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3i sells SR Technics at €1.0bn to strategic consortium07 September 2006 3i, Europe's leading private equity and venture capital company, and funds managed by 3i today announce that they have sold Zurich-based SR Technics to a consortium of investors based in the United Arab Emirates. The company is a leading independent provider of overhaul and repair services for aircraft, components and engines (MRO). In addition, SR Technics offers integrated solutions for the technical support of entire fleets in these three areas. The transaction value is €1bn (CHF 1.6bn). The transaction is subject to standard regulatory approvals and is expected to be finalised within two months.
SR Technics' incumbent management team, led by CEO Hans Lerch, will work alongside its new owners, Mubadala Development (Abu Dhabi), Dubai Aerospace Enterprise and Istithmar (both Dubai), on continued expansion in the fast growing Asian and Middle Eastern markets. In parallel, SR Technics' strong market position in Europe will be further strengthened. 3i (56 %) and minority investor Star Capital (20%) backed management in a buyout from the administrators of SAirGroup (Swissair) in 2002. Since then, 3i has helped SR Technics become the leading independent provider of technical services for commercial airlines through organic growth and acquisitions, most notably including the acquisition of its competitor FLS Aerospace in 2004. Global clients include leading airlines such as Swiss, Easyjet, Cathay Pacific, Austrian Airlines and Thai Airlines. SR Technics employs approximately 5,000 staff today. "The transformation of SR Technics since 2002 has built the basis for the internationalisation and profitable growth of the group", said Dr. Stephan Kruemmer, CEO of 3i Germany and President of the Supervisory Board of 3i Schweiz AG. "The company has seen growth rates more than double the sector growth rate since we first invested. Its impressive expansion and growth in international customer base would not have been possible without an outstanding management team." 3i Director and SR Technics board member, Burkhard Brinkmann, adds: "This move will provide SR Technics with access to immense growth potential in Asia and the Middle East. We are delighted to have helped establish SR Technics as a major player in this space and we wish them and their new owners outstanding success." "During the past four years 3i and Star Capital were strong partners, supporting SR Technics' exceptional transformation into a leading, global and independent company", commented Hans Lerch, CEO of SR Technics. "The sale is a unique opportunity to boost our further growth strategy." 3i was advised on the transaction by Rothschild and Wyvern Partners. Notes to editorsAbout 3i3i 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 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. For further information please visit www.3i.com. 3i Buyouts 3i Buyouts is a leader in the European mid-market. We lead mid-market buyouts of up to around €1bn enterprise value using insight from our local knowledge, international connections, and our sector teams. 3i Buyouts invests in all sectors, with a particular focus on media, healthcare and business support services. Some recent transactions include:- in Benelux: ABX (freight forwarding), Aviapartner (ground handling), Daalderop (heating equipment), Refresco (fruit juice manufacturer) and UTT (tank container operators). In the UK: Chorion (brand management), Hobbs (women's fashion retailer); Interflora (floral services), Westminster Healthcare and Care Principles (care services). In Germany: Betapharm (pharmaceuticals) and Norma (connectors and clamps). In France: Keolis (inter-urban transport) and Laboratoires Vendôme (cosmetic/toiletry products). In Spain: Gamesa Energía y Servicios (wind farm construction and maintenance). In Italy: Giochi Preziosi (toy manufacture and distribution). In the Nordic region: Gant (branded retail) and Carema (care services). Internationally: Travelex (foreign exchange services), YBR Group (telephone directories) and Marken (specialist transportation services). About SR Technics SR Technics is one of the world's leading independent providers of integrated aircraft, component and engine solutions. With a workforce of some 5,000 employees, the group generated total revenues of CHF 1.4bn in 2005. SR Technics offers technical solutions and services to over 500 customers around the world, handling more than 750 aircraft, over 300 engines and some 78,000 components every year. For further information please visit www.srtechnics.com. For further information please contact:
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