3i invests €68m in EURO-DIESEL
3i Group plc (“3i”), the international investment manager, has agreed to invest approximately €68 million (c. £49.3 million) for a majority equity stake in EURO-DIESEL (“the Company”), the leading provider of Diesel Rotary Uninterruptable Power Supply systems (“DRUPS systems”).
Belgium-headquartered EURO-DIESEL was established in 1989. The Company designs, manufactures and maintains DRUPS systems for top-tier customers in EMEA, the Americas and Asia Pacific through its worldwide network of 12 subsidiaries and over 40 distributors. EURO-DIESEL has seen significant international expansion through the success of its unique NO-BREAK KS® DRUPS systems which ensure that its customers are immediately protected from power supply failures. This is a mission-critical product for its customers, which include data centres, and other sectors where continuous power supply is vital, such as hospitals, airports, banks, road and railway tunnels.
3i will support the Company to strengthen its market position by further expanding the Company’s international sales organisation, and continuing to invest in product innovation to sustain the Company’s technological leadership position. 3i will use its extensive international experience and contacts in the sector to support the Company in achieving its ambitious international growth agenda. This transaction marks 3i’s fourth investment within the industrial sector over the past year.
Peter Grosch will be appointed Chairman of the Board. Peter has an impressive track record in the industrial and technology sectors. He has held a number of highly relevant positions including Chairman of MWM Holding, a leading global supplier of large diesel and gas engines for power generation. Peter chaired 3i-backed MWM through a successful repositioning which led to the business being sold to Caterpillar. Furthermore, Michael Tobin OBE will be appointed to the Board as non-executive director. Michael has been in the IT industry for over 25 years and was CEO of 3i-backed Telecity for over 10 years.
Robert Van Goethem (Partner) and Xavier de Prevoisin (Partner), 3i Private Equity, commented:
“EURO-DIESEL has undergone an impressive transformation from a small niche player to a leading global provider of dynamic / rotary UPS systems. Philippe Gillain and his team have developed a best-in-class rotary system for the higher power segment, which positions the Company well to strengthen its market position in attractive and structurally growing end markets. We look forward to working with the management team to further accelerate EURO-DIESEL’s successful international growth.”
Philippe Gillain, CEO of EURO-DIESEL, commented:
“The development of the company since its establishment and our current achievements are the result of the consistent performance and quality of our products. We are excited to be partnering with 3i who shares our views on how to realise our growth ambitions and further strengthen our market position. The partnership with 3i will bring new momentum to EURO-DIESEL’s development. We will benefit greatly from 3i’s international network and experience in managing growth while improving operational performance. In addition, Peter and Michael both have highly relevant experience to support EURO-DIESEL and we look forward to working closely with them.”
For further information, contact:
3i Group plc
Kathryn van der Kroft
Tel: +44 20 7975 3021
Email: kathryn.vanderkroft@3i.com
Latika Shah
Tel: +44 20 7975 3157
Email: latika.shah@3i.com
Notes to editors:
About 3i Group
3i is a leading international investment manager focused on mid-market private equity, infrastructure and debt management across Europe, Asia and North America. For further information, please visit: www.3i.com.
About EURO-DIESEL
EURO-DIESEL is the leading provider of Diesel Rotary UPS systems. Its unique NO-BREAK KS® DRUPS systems ensure critical applications are immediately protected against power supply failures. The company provides turnkey solutions for rotary UPS systems and generator sets, including design, manufacturing, installation and commissioning as well as 24/7 servicing and maintenance. The product offering ranges from 100 kVA up to 2,750 kVA per unit for 50 Hz and up to 3,000 kVA for 60 Hz. For more information please visit:
www.euro-diesel.com
Regulatory information
This transaction involved a recommendation of 3i Investments plc, advised by 3i Amsterdam.