• AMOR.png
    Amor
    Germany / Private Equity

    Consumer

    Overview

    Amor is a customer focused jewellery retailer which successfully expanded internationally during our ownership. It operates throughout Europe, as well as North America, the Middle East and Australia, and is the German market leader for affordable precious jewellery. In addition to its own 'Amor' brand, it also markets its jewellery under private labels.

    We leveraged our network to strengthen the Board, introducing Peter Linzbach, former Executive Board member of Metro Cash & Carry Int., as Chairman and Anders Moberg, former CEO of IKEA, as NXD.

    Highlights under our ownership

    • International sales growth of 23% CAGR during our investment period
    • Doubling of international Points of Sale ("PoS") in five years with over 1,000 international PoS opened
    • Broadened product offering through Sara and Kate self-service, Kiosk and NOELANI
    • Expanded global footprint to 24 countries
    • Materially improved gross margin from pricing, sourcing and cost initiatives
    Amor has undertaken a transformational journey over the past six years, and I would like to thank 3i for its partnership. 3i’s international network has proved invaluable in establishing our brand across Europe. Marcus Hoffmann, CEO, Amor
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    ATESTEO
    Germany / Private Equity

    Industrial

    Overview

    ATESTEO is a German-based global leader in outsourced automotive testing, with a focus on testing drivetrains for electric and conventional propulsion systems in the lab and on the road. ATESTEO’s services ensure that the vehicles of their customers, including some of the world’s pre-eminent automotive manufacturers and suppliers, are safe, reliable and fit-for-purpose.

    ATESTEO differentiates itself through testing technology, engineering expertise, flexibility, and economies of scale. We acquired a majority stake in ATESTEO in October 2013 and achieved a 4.4x return on exit in December 2017.

    Highlights under our ownership

    • Instrumental in the strategic repositioning of the Company; strengthened and widened the testing service portfolio while non-core activities were discontinued
    • Significant international expansion driven by customer wins in Europe, China and North America. Tripled capacity of its Chinese operations through expansion and opened new state-of-the-art facilities in Germany
    • Completed two acquisitions, including straesser, a leading vehicle testing service provider, in September 2017 which opened up significant growth potential
    • Rebranded the business in 2016 to ATESTEO to underline its position as a leading testing service provider
    • Strengthened the Board with the appointment of Günter Hauptmann and Ad Verkuyten through our Business Leaders Network
    • Grew existing asset and personnel base for hybrid and electric vehicle tests
    • Simplified the corporate and shareholder structure including the professionalisation of internal processes
    "The 3i team has been a huge support in helping us to advance our international expansion and expand our footprint into growth markets such as China.” Wolfgang Schmitz, CEO, ATESTEO
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    Civica
    UK / Private Equity

    Business & Technology Services

    Overview

    Civica is a leading IT outsourcing group which significantly expanded its international presence and key product offering during our investment. Following our investment in 2008, through a public to private transaction, Civica continued its strong track record of organic growth in revenue and EBITDA, driven by a combination of sustained software sales from their market-leading product portfolio and the roll-out of cloud-based solutions in all markets. Further growth came from up-selling services to existing customers, including specialist outsourcing, such as its IT-enhanced BPO proposition.

    Highlights under our ownership

    • Sales grew by over 80% from £127m to £230m
    • 10 acquisitions in the UK, Australia and New Zealand
    • Increased employees from 1,350 to over 2,000, approximately 60% of which are in the UK
    “With 3i as a partner, we‘ve been able to strengthen the business as well as grow our footprint, both in the UK and internationally.” Simon Downing, CEO, Civica
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    Element
    UK / Private Equity

    Business & Technology Services

    Overview

    Element is a global network of laboratories with experts specialising in materials testing, product qualification testing and failure analysis for the Aerospace, Oil and Gas, Transportation and Industrial sectors. It transformed from a network of local, independent testing laboratories into a world class integrated testing business under our ownership. 

    The business was created as a carve-out from the Stork Group and rebranded as Element. Under our ownership it successfully delivered a buy-and-build growth strategy, enhanced sector testing capabilities, deepened customer relationships and expanded geographic coverage. Significant capital was invested to develop new testing technologies and support customer R&D programmes.

    Highlights under our ownership

    • Transformed from a corporate subsidiary to a global leader in materials testing
    • 51 world class facilities across three continents covering three core sectors
    • Doubled number of staff and labs
    • Completed and integrated 10 acquisitions
    • Developed sector-focused approach
    • Rolled out a new pricing strategy across all labs
    “I would like to thank 3i for their close support which has been critical to delivering the rapid and sustainable growth that we have achieved over the past five years.” Charles Noall, President and CEO, Element
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    Geka
    Germany / Private Equity

    Industrial

    Overview

    GEKA is a leading manufacturer of innovative brush applicator and packaging systems for the beauty and health industries. It is also a pioneer in the innovation of plastic injection moulding for mascara brushes and mascara packaging and is a development partner of market leading international cosmetics groups, including Procter & Gamble and Avon.

    We partnered with management to successfully deliver international expansion particularly into Asia and Latin America; opened a production facility in São Paolo; set up sales and sourcing offices in Shanghai and Hong Kong; and successfully expanded production capabilities in the US. In 2014 GEKA launched its Healthcare division, leveraging its precise applicator know-how in the pharmaceutical space.

    Highlights under our ownership

    • International expansion into Asia and Latin America and a broadened product offering
    • Constant innovation and adapting to changing consumer behaviour
    • Professionalisation of the organisation
    • Acquisition of OEKA strengthened its foothold in the attractive prestige market segment
    • Developed a digital strategy using 3D-printing and specialised offerings for fast-growing brands promoted via social media
    “GEKA has enjoyed exciting growth over the past years, and I would like to thank 3i for its value-adding partnership. 3i’s international expertise and network have been important factors in our successful expansion into new markets” Amaury de Menthière, CEO, GEKA
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    Hilite International
    Germany / Private Equity

    Industrial

    Overview

    Hilite is a global supplier of leading automotive solutions, and innovative engine and transmission products. Through our ownership, it transformed from an ambitious and growing automotive business to a truly global leader in innovative products for improving fuel efficiency.

    Together with the Board, we developed Hilite's internationalisation strategy, introduced a Chairman with strong global sector knowledge and an extensive network. We brought in two NXDs, one with US experience and the other with a Chinese focus, to help develop the Asian market. We also established a state of the art manufacturing plant in China in order to drive Asian sales and helped the development of a ‘one international Hilite’ culture which improved operating efficiency through best practice sharing.

    Highlights under our ownership

    • 50% core revenue growth, including sales to China increasing from 0 - 17% in three years
    • Won new customers globally including Audi and Volvo, and provided greater global support to existing customers
    • Globally coordinated R&D effort with new centres opened in the US and China
    • Large scale global sourcing improvement initiative
    “3i has supported us through a vital phase in our development. We’re now a more focused company with global presence, particularly in China.” Karl Hammer, CEO, Hilite International
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    Hyva
    Benelux / Private Equity

    Industrial

    Overview

    A global producer and supplier of hydraulic cylinders for hydraulic loading and unloading systems for commercial vehicles. During our ownership, Hyva transformed from a Dutch-based business to a global market leader and tripled its turnover.

    This significant internationalisation included an acceleration of capex, with eight factories built in BRIC markets, and the development of manufacturing, R&D and sales/service infrastructure in Europe, Asia and the Americas.

    Highlights under our ownership

    • Global leader with 60% market share in its relevant markets
    • 3-fold growth in turnover during our investment
    • Emerging markets sales increased from 23% at investment to 70% at exit
    • Increase in international footprint from 16 to 32 countries
    • Product line extended through strategic acquisitions.
    “I would like to thank 3i for their continuous support for our successful entrepreneurial and global growth in transforming a European, Dutch-based business into a truly global player with a market leading position in all the countries in which we operate." Louwrens Dijkstra, CEO, Hyva
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    LHi Technology
    Singapore / Private Equity

    Healthcare

    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 under our ownership

    • 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 Chairman
    “3i’s comprehensive knowledge and network in the healthcare industry gave LHi an increased scope and expansion possibilities that we never had before." Jay Pok, Founder, LHi Technology
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    Mayborn
    UK / Private Equity

    Consumer

    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 under our ownership

    • 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
    “Mayborn has undertaken a transformational journey over the past 10 years, and I would like to thank 3i for its partnership. 3i’s international mindset has been an important factor in our successful expansion into new markets.” Steve Parkin, CEO, Mayborn
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    Mold Masters
    North America / Private Equity

    Industrial

    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 under our ownership

    • 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
    “With 3i’s support, we have strengthened our global footprint in emerging markets and commercialised new innovative products.” William Barker, CEO, Mold-Masters
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    NORMA
    Germany / Private Equity

    Industrial

    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 under our ownership

    • 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
    “3i is proud to have contributed to the success of NORMA which has grown from a regional German player to an undisputed international leader.” Ulf von Haacke, Managing Director, 3i Germany
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    Quintiles
    North America / Private Equity

    Healthcare

    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 under our ownership

    • 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”
    “We are proud to have supported the business and its management team during this period of transformational growth and would like to thank them for their partnership over the years.” Richard Relyea, Partner, 3i North America
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    Refresco
    Benelux / Private Equity

    Consumer

    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 under our ownership

    • 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
    “The successful listing of Refresco on the Euronext Amsterdam represents a significant milestone for the Company following our expansion from a local juice manufacturer to the leading European independent bottler of soft drinks for retailers and A-brand owners.” Hans Roelofs, CEO, Refresco
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    Scandlines
    Germany / Private Equity

    Industrial

    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 under our ownership

    • 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)
    • Introduced Steve Ridgway as Chairman via our Business Leaders Network, who bought expertise in product innovation, customer service and sustainability
    "I have enjoyed working with 3i to transform the company and develop its growth potential, and I am looking forward to working with the new consortium. Scandlines is a fantastic company with dedicated employees; we will all benefit from this long-term investment." Søren Poulsgaard Jensen, CEO, Scandlines
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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 under our ownership

    • 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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    Touch Tunes
    North America / Private Equity

    Consumer

    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 under our ownership

    • 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
    "We have enjoyed tremendous success together over the last four years. Our association with 3i has helped propel TouchTunes into the global arena and I am thankful for their network and support, which has played a big role in our expansion efforts." Charles Goldstuck, Chairman and CEO, TouchTunes
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