Formel D was founded in 1993 and has over 9,000 employees at 80 facilities in 19 countries worldwide. Formel D is a global service provider to the automotive and component supply industry, developing concepts and scalable solutions for quality assurance and process optimisation along the entire automotive value chain - from development to production through to aftersales.
“We are excited to work with 3i and CITIC Capital. Formel D’s international success story has just begun and we feel the combination of 3i and CITIC Capital is an exceptional one to further drive the next phase of our growth.” Dr. Juergen Laakmann CEO, Formel D
Founded in 1982 and headquartered in the Netherlands, Hans Anders is a market leading, value-for-money optical retailer in the Benelux with a presence in Sweden and France. The company offers a range of private label and branded spectacles, as well as hearing aids, contact lenses and sunglasses, at average price points significantly below its major competitors.
Hans Anders is one of the most well-known optical retailers in its core markets, with a high level of brand awareness and customer loyalty that will benefit from long term macro-growth dynamics.
"We are delighted to be partnering with 3i. As well as its deep experience and strong track record of supporting retailers in the Benelux and Europe at large, it has an exceptional international network which will greatly benefit Hans Anders. 3i also has experience in the optical market which will be very valuable to our partnership." Remco Boerefijn CEO, Hans Anders
Herambiente is the Italian leader in the waste treatment and disposal sector. The company owns and operates a portfolio of c.80 waste treatment facilities, mostly located in the Emilia Romagna. The plants include landfills, waste to energy plants, anaerobic digestion and other waste sorting facilities.
Herambiente’s revenues originate primarily from waste treatment and disposal and from sale of the resulting by-products, including electricity from incineration, biogas from landfills and recycled materials. In 2016, Herambiente treated c. 1.7m tons of urban waste, 4.7m tons of special waste and produced 161,455,167kWh of electricity.
Infinis is the largest generator of electricity from landfill gas in the UK, with a portfolio of 121 landfill sites and total installed capacity of over 300MW.
The business has performed well operationally and financially since our acquisition in December 2016, although long-term power price forecasts have decreased. As expected in our investment case, Infinis was a strong contributor to the Company’s income in the period, counter-balancing some other growth-orientated businesses in the portfolio.
Good progress has been made identifying opportunities to exploit the business’s spare engine and grid connection capacity. Together with the management team, we are reviewing projects in non-landfill gas generation activities, with 30MW of reserve power generation now under development. The Company has agreed to provide further equity of £12 million to support these projects.
In August 2017, Infinis appointed Tony Cocker as Chairman of the Board and Scott Longhurst as Non-executive Director and Chairman of the Audit Committee. Tony was previously CEO of E.ON UK. Scott is currently Group Finance Director at AWG and Managing Director of AWG’s non-regulated business.
In March 2018, 3i Infrastructure plc announced a follow-on investment of c. £125 million to fund Infinis’s acquisition of Alkane Energy, an independent power generator from both coal mine methane and Reserve Power operations and the largest generator from CMM in the UK.
Business & Technology Services
JMJ Associates is a US-headquartered, leading, global management consultancy with a focus on supporting multinational companies with complex capital programmes and operations. The business works with clients to significantly enhance their workplace safety and their project and organisational team performance through behavioural and cultural transformation. It's high-quality and longstanding customer base includes market leading businesses in the Oil and Gas, Petrochemical, Mining and Metals Logistics, Manufacturing and Construction industries.
JMJ has a strong international presence and future growth will come from its strong underlying end-markets, the increasing complexity and size of major capital projects, rising global spending on workplace safety and continued growth in the utilisation of external expertise in safety and project execution services.
Lampenwelt is the #1 speciality online retailer of lighting products in Europe. Headquartered in Germany, from where it distributes own-brand and third party products to customers in 15 countries across Europe.
Lampenwelt differentiates itself from its competitors through an extensive range of over 45,000 products, in-depth product knowledge, excellent customer service and high product availability. The company generated €61m of sales in 2016, of which 45% came from outside Germany, and has grown strongly in Germany and through a steady roll-out across Europe in recent years.
"We are delighted to be partnering with 3i for the next stage in our growth story. 3i has extensive experience in the consumer sector and an impressive network which will help us enlarge our footprint in Europe." Thomas Rebmann CEO, Lampenwelt
OneMed is the leading medical supplies distributor in Northern Europe, serving both public and private customers with reliable, high-quality products in medical supplies, devices and equipment. The business is present in the Nordics, the Baltics, the Netherlands and Central and Eastern Europe.
We led the buyout of OneMed in December 2010. This provided a platform from which to accelerate OneMed’s consolidation of the industry and drive operational effectiveness throughout the business.
Transport & logistics
Oystercatcher is the holding company through which 3i Infrastructure plc holds 45% interests in five subsidiaries of Oiltanking, located in Belgium, Malta, the Netherlands and Singapore. These businesses provide over five million cubic metres of oil, petroleum and other oil-related storage facilities and associated services to a broad range of clients, including private and state oil companies, refiners, petrochemical companies and traders.
The five terminals all performed well in the period, generating EBITDA in line with or ahead of budgeted levels. Each terminal enjoys a strong position in its market and benefits from Oiltanking’s reputation for excellent service standards. Capacity at each location remains substantially let.
In Singapore, favourable conditions underpin the terminal’s key activity, which is gasoline storage and provision of associated services. During the period, a new marine jetty entered operation. This additional jetty capacity will improve customer turnaround times and further cement the competitive position of the terminal.
Customer demand for capacity generally remains strong, but we have seen some softening of demand for storage of certain product types.
Ponroy Santé Group ("Ponroy") is a leader in the Natural Consumer Healthcare industry in Europe. It manufactures a wide range of products from functional and natural food supplements, to natural cosmetics and hygiene products for babies and women through its world class plant in France, exporting to over 50 countries. Ponroy is well positioned due to its multi-distribution channel strategy and owns several well-known brands including Biolane, Yves Ponroy, Vitarmonyl, Manhae, Lecitone, Force G, Ultrabiotique, and Naturé Moi. Other brands including Aragan and Synactifs have been acquired to strengthen Ponroy’s presence in the pharmacy channel.
Since inception, Ponroy has grown year on year organically to reach more than €210m of revenues in 2017. The Company generates 35% of sales internationally and it has developed profitable subsidiaries in fast growing markets including Italy, Belgium, Canada, Hong Kong and particularly China. Ponroy is well positioned to benefit from the consolidation taking place in this highly fragmented market and will continue to expand its international footprint in Europe, Asia and the Americas.
"We look forward to benefiting from 3i’s strong track record and experience in this sector, as well as its wide international network and its know-how in terms of build-ups." Philippe Charrier CEO, Ponroy
Q Holding is a leading global manufacturer of highly-engineered, precision-molded elastomeric components and fully assembled devices used in a broad range of Life Sciences (medical and pharmaceutical) and Electrical Management (automotive, industrial and aerospace) applications. Headquartered in Ohio, it sells products in over 50 countries and has 13 manufacturing locations in North America, Europe and Asia.
Q Holding has built a strong reputation as the supplier of choice to provide high-quality components that are mission critical. It has developed longstanding relationships with a broad range of blue chip customers who value their ability to develop such critical products and solutions.
Royal Sanders is a leading European private label and contract manufacturing producer of personal care products. Its key geographies are the Benelux, Germany and UK with plants in the Netherlands (Vlijmen) and in the UK (Preston).
Main product categories include shampoo, bath and shower gels, body lotions and hand wash. The company sells its products through private label, contract manufacturing and own brands including Van Gils, Sanicur and Odorex.
3i is investing alongside management to drive the company’s international growth strategy.
We are delighted to be partnering with 3i. It has extensive experience in buy-and-build in private label, for example through its investment in European soft drinks bottler Refresco, and in growing companies internationally through its network of valuable industry experts in the consumer sector. Bart Hullegie, CEO, Royal Sanders
Scandlines is a market leading European ferry operator established in 1998 by a merger of the largest national ferry companies in Denmark and Germany. It operates high frequency, short sea distance ferry operations between Germany and Denmark for both passenger and freight customers.
Scandlines specialises in rapid, reliable and comfortable transportation. Its activities also include catering services, together with retail sales of goods in on-board and on-shore shops and restaurants.
"Scandlines is a fantastic company with dedicated employees; we will all benefit from this long-term investment from 3i, Hermes Investment Management and First State." Søren Poulsgaard Jensen CEO, Scandlines
Schlemmer is a global leader in cable management solutions for the automotive industry. It develops and produces cable protection, as well as air and fluid handling systems, for automotive and commercial applications. Schlemmer offers a well-diversified product portfolio and operates a global manufacturing network
We are working with the Schlemmer team to build on the company’s strength in Europe and Asia, and further grow its global footprint by strengthening its presence in the US market through organic expansion and select add-on acquisitions.
"We are delighted to be partnering with 3i for the next stage in our global growth story. I’m convinced that Schlemmer will greatly benefit from 3i’s deep experience and strong track record in the automotive industry, as well as from its international network." Josef Minster CEO, Schlemmer
Business & Technology Services
SLR is a leading international environmental consultancy with an unrivalled reputation for providing expert, tailored services with more than 75 offices across Europe, North America, Asia Pacific and Africa. SLR specialises in delivering Global environmental and advisory solutions for Oil & Gas, Built Environment, Mining & Minerals, Infrastructure, Industry and Power sector clients.
SLR is one of a very small number of truly international specialists providing advice and support on a wide range of strategic and site-specific issues, to a diverse and growing base of corporate, regulatory and governmental clients.
Transport & logistics
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.
Transport & logistics
TCR is Europe’s largest independent asset manager of airport ground support equipment and operates at over 100 airports.
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.