3i buys Euro-Diesel for €68m

The transaction was financed via 3i Group's balance sheet capital, according to market sources.

These same sources report that the acquired business was a good fit with 3i's focus on the industrial sector. The deal also reflects the GP's strategy of supporting the international expansion of companies in the mid-market region.

Euro-Diesel intends to use the fresh capital to reinforce its market presence by expanding from the 12 countries in which it currently operates. The company also plans to invest in product research and innovation.

As part of this strategy, the company has appointed Peter Grosch as the new chair of the board. He held the same position at former 3i-backed MWM Holding, a German diesel and gas engine developer that was sold by the GP to US group Caterpillar for €580m in October 2010. 

Additional board changes include Michael Tobin, the former CEO of 3i portfolio company TeleCity, who has been appointed as non-executive director.

The deal marks the fourth investment by 3i Group within the industrial sector in the past year. The GP notably picked up printed circuit boards manufacturer Aspen Pumps last February in a £105m SBO.

Company
Founded in 1989, Euro-Diesel is a Belgian power supply solutions provider. Its flagship product is the Diesel Rotary Uninterruptible Power Supply system (DRUPS), which has been used by 400 companies in the air traffic control, banking, broadcasting, commercial buildings and government sectors, according to the business.

Headquartered in Liège, the company operates a network of subsidiaries in the UK, Germany, France, the US, Singapore, Brazil, Qatar, Turkey, Russia and Mexico. Euro-Diesel most recently reported a €72.8m turnover and a headcount of 208.

People
Partners Robert Van Goethem and Xavier de Prevoisin led the deal for 3i. Philippe Gillain is CEO at Euro-Diesel.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Benelux
• Buyouts
• Industrials
• Belgium
• Secondary buyout
• Unq2015June