3i nets £102m from Audley Travel, Hans Anders dividends

3i will receive proceeds of £67m from the dividend recap of UK travel company Audley Travel. This adds to another shareholder distribution in late 2018, which together mean total cash returns to date of £93m for 3i (0.6x original investment).

Meanwhile, the GP said it will receive €42m from the refinancing of Hans Anders, a Dutch optical retailer.

3i acquired Audley from Equistone in 2015, investing £159m in exchange for a majority stake in the business. Equistone had purchased Audley for an estimated £95m in 2012, with Barclays and RBS providing debt facilities.

3i bought a majority stake in Hans Anders from Alpha Private Equity and Alpinvest for €200m in 2017. The implied EV was undisclosed at the time, though it is known that the deal was backed with a €185m, all-senior facility underwritten by ABN Amro, ING, Commerzbank and Natixis.

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• Topics
• Refinancing
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• UK / Ireland
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• Recapitalisation
• Refinancing