3i promotes eight worldwide

A principal at 3i since October 2007, Andrew Olinick has been named partner and head of business services. He will continue to be based in the GP's North American office.

Torbjorn Folkesson and Eva Sarma, meanwhile, have been promoted to director for the Nordics and UK operations, respectively.

In addition, Rowena Gracey, John Patterson and David Stephens will be based at 3i's UK office as associate directors. Javier Martín in Spain and Rahul Lulla in North America have been promoted to the same position.

The sweep of promotions comes on the back of a series of private equity investments by 3i in the past 12 months. The GP acquired a majority stake in the German jewellery division of Douglas retail group from the Kreke family and Advent International in October 2014.

The €400m SBO deal was followed by a £105m investment by 3i to acquire UK-based condensate systems pumps manufacturer Aspen Pumps last February and a further €68m deal to purchase a majority stake in Belgian power supply devices manufacturer Euro-Diesel.

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