3i sells Enterprise in £385m deal

The company was acquired by 3i in 2007, but the GP was forced to write down its stake in the business in 2011 after it struggled under the weight of its debts.

Ferrovial – the biggest shareholder in Heathrow Airport – says the deal will double the size of its UK business, enhancing its position in the utilities and environmental services segments.

Previous funding
3i delisted Enterprise from the London market for £700m in 2007, with debt provided by Citigroup and Lloyds TSB. The GP paid a premium of almost 30% on the firm's pre-approach share price. In 2005, Enterprise generated EBITDA of £33.7m on a turnover of £528.5m.

In 2011, 3i wrote down much of its stake in Enterprise after the business struggled with falling revenues and a significant debt pile.

Company
Enterprise provides support services to utility companies, central and local government and businesses. The services that Enterprise offer begin at the planning stages of a project, with consultancy expertise and advice, and follow it through to testing and results analysis, before finally offering resourcing, implementation and feedback.

The business is based in North West England. It was founded in the early 1980s and floated on Aim in 1995, before merging with ARM Services in 2000 and joining the main market of the London Stock Exchange.

Last year, the business had sales of £1.1bn and employed 9,600 people.

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• Topics
• UK / Ireland
• Exits
• Support services
• 3i
• Trade sale