|Type||Public limited company|
|Traded as||LSE: III|
|Founded||1945 (created by a syndicate of British banks)|
|Headquarters||London, United Kingdom|
|Key people||Sir Adrian Montague (Chairman)
Simon Borrows (CEO)
|Operating income||£(425) million (2012)|
|Net income||£(656) million (2012)|
3i Group plc is a multinational private equity and venture capital company headquartered in London, United Kingdom. It has offices in 13 countries across the Americas, Asia and Europe and had total assets under management of £10.5 billion as at 31 March 2012. It is organised into three investment divisions: Private Equity, Infrastructure and Debt Management.
The company was formed in 1945, as the Industrial and Commercial Finance Corporation (ICFC), by the Bank of England and the major British banks to provide long term investment funding for small and medium-sized enterprises. Its foundation was inspired by the Macmillan Committee, and resulted from the recognition in the 1930s, given new impetus in the postwar era, that smaller businesses faced a gap in available corporate finance due to banks being unwilling to provide long-term capital and the companies being too small to raise capital from the public markets.
During the 1950s and 1960s, and particularly after 1959 when the shareholder banks allowed it to raise external funds, ICFC expanded to become the largest provider of growth capital for unquoted companies in the United Kingdom. In 1973 ICFC acquired Finance Corporation for Industry, a sister company also formed in 1945 which focused on finance for large companies, and was renamed Finance for Industry (FFI). In the 1980s FFI became a leading provider of finance for management buyouts, and expanded internationally. In 1983 the company was renamed Investors in Industry, commonly known as 3i.
3i Group was created in 1987 when the banks sold off their stakes to form a public limited company. In 1994 the company was floated on the London Stock Exchange with a market capitalisation of £1.5 billion.
3i invests in mid-market buyouts, growth capital (minority) and infrastructure. Sectors invested in are Business & Financial services, Consumer, Industrials & Energy and Healthcare.
Current investments include:
- ACR Capital Reinsurance: 3i bought into this re-insurance business in 2006.
- Action: in June 2011 3i bought a majority stake in this discount retailer.
- Agent Provocateur: in November 2007 3i acquired the lingerie business.
- Element Materials Technology: 3i announced the acquisition of the materials and testing group of Stork B.V. in November 2010.
- Foster and Partners: 3i acquired a minority (growth capital) stake in the architecture practice in May 2007.
- Mémora Servicios Funerarias: 3i bought into this Spanish funeral service provider in 2008.
- Scandlines: 3i and Allianz Capital Partners have shared ownership of Scandlines equally since November 2010.
- "3i Leadership team". Retrieved 23 May 2012.
- Preliminary Results 2012
- "Key Facts". 3i Group plc. Archived from the original on 23 July 2011. Retrieved 23 May 2012.
- "Half-year results for the six months to 30 September 2010". 3i Group plc. Retrieved 4 February 2011.
- 3i website: History
- 3i and Khazanah lead investment in ACR’s $620m inaugural private placement Alernative Assets, 1 December 2006
- 3i Proposes Preliminary Terms for Loans to Back Action Buyout Bloomberg, 18 August 2011
- 3i buys Agent Provocateur
- 3i in deal to buy Dutch Stork Materials for £130m Evening Standard, 24 November 2010
- Foster & Partners announces plans for its future
- 3i acquires Mémora in EUR 330m deal Unquote, 19 August 2008
- Scandlines announces ownership change Lloyds List, November 2010