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Consumer
Action, which was established in 1993 in the Netherlands, is the fastest-growing non-food discounter in Europe with more than 2,300 stores across the Netherlands, Belgium, France, Germany, Luxembourg, Austria, Poland, the Czech Republic, Italy, Spain and Slovakia.
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 fourteen 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.
The product assortment includes decoration, DIY, garden and outdoor, household goods, multimedia, sports, stationery and hobby, toys and entertainment, food and drink, laundry and cleaning, personal care, pet, fashion and linen.
Action generates revenues of over €8bn per annum. Its business model differs from that of more traditional retailers because only 35% of its total product range is fixed. Action believes that it is possible to offer a surprising assortment at the lowest price, while improving the quality and sustainability of their products. The essence of Action: "small prices, big smiles".
In 2022 Action won 3 awards in the ‘Retailer of the Year’ competition, awarded by customers, and 6 private label products won the ‘Product of the Year Award’
Opened twelve distribution centres and three hubs
"Action continues to perform strongly by expanding rapidly. The company has become a seasoned issuer in the debt markets. The strong demand from investors reflects the high level of support for Action’s strategy and management.” Robert Van Goethem, Partner and Head of Consumer
Regulatory information
This transaction involved a recommendation of 3i Investments plc, advised by 3i Benelux.
Industrial Technology
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.
Business & Technology Services
arrivia (formerly I.C.E.) is a global provider of technology-based B2B2C travel-based loyalty and reward solutions for organisations such as Carnival, 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 2,600 staff and is headquartered in Scottsdale, Arizona with additional offices in Australia, UK, Portugal, India, Mexico, New Zealand and the Philippines.
“I am honoured to join the team at arrivia as its Chief Executive Officer and to partner with 3i, who has a proven track record in the travel industry and an impressive international network. 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.” Mike Nelson, CEO, arrivia
Regulatory information
This transaction involved a recommendation of 3i Corporation, a US wholly owned subsidiary of 3i Group.
Energy
Attero owns two energy from waste (‘EfW’) plants, two sorting and pre-treatment facilities, six anaerobic digestion facilities, seven composting facilities and 10 landfills. The company processes waste from a diverse mix of domestic municipalities, commercial and industrial customers, as well as a number of UK and Irish exporters.
Attero has good revenue visibility due to its long-term contracts with customers. It is well positioned within the Dutch market with two of the largest and most efficient EfW plants in the country, strategically positioned with good port, road and rail access for both import and domestic waste supply. In addition, Attero is strongly positioned to benefit from favourable underlying trends in the European waste market, driven by EU directives targeting more recycling.
Regulatory information
This transaction involved a recommendation of 3i Investments plc.
Consumer
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 and grew rapidly to exceed 25% of bookings by 2019.
Regulatory information
This transaction involved a recommendation of 3i Investments plc.
Transport & logistics
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.
Regulatory information
This transaction involved a recommendation of 3i Investments plc.
Consumer
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 65 countries across five continents, the homogenous brand concept of BoConcept is globally proven in metropoles around the world.
The company realised sales of DKK1.5bn in the financial year ending 30 April 2022
"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, Chairman, 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, a US wholly owned subsidiary of 3i Group.
Business & Technology Services
Digital Barriers is a leading provider of IoVT (Internet of Video Things) surveillance, security and business intelligence products. Headquartered in the UK with offices across the US and Europe, Digital Barriers’ unique video compression technology allows live streaming over low-bandwidth environments, including cellular body worn cameras and an ever growing set of commercial applications. When coupled with its cloud-based, video management platform Digital Barriers is able to provide an end-to-end solution incorporating a wide range of AI-based operational, safety and business intelligence analytics – the only such cloud video platform that works as effectively on cellular as on fixed networks.
The company has been a trusted partner to leading law enforcement, intelligence and defence agencies around the world for many years and will continue to serve this market. Working closely with Intel, Digital Barriers has leveraged its unique IP to develop commercial off-the-shelf products that are now being sold by blue chip telecom and security partners such as AT&T, Vodafone, Fujitsu and G4S to a wide range of commercial and public sector customers across various end-markets.
“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
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.
In June 2021, 3i Infrastructure plc invested c.€182m to acquire a 60% stake in DNS:NET.
Fibre is superior to other broadband access technologies because it provides reliable low latency, high bandwidth and distance-independent connectivity for both download and upload. Demand for FTTH connectivity is forecast to grow rapidly, as consumers normalise data intensive activities such as cloud-based remote working, high definition streaming and online gaming, and increasingly view high speed broadband as an essential service.
Germany lags behind most European countries in its FTTH deployment, with only 14% coverage today compared to the European average of 33%. The market is projected to grow at 30% p.a. to meet the German government’s objective of every one of its 43 million households having access to gigabit speed broadband by 2025.
Industrial Technology
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, a US wholly owned subsidiary of 3i Group.
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 500,000 connections and has an order book for 200,000 more, 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, a US wholly owned subsidiary of 3i Group.
Energy
Headquartered in Esbjerg, Denmark, ESVAGT is 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. The company is also the market leader in the fast growing segment of service operation vessels ("SOV") for the offshore wind industry.
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 is also the pioneer and market leader in the provision of SOVs to offshore wind farms, with seven bespoke vessels in operation and a further two under construction. SOVs are purpose-built, high performance vessels, providing efficient transport of maintenance technicians to wind turbines and other offshore 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.
ESVAGT has been operating since 1981, employs c.1,100 people and owns a fleet of c.40 vessels.
The wind service operation vessels ("SOVs") segment is the primary driver of growth for the business where ESVAGT is the market leader. In the North Sea, ESVAGT has committed to five new contract backed SOVs since our acquisition.
Internationally, ESVAGT is developing its focus on the US wind market, where it is preparing to support the expansion strategy of its European customers. ESVAGT is in discussions with the shipyard contracted to supply new SOVs, which is experiencing financial difficulties. We do not expect this to result in a material impact on ESVAGT's ability to fulfil its contractual obligations.
In the emergency rescue and response ("ERRV") segment, stabilising supply/demand dynamics allowed ESVAGT's management to successfully implement its strategy of improving contract coverage for the fleet. However, we anticipate that the recent drop in oil prices will impact ERRV demand in 2020 and negatively affect ESVAGT's spot business.
Regulatory information
This transaction involved a recommendation of 3i Investments plc.
Consumer
European Bakery Group is a pan-European bakery platform specialised in bake-off bread and snack products. The company is headquartered in Tilburg and currently operates six bakeries across the Netherlands.
European Bakery Group offers an innovative, high-quality and comprehensive product assortment, which is produced sustainably and with natural ingredients at its core. The bake-off market for bread and snack products is an attractive and growing market, with significant barriers to entry and increasing penetration of high-quality modified atmosphere packaging products (which extend the shelf life of fresh food products).
"3i has extensive experience in the private label market through its investments in Royal Sanders and Refresco and has a proven track record of growing companies internationally, both of which will be of great benefit to us. We look forward to working with them to build on our success to date and create a leading European player in the bake-off bread market." Raoul Vorage, CEO, European Bakery Group
Business & Technology Services
Headquartered in Paris, France, 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 360,000 IT systems and is the clear leader in Europe, Latin America and MEA.
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.
"3i has a truly international team and network, which makes it the best partner for businesses looking to expand geographically. It also has deep expertise in the outsourcing space, and we look forward to benefiting from its track record as we accelerate our growth." Stanislas Pilot, CEO, Evernex
Regulatory information
This transaction involved a recommendation of 3i Investments plc, advised by 3i France.
