3i acquires a 30% stake in Sistemas Tecnicos de Encofrados (STEN)

21 Sep 2006

3i, Europe's leading private equity and venture capital company, and one of the companies with the greatest presence in this sector in Spain, has signed an agreement with the founders and majority shareholders of Sistemas Técnicos de Encofrados ('STEN'), for a 30% stake in the company. 

3i will work closely with the management to growth the business outside of Spain. With its investment in STEN, 3i has strengthened its position nationally and internationally, in a sector in which it already has extensive experience. 3i has invested in Gebomsa (leader in concrete pumping services) and Renta Corporación, which recently listed.

For 25 years, STEN has specialised in the development of formwork and scaffolding systems for construction and civil engineering projects and is now the leader in product development and innovation in this market, with a turnover of circa €128.4m in 2005.

This leadership is based on a wide commercial and logistical network, and on its R&D efforts, which enable it to provide unbeatable solutions both in products (achieving the safest, most efficient and most functional products) and in service (guaranteed delivery within 2 hours throughout Spain). STEN has 12 regional offices in Spain and warehouses in Barcelona, Madrid, Malaga, Valencia, Seville and Mallorca, among others.

3i was advised by AZ Capital and KPMG, AON Gil y Carvajal and ERM on due diligence.  Araoz y Rueda and Bufete Garrigues provided legal advice.

Notes to editors

About STEN (Sistemas Técnicos de Encofrados) 
Founded in 1982, STEN develops formwork and scaffolding systems which provide solutions for any construction and civil engineering project.
STEN specializes in the design, manufacture and marketing of top-quality technical products, and offers rapid customer service; these characteristics position it as the most innovative company in the Spanish formworks sector.  All this is possible thanks to a young, specialised team, who receive regular in-house training on the latest construction technologies and the most advanced management systems.

About 3i

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. 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. www.3i.com

Over its 60 years of experience, 3i has invested €24,500 million and has an international network with a presence in fourteen countries in Asia, the USA and Europe.  3i began operating in Spain in 1990 and since then has invested more than €1,000 million from its offices in Madrid and Barcelona.  Among its largest investments are the operations with Esmalglass, Rodman, Renta Corporación and Clínica Baviera, La Sirena and GES (Global Energy Services).