What is Action?

Action is the fastest growing non-food discount retailer in Europe. At the end of March 2025, Action had 2,967 stores. Action offers its customers an ever changing variety of 6,000 products at the lowest price.

Our investment in Action

Following our initial investment in 2011, we have actively managed Action through its pan-European roll-out, with the business achieving revenue of €13.8 billion in 2024. 

At 31 March 2025, our investment in Action formed 76% of our Private Equity portfolio value. The business has returned over £4.6 billion of proceeds over our holding period.

What is Regional Rail?

Regional Rail acquired Cincinnati Eastern Railroad in July 2024, adding 70 miles of track in Ohio.

The railroad provides freight hauling and storage services to customers across a variety of end markets, including aggregates, food & agriculture, and paper products, and is poised to benefit from continued industrial development in the region.

The acquisition further expands Regional Rail’s Midwest US presence and diversifies its customer and commodity exposures. Regional Rail has grown from three railroads in the Northeast US to 16 operations across North America.

What is Nexeye?

nexeye is a European value for-money optical retail platform, operating under the Hans Anders, eyes+more and Direkt Optik labels.

Our investment in Nexeye

We invested £205 million in the business throughout our ownership. 

During our investment, nexeye transformed from a local optical discounter to the value-for-money leader in the North-West European optical retail market. nexeye shifted its business model towards digitally generated appointments, accelerated its digital marketing and CRM capabilities and drove store productivity through digital planning. As a result, sales and EBITDA doubled under our ownership.
In July 2024, we completed the sale of nexeye, returning proceeds of £382 million, which, combined with distributions received during our ownership, resulted in a sterling money multiple of 2.0x.

What is WP?

WP is a leading provider of innovative plastic packaging solutions, with over 4,000 employees and 23 facilities in 15 countries.

The company supplies the world’s leading A-brands and private label players.

Our investment in WP

We invested £147 million in WP, supporting its international growth strategy through expansion into new product categories and strengthened its position in its existing segments. WP also completed four bolt-on acquisitions during our period of ownership, significantly reinforcing its presence in Latin America and Europe, and delivered consistent growth, almost doubling its EBITDA.

In October 2024, we sold our investment in WP at an 18% profit over 31 March 2024 value, generating proceeds of £280 million¹ which, combined with the £45 million of proceeds received during the period of our ownership, resulted in a sterling money multiple of 2.2x.

1 Including interest income of £3 million. An additional £8 million of deferred consideration was received post year-end in April 2025.

MAIT is a leading provider of innovative and pioneering digital solutions in the DACH region, focusing on software in product lifecycle management, enterprise resource planning as well as managed services and cloud solutions.

Our investment in MAIT

Since our investment in 2021, we have supported MAIT in making 13 acquisitions (includes asset deals) that complement its offering in product lifecycle management and enterprise resource planning solutions, including three bolt-on acquisitions in the year, in CAD ’N ORG and ISAP in April 2024, and TFH Technical Services in November 2024. CAD ’N ORG is a provider of software and consulting services, offering complementary software modules, such as a data validation tool which ensures appropriate data quality. ISAP is a provider of consulting services, established for over 30 years, supporting medium sized manufacturing companies with tailor-made digitalisation strategies. TFH technical services is a Dutch consulting provider specialising in the implementation and use of lifecycle management software solutions.

What is OMS?

OMS Prüfservice (“OMS”), is the largest specialised service provider in testing electrical systems and equipment for B2B customers in the DACH region.

The business has over 900 employees and operates in 43 locations across Germany, Austria and Switzerland. The company tests the electrical safety of portable and fixed equipment in offices and manufacturing facilities, as well as e-mobility infrastructure and photovoltaic systems. Its fully tailored proprietary software platform, INSPEKTRA, enables it to digitalise and automate its testing processes, maximising efficiency and optimising its services to an individual customer level.

Our investment in OMS

OMS is well positioned for future growth, due to its geographic footprint, the increasing digitalisation of workplaces and increased outsourcing, due to the demand for skilled technicians. 3i is investing to drive further growth in OMS’s core business, while exploring new opportunities.

What is Constellation?

Constellation, headquartered in Saint-Cloud, France, is an IT managed services provider specialised in hybrid cloud and cyber security, with c.780 employees and a national footprint of 13 agencies, supporting c.600 mid-sized customers. 

The company has consistently delivered double-digit organic growth, driven by a strong value proposition and superior service quality that helps retain and attract new customers.

Our investment in Constellation

Constellation has completed 23 acquisitions since 2016. Endexar, a provider of SAP managed services, was acquired on closing and since then, three further bolt-ons have completed: ILKI, a cloud architecture specialist; and Feelserv and Armonie, both hybrid cloud managed service providers. 

The business is well positioned to be a key consolidator in a fragmented IT services French market, and our investment will enable it to further accelerate its growth, both organically and through add-ons.

What is WaterWipes?

WaterWipes is a global, premium, natural wet wipe brand focused on the baby and child category, with new product innovation in the adult category. 

It has c.300 employees and is based in Drogheda, Ireland. Its products are sold in over 50 countries, with double-digit growth across both offline and online channels.

Made from natural ingredients, WaterWipes’ superior quality wet wipes are globally accredited by skin health and allergy institutions and endorsed by healthcare professionals. This has earned the brand market-leading levels of customer loyalty and advocacy, driving consistent growth for over a decade.

Our investment in WaterWipes

WaterWipes is the clear premium-segment leader in the c.€12 billion personal care wet wipes market, which is forecast to grow strongly driven by increased hygiene awareness post-Covid and demand for convenience. 3i will support the company’s growth, including its expansion in the US, Europe and new markets.

What is Royal Sanders?

Royal Sanders, our other long-term hold asset, is a leading European private label and contract manufacturing producer of personal care products. Since our investment in 2018, we have supported Royal Sanders’ successful international expansion strategy, organically and by accessing new markets, with eight bolt-on acquisitions. The business is also highly cash generative, returning a total of £231 million in distributions to 3i over the seven-year period.

Royal Sanders bolt-on activity in FY2025

Royal Sanders completed its acquisitions of Karium and Treaclemoon in FY2025. Both companies have a strong strategic fit with Royal Sanders’ existing brands business, enabling it to expand its footprint in the personal care market. Karium is a platform of established brands in the hair, body and skin care categories. It serves a broad range of major retailers across the grocery, value and food, drug and mass merchandiser channels. Treaclemoon is a value-for-money personal care brand. Its products are sold through major UK retailers as well as through international distributors.