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    Formel D
    Germany / Private Equity

    Industrial

    Overview

    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.

    Highlights

    • Attractive international growth opportunities both organic and through acquisition
    • Partnering with management to expand the business’ client base in Asia and increasing higher “value-add” services
    • Introduced CITIC Capital China Partners III, L.P as an investment partner with a broad network in China
    • Ralph Heck introduced as Chairman via our Business Leaders Network
    “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
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    Hans Anders
    Benelux / Private Equity

    Consumer

    Overview

    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.

     

    Highlights

    • Leading value-for-money retailer in eyewear products and hearing aids
    • Benefits from long-term, macro growth dynamics including an aging population and an increasing consumer focus on value-for-money
    • Fragmented European optical retail market presents significant opportunities for growth
    "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
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    Herambiente
    Other / Infrastructure

    Utilities

    Overview

    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.

    Investment rationale

    • Strong market position in its home region of Emilia Romagna and more broadly in Northern and Central Italy.
    • The large plants portfolio provides technology diversification and exposure to increased recycling across Europe.
    • The highly fragmented market offers significant consolidation opportunities.
    • The expertise and environmental permits required to build new facilities provide significant barriers to entry.
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    Infinis
    UK / Infrastructure

    Utilities

    Overview

    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.

    Recent developments

    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.

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    JMJ Associates
    North America, UK / Private Equity

    Business & Technology Services

    Overview

    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.

    Highlights

    • Via our Business Leaders Network we introduced Pete Regan as Chairman, who has unique experience in developing global consulting firms
    • Moved to a full partnership structure in 2015
    • Using our international network to identify and support further growth opportunities
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    Lampenwelt
    Germany / Private Equity

    Consumer

    Overview

    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.

     

    Highlights

    • Via our Business Leaders Network we appointed Jochen Wilms, a seasoned expert in both the building supply and online industries
    • Supporting the business to further strengthen its position in Germany and further penetrate existing and additional international markets
    "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
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    OneMed Group
    Sweden / Private Equity

    Healthcare

    Overview

    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.

    Highlights

    • Acquisition in 2015 of Bosman, a Dutch player, further strengthened by the acquisition of Lensvelt Medical (2016) and Boeren Medical (2017)
    • Leveraged our international presence and network to access new suppliers to improve supply chain management and sourcing
    • Our track record in healthcare, distribution and logistics supports OneMed’s plan to expand private label sales across Europe
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    Oystercatcher
    Singapore, Benelux, Other / Infrastructure

    Transport & logistics

    Overview

    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.

    Recent developments

    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.

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    Ponroy Santé Group
    France / Private Equity

    Healthcare

    Overview

    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.

    Highlights

    • Strong future organic growth expected stemming from global mega trends in natural healthcare and well-being
    • Introduced Philippe Charrier, a seasoned leader in the FMCG and Natural Consumer Healthcare, as CEO via our Business Leaders Network
    • Healthcare, as Executive Chairman via our Business Leaders Network
    • Supporting the management team to implementing a complete digital strategy
    • Supporting M&A opportunities using our global network and strong experience which led to the acquisition of Aragan within a few months of our ownership
    "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
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    Q Holding
    North America / Private Equity

    Healthcare

    Overview

    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.

    Highlights

    • Transformational acquisition of Degania Silicone Ltd., a leading global manufacturer of medical catheters in 2016
    • Continues to pursue select M&A opportunities to assist in delivering its geographic, end-market, product, and capability expansion plans
    • Focused on achieving significant organic growth, driven by its differentiated product offering, high service levels and a strong end-market
    • New manufacturing facilities in Asia, Europe and Mexico
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    Royal Sanders
    Benelux / Private Equity

    Consumer

    Overview

    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.

     

    Highlights 

    • Demonstrated a consistent and strong track record of profitable organic growth over the past 10 years, significantly outgrowing the market
    • Differentiates itself through its focus on quality and service, longstanding relationships with key customers and superior operational capabilities at its state-of-the-art facilities
    • Ready to drive consolidation in a fragmented industry with multiple potential buy-and-build opportunities across geographies
    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
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    Scandlines
    Germany / Private Equity

    Industrial

    Overview

    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.  

     

    Highlights

    • Introduced Steve Ridgway as Chairman via our Business Leaders Network, who brings expertise in product innovation, customer service and sustainability
    • Using our Retail sector expertise to transform border shops creating better value for customers by focusing on efficiencies in staffing, procurement and yield management
    • Ground-breaking green initiatives introduced
    • Led and supported several successful landmark financings for Scandlines, most recently the €1bn infrastructure refinancing based on an investment grade rating by Fitch (BBB)
    • Building two new ferries for the Rostock-Gedser route providing increased capacity and frequency of crossings
    "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
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    Schlemmer
    Germany / Private Equity

    Industrial

    Overview

    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.

    Highlights

    • Via our Business Leaders Network we introduced Bernd Gottschalk as Chairman and Günter Hauptmann as Non-Executive Director
    • Cable management sector is well-positioned to take advantage of megatrends such as connectivity, e-mobility, and autonomous driving and safety
    • Building on the Company’s strength in Europe and Asia and further growing 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
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    SLR Consulting
    UK / Private Equity

    Business & Technology Services

    Overview

    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.

    Highlights

    • Completed 18 acquisitions enabling the business to enter the Australian market in 2010, reinforce its presence in North America and strengthen its expertise in the oil and gas market
    • Used our international network and ambition to support SLR expand its geographic footprint and sector expertise, as well as providing further funding
    • Introduced Chairman, Graham Love, and Non-Executive Director, Mick Cook, via our Business Leaders Network
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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.
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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.

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