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    MKM
    UK / Private Equity

    Industrial

    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 under our ownership

    • 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.
    "MKM has enjoyed exceptional growth and I would like to thank 3i for their long-term backing and support." David Kilburn, Founder and Executive Chairman, MKM
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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

    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.

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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

    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.

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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

    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.

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    Trescal
    France / Private Equity

    Business & Technology Services

    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 under our ownership

    • 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)
    “We made acquisitions we could never have achieved if we’d had any other shareholder than 3i.” Olivier Delrieu, CEO, Trescal
  • Xellialogo
    Xellia
    Sweden / Private Equity

    Healthcare

    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 under our ownership

    • 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
    “3i’s investment and continued support, expertise and commitment has enabled Xellia to successfully grow and transition the business to become leaders in the supply of key anti-infective products.” Carl-Åke Carlsson, Chief Executive and President, Xellia
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    Vedici
    France / Private Equity

    Healthcare

    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 under our ownership

    • 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.
    “3i’s extensive support has helped us strengthen the leadership team, increase scale quickly and improve operational efficiency. Today, we look forward to continuing to build on our success in order to become the partner of choice to all local authorities in France.” Jérôme Nouzarède, CEO, Vedici
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