• ActionLogo_NEWmarch18.png
    Action
    Benelux / Private Equity

    Consumer

    Overview

    Established in 1993, Benelux-based Action is the leading non-food discount retailer in Europe. Large-scale procurement, flexible assortment, optimal distribution and a cost-conscious corporate culture ensure very low prices. The core 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, pets, clothing and linen.

    Action generates revenues of over €3bn per annum. Its business model differs from that of more traditional retailers because only c35% of its total product range is fixed. Action aims to surprise its customers with a constantly refreshed product range at amazingly low prices. The business model is summarised by the slogan: "more than you expect for less than you imagine".

    Highlights

    • Won "European Retailer of the Year" award for three consecutive years
    • Opened five distribution centres
    • Operates more than 1,325 stores across seven countries and employs c.46,000 staff
    • Leveraging our network, experience and resources to further internationalise the business
    "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.

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    AESSEAL
    UK / Private Equity

    Industrial

    Overview

    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.

    Highlights

    • Established a strong international position in many end-user markets including the most arduous Oil & Gas applications
    • Exceptional customer service on engineered specials provided through advanced manufacturing including world class integrated CAD / CAM and PLM
    • Received 13 Queen’s Awards
    • Global service is provided through 56 fully or majority owned international subsidiaries
    "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.

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    Aspen Pumps
    UK / Private Equity

    Industrial

    Overview

    Aspen Pumps designs, manufactures and distributes specialised mini pumps that remove condensate water from air conditioning and refrigeration systems. It is the global leader for mini pumps and is renowned for having the most reliable, installer friendly and innovative products. Additionally, it sells a range of products for air conditioning installers and engineers, including its range of accessories, Aspen Xtra, and rooftop mounting systems, Big Foot.

    Following our acquisition of Aspen in 2015, the business is building on its market leading position and further penetrating international markets in Europe, the Americas and Asia through a number of organic and acquisitive initiatives to enhance its offering of value-added components, tools and accessories.

    Highlights

    • Strong international presence with products available in over 100 countries
    • Completed six acquisitions in France, Germany, Australia and the UK since our investment
    • Global sales force effectiveness initiative rolled out in 2016 to further accelerate organic growth globally
    • Focus on innovation and new product development, with a number of successful new product launches in 2016 and 2017
    • More than doubled revenues and profit since our investment
    "We are delighted to be partnering with 3i. We have been impressed with their ambition for the business and feel we can benefit greatly from their experience supporting businesses achieve international expansion." Adrian Thompson, Chief Executive, Aspen Pumps

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

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    Audley Travel
    UK / Private Equity

    Consumer

    Overview

    Audley Travel (“Audley”) is a leading provider of tailor-made experiential travel to over 80 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 that has grown rapidly and is already generating over 15% of total revenues.

     

    Highlights

    • Completed a successful refinancing with the support of our Banking team
    • Implementation of a wider employee incentive scheme to benefit a broader base of Audley management and country specialists
    • Accelerating growth in the US business, including the successful launch of European destinations from 2016
    • Continuing to drive the digital development of the business
    • Named ‘Best Tour Operator’ at Telegraph Travel Awards in 2017 and 2015-16

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

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    Basic-Fit
    Benelux / Private Equity

    Consumer

    Overview

    Benelux-based Basic-Fit is the European market leader in the value-for-money fitness market with c500 clubs across five countries. Its operating model is based on a quality service, no frills approach, with family membership costing €19.99 per month. Clubs are well equipped, offer virtual group classes and 24 hour opening in some venues. 

    Basic-Fit’s disciplined international growth strategy is underpinned by investment in the organisation and key consumer trends of spending polarisation and the increasing focus on health and wellness. Alongside this, significant investment has been made to professionalise the business including a review of the brand and the format of the clubs.

    Highlights

    • Transformational growth into the largest value-for-money fitness club operator in Europe, increasing the number of clubs by 75% from 199 to over 350 across the Benelux, France and Spain as per June 2016
    • In June 2016, 2.5 years after our investment, Basic-Fit completed its €820m IPO on the Amsterdam Stock Exchange
    • Successful execution of international roll out strategy, creating market leading positions in the Netherlands and Belgium and a strong platform for further growth in France and Spain
    • Introduced Ronald van der Vis as Chairman via our Business Leaders Network

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

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    BoConcept
    Denmark / Private Equity

    Consumer

    Overiew

    Established in 1952, BoConcept has evolved into the most global interior design and furniture brand. With the brand promise of ‘Encouraging cosmopolitan living’ BoConcept has built a strong following across the world and is now present in 65 markets through a network of more than 290 brand stores.

    Following strong business improvement during the last two years, the company realised sales of DKK1.3bn in the financial year ending 30 April 2018.

    Highlights

    • Public to Private in 2016
    • We are supporting the Company in continuing its successful international franchise store roll-out by leveraging the strength of the store concept and product collection
    • Accelerating its efforts to build an omnichannel presence as well as expanding its fast-growing B2B business.
    "We are investing in a successful international brand with a proven track record in over 60 countries. We look forward to supporting the management team to further develop the company and continue to grow it internationally." Boris Kawohl, Partner, 3i Benelux

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

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    Christ
    Germany / Private Equity

    Consumer

    Overview

    Christ is a German jeweller, founded in Frankfurt in 1863 and now based in Hagen. The company is a market leader in jewellery and watches in Germany in the mid-to-upper price segment.

    Christ focuses on its own specialised stores in high street locations and shopping malls, along with flagship stores at airports and prestigious department stores. Additionally, Christ runs a strongly growing e-commerce platform. Through its strong multi-channel capabilities bridging between the stationary stores and the e-Commerce business, Christ leverages its strong brand online and offline.

    Highlights

    • Our extensive experience in the retail sector is supporting Christ to access other high-potential markets via a European store roll-out programme
    • Peter Linzbach, former Executive Board member of Metro Cash & Carry, and Jochen Wilms, a seasoned digital expert and Chairman of 3i’s Lampenwelt investment, joined the Board via our Business Leaders Network providing retail, internationalisation and e-commerce insights
    • Strong retail brand and position means Christ is well placed to build on its success in the highly fragmented German market which is the largest in Europe
    • Initiatives planned across pricing, sourcing, assortment structure, inventory and financial control & transparency as well as further strengthening Christ’s e-commerce capabilities
    “We are delighted to partner with 3i, they have an extensive track record in growing businesses within the retail sector and we look forward to working with them closely as we enter this new stage of development and growth for the Company.” Dr Bernd Schröder, CEO, Christ

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

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    Cirtec Medical
    North America / Private Equity

    Healthcare

    Overview

    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 and minimally invasive medical devices. Customers rely on Cirtec’s expertise to provide value-add solutions throughout the entire development and commercial manufacturing cycles to help bring life-enhancing therapies to market and scale to success.

    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.

    Highlights

    • Helping Cirtec expand its capabilities and footprint through the acquisitions of Metrigraphics, Cactus, Vascotube, Top Tool and high value intellectual property
    • Recruited William Hawkins (former Medtronic CEO) and William Ellerkamp (former ExtruMed CEO) to the Board of Directors
    • Supporting the business through continued targeted acquisitions within the highly fragmented MDO market
    • Utilising our sector experience and international network to promote Cirtec’s organic growth plans

     

    "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.

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    Dynatect Manufacturing
    North America / Private Equity

    Industrial

    Overview

    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.

    Highlights

    • Recruited several new executives into the senior leadership team to drive key initiatives
    • Investments in Pricing and New Product Development to drive organic growth
    • Investments in an ERP implementation and lean practices to improve operational efficiency
    • Introduced Bill Barker, former CEO of Mold-Masters as Chairman, and Steve Breitzka, former CEO of Apex Tool and Group Executive at Danaher, to the board
    "3i was a natural choice of partner for us. With their international network and local market insight, we will be able to accelerate our international growth strategy and be best placed to service our global customer base". Brian McSharry, Former CEO, Dynatect

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

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    Formel D
    Germany / Private Equity

    Industrial

    Overview

    Formel D is a leading global service provider to the automotive and component supply industry, offering quality assurance and process optimisation along the entire value chain - from development to production through to aftersales.

    The company offers a wide range of testing and inspection services for individual parts, systems and vehicles to major OEMs and suppliers. Formel D was founded in 1993 and has over 9,000 employees at 80 facilities in 20 countries worldwide.

    Highlights

    • Pursue attractive international growth opportunities both organically and by acquisitions
    • Up- and cross-sell the service portfolio to customers internationally
    • Partnered with management to expand higher “value-add” service offering
    • Introduced CITIC Capital as investment partner with a broad network in China
    • Introduced Ralph Heck 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

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

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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 North-West Europe. The company operates under the Hans Anders, eyes + more and Direkt Optik retail banners, and offers a range of private label and branded spectacles, 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 and fast-growing optical retail platform that is exclusively focused on the growing value-for-money segment
    • Acquired eyes + more in January 2019, expanding Hans Anders' European footprint to five countries
    • 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
    "eyes + more is a great strategic fit for Hans Anders and the acquisition will transform our company into a European platform, making it the leading North-West European optical retailer in the growing value-for-money segment." Bart van den Nieuwenhof, CEO, Hans Anders

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

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    Havea Group
    France / Private Equity

    Healthcare

    Overview

    Havea Group is a leader in the Natural Consumer Healthcare industry in Europe. It manufactures, designs and distributes a wide range of products from functional and natural food supplements, to natural personal care products for babies and women through its world class plant in France. Havea is well positioned due to its multi-distribution channel strategy and owns several well-known brands including Vitarmonyl, Biolane, Manhaé, Ultrabiotique, Naturémoi and acquired Aragan / Synactifs and Suvéal Duo brands respectively in 2017 and 2018 to strengthen Havea's presence in the pharmacy channel.

    Since inception, Havea has grown year double digit each year organically and 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 President and CEO 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 acquisitions of Aragan within a few months of our ownership and Densmore in July 2018
    "3i is a great partner for Havea. Its values and approach really fit well with our entrepreneurial approach. The team constantly looks for growth while keeping the right balance with operational performance improvement, robustness and digitalization of the core processes. In 2 years with 3i we have doubled the size of the Group and made 3 acquisitions including my own company." Nicolas Brodetsky, CEO, Havea

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

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    I.C.E
    North America / Private Equity

    Business & Technology Services

    Overview

    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.)  ICE also partners with leading travel suppliers to generate incremental travel bookings from members of its loyalty programmes.

    ICE 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.

    Highlights

    • Strong underlying market growth in cruise and rewards-based travel and tailwinds from increased use of loyalty programmes
    • Partnered with the Founders to accelerate international growth and support strategic initiatives
    • Transformative acquisition of SOR Technology, a leading provider in digital travel subscriptions
    • Strategic partnership with Lateral, a travel-focused software development firm, to accelerate platform development
    • Added to the senior management team with new CMO and VP of Finance roles
    • Introduced Marty Cole, former Chief Executive of Accenture Technology, as Chairman, and Jorge Boone, former SVP of Partner Brands at RCI (largest brand partner) and World Travel Holdings (largest competitor) as a Board Director
    “We are delighted to be partnering with 3i and believe the team is well-suited to assist our business in continuing to grow and scale. 3i has a proven track record in the travel industry and an impressive international network which will be of great value to I.C.E.” John Rowley, Co-Founder & CEO, I.C.E

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

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    JMJ Associates
    North America, UK / Private Equity

    Business & Technology Services

    Overview

    JMJ Associates is a US-headquartered, leading, global safety training and consulting firm 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.

    JMJ has a substantial 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, who has unique experience in consulting and safety businesses, as Chairman
    • Moved to a full partnership structure in 2015
    • Using our international network to identify and support further growth opportunities

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

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    KINOLT
    Benelux / Private Equity

    Industrial

    Overview

    Belgium-headquartered KINOLT was established in 1989. The Company designs, manufactures and maintains Diesel Rotary Uninterruptable Power Supply systems (“DRUPS systems) for top-tier customers in EMEA, the Americas and Asia Pacific through its worldwide network of 12 subsidiaries and over 40 distributors.

    KINOLT has seen significant international expansion through the success of its unique NO-BREAK KS® DRUPS systems which ensure that its customers are immediately protected from power supply failures. This is a mission-critical product for its customers, which include data centres, hospitals, airports, banks, road and railway tunnels.

    Highlights

    • Technological leader position sustained through the expansion of its international sales organisation, and continued investment in product innovation
    • Our extensive international experience and contacts in the sector supports KINOLT’s ambitious international growth agenda
    • Introduced Peter Grosch as Chairman and Mike Tobin OBE as Non-Executive Director via our Business Leaders Network

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

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    Lampenwelt
    Germany / Private Equity

    Consumer

    Overview

    Lampenwelt is the #1 speciality online retailer of lighting products in Europe. It is headquartered in Germany, from where it distributes own-brand and third party products to customers all over Europe through 15 country-specific online shops.

    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 €75m of sales in 2017, of which ~50% 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 also introduced the operational Venture Capital fund Project A Ventures as minority investor to further improve Lampenwelt’s best-in-class digital capabilities
    "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

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

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