Zeus buys out 3i in multi-million investment

The European private equity firm has purchased 3i's and Merseyside Special Investment's stakes in Liverpool-based MJ Quinn, an infrastructure services business. Quinn has contracts with the London Underground, UK rail networks and the UK Ministry of Defence.

Zeus Private Equity has completed a “multi-million” pound secondary buyout of infrastructure services business MJ Quinn.

Exact transaction details were not released, however the company places current turnover at £30 million.  

Zeus bought out fellow private equity firms 3i and Merseyside Special Investment Fund’s original investments in Quinn. 3i is thought to have had an approximately 70 percent stake, according to media reports. 

Quinn, based in Liverpool, provides electrical contracting, fire protection and communication services. It services rail networks in the UK, as well the London Underground and the Ministry of Defence.

“Over the next five years it is expected that the main constraint on infrastructure projects in London will switch from demand to capacity,” said Simon Lord, managing director of corporate finance for the European investment bank Altium, which structured the deal.

Lord said Quinn is well positioned to meet such change because of its wide range of services. 

Zeus managing partner Gary Tipper added that the company's “preferred supplier” status with the London Underground and its development plans for the London Olympics in 2012, strengthen its market position.

Zeus’ private equity team was made up of Tipper, Ed Fazakerly and Beth Houghton. Tipper and Fazakerly, will join Quinn as non executive directors on the board. 

Zeus closed its debut fund in October 2007 on more than £100 million. Sectors of interest to the firm include retail and leisure, financial services, construction, healthcare and specialist manufacture for both consumer and industrial markets.