Overview

Headquartered in Brussels, ABX is a global freight company offering air and sea freight forwarding services globally and international road transport in Europe. It also provides Contract Logistics Solutions in Europe. ABX has a particularly strong presence in Western and Southern Europe, and has a leading position in Italy under the name of Saima Avandero. It also operates an extensive network in Asia-Pacific and in the Americas.

At exit in 2008, ABX operated in 100 countries worldwide, had revenues of €1.8bn, and a workforce of c.6,500 people.

Highlights

• Expanded operations (US, China, Brazil, Russia, Turkey, Poland, India and Japan) and made several strategic bolt-on acquisitions
• Improved sales force effectiveness and implemented a redesign of the IT platform to improve service quality
• 3i worked closely with management to turn the business into a profitable, cohesive global group, resulting in strong growth and a successful sale of the company in October 2008

Regulatory information 
This transaction involved a recommendation of 3i Investments plc, advised by 3i Benelux.

Overview

Amor is a customer focused jewellery retailer which successfully expanded internationally during our ownership. It operates throughout Europe, as well as North America, the Middle East and Australia, and is the German market leader for affordable precious jewellery. In addition to its own 'Amor' brand, it also markets its jewellery under private labels.

We leveraged our network to strengthen the Board, introducing Peter Linzbach, former Executive Board member of Metro Cash & Carry Int., as Chair and Anders Moberg, former CEO of IKEA, as NXD.

Highlights

• International sales growth of 23% CAGR during our investment period
• Doubling of international Points of Sale ("PoS") in five years with over 1,000 international PoS opened
• Broadened product offering through Sara and Kate self-service, Kiosk and NOELANI
• Expanded global footprint to 24 countries
• Materially improved gross margin from pricing, sourcing and cost initiatives

Regulatory information 
This transaction involved a recommendation of 3i Investments plc, advised by 3i Germany.

Overview

Aspen Pumps designs, manufactures and distributes specialised mini pumps that remove condensate water from air conditioning and refrigeration systems. It is the global leader for mini pumps and is renowned for having the most reliable, installer friendly and innovative products. Additionally, it sells a range of products for air conditioning installers and engineers.

During our ownership, Aspen built on its market leading position, further penetrating international markets in Europe, the Americas and Asia leading to a trebling of its international revenues. 

Highlights

• Implemented a successful buy and build strategy with six acquisitions in the UK, France, Germany and Australia
• Roll-out of a global sales force effectiveness initiative in 2016 which accelerated organic growth across key geographies and strengthened Aspen's market position
• An increased focus on innovation and new product development leading to many new product launches including a shift to digital sensing technology
• New ERP system successfully implemented to support the international expansion
• Significant investment in talent and the recruitment of a number of new senior roles

Regulatory information 
This transaction involved a recommendation of 3i Investments plc.

Overview

ATESTEO is a German-based global leader in outsourced automotive testing, with a focus on testing drivetrains for electric and conventional propulsion systems in the lab and on the road. ATESTEO’s services ensure that the vehicles of their customers, including some of the world’s pre-eminent automotive manufacturers and suppliers, are safe, reliable and fit-for-purpose.

ATESTEO differentiates itself through testing technology, engineering expertise, flexibility, and economies of scale. We acquired a majority stake in ATESTEO in October 2013 and achieved a 4.4x return on exit in December 2017.

Highlights

• Instrumental in the strategic repositioning of the Company; strengthened and widened the testing service portfolio while non-core activities were discontinued
• Significant international expansion driven by customer wins in Europe, China and North America. Tripled capacity of its Chinese operations through expansion and opened new state-of-the-art facilities in Germany
• Completed two acquisitions, including straesser, a leading vehicle testing service provider, in September 2017 which opened up significant growth potential
• Rebranded the business in 2016 to ATESTEO to underline its position as a leading testing service provider
• Strengthened the Board with the appointment of Günter Hauptmann and Ad Verkuyten through our Business Leaders Network
• Grew existing asset and personnel base for hybrid and electric vehicle tests
• Simplified the corporate and shareholder structure including the professionalisation of internal processes

Regulatory information 
This transaction involved a recommendation of 3i Investments plc, advised by 3i Germany.

Overview 

Basic-Fit is the European market leader in the value-for-money fitness market with over 560 clubs across the Netherlands, Belgium, Luxembourg, France and Spain today. Its operating model is based on a quality service and no frills approach, with family membership costing €19.99 per month. Clubs are well equipped, offer virtual group classes and 24 hour opening in some venues. 

Basic-Fit’s disciplined international growth strategy under 3i’s ownership was underpinned by investment in the organisation and key consumer trends of spending polarisation and the increasing focus on health and wellness. Alongside this, significant investment was made to professionalise the business including a review of the brand and the format of the clubs.

Highlights

• Transformational growth into the largest value-for-money fitness club operator in Europe
• Increased number of clubs by 75% from 199 to over 350 across the Benelux, France and Spain as per June 2016
• In June 2016, Basic-Fit completed its €820m IPO on the Amsterdam Stock Exchange
• Successful execution of international roll out strategy, creating market leading positions in the Netherlands and Belgium and a strong platform for further growth in France and Spain

Regulatory information 
This transaction involved a recommendation of 3i Investments plc, advised by 3i Benelux.

Overview

Christ is a German jeweller, founded in Frankfurt in 1863 and now based in Hagen. The company is a market leader in jewellery and watches in Germany in the mid-to-upper price segment.

Christ focusses on its own specialised stores in high street locations and shopping malls, along with flagship stores at airports and prestigious department stores. Additionally, Christ runs a strongly growing e-commerce platform. Through its strong multi-channel capabilities bridging between the stationary stores and the e-commerce business, Christ leverages its strong brand online and offline.

Highlights

• Strong retail brand and position meant Christ was well placed to build on its success in the highly fragmented German market, the largest in Europe
• Peter Linzbach, former Executive Board member of Metro Cash & Carry, and Jochen Wilms, a seasoned digital expert and Chair of 3i’s Luqom investment, joined the Board via our Business Leaders Network providing retail, internationalisation and e-commerce insights
• During our investment we have supported the implementation of various initiatives across pricing, sourcing, assortment structure, inventory and financial control & transparency as well as further strengthening Christ’s e-commerce capabilities

Regulatory information 
This transaction involved a recommendation of 3i Investments plc, advised by 3i Germany.

Overview

Civica is a leading software provider which significantly expanded its international presence and key product offering during our investment. Following our investment in 2008, through a public to private transaction, Civica continued its strong track record of organic growth in revenue and EBITDA, driven by a combination of sustained software sales from their market-leading product portfolio and the roll-out of cloud-based solutions in all markets. Further growth came from up-selling services to existing customers, including specialist outsourcing, such as its IT-enhanced BPO proposition.

Highlights

• Sales grew by over 80% from £127m to £230m
• 10 acquisitions in the UK, Australia and New Zealand
• Increased employees from 1,350 to over 2,000, approximately 60% of which are in the UK

Regulatory information 
This transaction involved a recommendation of 3i Investments plc.

Overview

Element is a global network of laboratories with experts specialising in materials testing, product qualification testing and failure analysis for the Aerospace, Oil and Gas, Transportation and Industrial sectors. It transformed from a network of local, independent testing laboratories into a world class integrated testing business under our ownership. 

The business was created as a carve-out from the Stork Group and rebranded as Element. Under our ownership it successfully delivered a buy-and-build growth strategy, enhanced sector testing capabilities, deepened customer relationships and expanded geographic coverage. Significant capital was invested to develop new testing technologies and support customer R&D programmes.

Highlights

• Transformed from a corporate subsidiary to a global leader in materials testing
• 51 world class facilities across three continents covering three core sectors
• Doubled number of staff and labs
• Completed and integrated 10 acquisitions
• Developed sector-focused approach
• Rolled out a new pricing strategy across all labs

Regulatory information 
This transaction involved a recommendation of 3i Investments plc.

Overview

GANT is an international marketer and designer of premium branded apparel. On exit, GANT had over 300 stores and 4000 selected retailers in over 70 countries. GANT offers full ranges of clothing for men, women and children. In addition, GANT branded watches, footwear, eyewear, fragrances and home furnishings are designed and marketed by licensees. GANT partnered with 3i because of its sector expertise and presence of local offices backed by its international network.

Highlights

• Strengthened the global licensing business with new leading license partners for shoes and fragrances (Selva Shoes and Elizabeth Arden)
• Increased EBITA from €12m in 2002 to €23m in 2005
• Successful €241m IPO on Stockholm Stock Exchange in April 2006
• 91% IRR with money multiple of 4.7x

Regulatory information 
This transaction involved a recommendation of 3i Investments plc, advised by 3i Sweden.

Overview

GEKA is a leading manufacturer of innovative brush applicator and packaging systems for the beauty and health industries. It is also a pioneer in the innovation of plastic injection moulding for mascara brushes and mascara packaging and is a development partner of market leading international cosmetics groups, including Procter & Gamble and Avon.

We partnered with management to successfully deliver international expansion particularly into Asia and Latin America; opened a production facility in São Paolo; set up sales and sourcing offices in Shanghai and Hong Kong; and successfully expanded production capabilities in the US. In 2014 GEKA launched its Healthcare division, leveraging its precise applicator know-how in the pharmaceutical space.

Highlights

• International expansion into Asia and Latin America and a broadened product offering
• Constant innovation and adapting to changing consumer behaviour
• Professionalisation of the organisation
• Acquisition of OEKA strengthened its foothold in the attractive prestige market segment
• Developed a digital strategy using 3D-printing and specialised offerings for fast-growing brands promoted via social media

Regulatory information 
This transaction involved a recommendation of 3i Investments plc, advised by 3i Germany.

Overview

Havea Group is a leading European natural healthcare player featuring a unique consumer/patient-centric approach centered on 5 strategic brands: Aragan, Biolane, Densmore, Dermovitamina and Vitavea. The Group and its brands help consumers prevent and treat common health issues with premium natural healthcare products.  Powered by innovation and with a focus on sustainability - both at the core of Havea’s DNA - the company enables consumers to improve their quality of life.

We invested in Havea in 2017 and supported its transformation to become a leader in its sector and double in size.  During this period, Havea delivered double-digit organic growth and completed 5 acquisitions in 5 years, significantly reinforcing its presence in Italy (largest European food supplements market) and Belgium. In addition, the company simplified its brand portfolio by moving to a consumer/patient-centric approach and implemented a complete multichannel strategy with for example the launch of D2C subscription services.

Highlights

• Supported M&A opportunities using our global network and strong experience, leading to acquisitions of Aragan within a few months of our ownership, Densmore in July 2018, Pasquali in Italy in April 2019, Laudavie in November 2020 and ixX pharma in Belgium in August 2021
• Solid international buy-and-build strategy foundations laid to further consolidate the European VMS (Vitamins Minerals Supplements) market
• Strong organic growth from global mega trends in natural healthcare and well-being
• Supporting the management team to implement a complete digital strategy

3i’s Rémi Carnimolla and Havea’s Nicolas Brodetsky discuss how the partnership helped Havea make five acquisitions in five years and double the size of the business.

Overview

Hilite is a global supplier of leading automotive solutions, and innovative engine and transmission products. Through our ownership, it transformed from an ambitious and growing automotive business to a truly global leader in innovative products for improving fuel efficiency.

Together with the Board, we developed Hilite's internationalisation strategy, introduced a Chair with strong global sector knowledge and an extensive network. We brought in two NXDs, one with US experience and the other with a Chinese focus, to help develop the Asian market. We also established a state of the art manufacturing plant in China in order to drive Asian sales and helped the development of a ‘one international Hilite’ culture which improved operating efficiency through best practice sharing.

Highlights

• 50% core revenue growth, including sales to China increasing from 0 - 17% in three years
• Won new customers globally including Audi and Volvo, and provided greater global support to existing customers
• Globally coordinated R&D effort with new centres opened in the US and China
• Large scale global sourcing improvement initiative

Regulatory information 
This transaction involved a recommendation of 3i Investments plc, advised by 3i Germany.

Overview

HSS is a leading UK tool and equipment rental chain. On exit HSS had c.300 branches and 150 agencies, and around 18% market share with a growing international presence through 44 franchises outlets.

Highlights

• Repositioned 50 year old HSS brand from a pure hire/rental business to a facilities management company for trade customers who make up 90% of the business
• Transformed its depot network in order to meet the changing needs of its customers, enhanced efficiency of delivery logistics and improved overall availability of stock
• Developed a web presence to allow domestic customers to order and pay for equipment without visiting a branch
• Introduced Alan Peterson as Chair and Chris Davies as CEO
• Launched a detailed three year value creation and growth plan

Regulatory information 
This transaction involved a recommendation of 3i Investments plc.

Overview

A global producer and supplier of hydraulic cylinders for hydraulic loading and unloading systems for commercial vehicles. During our ownership, Hyva transformed from a Dutch-based business to a global market leader and tripled its turnover.

This significant internationalisation included an acceleration of capex, with eight factories built in BRIC markets, and the development of manufacturing, R&D and sales/service infrastructure in Europe, Asia and the Americas.

Highlights

• Global leader with 60% market share in its relevant markets
• 3-fold growth in turnover during our investment
• Emerging markets sales increased from 23% at investment to 70% at exit
• Increase in international footprint from 16 to 32 countries
• Product line extended through strategic acquisitions

Regulatory information 
This transaction involved a recommendation of 3i Investments plc, advised by 3i Benelux.

Overview

Ineum is a former Deloitte Consulting business in France providing management, organisation and operational consulting. It is a leader in addressing CFOs’ specific needs through distinctive knowledge and independence from IT consulting / provider firms.

Highlights

• MBO in October 2003 through a complex carve out of three independent business units from Deloitte
• Enlarged client base to include more blue-chip customers (e.g. Keolis and SNCF introduced by 3i)
• Introduced new Deputy MD and two high-calibre individuals to the Board to support high-level marketing and strategy
• Implemented Employee Profit Sharing Scheme in order to reinforce employee motivation and retention, especially at the pre-partnership level
• Reshaped the organisation to improve productivity and visibility

Regulatory information 
This transaction involved a recommendation of 3i Investments plc, advised by 3i France.

Overview

Keolis is a leading urban and inter-urban transport operator. At the time of 3i’s exit in 2006, Keolis operated in seven countries including the UK, Sweden, Germany and Canada. It employed over 33,000 staff and had a turnover of €2.6bn.

Highlights

• Introduced Michel Bleitrach as Chair, Michel Lamboley as CFO, and Jean Michel Mauvilly as NXD
• Assisted with four key French acquisitions and recruited full-time M&A team to ensure consistent pipeline for growth
• Worked with management to structure the group involving a comprehensive reorganisation of the business in France including the promotions of 30 young managers and the setup of an equity based incentive program for nearly 400 managers
• Solved the succession issues and attracted top talents
• Grew EBITDA by over 32% to €155m between 2003 and 2006
• 3i sold its majority stake in 2006 to a consortium for €1.08bn, with an IRR of 110%

Regulatory information 
This transaction involved a recommendation of 3i Investments plc, advised by 3i France.