3i generates £73m from the sale of its remaining shares in Quintiles
3i Group plc (“3i”) announces that 3i, and funds managed by 3i, have sold all of their remaining shares in Quintiles Transnational (“Quintiles” or “the Company”).
3i Group plc (“3i”) announces that 3i, and funds managed by 3i, have sold all of their remaining shares in Quintiles Transnational (“Quintiles” or “the Company”), the world’s largest provider of outsourced development & commercial services to the biopharmaceutical industry.
Proceeds to 3i from this transaction will be £73m, compared to a valuation of the holding at 30 June 2016 of £63.5m. Total proceeds to 3i from its investment in Quintiles, including realisations from prior dividends and share sales are £334m and represent a 3.3x return.
3i invested in the recapitalisation of Quintiles in January 2008, alongside Bain Capital, TPG, Temasek, and the Company’s founder & former CEO, Dennis Gillings. After approximately five years of being privately held, Quintiles listed on the NYSE in May 2013 and is a member of the Fortune 500. Over 3i’s investment horizon, the Company has nearly doubled its revenue and has grown EBITDA in excess of 250%.
Richard Relyea, Partner, 3i North America commented: “We are proud to have supported the business and its management team during this period of transformational growth and would like to thank them for their partnership over the years.”
Quintiles helps deliver new drugs and cures for the world’s most challenging diseases. The Company generates approximately $4.3bn in service revenues and has approximately 36,000 employees across the globe conducting business in approximately 100 countries. Quintiles uses the breadth of its service offerings, global footprint and therapeutic, scientific and analytics expertise to help its biopharmaceutical customers, as well as other healthcare customers, to be more successful in an increasingly complex healthcare environment. The Company has helped develop or commercialise most of the top biopharmaceutical and biologic products on the market today.
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3i Group plc
Tel: +44 20 7975 3021
Tel: +44 20 7975 3027
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About 3i Group
3i is an investment company with three complementary businesses, Private Equity, Infrastructure and Debt Management, specialising in core investment markets in northern Europe and North America. For further information, please visit: www.3i.com
Quintiles (NYSE: Q) helps biopharma and other healthcare companies improve their probability of success by connecting insights from our deep scientific, therapeutic and analytics expertise with superior delivery for better outcomes. From advisory through operations, Quintiles is the world’s largest provider of product development and integrated healthcare services, including commercial and observational solutions. Conducting operations in approximately 100 countries, Quintiles is a member of the FORTUNE 500 and has been named to FORTUNE’s list of the “World’s Most Admired Companies.” To learn more, visit www.quintiles.com
Data for 3i Corporation recommendations
This transaction involved a recommendation of 3i Corporation, a US wholly owned subsidiary of 3i Group. It should not be assumed that recommendations made in the future will be profitable or will equal the performance of the securities in this release. For data relating to other assets involving a past recommendation by 3i Corporation please go to our website.