3i invests in demolition buyout

3i, the global private equity house, has closed its third deal this week by leading the MBO of Controlled Demolition Group, a demolitions firm based in Yorkshire.

The financial details have not been disclosed, but 3i is taking a 40 per cent stake in the company, which today has an 80 per cent share of the explosive demolition market and enjoys annual turnover of around £15m and net profits over £1m. The company specialises in demolition and asbestos removal, as well as decommissioning nuclear power stations and dismantling oil rigs.

Earlier in the week 3i backed the buy out of A-Gas International, a gases and chemicals company. On the same day it invested in the £25m buyout of Overseal Foods, a supplier to the food and drinks industry. The group is also in negotiations to buy the directory business of Sonera, the Finnish telecom company.