3i, the pan-European private equity firm, has acquired approximately one-third of the shares in German car interior manufacturer Novem from AlpInvest.
Financial details of the transaction were not disclosed. According to a 3i spokesperson, 3i and funds it advises have invested €270 million in transactions in Germany to date this year.
AlpInvest acquired its stake in the company in February when the company was sold by funds advised by CVC Capital Partners and Goldman Sachs in a deal valued at €200 million ($241 million).
AlpInvest has retained just under two-thirds of the share capital in Novem, with the remainder being held by management.
Robert Stein, director of 3i, commented in a statement: “This transaction demonstrates that 3i is happy to be a minority shareholder working together with renowned financial investors like AlpInvest.”
The Novem transaction was AlpInvest’s second in the automotive sector following the acquisition of German vehicle acoustics manufacturer Carcoustics. It was also the firm’s first direct investment since securing an additional €6 billion from ABP and PGGM, its pension fund owners in February. The transaction was led for AlpInvest by Frankfurt-based partner Christian Bächle.
With a mandate of €20 billion from ABP and PGGM, AlpInvest is one of the three largest private equity investors in the world alongside The California Public Employees’ Retirement System (CalPERS) and GIC, the Singapore government investment corporation. Alongside fund commitments the firm also makes direct investments and participated in the KKR-led consortium that recently bid €1.4 billion for Dutch non-food retailer Vendex.