London-listed private equity manager 3i Group has made three new hires and eight promotions across its private equity business, according to a statement from the group.
Tom Salmon, who heads up the consumer team in the UK, has been promoted to partner. James Cox and Mark Bakker have been promoted to director; Sophia Walwyn-James has been promoted to associate director; and Bastiaan Peer, Nicolas Urban, Sachin Jivanji and Severin Matten have been promoted to senior associate.
Nikhil Patel, previously a vice president at Chicago Pacific Founders, has joined as an associate director in the firm’s New York office. Michael Specht, previously a vice president at Warburg Pincus, has joined as an associate director based in the Frankfurt office. Rafik Alili, previously an M&A associate at Lazard Frères in Paris, has joined as an associate in 3i’s Paris office.
In the statement, Alan Giddins and Menno Antal, managing partners and co-heads of private equity, said the appointment and promotions “demonstrate the strength and depth of the private equity team at 3i”.
Last month 3i reported a 17 percent increase in its net asset value year-on-year to £4.5 billion (€5.8 billion; $6.5 billion) for the financial year to 31 March 2016. The group delivered a total return of £824 million, up from £659 million the previous year, and a net asset value per share of £4.63.
Its private equity division delivered a gross investment return of just over £1 billion on the back of strong performance from a number of investments, including Dutch discount retailer Action and Dutch fitness chain Basic-Fit.
In the year to March 2016 3i invested €547 million in three private equity transactions: EURO-DIESEL, Audley Travel and Weener Plastics.
In April it sold Mayborn Group, owner and manufacturer of baby brand tommee tippee, to Shanghai Jahwa, which is owned by Chinese insurance giant Ping An Insurance, in a deal which delivered £135 million and a 3.5x return to the group.
Look out for Private Equity International’s Deal Mechanic feature in the upcoming July/August issue unpacking 3i’s value creation plan at Mayborn Group.