newly created Partner roles further strengthen 3i's Fund Investor Relations capability and deliver against 3i's long term strategy to strive for the highest levels of service and transparent communications with 3i's global investor base throughout Europe, North America, the Middle East and Asia Pacific. 

Both Jennifer Dunstan and Jim Rutherfurd work with Paul Waller, Managing Partner of 3i's global Fund Investor Relations team and a member of 3i's management committee based in London.  Jennifer is based in London where she leads the UK Fund IR team and will help widen 3i's investor partnerships throughout Europe and particularly in Asia. Jim is based in 3i's New York office focused on further developing 3i's networks with new and existing institutional investors in North America, working alongside the New York based Growth Capital team.

Jennifer Dunstan, a Partner in 3i's UK Buyouts team since June 2005 and Head of 3i's UK Consumer sector, joins 3i's Fund Investor Relations ("FIR") team as a Partner of 3i's London based Fund Investor Relations team. During her time at 3i, she has co-led deals including Mayborn Group, Agent Provocateur and the public to private transaction for Telecity Group and Redbus to create TelecityRedbus. Prior to joining 3i, Jennifer spent nine years at Terra Firma Capital Partners and Nomura's Principal Finance Group, where she was Managing Director. Jennifer began her career as a solicitor for Allen, Allen & Hemsley in Sydney and London.

Jim Rutherfurd joins from his former role as executive vice president at Veronis Suhler Stevenson, where he was responsible for fundraising, investor relations, marketing and PR. Between 2004 and 2009 he also managed VSS funds' co-investment programme and directed initiatives to widen the firms' investor base. In his prior role as head of the VSS investment banking group, Jim focused on both client M&A advisory services and the origination of investment opportunities for the VSS private equity and mezzanine funds. During the five years to 1999, Jim served as Managing Director of the M&A group at JP Morgan & Co. and also Co-Head of the Media Industry Investment Banking team.  Previously he was Director at The First Boston Corporation's Media Group before which he was a corporate and securities lawyer at New York law firm Rogers & Wells.

Paul Waller, 3i Managing Partner commented: "In an increasingly demanding market, our LPs seek a highly transparent and well articulated understanding of portfolio performance and genuine insights on future prospects for our core investment strategies. In welcoming such high calibre professionals as Jennifer and Jim to the IR team, 3i proudly demonstrates its commitment to client service excellence, investing to better serve LP needs through strong communication and shared vision on mid-market opportunities globally and to help our clients shape their own successful strategies."

3i's maintains its long standing objective to grow its business internationally, both directly and through management of third party assets under management.

Lorenzo Salieri, a partner in 3i's European Buyouts team, will assume responsibility for 3i's buyout activities in the Italian market and Gianfranco Mottola will lead 3i's Growth Capital activities in the region. Both Lorenzo and Gianfranco are based in Milan and have over 20 years private equity experience between them.

3i opened its Milan office in 1991; since then we have provided capital to more than 50 businesses and successfully taken five of our investee companies to IPO. Today the team focuses on mid-market buyouts and medium-large growth capital investments.

Dordrecht/Amsterdam, 25 March 2010: The owners of Refresco, a European market leader in the production of private label fruit juices and soft drinks, and 3i, the international private equity company, have agreed for 3i to acquire newly issued Refresco shares, representing a 20% stake in the total share capital of Refresco. The total value of the capital injection amounts to €84 million and will be fully utilized to realize further growth of Refresco. The existing shareholders, an Icelandic consortium of investors led by Stodir, and the management of Refresco, maintain their shareholdings and fully support the transaction. Refresco has created a European manufacturing platform for non-alcoholic beverages and operates 19 production sites in 8 European countries. Refresco´s "buy-and-build" growth strategy aims at further expanding and strengthening Refresco´s market-leading position on the European market, through acquisitions and organic growth.

This marks the second time that 3i invests in Refresco, having supported a management buyout in 2003. After a period of active management, geographic expansion and significant profitable growth for the Company, 3i generated an excellent return on its investment when 3i's Refresco stake was divested in April 2006. Stodir led the buyout of Refresco in April 2006 with Kaupthing Bank and Vifilfell, backing the management team in a strategy that combined acquisition-based growth with capital investment for organic growth. Revenues and profits have doubled during the last three years, and total turnover amounted to €1.2 billion in 2009. After the new capital investment, the Icelandic consortium of investors holds a 62% share of Refresco.

Hans Roelofs, CEO of Refresco: "We are very excited by the capital injection and the re-entry of 3i. Refresco is a fast growing company with ambitious plans for the future. Through our "buy-and-build" strategy we can now further extend our presence in the European market through acquisitions as well as by internal growth. We know that 3i is a reliable and dedicated partner who will support us in achieving our goals."

Pieter de Jong, Director 3i, Benelux: "3i's investment in Refresco provides an excellent opportunity to back a clear European market leader to fulfill its growth potential. Our advanced knowledge of the business, combined with an excellent working relationship with a world-class management team, presents exactly the kind of active partnership which 3i's Growth Capital team is attracted to. The Icelandic shareholders have done a fantastic job supporting and financing the growth of Refresco, and further professionalising the organisation. 3i's minority interest in Refresco is fully aligned with the company and all shareholders."

Jon Sigurdsson, CEO of Stodir: "We certainly welcome 3i into Refresco´s group of shareholders, as we believe 3i is an excellent strategic partner with an outstanding track record and high credibility. The transaction confirms the strong performance of Refresco in the recent years, and enables us to further pursue Refresco´s growth strategy. Stodir, Kaupthing and Vifilfell remain supportive majority shareholders of Refresco and with a new, strong partner on board, we have put Refresco in a good position to continue the successful "buy-andbuild" strategy in the years ahead, thus creating even more value for all shareholders."

Vedici has become a major player in private hospital care in France in recent years. Over the space of four years, the group has grown from 6 to 23 centres, offering 2,650 beds today, and its annual turnover has grown from €65 million to €280 million.

Today's investment represents a new step in the group's development. It will provide the business with additional resources to accelerate its growth strategy, as it aims to double its size over the coming years.

3i has considerable experience in the healthcare sector through its dedicated global sector team. Healthcare investments include Labco (a network of medical analysis laboratories, France), Quintiles (outsourced pharmaceutical R&D, USA) and Axellia (formerly Alpharma API, a manufacturer of pharmaceutical products, Norway). In addition, 3i recently successfully sold its stake in Ambea (leading private provider of healthcare and care services across the Nordic region) to Triton for €850m.

N.I. Partners also has wide-ranging experience in the healthcare sector, notably with investments in Ceva (a veterinary pharmaceutical laboratory, France) and Labco (a network of medical analysis laboratories, France).

The deal is subject to the approval of the competition authorities.

Founded in 1995 by Dr Wargha Enayati, 3i, advised by 3TS Capital Partners invested in CMU in 2007.  Supported by both 3i and 3TS Capital Partners, CMU has achieved successful growth through increasing the breadth of its regional footprint and expanding its range of specialist services, including the addition of a specialist maternity hospital, stem cell bank services, a dedicated diagnostics centre with highly advanced MRI and CT equipment and a paediatrics policlinic.  Estimated revenues for CMU in 2010 are €21 million.

3i have a long track record of investment in the healthcare space.  Current investments include the leading European wide diagnostics and laboratory services business Labco, as well as contract research outsourcing provider Quintiles Transnational and Axellia, a Nordic based worldwide supplier and developer of active pharmaceutical ingredients. 

Daniel Lynch, Managing Partner at 3TS Capital said: "Centrul Medical Unirea has all the ingredients of a great business: visionary founder, talented management team and well thought strategy. Dr Enayati has been not only a successful businessman but a great partner and we look forward to following the developments of the company through its next stage of growth."

Rowena Cahill, 3i investment executive said: "Under the leadership and vision of Dr Enayati and with the support of 3i , Centrul Medical Unirea has delivered significant growth throughout the past 3 years, expanding both its product offering and regional platform.  We are confident that the business will continue its great success going forward."

In December 2005, in line with 3i's strategy for the business, Telecity acquired a key UK competitor, Redbus plc, and installed the Redbus management team to lead the newly enlarged group.  The add-on acquisition of the UK data centre assets of Globix followed shortly thereafter. The newly structured group experienced a significant growth in turnover, rapidly leading to a dramatically improved financial performance, which culminated in a highly successful £436m IPO in October 2007. 

Since the IPO, the business has achieved strong growth in both turnover and earnings. The business has made a substantial investment in capacity across its European markets to enable future growth, most recently opening new data centres in Paris, Stockholm and Milan and adding incremental capacity in London, Amsterdam and Frankfurt.  In addition, the business has implemented a range of projects to reduce its impact on the environment and enhance its energy efficiency.

3i commented "We are very pleased to have supported Telecity Group's development and expansion. The company has delivered strong investment returns for us, as well as for its public investors since its IPO in 2007. We are confident that Telecity and its management will continue with their great success going forward."

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."

PCD Stores offered 1.5 billion shares under the Global Offering, raising US$377m (HK$2.925bn) before the exercise of over-allotment option. The IPO values the company at US$1bn (HK$7.8bn). The retail tranche was 43 times oversubscribed.

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

3i invested in Dockwise, the global market leading heavy lift transportation provider based in the Netherlands, in a $780m transaction in January 2007. Dockwise specialises in transporting some of the largest and most complex cargos for a variety of end markets, including the oil and gas industry, military, port and marine infrastructure and luxury yachts.

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 been a long term supporter of the company, investing from shortly after foundation of the company in 1997, and again since August 2006 via its CH4 investment. 

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