Consumer & Private Label
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".
Regulatory information
This transaction involved a recommendation of 3i Investments plc, advised by 3i Benelux.
Industrial
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.
"3i has been a great partner over nearly two decades. They understand what it takes to grow a great, international business; they both support us in that mission and challenge us to be the best we can." Chris Rea, OBE Founder and Managing Director
Regulatory information
This transaction involved a recommendation of 3i Investments plc.
Services & Software
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.
"Over the years, arrivia has built a very successful travel distribution company that has unique capabilities in the areas of membership, loyalty and revenue management. I believe the company has tremendous opportunities to capitalise on this foundation and innovate for the future. 3i has been a value-added partner with its experience in the travel industry and an impressive international network." Mike Nelson, CEO, arrivia
Regulatory information
This transaction involved a recommendation of 3i Corporation.
Consumer & Private Label
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.
"3i has been a great partner and shown unwavering support through the pandemic. Leveraging 3i’s deep travel sector expertise and global network, Audley has cemented its leading position in bespoke travel within the UK and built on its strong position in the US.” Nick Longman, CEO, Audley Travel
Regulatory information
This transaction involved a recommendation of 3i Investments plc.
Transport & logistics
Belfast City Airport (“BCA”) is strategically located just 5 minutes from Belfast city centre, providing essential connectivity between Northern Ireland and the rest of the UK. In 2023, BCA served 2.1 million passengers, underscoring its importance to the region.
Unlike many regional UK airports, BCA’s demand for air travel is more resilient to economic fluctuations. This is due to a higher proportion of business travellers, government officials and individuals visiting friends and family, rather than being primarily dependent on leisure travel.
BCA is serviced by six scheduled airlines - British Airways, BA CityFlyer, Aer Lingus Regional (operated by Emerald Airlines), EasyJet, KLM and Loganair - operating over 20 routes, including major destinations like London Heathrow, London Gatwick, London City, Edinburgh and Schiphol. While the majority of routes are domestic, BCA also offers flights to international destinations such as Palma, Alicante and Barcelona.
The airport’s aeronautical revenues, derived from charges to airlines, are not subject to economic regulation. BCA’s commercial revenue streams include car parking, retail royalties, food and beverage sales, car hire, rental income and advertising.
With over 1,000 people working on-site, only around 80 are directly employed by BCA. Many services, including security, facilities management, and air traffic control, are outsourced, while retail, food and beverage, and ground handling are managed by third parties. BCA retains in-house responsibility for fire services, maintenance, advertising, car parking and administration.
Regulatory information
This transaction involved a recommendation of 3i Investments plc.
Consumer & Private Label
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.
"BoConcept has a globally appealing customer proposition. I enjoy working with the management team and 3i to unlock the full potential of the company." Sanna Suvanto-Harsaae, Chair, BoConcept
Regulatory information
This transaction involved a recommendation of 3i Investments plc, advised by 3i Benelux.
Healthcare
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.
"We look forward to partnering with 3i. We feel that their approach, sector understanding and international reach makes them the right partner to support the next stage of our growth." Brian Highley, CEO, Cirtec
Regulatory information
This transaction involved a recommendation of 3i Corporation.
Services & Software
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.
"3i’s expertise in IT Services and their extensive experience in supporting companies experiencing high growth make them an ideal partner for us. Constellation has significant opportunities to seize in its market and I am excited to welcome the team at 3i to execute on our growth strategy.” Etienne Besançon, Founder and CEO, Constellation
Regulatory information
This transaction involved a recommendation of 3i Investments plc, advised by 3i Benelux.
Services & Software
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.
“We are delighted to partner with 3i and benefit from its expertise and global reach as we expand our offering with new products, move towards a subscription-based model and broaden our customer base, whilst continuing to provide a highly differentiated product and market-leading technology. We have now made live video over cellular networks a reliable and affordable reality for the first time - working with 3i and our new channel partners we can take these disruptive solutions out much more widely.” Zak Doffman, CEO, Digital Barriers
Regulatory information
This transaction involved a recommendation of 3i Investments plc, advised by 3i Investments plc.
Communications
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.
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.
Industrial
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.
Regulatory information
This transaction involved a recommendation of 3i Corporation.
Energy
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.
Regulatory information
This transaction involved a recommendation of 3i Investments plc.
Social Infrastructure
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.
3i Group invested in EC Waste in November 2021.
Regulatory information
This transaction involved a recommendation of 3i Corporation.
Energy
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.
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.
Consumer & Private Label
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.
Regulatory information
This transaction involved a recommendation of 3i Investments plc, advised by 3i Benelux.
Services & Software
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.
Regulatory information
This transaction involved a recommendation of 3i Investments plc, advised by 3i France.