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| Type | Public company (LSE: III) |
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| Founded | 1945 (created by a syndicate of British banks) |
| Headquarters | London, United Kingdom |
| Key people | Baroness Hogg, Chairman Michael Queen, CEO |
| Industry | Private equity |
| Employees | 550 (2009) |
| Website | www.3i.com |
3i Group PLC (LSE: III) is a leading private equity firm. It is listed on the London Stock Exchange and is a constituent of the FTSE 100 Index.
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History
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 government, 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: the banks were unwilling to provide long-term capital and the companies were too small to raise capital from the public markets.
During the 1950s and 1960s, 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.
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Early History |
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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 capitalization of £1.5 billion.[1] Until that time the company had only managed its own portfolio of investments, but in 1994 the company began managing funds for external investors. Since that time the company has continued its international expansion, making a number of acquisitions in Europe, Asia and the US.
Operations
The company invests in mid market buyouts, growth capital (minority) and infrastructure. Sectors invested in are Business services, Consumer, Financial services, General industrial, Healthcare, TMT and Oil, Gas & Power.
Michael Queen is paid an annual salary of £475,000 for his role as Chief Executive.[2]
Notable current investments
Current investments include:
- Agent Provocateur: in November 2007 3i acquired the lingerie business.[3]
- Fairline Boats
- Foster and Partners: 3i acquired a minority (growth capital) stake in the architecture practice in May 2007.[4]
- NCP: this investment was acquired in July 2005 from from Cinven. 3i has since entered into a partial sale of that business.[5]
- Scandlines: on June 19 2007, Deutsche Bahn AG and the Danish transport ministry announced the sale of Scandlines for 1,560 million Euros to a consortium consisting of 3i, Allianz Capital Partners and Deutsche Seereederei (DSR) Rostock. DSR will hold 20%, 3i and Allianz both 40%.[6]
References
- ^ 3i website: History
- ^ "Michael Queen: Executive Profile & Biography". BusinessWeek. McGraw-Hill. http://investing.businessweek.com/research/stocks/people/person.asp?personId=422944&ric=III.L. Retrieved 19 August 2009.
- ^ 3i buys Agent Provocateur
- ^ Foster & Partners announces plans for its future
- ^ NCP partial sale nets £235m for 3i
- ^ Business Week
External links
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