3i to offload more assets

Anneken Tappe
11 January 2013

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3i is looking to sell at least four of its portfolio companies, according to reports, as it continues to refocus its strategy.

Yesterday, the GP announced its final exit from German automotive and technology business Norma. 3i had retained 16.7% of the shares following the company's IPO in April 2011.

3i is also exiting Canadian manufacturing company Mold Masters, the sale of which is administered by Baird and could yield up to CAD 200m.

In October 2012, unquote" repoted that 3i and Allianz Capital Partners were looking to exit German-Danish ferry operator Scandlines. The investors reportedly hired Goldman Sachs and ING to manage the sale, which could value the business at up to €1.4bn.

unquote" also reported on the looming sales of French medical diagnostics company Labco and UK business software provider Civica. While the sale of Labco could value the company at up to €1bn, Civica's latest turnover amounts to £182.7m.

Long-time 3i CEO Michael Queen stepped down in March 2012, saying he was confident about the firm's future. He was replaced by Simon Borrows, who went on to implement a strict costs and debt reduction plan, as well as a greater emphasis on divestments.