3i sells its 20% stake in Grand Frais to management

3i announces the sale of its minority stake in Prosol Gestion, owner of the fresh food shopping chain ‘Grand Frais’, to its president and founder, Denis Dumont.

In January 2003, 3i invested €14.3 million in Prosol Gestion in order to finance its expansion. Denis Dumont, who set up the group in Chasse-sur-Rhône, near Lyon, in 1990, was attracted by 3i’s expertise in the retail sector (such as Mr Bricolage, Camaïeu and Jennyfer). During 3i''s four-year partnership, the company''s turnover increased from €70 million to €250 million and the number of shops grew from 20 to 70.

Besides providing funds, 3i also offered strategic guidance through the introduction of key individuals such as the current President, Jean-Yves Dréan, which has had a phenomenal impact on the company’s growth. This was also the case with Se Loger and Vétoquinol, which both floated on the Paris stock exchange in 2006.

Denis Ribon, 3i Director, said that "3i is delighted  to have played such an integral role in the expansion of Grand Frais in a particularly competitive market. The success of Grand Frais has allowed us to realise twice our investment over four years, achieving an IRR of 20%.".

This exit occurs shortly after our €36 million investment in Lyon-based Groupe Cair. Denis Ribon today commented " We are very active in the Lyon region, managing more than €150 million worth of assets. "