We have successfully invested in a number of businesses which have shown themselves capable of genuine differentiation and margin protection:

• Marken is a specialist express logistics provider to the pharmaceutical industry with operations in London, Paris, New York and Singapore. 3i chaired the board and strengthened management, introducing in-depth sector expertise. We further supported expansion in the US, and successfully grew market share by building a new team and targeting US-based pharma companies. Marken was highly successful in winning bids for clinical trials in Europe, Asia and the US from both new and exisitng pharma customers. Rapid earnings growth, a strong order pipeline and increased margins led to a successful exit for 3i in July 2007.
  
  
• Soflog is a logistics company serving blue chip industrial clients from 50 sites across France.  As an active minority shareholder, 3i has utilised its in-depth knowledge of the European logistics sector to add value and grow the business. Soflog experienced double-digit growth between 2000 to 2005, and in early 2006 3i supported Soflog in its acquisition of Télis, followed in early 2008 by the acquisition of Velay-Bernard enabling Soflog to target combined global turnover of c.€165m this year from 50 local sites.
  
  
• ABX Logistics is a global freight forwarding business, which organises the consolidation, transportation and customs clearance of its customers’ products into pallets or containers. 3i’s investment demonstrated its unique competence at carrying out complex multi-jurisdictional transactions and implementation of significant operational improvements. Following a comprehensive restructuring program with simultaneous de-leveraging of the business, ABX developed its Air & Sea and Eurocargo businesses. The company expanded its operations to the US, Asia, Russia and Eastern Europe, through a series of bolt-on acquisitions. 3i and management worked closely to turn the business into a profitable cohesive global group, resulting in strong growth and a successful sale of the company in June 2008.
  
  
• Freightliner is the UK's leading rail logistics company, moving containers and heavy goods across the national rail network.  During 3i’s ownership, Freightliner has expanded its activities to include the haulage of bulk freight as well as becoming the largest haulier of maritime containers in the UK. Furthermore, it has developed into Europe with an operational subsidiary in Poland. 3i successfully sold the business in June 2008, laying the foundations for continued international growth.