Overview

Action, which was established in 1993 in the Netherlands, is the fastest-growing non-food discounter in Europe with more than 2,750 stores across the Netherlands, Belgium, France, Germany, Luxembourg, Austria, Poland, the Czech Republic, Italy, Spain, Slovakia and Portugal.

Large-scale procurement, flexible assortment, optimal distribution and a cost-conscious culture ensure good quality products at the lowest price. Action offers over ~6,000 low-price, good quality products in 14 categories. In Action's stores, customers can find well-known A-brands next to Action-owned brands and brands owned by Action's suppliers. Two-thirds of the assortment changes frequently, as Action introduces more than 150 new articles every week to surprise customers and maintain relevance.

The product assortment includes decoration, DIY, garden and outdoor, household goods, multimedia, health,  stationery and hobby, toys and entertainment, food and drink, laundry and cleaning, personal care, pet, fashion and linen.

Action generates revenues of over €11bn per annum. 

Actions's simple, straightforward yet flexible business model makes Action unique: we work hard to source good quality products, invest in our supply chain, and continuously work to make those products more sustainable. 

The essence of Action: "small prices, big smiles". 

Highlights

• Voted as the favourite retail brand of the French people (Enseigne Préférée des Français) in 2023 and 2024
• Opening of two new distribution centres in 2024, one with Building Research Establishment Environmental Assessment Methodology (BREEAM) ‘Excellent’ and one with 'Outstanding' status.
• Operates more than 2,750 stores across 12 countries and provides work to more than 72,000 people from 159 nationalities.
• Leveraging our network, experience and resources to further internationalise the business
• All Action-branded and white label cotton products are sustainably sourced – 99% under the Better Cotton programme with the remaining 1% sourced as organic cotton.
• In 2023, 94% of timber used in our products came from sustainably managed forests, either under the FSC® or PEFC.
• Reduction of 46% CO2 emissions in scope 1 and 2, versus the 2021 baseline
• 2,597 children sponsored via SOS Children's Villages partnership, which means almost 13,000 children and young adults were supported by Action in 2023. 

Update 2022   

Regulatory information 
This transaction involved a recommendation of 3i Investments plc, advised by 3i Benelux.

Overview

AES’s mechanical seals are used in a variety of pumps and rotating equipment worldwide to prevent liquids and gases escaping into the environment. A wide range of mechanical seal types are manufactured to suit different industries and the significant investment made in modular design means that AES provides the best on-time delivery performance in the industry. The AESSEAL® range of seals, seal support systems and bearing protectors are designed to improve reliability and reduce maintenance costs of rotating equipment. The business is focused on giving customers such exceptional service that they need never consider alternative sources of supply.

Highlights

• Established a strong international position in many end-user markets including the most arduous Oil & Gas applications
• Exceptional customer service based on the world's most comprehensive inventory portfolio and advanced integrated manufacturing
• Received 13 Queen’s Awards
• Long-standing leadership in sustainability with clear focus on Net Zero Carbon
• AES completed the acquisition of Condition Monitoring Services (CMS) in August 2024. CMS, headquartered in Las Vegas, Nevada focuses on the states of California, Nevada, Arizona, Utah & Colorado with a specialised skill set in the power generation & municipal sectors. CMS is a recognised leader in reliability and vibration monitoring services executing prevention and problem solving with machinery, foundations and structures.

Regulatory information 
This transaction involved a recommendation of 3i Investments plc.

Overview

arrivia is a global provider of technology-based B2B2C travel-based loyalty and reward solutions for organisations such as American Express, USAA and Diamond Resorts.

The company has developed a network business model that enables leading brands to offer loyalty programmes that provide customers with unmatched value on all travel products (e.g. cruise, hotel, resort etc.)

arrivia also partners with leading travel suppliers to generate incremental travel bookings from members of its loyalty programmes. arrivia employs over 2,300 staff and is headquartered in Scottsdale, Arizona with additional offices in Australia, the UK, Portugal, India, Mexico, New Zealand and the Philippines.

Highlights

• Strong underlying market growth in cruise and rewards-based travel; tailwinds towards increased use of loyalty programmes
• Commercial investments in digital marketing and business development to support organic growth
• Acquired three strategic businesses: SOR Technologies: TAM expansion into mid-market membership programmes, WMPH: retail cruise agency with significant online presence, RedWeek: online timeshare rental marketplace
• Consolidated technology platforms into single unified travel booking and loyalty experience

Regulatory information 
This transaction involved a recommendation of 3i Corporation.

Overview

Audley Travel (“Audley”) is a leading provider of tailor-made experiential travel to over 100 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. This exceptional service drives customer loyalty leading to high levels of repeat customers and referrals. Founded in 1996, Audley is the clear market leader in tailor-made travel in the UK. The business expanded into the US in 2014 with the opening of an office in Boston that has grown rapidly and is now generating over c30% of total revenues.

Highlights

• Implementation of a wider employee incentive scheme to benefit a broader base of Audley management and country specialists
• Using our extensive experience backing transatlantic growth businesses and international network to support the business’s growth plans and M&A opportunities in new source markets
• Building on Audley's market leading position in the UK and accelerating growth in the US business, including the launch of European destinations from 2016
• Continuing to drive the digital development of the business
• Completed a successful refinancing with the support of our Banking team
• Provided meaningful capital injection to support business through COVID, supporting liquidity and enabling the continued investment in the new booking platform

Regulatory information 
This transaction involved a recommendation of 3i Investments plc.

Overview

BCA is a small regional airport in Belfast, Northern Ireland, located ten minutes by car from Belfast city centre In 2016 it served 2.7m inbound and outbound passengers. Its focus is domestic routes operated by scheduled carriers, serving business as well as leisure customers.

Currently four scheduled carriers (Flybe, British Airways, Aer Lingus and Eastern Airways) serve 17 domestic routes, including London Heathrow and London City. A small part of BCA’s traffic is international: Aer Lingus currently serves four sun routes (although this is due to drop to two) over the summer months; KLM serves Amsterdam; and Icelandair flies to Reykjavik.

Aeronautical revenues (airport charges) are not subject to economic regulation. Commercial revenues are generated principally from car parking, royalties on retail, food and beverage, car hire spend, rental income (lounges and offices) and advertising space.

Over 1,000 people are employed on the site, but only c.70 of those are employed by BCA. Many activities are outsourced (e.g. security, facilities management, air traffic control); and others are provided by third parties on-site (e.g. retail, food and beverage operations and ground handling). Fire services, maintenance, advertising, car parking and administration / management are the main activities that remain in-house.

Investment rationale

• BCA is critical infrastructure in Northern Ireland for people needing to travel between Belfast and the UK mainland
• Its location close to the city centre makes it the airport of choice for a significant part of the Northern Ireland air transport market: in particular for inbound business and leisure travel as well as for outbound travel for those based in, or close to, Belfast
• Opportunities exist to grow commercial revenues

Regulatory information 
This transaction involved a recommendation of 3i Investments plc.

Overview

Established in 1952, BoConcept is a leading Nordic design brand with dedicated distribution through dedicated BoConcept franchises around the world. BoConcept (literally translated from Danish "Living Concept") helps a wide range of customers to transform their home into a modern and extraordinary space fit to their style, through personal styling advice, great design at affordable prices and a high level of customisation. With an omni-channel offering through its ~300 stores in 67 countries across five continents, the homogenous brand concept of BoConcept is globally proven in metropoles around the world.

Highlights

• Public to Private in 2016
• We are supporting BoConcept in continuing its successful international franchise store roll-out by leveraging the strength of the brand, store concept and product collection
• Accelerating its efforts to improve the omni customer journey as well as expanding its fast-growing B2B business
• Supporting BoConcept in driving its sustainability strategy
• Experienced an enormous digital acceleration, resulting in linking its online consumers to a virtual designer, thereby enabling BoConcept to establish a personal connection with its customers

Regulatory information 
This transaction involved a recommendation of 3i Investments plc, advised by 3i Benelux.

Overview

Cirtec Medical ("Cirtec") is a leading global provider of outsourced medical device and components design, engineering and manufacturing, headquartered in Minnesota. Cirtec specialises in outsourced solutions for active implantable medical devices. Customers rely on Cirtec’s expertise to provide value-add solutions throughout the entire development cycle to help bring life-enhancing therapies to market. The medical device outsourcing (MDO) market is expected to grow at a high single-digit rate over the next five years and Cirtec is strategically indexed to the most innovative therapeutic end-markets that are growing at a rate beyond the broader MDO industry.

Highlights

• Helping Cirtec expand capabilities and footprint through the targeted acquisitions of Precision Components, Vascotube, Metrigraphics, NovelCath, Cardea, Cactus and Top Tool, and certain high-value IP assets in the highly-fragmented MDO market
• Supporting the company’s organic investments in capabilities and technology to more deeply vertically integrate within existing end-markets and expand capabilities to support entry into new markets
• Completed three greenfield facility build-outs, adding >120ft2 of capacity and creating a low-cost footprint in Costa Rica, and executed four additional expansions of existing facilities to support customers with broader capacity
• Recruited William Hawkins (former Medtronic CEO) and William Ellerkamp (former ExtruMed CEO) to the Board of Directors
• Opened a new 32,000 square-foot West Coast Center of Excellence in Santa Clara, California, dedicated to designing, developing, and manufacturing Class II and III cardiology and neurology devices.

Regulatory information 
This transaction involved a recommendation of 3i Corporation.

Overview

Constellation is an IT Services consolidation platform specialising in hybrid cloud and cyber managed services.   

Headquartered in Saint Cloud near Paris, Constellation services approximately 600 mid-sized and enterprise companies, allowing them to securely outsource the management of their IT infrastructure in all types of environments (public cloud, private cloud and on-premise).

Constellation acts as a single point of contact, offering a full suite of services in hybrid cloud and cyber managed services with 2-3 year contracts and high customer stickiness.

Our investment will enable Constellation to further accelerate its growth, both organically and through add-ons.

It fits perfectly in our areas of focus in IT Services, notably cloud and cyber which are the two fastest growing segments in the market. We will support Constellation in its next growth phase by leveraging our expertise in buy-and-build, and continue to support the group in its advocacy for circular IT and sustainability.

Highlights

• One of the larger players focused on the mid-sized/enterprise customer segment in France with a superior level of customer satisfaction
• Consistently delivered double-digit organic growth, driven by a strong value proposition and superior service quality that helps both retain and attract new customers
• Large addressable market driven by sustainable tailwinds: the corporate digitalisation mega-trend, the increased outsourcing of infrastructure and application management by IT departments, the transition to hybrid cloud and the need for cyber security
• Demonstrated true buy-and-build know-how, with 19 acquisitions since 2016 and tangible value-creation results
• Strong advocate of climate transition within the IT sector

Regulatory information 
This transaction involved a recommendation of 3i Investments plc, advised by 3i Benelux.

Overview

Digital Barriers is a revolutionary video technology provider that empowers individuals, organisations, and society with instant insights to make mission-critical decisions. Through its patented AI-based video codec and secure edge platform, Digital Barriers helps customers in various markets — including city law enforcement and public safety, industry, transportation, defence, events, retail, healthcare, and hospitality — unlock the full potential of real-time video. 

For 10 years, the company has worked with governments, military, and specialist law enforcement in the defence sector alongside numerous public and private-sector clients. Its patented AI-based codec has been proven at scale — keeping troops safe in Afghanistan and Iraq, deploying across NATO, and securing presidential inaugurations, Olympic Games, and royal events. 

Today, Digital Barriers partners with major global network operators, including Vodafone and AT&T, to deliver reliable real-time video over cellular and other transmission technologies that offer up to 90% bandwidth cost reduction without sacrificing quality in low-latency environments — ensuring its customers have a 360-degree view of their operations at all times.

Highlights

• Recruited Tom Alexander (former Virgin Mobile and EE CEO) as Chair and Bryan Schmode (former Avigilon executive and investor) as an advisor to the Board
• Augmenting the team to support an expansion in go-to-market strategy incorporating a direct sales model, predominantly serving a traditional customer base in defence, security, and law enforcement as well as expanding into new verticals, while driving a channel strategy, partnering with leading global Telcos & MNOs to service their traditional CCTV customer base.
• Delivering investment in the product roadmap to support the shift from hardware-based video solutions to a software-led solution incorporating a broader range of functionality including edge-based analytics.

Regulatory information 
This transaction involved a recommendation of 3i Investments plc, advised by 3i Investments plc.

Overview

DNS:NET is a leading independent telecommunications provider in Germany. Established in 1998, DNS:NET owns the largest independent fibre-to-the-cabinet network in the Berlin area and is rolling out a fibre-to-the home network in Berlin and the surrounding regions.

The company differentiates itself through a superior network, local brand recognition and attractive pricing of high bandwidth products, which drives high customer satisfaction. 3i Infrastructure’s backing will allow DNS:NET to accelerate its build programme to provide gigabit-ready connectivity to its customers. 

Recent developments

DNS:NET received investment of £34 million during the year from 3iN to continue the development of its FTTH network in areas around Berlin and in the State of Brandenburg. A new CEO joined DNS:NET in July 2023. He has overseen the preparation of an updated business plan that was agreed with shareholders in December 2023. We are making good progress in building a strengthened and experienced management team.

FTTH network rollouts in Germany remain challenging. Passing homes has been the industry’s primary focus to date. Connecting and activating customers to the network on a timely basis is an industry-wide challenge. The negative value movement in the year was driven by more conservative business plan assumptions for DNS:NET’s FTTH rollout. Throughout the year, DNS:NET has focused on connecting backbone fibre infrastructure and home connections for its owned network, as well as on securing the handover of leased networks built by authorities in the neighbouring State of Saxony-Anhalt, making good progress in the number of its connected and activated customers as a result.

The company is now preparing for the next stages in its network delivery in a way that narrows the time lag between passing homes and connecting and activating customers on that FTTH network to improve performance. We have increased the discount rate to reflect uncertainties over available debt pricing for fibre businesses in future years and the delay against the original rollout timetable.

Overview

Dynatect is a leading manufacturer of engineered, mission critical components that protect equipment.

Dynatect’s products are made from a variety of materials ranging from nylons to metals and are designed to protect and elongate the life of valuable equipment and protect workers near machinery. Products are low-cost yet critical, such as cable carriers or telescopic protective covers, and are sold into a large number of end-markets including automation, machine tools, construction, agriculture, transportation, medical and O&G.

The company is headquartered in Wisconsin, USA, and operates in four locations in the US and two locations in Europe.

Highlights

• Recruited several new executives into the senior leadership team to drive key initiatives
• Investments in Pricing and New Product Development to drive organic growth
• Investments in an ERP implementation and lean practices to improve operational efficiency
• Introduced Bill Barker, former CEO of Mold-Masters as Chair, and Steve Breitzka, former CEO of Apex Tool and Group Executive at Danaher, to the Board

Regulatory information 
This transaction involved a recommendation of 3i Corporation.

Overview

ESP is an independent gas transporter (“iGT”) and independent electricity network operator (“iDNO”) providing the ‘last mile’ of connection between properties (predominantly residential, but also industrial and commercial) and the gas and electricity distribution networks.

It focuses on being an ‘independent asset owner’. It acquires (bids for) gas and electricity connections from ‘utility infrastructure providers’ (“UIP”), who have themselves designed and installed the connections for property developers. ESP is then responsible for maintaining the connections going forward and receives a regulated revenue stream for each connection from the gas and electricity companies who charge the end customer as part of their overall gas or electricity bill. Price regulation for both gas and electricity connections is based on the regimes of the gas and electricity distribution companies. Regulation is overseen by Ofgem.

Today ESP owns over one million live connections and has a further 250,000 committed in its order book, making it the second largest iGT/iDNO in the UK. ESP also has a domestic metering business (representing almost one quarter of its revenues). Charges for meters are unregulated.

Investment rationale

• ESP operates under an established and proven regulatory framework that drives stable and high quality cash flow generation
• Significant growth is forecast from the demand for new UK housing. The financial crisis led to a number of years of low levels of new builds, which exacerbated the shortage of supply versus demand
• ESP does not undertake installation works and so does not compete with the UIPs. This lack of conflict of interest enables it to be a preferred acquirer of assets and to focus on customer service as it is a neutral host. This gives it a competitive advantage against other players in the connections market

Regulatory information 
This transaction involved a recommendation of 3i Investments plc.

Overview

EC Waste is the largest vertically integrated provider of solid waste services in Puerto Rico.

With locations throughout the island, EC Waste provides multiple waste services to over 80,000 residential, commercial, and industrial customers. The company operates four well-located, U.S. EPA permitted disposal sites, which enables EC Waste to serve all of Puerto Rico in an environmentally responsible and sustainable manner. Additionally, the company manages two transfer stations, runs the island’s largest regulated, solid waste collections network and hosts what will be Puerto Rico’s largest renewable natural gas collection project at its El Coqui facility.

Investment rationale

3i Group invested in EC Waste in November 2021.

• The company has enough capacity to serve all of Puerto Rico’s needs for decades ahead as communities and businesses consider moving away from non-compliant providers towards U.S. EPA permitted, fully compliant waste disposal options
• The company has a proven track record of providing top-tier services to the communities it operates in across the island
• EC Waste has made significant investments into its infrastructure and operations technology to improve performance and position the company for future growth
• There is significant opportunity to grow the company’s sustainable waste practices, such as its renewable natural gas collection activities

Regulatory information 
This transaction involved a recommendation of 3i Corporation.

Overview

Headquartered in Esbjerg, Denmark, ESVAGT is the market leader in the fast-growing segment of service operation vessels (“SOV”) for the offshore wind industry. The Company is also a leading provider of emergency rescue and response vessels (“ERRV”) and related services to the offshore energy industry in and around the North Sea and the Barents Sea.

ESVAGT is the pioneer and market leader in the provision of SOVs to offshore wind farms, with nine bespoke vessels in operation and a further four under construction. SOVs are purpose-built, high performance vessels, providing efficient transport of maintenance technicians to wind turbines and other offshore wind equipment, under long term contracts. The offshore wind market, and hence demand for SOVs, is expected to grow strongly over the coming years, creating significant opportunities for the company.

Its ERRV services mainly involve the rescue and recovery of personnel, but also include the dispersion and recovery of oil spills, crew transfers and towing. ESVAGT is the leading provider of ERRV services in Denmark and Norway, with market shares of approximately 100% and 50%, respectively, as well as an established and growing presence in the UK. The majority of ESVAGT’s ERRV revenues are associated with North Sea oil and gas production support, with the remainder generated by supporting exploration activity.

ESVAGT has been operating since 1981, employs over 1,100 people and owns a fleet of more than 43 vessels.

Recent developments

ESVAGT performed well in the year, benefitting from strong contract rates and high utilisation levels. As the clear market leader in European offshore wind SOV provision, ESVAGT currently operates nine vessels. A further four SOVs are under construction, specifically designed to serve long-term charter agreements, and construction progress is on track. Despite inflationary pressure causing delays and cancellations in wind farm development, regulators and governments have become more supportive of incentivising growth in offshore wind.

Inflation, while negatively impacting the construction cost of the near-term pipeline, has a positive effect on ESVAGT due to its index-linked contracts, which enhance the value of its operational SOV fleet. The offshore wind market remains on a positive trajectory and this is reflected in the pipeline for additional new SOVs in the North Sea and the rapidly expanding US wind market. Over the next 12 months, we anticipate several tenders to take place.

ESVAGT’s ERRV segment also maintained positive momentum, driven by favourable supply/demand dynamics, and an increased emphasis on security of supply in Europe.

Regulatory information 
This transaction involved a recommendation of 3i Investments plc.

Overview

European Bakery Group, a leading bakery group specializing in bake-off bread and snack products, is headquartered in Tilburg and operates eleven bakeries across the Netherlands, Germany, and Ireland. European Bakery Group offers a leading, innovative, and comprehensive assortment, which is produced sustainably and with natural ingredients. The bake-off market for bread and snack products is an attractive and growing market, with significant barriers to entry.

Highlights

• We are investing to drive the company’s international growth strategy in the fragmented European private label market for bake-off bread products, whilst supporting European Bakery Group in the continued investments in its home markets
• The business differentiates itself through the breadth of its product offering, superior quality, and scale which enable retailers to develop structurally attractive bake-off categories
• European Bakery Group was formed in May 2023 through the combination between our original investment Dutch Bakery and coolback in Germany. Panelto subsequently joined European Bakery Group to form the UK and Ireland platform within the group In addition to the transformational acquisitions of coolback and Panelto, Dutch Bakery completed two strategic add-on acquisitions, bringing the total to 4 completed acquisitions under 3i ownership

Regulatory information 
This transaction involved a recommendation of 3i Investments plc, advised by 3i Benelux.

Overview

Evernex maintains equipment that is critical for customers' business continuity, with full coverage of all equipment (servers, storage, and network) and all OEMs. With its global presence, Evernex maintains over 220,000 IT systems and is the clear leader in Europe, Latin America, and MEA and has an increasing presence in North America. 

Evernex acts as a single point of contact to address complex issues for its customers, combining strong technological capabilities with the ability to ensure quality of service anywhere across the globe. 

Today, Evernex is a leading consolidation platform benefitting from a fragmented and highly resilient market.

Highlights

• Secured European leadership through the strategic acquisition of Technogroup (market leader in DACH, 1/3rd of Evernex's size) and the acquisition of Integra (leading player in the Benelux region)
• Complemented strong foothold in MEA with the acquisition of Storex (#1 in South Africa), and in South America with the acquisition of Maminfo (leading player in Brazil)
• Established a strong presence in the US market through the acquisition of EmconIT, rapidly followed by the acquisition of XSi
• Clear digitalisation roadmap to further enhance Evernex's tech-enabled proposition - Strong governance with the appointment of two industry leaders as Non-Executive Directors: O. Delrieu (Trescal) and O. de Puymorin (Arkadin)
• Several Active Partnership levers launched to build a One Evernex: pricing, salesforce effectiveness, key recruitment, operational optimization (notably opening of a new spare part production facility in Mitry)

Regulatory information 
This transaction involved a recommendation of 3i Investments plc, advised by 3i France.