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    SaniSure
    North America / Private Equity

    Healthcare

    Overview

    3i has established a scaled, global, pure-play platform in the bioprocessing market by bringing together SaniSure, Cellon, TBL, and Silicone Altimex (together, “SaniSure”). SaniSure is a vertically-integrated player in the single-use bioprocessing technology (“SUT“) space capable of providing highly customised and innovative solutions to leading biopharma and biotech customers. The SUT bioprocessing market is anticipated to grow at 13-20%+ across its various subsegments over the coming years, as the industry transitions to more flexible, clean, and operating cost advantaged technology relative to traditional multi-use counterparts.

    Recognising an attractive market opportunity characterised by high growth and a need for a leading independent platform of scale, 3i began a journey to create a single use bioprocessing platform in January 2020 with the carve-out of Silicone Altimex from 3i portfolio company, Q Holding, along with the acquisitions of founder-owned businesses TBL and Cellon. 

    Seven months later, in July 2020, the platform completed the transformative acquisition of founder-owned Sani-Tech West Inc. (Sani-Tech West and subsidiaries SaniSure® and SureTech), a leading US-based manufacturer, distributor and integrator of single-use bioprocessing systems and components. The acquisition significantly expanded the combined group’s global footprint and brought a complementary portfolio of innovative products and single-use solutions capabilities. The combined platform has robust manufacturing and cleanroom assembly operations in both North America and Europe, offering enhanced supply chain assurance to its customers with a global footprint and vertically integrated capabilities. 

    Highlights

    • Created a unified, vertically-integrated platform in the high-growth bioprocessing space by bringing together Cellon, TBL, and Silicone Altimex 
    • Recruited key management members to complement the founders and other existing leaders, while professionalising the organisation and codifying business strategy
    • Brought Sani-Tech West into the platform, doubling the size of the combined business and creating a global leader with well-established operations and reach in North America and Europe
    • Positioned the platform to be a global strategic SUT solutions partner of choice for leading biopharma and biotech companies and CDMOs
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    Smarte Carte
    North America / Infrastructure

    Transport & logistics

    Overview

    Headquartered in White Bear Lake, Minnesota, Smarte Carte is a leading supplier and manager of vended equipment in the travel and leisure industry. The company owns and manages baggage carts as the sole provider in 125 locations (including 49 of the top 50 airports in the U.S.). The company also owns and manages lockers and other consumer-rental equipment in amusement parks, fitness clubs, shopping malls and ski resorts.

    Investment rationale

    • Market leader across multiple product segments.
    • The aging population demographic, increasing international travel, growth in leisure travel and an increasing middle class are driving growth of the market.
    • Greg Hart, Chief Operating Officer for United Airlines, joined as a non-executive director to help guide the company’s future growth.
    • Partner with management to grow company’s global footprint, especially in Europe through our established track record in the airport sector with Belfast City Airport and TCR.

    Regulatory information 
    This transaction involved a recommendation of 3i Corporation, a US wholly owned subsidiary of 3i Group.

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    Tampnet
    Norway / Infrastructure

    Communications

    Tampnet

    Tampnet is the leading independent offshore communications network operator in the North Sea and the Gulf of Mexico. It is headquartered in Norway, with operations in the UK, Scandinavia and the USA.

    Tampnet provides high speed, low latency and resilient data connectivity offshore through an established and comprehensive network of fibre optic cables, 4G base stations, and microwave links. It operates across four main business areas: fixed installations, mobile rigs and vessels, roaming for offshore workers and international carriers. The majority of its business involves providing fixed fibre links to oil platforms.

    Investment rationale

    3i Infrastructure acquired 50% of Tampnet in March 2019 alongside Danish pension fund ATP, having committed to invest in July 2018.

    • Tampnet’s fibre optic links provide customers with mission-critical reliable communications
    • Benefits from the growing requirement for high bandwidth and low latency in data networks
    • More than 50 customers including oil and gas operators, offshore service providers and telecom operators
    • Opportunity to grow into new segments such as offshore wind, commercial vessels and the point-to-point carrier segment

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

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    TCR
    Benelux / Infrastructure

    Transport & logistics

    Overview

    TCR is Europe’s largest independent asset manager of airport ground support equipment and operates at over 100 airports.

    Recent developments

    TCR performed well during the period. Contract renewal in its core European markets remains very high, demonstrating the defensive nature of the cashflows and TCR’s strong position in a growing market.

    In the last six months, TCR has expanded its footprint (notably in Italy and Germany) and added new asset classes to its offering. It has won contracts with new customers including British Airways and Norwegian Air and has started operating the first equipment pooling system in the UK at Luton Airport.

    Outside Europe, TCR continues to expand its foothold in Malaysia through additional contract wins with Malaysian Airlines. In Australia, it acquired Emerge Engineering & Maintenance, the leading local repair and maintenance business with workshops at six major airports. This provides TCR with an entry point to the Australian market.

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

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    ten23 health
    North America / Private Equity

    Healthcare

    Overview

    ten23 health was founded in 2021 and is a development, manufacturing and testing company for biotech start-ups and the established pharmaceutical industry.

    Headquartered in Basel, Switzerland, ten23 health’s core service offering includes formulation development, drug product development and manufacturing, as well as testing services for sterile pharmaceutical products. These high-value services are critical to helping pharma and biotech customers turn a scientific concept and therapeutic modality into a viable sterile medicine that is optimised for manufacturability, patient access and ease of administration, and logistical favourability.

    ten23 health embeds fairstainability in all its practices and decisions and puts the focus on people - customers, employees, patients - and the planet. The company aims for a net zero emissions target from inception, exhibiting its patient-centricity not only in the quality of service that it delivers, but also in its sustainability focus.

     

    Highlights

    • Partnering with a highly experienced team of experts, including Prof. Dr Hanns Christian Mahler, with a proven track record in pharmaceutical product design and development
    • As drug development activities across biologics modalities continue to accelerate, small biotechs and large pharma companies will increasingly outsource key services which require unique and market tested expertise
    • ten23 health will deliver services in an engrained, fair and sustainable manner, respecting the future of the planet and people’s health

    "3i’s demonstrated knowledge and deep understanding of the biotech landscape made them a clear partner in building ten23 health into a leader in the development, manufacturing and testing of injectable medicines.” Prof. Dr. Hanns-Christian Mahler, CEO ten23 health
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    Valorem
    France / Infrastructure

    Utilities

    Overview

    Valorem is a leading independent renewable energy development and operating company. It is one of the largest onshore wind developers in France, having developed over 480MW of capacity over the last 10 years.

    Recent developments

    Since acquisition in September 2016, Valorem has grown its existing onshore wind asset base from 142MW in operation to 191MW as at 30 September 2017. These projects sell their electricity through 15-year fixed-indexed power purchase agreements to EDF.

    The pipeline has also developed in line with expectations, with 42MW currently in construction and 630MW in advanced pipeline.

    Since our investment, Valorem has closed its first 36MW of photovoltaic projects, and secured a feed-in-tariff for an additional 32MW in the last photovoltaic tariff auction in June 2017.

    To support the company’s expansion and strengthen the senior management team, Frédéric Lanoé was appointed COO in May 2017.

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

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    Weener Plastics
    Germany / Private Equity

    Industrial

    Overview

    Weener Plastics (“WP”) is a leading manufacturer of innovative plastic packaging systems for fast moving consumer goods companies. WP supplies the world’s leading A-brands and private label players. WP focuses on the design, development and manufacturing of value added caps, valve closures and roll-on balls for the personal care, food and beverage, and home care market.

    We invested in WP in June 2015 and are supporting management to secure further sustainable growth using the existing innovation-led platform, investing in its successful international expansion strategy and continuing its operational improvement initiatives.

    Highlights

    • Using our international network, experience and capital to support WP’s growth through their buy-and-build strategy to expand into adjacent product categories and new geographies. WP acquired Proenfar, a leading Colombian plastic packaging manufacturer for the personal care and pharma end markets, in 2018
    • Customer portfolio includes Beiersdorf, Colgate-Palmolive, L’Oréal, Nestlé, P&G, Unilever and Homann
    • Excellent track record of growth
    • Introduced Niall Wall, former CEO of Ardagh as Chairman as well as Laurent Philippe, former president CEEMEA of P&G, and Knut Michelberger to the Supervisory Board as Non-Executive Directors via our Business Leaders Network

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

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    Wilson Human Capital Group
    North America / Private Equity

    Business & Technology Services

    Overview

    Wilson Human Capital Group (“WilsonHCG”) is an award-winning global leader in talent solutions. Headquartered in Tampa, Florida, WilsonHCG is a global business with offices throughout North America, Europe and Asia and has operated as a strategic partner to some of the world’s most admired brands in helping them plan and execute on talent acquisition globally. The Company provides a full suite of configurable talent solutions including recruitment process outsourcing (“RPO”), executive search, contingent talent solutions and talent consulting.

    WilsonHCG is widely known for its high-performance culture including its core values of collaboration, ownership, integrity, passion and communication. As a result, the Company is recognised as a leader by various industry trade associations such as HRO Today, Everest Group, NelsonHall and SIA and has also won a Gold Stevie Award and the Best Onsite RPO award in recent years.

    Highlights

    • Double-digit historic annual growth within its RPO sector, WilsonHCG’s core area of focus.
    • The RPO market is expected to benefit following the Covid-19 pandemic as companies increasingly value the superior outcomes, flexibility and efficiency that RPO providers such as WilsonHCG provide their clients.
    • WilsonHCG is a strong fit within 3i’s investment strategy, with a focus on high quality outsourced services, an increasingly international business, especially across Europe and Asia, and a strong management team.
    “We have known the 3i team for a number of years and they have demonstrated a clear commitment to investing in our space. There is a strong cultural fit between our organisations and a shared ambition to continue building WilsonHCG into the global talent solutions leader. Further, 3i’s international network will enable us to continue expanding our already global footprint." John Wilson, Founder and CEO, WilsonHCG
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