3i agrees £237m Civica deal

07 May 2008

3i, Europe's leading mid-market private equity company, and funds managed by 3i, today announce that they have agreed a recommended offer for Civica plc, a market leading public sector focused software and services provider in the UK, Australia and Singapore.

This deal follows closely on the footsteps of another 3i public to private transaction, the acquisition of Inspicio, a leading player in the global testing and inspection market, which was completed in February.

3i had previously identified the public sector software and services industry as an attractive market and had developed a long-term relationship with Civica’s management team prior to the transaction. 

Civica operates in an industry with attractive growth drivers and end market dynamics.  Its portfolio is focused on multiple end markets within the public sector, providing a diversified range of growth opportunities.  The business holds market leading positions in large, robust and growing UK and Australian markets with significant barriers to entry and has the opportunity to build upon its leading niche positions in higher growth, South East Asia markets.

3i’s investment, network and knowledge will enable Civica to execute its buy and build strategy as the industry continues to consolidate, cross-sell its solutions across geographies and expand its service offering across its international footprint.

Simon Freer, 3i Partner commented: “Technology is a key sector focus for 3i and we identified Civica as an attractive business because of its size, growth prospects and strong management.  We see significant growth prospects in Civica’s core business of selling software to local authorities as well as leveraging 3i’s network to back the management plans for further acquisitions.” 

 

About 3i

3i is a world leader in private equity and venture capital. We focus on Buyouts, Growth Capital, Venture Capital, Infrastructure and Quoted Private Equity (“QPE”) and invest across Europe, the United States and Asia. 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 and to our shareholders.

Buyouts

3i’s buyouts business is a leader in the European mid-market. We lead mid-market buyouts of companies valued at up to around €1bn, using insight from our local knowledge, international connections and our sector teams. With over €8bn of funds under management and an existing portfolio of over 60 companies across Europe, 3i Buyouts invests in all sectors, with a particular focus on media, healthcare, consumer, business services and oil, gas & power. 3i Buyouts recently raised Eurofund V, which at €5bn, represents the largest fund in Europe dedicated to mid-market buyouts.

 

For further information please contact:

Kathryn van der Kroft
email. kathryn.vanderkroft@3i.com
tel.  +44 207 975 3021