Overview

LHI Technology is a manufacturer of medical cables with offices in China, Singapore, the US, and Germany. The company’s complex products are used in challenging environments to provide real time information for patients; only a handful of players globally have this capability

During our ownership, the company evolved from a business focused predominantly on blood oxygen monitoring into one offering more technically demanding and higher performance products, including ECG and ultrasound cables and cables for surgical and video endoscopy applications, including ultrasound.

Working with management, we implemented several operational improvements, including increasing the company’s technical capabilities and optimising key costs.

Highlights

• Implemented several strategies to drive growth, invested in technical capabilities, developed succession plan and optimised cost in freight and distribution
• Significantly diversified both the product range and customer base
• Numerous award wins including the GE Innovation award in 2012 for outstanding performance in quality, delivery and cost reduction
• Introduced a seasoned industry executive, Al Bautista, as Chair

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

Overview

Magnitude is a leading provider of data management software solutions that helps companies turn their core business data into continuous intelligence, providing actionable insights to shorten the path from data to decision. It enables its customers to connect data across enterprise applications and business processes including supply chain, finance, manufacturing and distribution, and to leverage insights from that data to make critical business decisions.

The company has offices in the US, the Netherlands, UK, Canada and India with more than 1/3^rd of sales from outside the US.  Under its prior owner, Magnitude had completed a series of acquisitions, aggregating best-in-class point solutions within the SAP and Oracle ecosystems, and other broad data-oriented solutions.

3i invested c.$182m in Magnitude Software in 2019 to accelerate its global growth ambitions through new product development and investments in sales & marketing, and to build a more integrated enterprise software business.  Magnitude had strong IP and a portfolio of best-in-class products, but had not yet been fully integrated and was underperforming against market growth.

During our two and a half year ownership, we invested significantly in the company’s R&D and product portfolio, recruited an executive team with experience at lead public technology organisations such as Amazon, Google, SS&C, Salesforce.com and Cyxtera, and transformed the commercial organisation.  In July 2020, we recruited CEO Jeff Shoreman where he focused on accelerating recurring revenue growth and driving long-term strategy. 

Under 3i’s ownership, Magnitude transitioned its leading operational analytics product to the cloud and developed new partnerships, such as its co-selling relationship with SAP for Magnitude’s SourceConnect product.  The company developed new functional capabilities such as a customer success organisation to drive retention and cross-sell, built a marketing organisation to drive greater awareness and lead generation, and transitioned to a centralised sales model under new commercial leadership.

3i continues to believe strongly in the trajectory and potential for Magnitude and has reinvested a portion of its proceeds into Insightsoftware.

Highlights

• Double-digit revenue, ARR, bookings & EBITDA growth from 2019 onward
• Recruited a new senior-leadership team from several leading, public software companies
• Transitioned its Angles analytics platform from on-premises to cloud
• Refreshed its brand identity and digital presence
• Enhanced its go-to-market capabilities with new lead generation tactics, a centralised sales model and new indirect sales channels
• Launched a partnership with SAP focused on data integration for SAP’s core Central Finance application

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

Overview

Marken is a specialist express logistics and support services provider to the biopharmaceutical industry. Its services include the movement of biological samples on a global basis, the export of trial medication, vaccines and clinical trial material, regulatory advice, protocol support, cold-chain management and investigator liaison.

Highlights

• Delivered an ambitious growth strategy and achieved a growth rate of over 30%
• Increased operating margins through both revenue growth and cost savings
• Strengthened the management team and introduced sector expert, Mel Porter, to the board as NXD
• Leveraged 3i’s global network to support organic growth while actively seeking out bolt-on acquisitions
• Established operations in China
• Expanded US market share and targeted US-based pharma companies

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

Overview

Mayborn is a leading manufacturer and distributor of baby and child products under the Tommee Tippee brand. Under our ownership it transformed from a UK consumer products business to the fifth largest baby accessories business globally.

During our investment Tommee Tippee was elevated to Master Brand status across all product lines, as a result of its brand equity and consumer recognition. Mayborn entered the US directly, developing its brand presence with an exclusive launch in Babies R’ Us and subsequently also selling through Target and Wal-Mart. After five years, US revenues grew to over $40m. A direct sales model was followed in Mayborn’s core growth markets, which included the acquisition of its French distributor and the establishment of a direct Australian model in 2012.

Highlights

• From UK #2 to clear market leader in the UK and Australia; fastest growing player in the US; and 5th largest player globally
• Increased Mayborn’s international sales from 40% to 60% of total revenue
• Built up the Tommee Tippee brand to account for 95% of sales on exit

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

Overview

MKM is an independent builders' merchant providing building, plumbing and timber supplies for the trade and DIY projects. At the time of exit in 2017, MKM was the largest independent builders’ merchant in the UK, with 47 branches nationwide and a reputation for service excellence.

3i invested in MKM in 2006 to support founder David Kilburn with the firm's ambitious growth plans, and sold the business in June 2017 generating a 5.9x money multiple.

Highlights

• MKM consistently grew like-for-like sales well above listed peers through superior service and category expansion, generating revenues in excess of £284 million in 2016
• It developed from a regional to a national player, expanding from 18 to 47 branches across the country while investing in its central capabilities
• Through its Business Leaders Network, 3i introduced CEO Philip Johns to the business
• Revenues and profits more than trebled during the investment
• Over 700 jobs were created, with MKM employing more than 1,100 people at 3i’s exit

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

Overview

World leading manufacturer of plastics melt delivery and control systems with manufacturing facilities in Canada, China, India, Brazil and Germany. Under our ownership, Mold Masters transformed from a family-owned business to a world class global market leader in hot runners.

Mold Masters' international sales increased by 60% during our ownership through both organic sales growth and completing four selective acquisitions. The increased focus on the emerging markets took the business from having only limited basic production in China and Brazil on entering, to significant presence on exit including 40% of sales being generated from Asia.

Highlights

• Tripled Chinese manufacturing capacity
• Created Indian engineering centre of excellence and manufacturing operation
• Increased employees by c 90% to 1,700
• Commercialisation of new innovative products helping customers improve cycle times and minimise resin costs
• Significant operational excellence initiatives led to improved efficiency, better asset utilisation and cost savings

Regulatory information 
This transaction involved a recommendation of 3i Corporation, a US wholly owned subsidiary of 3i Group. It should not be assumed that recommendations made in the future will be profitable or will equal the performance of the securities in this release. For data relating to other assets involving a past recommendation by 3i Corporation please click here.

Overview

NORMA Group a global market and technology leader in the attractive niche market of engineered joining technology. During our ownership it evolved from a successful family business into an undisputed international leading manufacturer of clamping and connecting technology.

We formed NORMA Group by investing in Rasmussen, a leading supplier for joining technology, and merging it with ABA. Over a five year period, NORMA transformed in to a global market leader through accelerated organic growth, strategic acquisitions and margin expansion. Revenue doubled between 2005 and 2010, representing a 15% CAGR, and sales outside Germany increased by 80% over this period, from 41% to 74%.

Highlights

• Delivered four transformational M&A transactions and a continuous series of smaller acquisitions
• Increased its capabilities in product development and strengthened its presence in developing markets with new plants in India, China, Thailand, Mexico, Russia and Serbia.
• Delivered c. €40m of additional EBITDA as a result of operational improvements
• In April 2011, NORMA successfully floated on the Frankfurt Stock Exchange

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

Overview

Quintiles delivered transformational growth to become the world’s largest provider of life sciences product development and integrated healthcare services. It helps biopharmaceutical customers, as well as other healthcare customers, navigate the increasingly complex healthcare environment to improve efficiency and deliver better healthcare outcomes.

During our ownership, Quintiles expanded its commercial services into the Middle East, North Africa and East Africa, and developed numerous clinical development and joint venture partnerships. The business also expanded its Real-World & Late Phase offering through acquisitions and strategic partnerships. Quintiles has an extensive reach and has helped develop or commercialise most of the top biopharmaceutical and biologic products on the market today.

In November 2017, post 3i’s exit, Quintiles adopted the name of IQVIA

Highlights

• Completed nine acquisitions
• Near doubling of revenue from $2.8bn to $4.5bn; EBITDA grew over 250%
• Expanded the global employee base from c 20,000 to c 35,000 employees
• Listed on the NYSE in May 2013, becoming a member of the FORTUNE 500, and named in FORTUNE’s list of the “World’s Most Admired Companies”

Regulatory information 
This transaction involved a recommendation of 3i Corporation, a US wholly owned subsidiary of 3i Group. It should not be assumed that recommendations made in the future will be profitable or will equal the performance of the securities in this release. For data relating to other assets involving a past recommendation by 3i Corporation please click here.

Overview

We initially acquired a minority stake in Refresco in 2010 to help support the Company’s continued growth and buy-and-build strategy. During our ownership, Refresco transformed from a European juice manufacturer to a leading European independent bottler of soft drinks for A-brand owners.

Refresco’s merger with Gerber Emig in 2013 was a transformational value driver, enhancing the company’s presence across Europe and strengthening its capability for industry innovation. In addition, Refresco acquired German-headquartered SDI, Spumador in Italy and Taja in Poland, taking its production facilities to 27 across nine countries with a total of 159 production lines and a truly pan-European footprint.

Highlights

• Increased revenue from €1.2bn to €2bn between 2010 and 2015
• Grew volumes from 3.8bn litres in 2010 to 6.1bn litres in 2015
• Completion of its IPO on Euronext Amsterdam in March 2015
• Successfully entered the Italian market and significantly increased market share in Germany, the UK and France

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

Overview

Scandlines is a market leading European ferry operator between Denmark and Germany connecting Scandinavia with Continental Europe. The company was established in 1998 by a merger of the largest national ferry companies in Denmark and Germany and operates high frequency, short distance ferry operations for both passenger and freight customers. Scandlines’ traffic machine is fully integrated with the road infrastructure, providing a critical transport link between Denmark and Germany.

Scandlines’ eight ferries specialise in rapid, reliable and comfortable transportation, with more than 42,000 departures annually. Its activities also include catering services, together with retail sales of goods in on-board and on-shore shops and restaurants. We initially acquired a 40% stake in Scandlines in 2007, bought a further 10% stake from Deutsche Seerederei in 2010 and acquired the remaining 50% from Allianz Capital Partners in November 2013. We sold our investment in Scandlines in March 2018 for a total equity value of €1.7bn, achieving 7.0x Money Multiple on exit.

Highlights

• Transformed Scandlines from a state-owned business into a ‘best in class’ ferry operator
• Sale of the Baltic and Helsingor-Helsingborg routes to focus the business on two traffic machine routes linking Germany and Denmark
• Built two new ferries for the Rostock-Gedser route, providing increased capacity and frequency of crossings
• Invested c€365 million in green technology, new ferries and the upgrading of its port facilities to establish itself as a truly sustainable and reliable traffic machine
• Drove sales growth in its core vehicle-transportation business and transformed its border shops
• Led and supported several successful landmark financings for Scandlines, most recently the €1bn infrastructure refinancing based on an investment grade rating by Fitch (BBB)

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

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 Chair, Graham Love, and Non-Executive Director, Mick Cook, via our Business Leaders Network

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

Overview

TouchTunes is the largest in-venue interactive music and entertainment platform, featured in over 71,000 bars and restaurants across North America and Europe.

We invested in TouchTunes in 2011 to support the Company’s growth strategy and international expansion, as well as help bolster its product and service offering. During our investment period TouchTunes increased its network of digital jukeboxes by nearly 50% and developed several ancillary revenue streams. This impressive growth was achieved organically in North America and through the entry into the UK market.

Highlights

• Increased network of digital jukeboxes by nearly 50%
• Acquisition of Soundnet in 2014, marking TouchTunes’ entry into the UK market
• Network grew from 60,000 to 71,000 during our investment

Regulatory information 
This transaction involved a recommendation of 3i Corporation, a US wholly owned subsidiary of 3i Group. It should not be assumed that recommendations made in the future will be profitable or will equal the performance of the securities in this release. For data relating to other assets involving a past recommendation by 3i Corporation please click here.

Overview

Trescal is a leading European service provider in calibration and measurement service solutions. We invested in Trescal when it was the lead player in France and in three years created a global leader with over 115 sites across 14 countries.

We internationalised Trescal through a successful buy-and-build strategy with acquisitions in the US, Benelux, UK and Austria. During our ownership we introduced the concept of “One Trescal” to deliver more homogenous processes across the Group. We also delivered commercial and operational improvements, including strategic pricing, a sales force effectiveness initiative, and significant investment into proprietary software development in order to accelerate automation.

Highlights

• Undisputed #1 in Europe and #4 in the US at exit
• International rollout with four acquisitions and the opening of a 'green field lab' in Singapore
• Entered US through a significant acquisition which was 100% equity funded
• Best in class profitability (10% EBITDA at origin to >15% at exit)

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

Overview

Founded in 2000, Vedici is one of the main providers of private acute care in France. Upon 3i’s exit, it was the fourth largest provider, had c.6,000 staff and ran c.4500 beds in 35 care facilities located between Paris and southern / south-western France.

3i invested in Vedici in 2010 to support both its organic and buy-and-build growth strategies.

Highlights

• Vedici grew significantly under 3i’s ownership, increasing its market share to become the fourth largest provider of private acute care in France
• Increased the number of beds by 70% to c.4,500 and more than doubled the number of private hospitals and rehabilitation centres
• Through several sale & lease back deals, 3i helped Vedici to strengthen its balance sheet and execute organic and external growth opportunities
• 3i worked with management to restructure the group, including the set-up of a full PMO function; the overhaul of the IT systems; the creation of a central “best practices” team; the launch of several optimisation programs including “staff management best practices roll-out”; and group procurement synergies
• 3i’s Business Leaders Network helped strengthen the management team, including through the introduction of the COO, CFO and IT Director.

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

Overview

Xellia is a specialty pharmaceutical group focused on the development, manufacturing and global commercialisation of anti-infective therapies. During our ownership, Xellia transformed from a supplier of niche active pharmaceutical ingredients to a fully integrated speciality pharmaceutical company.

During our investment period, Xellia invested more than $100 million in research and development (‘R&D’) and capacity expansion across its global manufacturing network, including a new fill-finish plant in Copenhagen.

Highlights

• Platform created for continued growth and enhanced margins, based on a broadened product range and an exciting pipeline of new products
• Xellia’s focus on R&D resulted in 15 new product filings in 2012
• Expanded their global manufacturing network including a new fill-finish plant in Copenhagen

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