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3i PE portfolio realises £229m in Q1 FY2016

The firm invested £225m in two European businesses in the quarter.

3i Group made £229 million ($357 million; €323 million) in realisations from its private equity portfolio in the first quarter ending 30 June, the London-listed investment firm said in a statement. This represents an increase of 5 percent on the previous quarter and an average monthly money multiple of 1.7x, the statement said.

Its full realisations included its investment in Azelis which generated £62 million, Touchtunes that realised £38 million in cash, Soyaconcept that generated £17 million, Boomerang that realised £11 million and Inspecta that brought in £6 million.

Partial realisations included of Scandlines that generated £38 million, Quintiles that made £27 million and UFO Moviez for £17 million, the statement said.

“The favourable transaction market enabled us to realise a number of smaller assets at attractive valuations and we leveraged our sector expertise to announce two new private equity investments at sensible prices,” 3i chief executive Simon Borrows said in the statement.

The firm invested £225 million across two European companies, Belgium’s Euro-Diesel and Germany’s Weener Plastic Packaging Group, a spokesperson said.

3i invested €68 million in Euro-Diesel in May and €250 million in Weener Plastics in June, according to its website. Both transactions are expected to close in the second quarter, the statement said.

The acquisition of Weener provided an exit for Lindsay Goldberg Vogel, the European affiliate of New York PE firm Lindsay Goldberg, as reported by Private Equity International.

The private equity portfolio’s average earnings growth remained stable at 19 percent, the statement said. Its net cash increased to £214 million at the end of June before its dividend payment of 14 pence a share in July.

The firm’s net asset value per share stood at 400 pence compared to 396 pence at the end of March.