Three Hills makes €192m secondary deal, supported by Idinvest

LPs in Three Hills Capital Partners and Three Hills Decalia were given the option to roll over their stakes into the new funds or sell to Idinvest. A source close to the deal said: "The majority of investors chose to invest in the continuation funds."

Idinvest is currently investing from its Idinvest Secondary Fund III, which closed on €442m in 2017. The fund writes equity cheques of €10-30m per deal in small and medium-sized private equity assets through both LP interest acquisitions and GP-led direct secondaries transactions.

Three Hills has also invested in the continuation vehicles, as it does with all of its funds.

Three Hills Capital Partners I closed on €100m in 2014 following a spin-out from Hutton Collins by former partner Mauro Moretti. The fund was initially raised in partnership with Hutton Collins, but now stands as a fully independent entity.

Three Hills Decalia held a final close on €200m in 2016 and is managed in partnership with Switzerland-based Decalia Asset Management.

The two funds have a two-year investment period and five-year holding period, according to press reports.

The transaction is intended to provide new capital to support further bolt-on acquisitions for the portfolio companies and to offer liquidity to existing investors.

In February 2018, Three Hills acquired assets from Hutton Collins' €600m Fund III in a secondaries transaction valued at more than €110m.

The portfolio companies involved in the transaction are aerospace parts provider MA Group, fashion business accelerator Tomorrow, betting software company Genius Sports Group, industrial fixtures and fittings provider Sigma, civil engineering firm WPI, hair removal company Pelostop and high-street burger chain Byron. Tomorrow, Genius, Pelostop, WPI and Sigma are all Three Hills Decalia portfolio companies, with two of them shared between the two funds.

People
Three Hills Capital Partners – Mauro Moretti (founder, managing partner).
Idinvest Partners – Amine Rais (managing director).

Advisers
Vendor – Rede Partners (secondaries adviser).

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

• Topics
• Secondaries
• Funds
• Buyout
• UK / Ireland
• Secondaries
• Hutton Collins
• IDInvest Partners (AGF Private Equity)
• United Kingdom