3i to receive c. £102m cash from Audley Travel and Hans Anders
3i-backed Audley Travel (“Audley”) and Hans Anders to return c. £102m in cash to 3i Group plc (“3i Group”).
Audley, a leading provider of tailor-made experiential travel, has completed a dividend recapitalisation. 3i Group will receive £67m from this transaction, which together with the shareholder distribution 12 months ago, takes total cash return to date to 3i Group to £93m, equivalent to 0.6x its original investment. For the £67m received from this transaction, it is expected that £18m will be treated as income and the remaining balance as capital proceeds.
3i Group invested in Audley in 2015 to build on its market-leading UK presence and support international growth, particularly in the US, where Audley has seen a 5x increase in bookings over the last 4 years.
Following its acquisition of eyes + more in January 2019, Hans Anders, a market leading, value-formoney optical retailer in North-West Europe has also completed a refinancing. 3i Group will receive €42m (£35m1), which will be treated as a partial return of its investment in Hans Anders.
3i Group invested in Hans Anders in 2017. The fragmented European optical retail market presents significant growth opportunities for Hans Anders.
1 Based on a GBPEUR FX rate of 1.19
For further information, contact:
3i Group plc
|Tel: +44 20 7975 3258
Kathryn van der Kroft
Tel: +44 20 7975 3021
Notes to editors
About 3i Group
3i is a leading international investment manager focused on mid-market Private Equity and Infrastructure. Its core investment markets are northern Europe and North America. For further information, please visit: www.3i.com
About Audley Travel
Audley is a leading provider of tailor-made experiential travel to over 80 destinations worldwide. Serving clients predominantly in the UK and US, Audley is renowned for its superior customer service and in-depth destination expertise delivered by its country specialists. For more information, please visit www.audleytravel.com
About Hans Anders
Founded in 1982 and headquartered in the Netherlands, Hans Anders is a market leading, value-formoney optical retailer in North-West Europe. The company operates under the Hans Anders, eyes + more and Direkt Optik retail banners, and offers a range of private label and branded spectacles, hearing aids, contact lenses and sunglasses at average price points significantly below its major competitors. For more information, please visit www.hansanders.nl
These transactions involved a recommendation of 3i Investments plc, advised by 3i Amsterdam (Hans Anders) and 3i Investments plc (Audley Travel).