Experience

The complexity in family businesses can take many forms. Our experience and commitment enables us to understand and appreciate the sensitivities and issues that have a profound effect on the decision-making and running of the family firm.

Williams Lea

Founded in 1820, this family-owned business is now the leading UK supplier of business process outsourcing in the document and print management market. Our 2004 Investment into Williams Lea gave us a minority shareholding in the business worth €64m. 

The funding had an innovative structure that gave the company the capital funding it needed for expansion while allowing a number of the family shareholders to realise some value. It also provided performance incentives to the management team. During the period, we helped Williams Lea to structure and execute a number of key acquisitions including a €171m key acquisition of a major US competitor. This helped the business secure a strategic global client base. We also supported Williams Lea to win several long-term blue chip contracts worth in excess of €700m.

In April 2006 we sold our minority shareholding in Williams Lea to strategic buyer Deutsche Post. The conditions of the sale delivered the family shareholder’s objectives and provided a further growth opportunity from its new strategic shareholder who agreed to let the business retain its independence. During our participation, the value growth achieved was nearly four times the amount of when we invested in 2004. This meant the family owners reaped the rewards at both the outset of our investment and again when the new shareholders bought in. A further upside was that they were still able to reinvest in the new company. 

Why 3i?
“We needed to strengthen our capital base in anticipation of considerable growth over the next five years. 3i provided a fast, innovative solution that achieved all our aims.”
Tim Griffiths, CEO, Williams Lea.
 
 

Senoble

Fourth generation family business, Senoble, is one of Europe’s largest manufacturers of dairy products and fresh desserts with an annual turnover of nearly €1bn. In 2004, we invested an undisclosed sum to acquire a 25% holding after proactively approaching family CEO Marc Senoble to demonstrate our interest in a growth partnership. Up to October 2007 we have assisted the company’s expansion across Europe through identifying several key acquisition targets - two of which have been completed. This has helped broaden the company’s market access with sixty per cent of the business now generated from international activity compared to 25% when the partnership started. Group turnover has also grown to nearly €1bn from €640m.

Part of our role has been to help increase the level of professionalism in the management team and with the help of 3i executives this has been achieved. Plans around exit were discussed at the outset of the partnership but at this stage the partnership is looking to embed the new acquisitions into the group and concentrate on further value growth. 

Why 3i?
"I am delighted with 3i’s value-add since we partnered: they identified a strategic acquisition in the UK, and their strong support all the way through the acquisition process helped Senoble to win.”
Marc Senoble, Chairman and CEO, Senoble

Senoble Video


Investment Credentials

• In the last 10 years alone we have invested €6bn of growth capital funding in minority positions
• We are currently invested in more than 30 family businesses

Events

3i sponsors and actively participates in family business events around the world including:

• Families in Business Paris, April 2006
• Families in Business Chicago, June 2007
• Loedstar Family Business Forum, June 2007
• FFI Family business advisers’ event, Miami, October 2007