3i agrees Memora investment
3i, an international leader in private equity and funds managed by 3i have backed the buyout of Memora, a market leading funeral services provider with operations in Spain and Portugal, from Acciona and Caja Madrid for €187m.
3i has developed a long term relationship with Memora''s management and has experience in this sector following previous investments in Fairways and Alderwoods.
Memora, which currently operates 96 parlours, 16 crematories and 25 cemetaries across Spain and Portugal, has experienced considerable growth in the past two years and is the dominant player in the Portugese market. 3i''s involvement will allow the company to continue this growth through further acquisitions and play a leading role in the industry''s consolidation.
Furthermore, 3i has introduced Ramon Lafuente to the board as Executive Vice Chairman. Ramon has extensive experience as chairman or non-executive director across several fo 3i''s portfolio companies, including Panreac and Esmalglass.
Jorge Quemada, partner 3i Spain said: "Memora is a well managed, high quality business with a market leading position in the Iberian peninsular. We look forward to supporting the management in strengthening its position in its core markets and in assisting it to continue to provide quality services across the range of its offering."
Notes to editors
3i is a world leader in private equity. We focus on Buyouts, Growth Capital, Infrastructure and Quoted Private Equity (“QPE”) and invest across Europe, North America 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.
3i’s buyouts business is a leader in the European mid-market. We lead mid-market buyouts of companies valued at up to around EUR 1 billion, using insight from our local knowledge, international connections, and our sector teams. With over EUR 8 billion 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 business services, media, healthcare, consumer, general industrial and oil, gas & power. In 2006, 3i Buyouts raised Eurofund V, which at EUR 5 billion, represents the largest fund in Europe dedicated to mid-market buyouts. Recent investments include Druckchemie (Germany), Agent Provocateur (UK) and Global Garden Products (Italy) and recent exits include Giochi Preziosi (Italy), Coor Service Management (Nordic) and the IPO of Telecity (UK).
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