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Industrial Technology, Services
Formel D is a leading global service provider to the automotive and component supply industry, offering quality assurance and process optimization along the entire value chain - from development to production through to aftersales.
The company offers a wide range of testing and inspection services for individual parts, systems, and vehicles to major OEMs and suppliers. Formel D was founded in 1993 and has over 9,000 employees at 80 facilities in 22 countries worldwide.
Regulatory information
This transaction involved a recommendation of 3i Investments plc, advised by 3i Germany.
Utilities
Future Biogas is one of the largest anaerobic digestion (AD) plant developers and biogas producers in the UK. It owns two AD plants with one further AD plant in construction, and operates 10 AD plants mainly on behalf of institutional investors under medium-long term contracts.
Future Biogas’s plants convert a wide range of feedstocks into clean and renewable energy through AD which produces biogas. Biogas can either be used to generate green electricity, or upgraded into biomethane and injected into the UK’s national gas network. Future Biogas produces over 500GWh of biogas per year, enough energy for over 40,000 homes.
Biomethane from AD is a ready-to-use and commercially viable solution for hard to decarbonise industrial sectors. It does not require any upgrade to the existing UK gas infrastructure. Energy produced by AD plants is carbon neutral, as the CO2 released during the process matches the CO2 absorbed from the atmosphere by the feedstock.
Future Biogas promotes a regenerative farming approach, sustainably integrating feedstock from energy crops into agricultural systems. The circular process of returning digestate back to land can help replenish soil nutrients and carbon and displaces demand for carbon intensive artificial fertilisers.
Future Biogas performed in line with expectations due to good services revenues and index-linked contracts. The company has a promising pipeline of organic growth and M&A opportunities.
During the year, Future Biogas signed a new 15-year gas supply agreement with AstraZeneca (‘AZ’) for unsubsidised green gas. To deliver this green gas, it is constructing the UK’s first unsubsidised AD plant. In September 2023, 3iN invested £35 million to fund the plant’s construction, which will supply 100GWh of biomethane to AZ’s UK sites.
In November 2023, 3iN invested a further £30 million to fund the acquisition of two AD plants that Future Biogas was already managing. These strategic investments continue to transition Future Biogas from a manager of third-party biogas plants to a leading developer, asset owner and operator. The company is actively exploring viable sites for constructing new AD plants, and the interest from high-quality corporate partners is encouraging.
Regulatory information
This transaction involved a recommendation of 3i Investments plc.
Communications
Global Cloud Xchange (“GCX”) is a leading global data communications service provider and owner of one of the world’s largest private subsea fibre optic networks. The business provides high-bandwidth connectivity to a range of customers including over-the-top content providers, telecom carriers, new media providers and enterprises.
GCX’s 66,000km of cables span from North America to Asia. It is particularly strong on the Europe-Asia and Intra-Asia routes where it is well positioned to capitalise on growth opportunities and serve the exponentially growing demand for data traffic.
GCX has shown strong year-on-year growth in lease revenues and has recently signed several large bulk capacity deals on its Middle East and intra-Asia subsea routes. Financial performance was held back by a high level of cable cuts which have now been repaired. The sales pipeline is healthy and demand for subsea data capacity continues to grow, driven by increasing adoption of AI applications and substantial investments in capacity and route diversification by the hyperscalers.
Looking ahead, GCX is evaluating several attractive growth opportunities, for example, acquiring new subsea capacity and developing new edge data centres near its cable landing stations that will drive additional data on its subsea network.
Regulatory information
This transaction involved a recommendation of 3i Investments plc.
Utilities
Herambiente is the Italian leader in the waste treatment and disposal sector. The company owns and operates a portfolio of c.80 waste treatment facilities, mostly located in the Emilia Romagna. The plants include landfills, waste to energy plants, anaerobic digestion and other waste sorting facilities.
Herambiente’s revenues originate primarily from waste treatment and disposal and from sale of the resulting by-products, including electricity from incineration, biogas from landfills and recycled materials. In 2016, Herambiente treated c. 1.7m tons of urban waste, 4.7m tons of special waste and produced 161,455,167kWh of electricity.
Regulatory information
This transaction involved a recommendation of 3i Investments plc.
Utilities
Infinis is the UK’s leading generator of low carbon power from captured methane. The business captures methane gas from landfill sites and disused mines and converts it into electricity. Its sustainable energy expertise also includes solar power and battery energy storage technology. This work helps to reduce the impact of greenhouse gas emissions on climate change and provides secure, efficient local power generation.
Infinis’s cashflows are positively correlated with UK inflation through the Government-backed Renewables Obligations Certificate (ROC) and CfD regimes and through index-linked corporate PPAs. Infinis’ current generation portfolio comprises:
This unique combination of green baseload power, renewable assets and flexible generation mean Infinis is ideally placed to respond to growing electricity demand, increasing energy market volatility and to play a key role in the UK’s route to decarbonisation and greenhouse gas reduction.
Infinis had a strong financial performance despite lower UK power prices. It generated a value gain of £20 million as its captured landfill methane business outperformed expectations, compensating for lower margins from its power response assets. Furthermore, Infinis is making significant progress in developing its 1.4GW solar energy generation and battery storage pipeline, with 103MW of solar capacity already operational.
Regulatory information
This transaction involved a recommendation of 3i Investments plc.
Social Infrastructure
Ionisos is a leading owner and operator of cold sterilisation facilities servicing the medical and pharmaceutical industries. Established in 1993 in France, Ionisos is one of the largest cold sterilisation providers globally and operates a network of 11 facilities in Europe with market leading positions in France and Spain. It has over 250 employees and a highly diversified customer base of around 1,000 customers.
Ionisos delivers a mission-critical, non-discretionary service for customers, for whom cold sterilisation is an essential component of the manufacturing process. It is typically applied to single use products that would be damaged by the heat and/or humidity of hot sterilisation methods.
Ionisos performed below expectations due to reduced bio-processing and labware volumes, which have returned to pre-Covid levels, and weaker demand in markets connected to the construction industry which represents a small share of treatment capacity. However, the majority of product categories sterilised by Ionisos continue to exhibit strong volume growth. Ionisos is making progress in its growth initiatives. The expansion of its new greenfield EO plant in Kleve, Germany is progressing and the development of the new X-ray greenfield facility in north east France is proceeding according to schedule and within budget.
Services
JMJ is a US-headquartered, leading cultural transformation firm, focused on improving safety, sustainability, and performance. JMJ supports executives and front-line workers at companies with complex capital programmes and ongoing operations across diverse industries on a global basis.
Regulatory information
This transaction involved a recommendation of 3i Corporation.
Energy
Joulz is a leading owner and provider of essential energy infrastructure equipment and services in the Netherlands. Joulz serves approximately 21,000 industrial, commercial, and public sector clients with its solutions, that encompass realization, maintenance, management, and leasing of energy infrastructure equipment.
Joulz’ service offering includes mid-voltage infrastructure (owning and leasing transformers, switchgear and cables under long-term contracts), storage (owning and leasing large scale battery storage systems under mid- to long-term contracts), solar (large-scale installations under operational lease or with government-subsidized PPAs), metering (owning and leasing 50,000 electricity and gas meters under mid-term contracts) and EV charging (AC and DC charge points in mid-term exploitation, rental or CPO contracts). Additionally, it provides integrated solutions to address energy transition challenges such as grid congestion.
Joulz performed in line with expectations. It is benefitting from its inflation-linked longterm contracts and the completion of new installations. Joulz has seen significant interest in integrated energy transition solutions from customers seeking to decarbonise their operations and overcome constraints due to electricity grid congestion.
Regulatory information
This transaction involved a recommendation of 3i Investments plc.
Consumer
Konges Sløjd is a fast-growing premium international lifestyle brand offering apparel and everyday products for babies and children. Headquartered in Copenhagen, Denmark, Konges Sløjd designs and markets high-quality children’s clothing, accessories, home products, and toys through a curated network of (online-) retailers and direct-to-consumer e-commerce in more than 50 countries.
The business has been a forerunner in the premium baby/child segment through its stylish, functional, safe, durable, sustainable, and affordable products across all children categories, and is well positioned to accelerate its growth across Europe, Asia, and North America.
Regulatory information
This transaction involved a recommendation of 3i Investments plc, advised by 3i Benelux.
Consumer
Luqom Group is the #1 vertically-integrated online retailer of lighting products in Europe. It is headquartered in Germany, from where it distributes own-brand and third party products to customers all over Europe through 27 country-specific online shops.
Luqom Group differentiates itself from its competitors through an extensive range of 50,000 products, broad and differentiated product assortment, in-depth product knowledge, excellent customer service and high product availability. Luqom has grown strongly in the DACH region as well as internationally, through a steady roll-out across European countries in recent years.
“We are proud to be part of the 3i portfolio as they share our passion for lighting and smart home innovations. 3i has been a great partner in our ambitious buy & build strategy to increase international market presence by providing us with valuable operational expertise as well as a highly professional network. Moreover, with their profound knowledge, especially in private label strategy, branding and operations, 3i strongly supports us to continue to grow efficiently in the future.” Vanessa Stützle, CEO, Luqom Group
Regulatory information
This transaction involved a recommendation of 3i Investments plc, advised by 3i Germany.
Software, Services
MAIT Group is a leading provider of innovative and pioneering digital solutions in the DACH region. Headquartered in Rottweil, Germany, MAIT focuses on software and hardware in product lifecycle management (“PLM”), enterprise resource planning (“ERP”) and IT services generating approx. €150m in sales per annum.
The business develops and implements solutions in close cooperation with their over 6,000 SME customers. As a strategic implementation partner, MAIT uses the most innovative technologies from market-leading PLM, ERP and IT providers such as Siemens, PTC, SAP-PLM, abas, Comarch, HP and Fujitsu.
"3i has been a great partner for MAIT’s growth, particularly in supporting our M&A strategy. 3i has a strong track record in the IT services sector and heritage in the DACH region. In addition, the 3i team has an impressive international network which has been very valuable to MAIT." Stefan Niehusmann, CEO, MAIT
Regulatory information
This transaction involved a recommendation of 3i Investments plc, advised by 3i Germany.
Consumer
Mepal is a leading Dutch lifestyle consumer brand known for its innovative, high-quality, and sustainable products for storing, serving, and take-away of food and drinks.
Headquartered in Lochem, the Netherlands, Mepal's products are renowned for their original and premium design, functionality, convenience, quality, and sustainability.
The company has experienced impressive growth since 2018, driven by organic expansion into food retail and other large retail chains in Germany and increased e-commerce revenue.
Regulatory information
This transaction involved a recommendation of 3i Investments plc, advised by 3i Benelux.
Consumer
MPM is an international leader in branded, premium, natural pet food. The business owns leading pet food brands such as Applaws, Encore, and Reveal and differentiates itself through its high quality, human-grade products, its natural, clean-label ingredients, and its “cat first” proposition.
MPM is a certified B-Corp, and its loyal customer base places great importance on its sustainable sourcing and recyclable packaging. Headquartered in Manchester, UK, MPM has an established presence in the UK, EMEA, and APAC with a fast-growing business in North America resulting in international sales now accounting for more than 70% of revenues.
The market has proven resilient through economic downturns and Covid-19, with pet ownership increasing amongst a highly engaged and loyal community for whom pets are seen as family members.
“3i has a formidable track record in helping its companies to grow internationally, particularly in the US market. This will be especially key for MPM as we look to accelerate our expansion in North America. The 3i team also has significant brand expertise through a number of its consumer investments which will be of great benefit to MPM.” Julian Bambridge, CEO, MPM
Regulatory information
This transaction involved a recommendation of 3i Investments plc, advised by 3i Investments plc.
Transport & logistics
Oystercatcher is the holding company through which 3i Infrastructure holds a 45% interest in Advario Singapore Limited (previously Oiltanking Singapore Limited).
Advario Singapore is a 1.3 million cubic metre facility focused on storage and blending of refined clear petroleum products for a range of blue chip customers. With a premier location, on Jurong Island, it is accessed by pipeline, sea going vessel and barge.
Oiltanking is one of the world’s leading independent storage partners for oils, chemicals and gases, operating 41 terminals in 18 countries with a total storage capacity of 16 million cubic metres.
Oystercatcher performed well in the year. Advario Singapore, which is 45% owned by Oystercatcher, benefitted from high utilisation levels for its storage capacity, high customer activity levels and higher rates being secured at contract renewal. Whilst the oil products market remains in backwardation, a tight storage market in Singapore and the wider region provided a helpful backdrop to renewal discussions. Advario Singapore remains the leading gasoline blending facility in Singapore and the wider region.
The company has continued to pursue opportunities linked to sustainable fuels, in line with its sustainability strategy. Building on its success to date with Neste, which is blending sustainable aviation fuel (‘SAF’) at Advario Singapore, the terminal had actively looked to expand its role in activities to supply sustainable transport fuels.
Regulatory information
This transaction involved a recommendation of 3i Investments plc.
Healthcare
Q Holding is a global leading manufacturer of catheters and high-end materials science-based critical components and subassemblies for the medical devices industry. Headquartered in Ohio, it sells products in over 80 countries and has 13 manufacturing locations in North America, Europe, and Asia.
Q Holding has built a strong reputation as the supplier of choice to provide high-quality components that are mission critical. It has developed longstanding relationships with a broad range of blue-chip customers who value their ability to develop such critical products and solutions.
Regulatory information
This transaction involved a recommendation of 3i Corporation.
Transport & logistics
Formed in 2007, Regional Rail provides freight transportation, car storage and transloading services across the U.S. and western Canada, spanning over 875 miles of track connecting to a diversified Class 1 railroad network.
Since 3i’s initial investment in 2019, Regional Rail has grown from three railroads in the Northeast to seventeen freight railroad operations located across North America. The company’s wholly owned subsidiary, Diamondback Signal, is the premier provider of rail-crossing installation and maintenance services to short-line and industrial customers in the U.S.
In 2023, Regional Rail transported over 65,000 carloads while serving customers across a diversified set of end-user markets including food & agriculture, chemicals, aggregates, heating, fuel blending, lumber, and metals.
Regulatory information
This transaction involved a recommendation of 3i Corporation.