Interhyp flotation - another success for 3i's venture business
3i, Europe's leading private equity and venture capital firm, today announces it is facilitating Interhyp AG's successful Initial Public Offering (IPO) on the Frankfurt Stock Exchange, with the sale of 40% of its secondary shares in the company.
Following the enormously successful flotation, attracting demand of more than 30 times the amount on offer, 3i will hold a 10.8% stake in Interhyp and 3i partner, Christian Siegele will remain on the board.
3i initially invested €7.2m in Interhyp in 2000 for a 17.7% stake in the company.
Interhyp AG is the leading online mortgage broker in Germany, which is redefining the highly fragmented mortgage broker industry, combining the benefits of the internet with independent consultancy. Germany is currently the largest mortgage market in the Europe and offers tremendous potential for the development of innovative concepts. In this environment, Interhyp is best placed to gain an even greater share of the market.
Christian Siegele from 3i's German venture team said: "3i is delighted with Interhyp's successful listing today and particularly excited to continue working alongside its outstanding management team, who in the last three years alone, has profitably grown Interhyp's revenues sevenfold, solidifying its position as Germany's premier mortgage broker consultancy."
Jo Taylor, 3i's head of venture capital business commented: "Interhyp is a very good example of what is required for success in venture investing: a disruptive technology, excellent management and a significant market opportunity."
This month, Ernst & Young recognised Interhyp's founders and executive board members Robert Haselsteiner and Marcus Wolsdorf as German "Entrepreneur(s) of The Year 2005" with the prestigious award for the firms' revolutionary use of the Internet, outstanding growth and continued innovation in the services category.
3i was advised by CMS Frankfurt.
Notes to editors
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 Pacific. 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.
In the year to March 31, 2005, 3i invested £962m, including co-investment funds. 3i's Venture Capital business invested £144m in the year to March 31, 2005 in early stage technology companies globally across four specialist sectors: communications, software, healthcare and electronics, semiconductors and advanced technologies ("ESAT").
Underlining its success, Investor AllStars named 3i "VC Fund of the Year 2004" and EVCJ, "VC Firm Of The Year" in 2005. Some of 3i's award-winning portfolio include Vonage, US (VOIP), Udex US (RFID), The Cloud, UK (wireless), Microsulis, Scotland (medtech), Mobile 365, France (comms), Smart Fuel Cells, Germany (energy), Fractus, Spain (antennas), Sulake Finland (gaming) with successful IPO realisations through Bookham Technology, Cambridge Silicon Radio (CSR), UbiNetics, e2v, Novuspharma (Italy) and many others. For more information, go to http://www.3i.com/
With over €1.1bn in new residential mortgage volume in the first six months of 2005, Interhyp is Germany's leading independent residential mortgage broker. Interhyp combines the power of the Internet with high quality mortgage advice and the cost benefits of a direct distribution model to provide borrowers with rates which are on average 0.5% below those of traditional branch-based retail banks.
For more information, go to http://www.interhyp.de*