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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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    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
    "With the support of 3i, we will be able to take our company’s development to the next level by fostering growth, expanding our global footprint, continuing to build our innovation leadership and further improving the efficiency and effectiveness of our operations." Roel Zeevat, CEO, Weener Plastics

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

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    Wireless Infrastructure Group
    UK / Infrastructure

    Communications

    Overview

    WIG is an independent communications infrastructure provider which builds and operates communication towers (masts) in rural and suburban areas, together with fibre based networks, to improve mobile coverage in large buildings and on city streets.

    Recent developments

    WIG’s core tower business performed well in the period, supporting customers with the expansion of their networks to deliver greater wireless bandwidth and geographic coverage, and increased resilience. WIG’s organic growth is benefiting from new greenfield infrastructure investment including new communication towers and fibre-connected small cell networks.

    WIG’s small cell business unit delivers high capacity infrastructure into large public venues such as shopping centres, office blocks and stadiums. The business unit is targeting new infrastructure opportunities in busy outdoor city locations and recently announced its first 5G-ready deployment in Aberdeen.

    WIG continues to review opportunities to acquire new towers where these are complementary to the existing portfolio.

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

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    Ionisos
    France / Infrastructure

    Social Infrastructure

    Overview

    Ionisos is a leading owner and operator of cold sterilisation facilities servicing the medical, pharmaceutical and cosmetics industries.  Established in 1993 in Civrieux, France, Ionisos is the third largest cold sterilisation provider globally and operates a network of 11 facilities in Europe with market leading positions in France and Spain. It has over 200 employees and a highly diversified customer base of more than 1,000 customers.

    Ionisos delivers a mission-critical, non-discretionary service for the medical, pharmaceutical and cosmetics industries for whom cold sterilisation is an essential component of the manufacturing process. It is typically applied to single use products that would be damaged by the heat and/or humidity of hot sterilisation methods.

    Investment Rationale

    3i Infrastructure acquired Ionisos in September 2019, having committed to invest in July 2019.

    • Diversification of 3i Infrastructure’s sector exposure and increased presence in the French market
    • Sound market fundamentals with non-cyclical drivers, including an ageing population in Western Europe
    • Growing demand for healthcare services increasingly relying on single use medical equipment
    • Increasingly stringent regulation governing the sterilisation of medical, pharmaceutical and cosmetics products
    • High barriers to entry
    • Platform potential with growth opportunities organically and through M&A
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