3i exits Panreac via trade sale

The sale, which comes some six months after initial reports suggested that 3i was seeking to exit its holding, is thought to be worth over €70m.  The successful deal with ITW generates a return of around 2.5x 3i's original €25m investment.

3i beat off stiff competition to acquire a 75% stake in Barcelona-based Panreac back at the beginning of 2005 in a €48.5m secondary buyout from Bridgepoint and Axis Participaciones.  During its five-year holding, 3i has overseen the company's expansion, both organically and through acquisition.

Panreac Química SA, which employs 230 staff, specializes in the manufacture of high-quality chemicals for industrial and laboratory-based research. The business will be integrated into ITW's large polymers and fluids division.

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