3i reports 8% NAV per share increase in H1 results
3i has reported an 8% increase in its net asset value per share, which climbed from 604 pence six months ago to 652 pence in its half-year results to September.
The GP generated a gross investment return of £715m, driven largely by the performances of Action, Scandlines, Atesteo, Audley Travel, Basic-Fit, Q Holding and Aspen Pumps. Realisations accounted for £374m of returns, with divestments providing an average money multiple of 2.7x.
Recent exits for the firm include the sales of UK-based womenswear retailer Hobbs to South African trade buyer The Foschini Group after a 13-year holding period; Iberian funeral service Mémora to Canadian pension fund Ontario Teachers' Pension Plan (which generated a £117m return); and a €72m stake in support services company Formel D to Citic Capital. The GP this month cancelled the £182m sale of its stake in Singapore-headquartered reinsurance company Asian Capital Re (ACR) to Asia Investment Capital.
3i made four new investments during the six-month period, with deals for Hans Anders, Formel D, Lampenwelt and Cirtec Medical totalling £514m in equity invested.
The firm paid out a dividend of eight pence per ordinary share to its shareholders.
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