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3i backs UK outsourcing business

The UK private equity investor has provided Partners for Finance with a £35m funding package as it looks to make acquisitions across the UK financial services sector.

3i has today announced a funding package totalling up to £35m for Partners for Finance (PfF), a specialist provider of outsourced services to the financial services sector.

PfF, which was established with funding from 3i, is to looking to establish a group of specialist outsourced administration, processing and product manufacture services for the financial services sector. Today PdF completed the acquisition of Chester-based Legal Marketing Services, a remortgage and conveyancing services provider with a network of around 300 high street solicitors across the UK. PfF has also established In Retirement Services (IRS), a retirement services equity-release specialist.

Peter Gordon, head of 3i’s Financial Services Sector described Partners for Finance as having been set up 'to provide outsourcing services for people in the financial services by people in the financial services sector. We believe there are tremendous opportunities to invest in Financial Services. This investment re-affirms our appetite to back companies in the sector. We are looking forward to completing further financial services transactions.”

LMS was advised by Grant Thornton Corporate Finance. Barclays Acquisition Finance has provided debt finance for the acquisition. KPMG provided financial due diligence.

In other news, 3i has completed the sale of fast food chain Wimpy to Bank of Scotland Integrated Finance. eFinancial News reports that the sale of the chain, which was acquired from Diageo in 1999, has been completed for just under £20m.