3i reaps £117m in Mémora sale

The GP reaped £117m in proceeds. According to a source familiar with the matter, the deal valued the business at €500m EV.

3i wholly acquired the business in 2008 in a deal valued at €330m EV. Debt to support the deal was provided by a syndicate of 11 banks. A senior tranche was facilitated by Banesto, Bank of Ireland, BNP Paribas, Barclays, Caja Madrid, ING, Mizuho and Royal Bank of Scotland.

During its ownership period, the GP supported the company's growth through several bolt-on acquisitions, including an 85% stake purchase in Serveis Funeraris de Barcelona in 2011 and the acquisition of Portuguese competitor Agnus Dei in 2015.

Furthermore, the GP introduced Juan Jesús Domingo as CEO and Richard Golding, initially as non-executive director and later as chair, to the board.

Company
Founded in 2001 and headquartered in Barcelona, Mémora is a funeral service operating across the Iberian market. Its services include ceremonies, documentation support and dedicated family consultants.

The business currently has 1,200 eployees.

People
3i Group – Pablo Echart (director).
Mémora – Juan Jesús Domingo (CEO).
Ontario Teachers' Pension Plan – Jo Taylor (senior managing director).

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