3i Group plc is a British multinational private equity and venture capital company based in London, England. 3i is listed on the London Stock Exchange and is a constituent of the FTSE 100 Index.
 | |
| Formerly |
|
|---|---|
| Company type | Public |
| ISIN | GB00B1YW4409 |
| Industry | Corporate finance |
| Founded | 1945 |
| Founder | Bank of England and a syndicate of British banks |
| Headquarters | London, England, UK |
Key people |
|
| Services |
|
 £4,579 million (2023)[3] | |
| £4,577 million (2023)[3] | |
| AUM | £22.9 billion (2023)[3] |
Number of employees | c.250 (2024)[4] |
| Website | 3i |
History
editThe company was formed in 1945, as the Industrial and Commercial Finance Corporation (ICFC), by the Bank of England and the major British banks to provide long-term investment funding for small and medium-sized enterprises. Its foundation was inspired by the Macmillan Committee, and resulted from the recognition in the 1930s, given new impetus in the postwar era, that smaller businesses faced a gap in available corporate finance due to banks being unwilling to provide long-term capital and the companies being too small to raise capital from the public markets.[5]
During the 1950s and 1960s, and particularly after 1959 when the shareholder banks allowed it to raise external funds, ICFC expanded significantly. In 1973 ICFC acquired Finance Corporation for Industry, a sister company also formed in 1945 which focused on finance for large companies, and was renamed Finance for Industry (FFI). In the 1980s, FFI became a leading provider of finance for management buyouts, and expanded internationally. In 1983 the company was renamed Investors in Industry, commonly known as 3i.[6]
3i Group was created in 1987 when the banks sold off their stakes to form a public limited company. In 1994 the company was floated on the London Stock Exchange with a market capitalisation of £1.5 billion.[7]
Operations
edit3i invests in mid-market buyouts, growth capital (minority) and infrastructure. Sectors invested in are business and financial services, consumer, industrials and energy, and healthcare.
Current investments
edit- ACR Capital Reinsurance: 3i bought into this re-insurance business in 2006.[8]
- Action: in June 2011 3i bought a majority stake in this Dutch discount retailer.[9]
- Audley Travel: In December 2015 3i invested in Audley Travel, the lead operator in the tailor-made travel market.[10]
- BoConcept: Furniture company purchased in 2016[11]
- ESP Utilities Group: In June 2017, 3i invested in ESP Utilities Group, one of UK’s largest and longest established Independent Gas Transporters (IGT) and Independent Distribution Network Operators (IDNO).[12]
- Formel D: In 2017, 3i invested €155 million in Formel D, a German car parts company, while CITIC invested €72 million.[13]
- George Best Belfast City Airport[14]
- Global Cloud Xchange[14]
- Infinis[14]
- Q Holding Co: 3i are due to purchase the company's three main operating businesses, Qure Medical, QSR and Quadra Tooling and Automation.[15]
- Regional Rail[14]
- Scandlines: 3i purchased a 100% stake in November 2013, reduced to 35% in 2018[16][17]
- Smarte Carte, purchased 2017[18]
- TCR International[14]
- VNU Business Media, acquired 2006[19]
- Weener Plastic Packaging: in June 2015 3i announced an investment in Weener Plastic Packaging Group[20]
Former investments
edit- Agent Provocateur (80%), purchased 2007, sold 2017[21][22]
- Boxer TV Access (30%) purchased 2005, sold 2008[23]
- Chiltern Railways (26%) purchased 1996, sold 1999[24][25]
- DNA (13%) purchased 2007, sold 2009[26]
- Dockwise, purchased 2006, sold 2009[27]
- ERM (57%) purchased 2001, sold 2005[28]
- Eversholt Rail Group, purchased 2010, sold 2015[29][30]
- Foster + Partners, purchased 2007, sold 2014[31]
- Freightliner (38%), purchased 1996, sold 2008[32][33]
- Giraffe World Kitchen (40%), purchased 2006, sold 2013[34][35]
- Great Western Holdings (25%) purchased 1996, sold 1998[36][37]
- HSS Hire, purchased 2003, sold 2007[38][39]
- Little Sheep Group (11%), purchased 2006, sold 2009[40]
- Mayborn Group, purchased 2006, sold 2016[41]
- MWM, purchased 2007, sold 2010[42]
- NSL, purchased 2005, sold 2010[43]
- Petrofac (16%), purchased 2002, sold 2005[44]
- Salamander Energy (15%), purchased 2005, sold 2006[45]
- SLR Consulting (34%), purchased 2004, sold 2008[46]
- Target Express (70%), purchased 2000, sold 2006[47]
- TelecityGroup (45%) purchased 1998, sold 2010[48]
- Titan Airways, sold 2013[49]
- Tramlink (20%), purchased 1996, sold 2008[50][51]
- Travellers Fare purchased 1989, sold 1992[52]
References
edit- ^ "3i Group plc overview - Find and update company information - GOV.UK". Companies House. 1 November 1973. Retrieved 6 August 2023.
- ^ "Our People". Retrieved 19 February 2021.
- ^ a b c "Annual Results 2023" (PDF). 3i. Retrieved 11 February 2024.
- ^ "Why join 3i?". 3i Group. Retrieved 11 February 2024.
- ^ The Times, 24 January 1945
- ^ The Times, 5 July 1983
- ^ "Our History". 3i. Archived from the original on 14 February 2013. Retrieved 15 March 2015.
- ^ 3i and Khazanah lead investment in ACR’s $620m inaugural private placement Alternative Assets, 1 December 2006
- ^ 3i Proposes Preliminary Terms for Loans to Back Action Buyout Bloomberg Business Week 18 August 2011
- ^ Ratcliffe, Madeline (21 December 2015). "3i hopes Audley Travel will take off with £159m investment". London: City AM. eISSN 2516-5453.
- ^ "Portfolio: Boconcept". 3i. Retrieved 13 November 2024.
- ^ "About ESP". ESP Utilities Group. Retrieved 9 July 2021.
- ^ Turvill, William (17 July 2017). "UK private equity giant 3i sells stake in Barcelona-based funeral services company Memora". City AM. London. eISSN 2516-5453. Retrieved 19 July 2017.
- ^ a b c d e Portfolio 3i
- ^ "Sale to private equity firm should bolster Q Holding Co". Crain's Cleveland Business. 20 November 2014. Retrieved 19 December 2014.
- ^ 3i offers to take full control of Nordic ferry group Scandlines Financial Times 12 September 2013
- ^ 3i Group sells ferry operator Scandlines, buys backs stake Reuters 26 March 2018
- ^ 3i Announces First North American Infrastructure Transaction with Investment in Smarte Carte Smarte Carte 16 October 2017
- ^ HG Capital secures stake in 3i-owned VNU Media Reuters 3 August 2009
- ^ 3i invests €250m in Weener Plastic Packaging Group Archived 7 June 2015 at the Wayback Machine 3i 4 June 2015
- ^ Agent Provocateur sold to private equity firm 3i for £60m The Independent 16 November 2007
- ^ 3i races to clinch sale of struggling Agent Provocateur Sky News 23 February 2017
- ^ 3i divests stake in digital TV operator Boxer 3i 19 November 2008
- ^ MBO preferred for Chiltern Rail Privatisation News issue 32 13 June 1996 page 1
- ^ Last management buy-out rail franchise prepares to be sold Rail issue 350 10 February 1999 page 11
- ^ 3i divests interest in Finnish telecoms operator DNA Oy 3i 18 December 2009
- ^ Dockwise to list in Amsterdam, 3i exits Reuters 19 October 2009
- ^ Eco adviser ERM sold to Charterhouse Capital Partners The Guardian 16 May 2011
- ^ News in Brief Railway Gazette International December 2010 page 21
- ^ Eversholt sold Today's Railways UK issue 159 March 2015 page 14
- ^ Foster once again wholly owned after 3i buy-out Architects' Journal 30 June 2014
- ^ Manager's bid wins Freightliner Rail issue 279 22 May 1996 page 6
- ^ Bahrain investment firm Arcapita buys Freightliner Rail issue 595 2 July 2008 page 19
- ^ 3i invests in Giraffe restaurant chain 3i 23 October 2006
- ^ Tesco buys child-friendly restaurant chain Giraffe for £50m The Guardian 13 March 2013
- ^ Wisconsin scoops freight as franchisees are chosen Railway Gazette International February 1996 page 69
- ^ Great Western Trains taken over by FirstGroup The Railway Magazine issue 1165 May 1998 page 11
- ^ Davis offloads HSS tool hire to 3i The Guardian 17 December 2003
- ^ HSS rejuvenated and sold to Aurigo and Och-Ziff 3i 13 June 2007
- ^ 3i concludes successful partnership with Little Sheep 3i 25 March 2009
- ^ 3i Sells Mayborn After 10-Year Holding Period Private Equity News 29 April 2016
- ^ Caterpillar buys 3i's engine maker MWM for $810 million Reuters 22 October 2010
- ^ Webb, Quentin (21 September 2010). "Green light for sale of UK parking-ticket firm NSL". Reuters. Archived from the original on 23 June 2022.
- ^ 3i backed Petrofac in £742m flotation on London Stock Exchange 3i 4 October 2005
- ^ 3i backed Salamander Energy in $405m IPO on London Stock Exchange 3i 5 December 2006
- ^ 3i to snap up SLR Consulting The Times 8 March 2008
- ^ Target on road to £250m float Manchester Evening News 30 June 2005
- ^ 3i divests stake in Telecity Group 3i 11 February 2010
- ^ Titan Airways' management buyout completed Aviation Week & Space Technology 22 February 2013
- ^ Croydon Tramlink go-ahead Railway Gazette International September 1996 page 547
- ^ Croydon buy out Railway Gazette International April 2008 page 212
- ^ Travellers Fare The Railway Magazine issue 1055 March 1989 page 144
