3i has sold UK media monitoring agency Precise Media to Phoenix Equity Partners for £42m. The sale generated an IRR of 101% and a multiple of 3.2x for 3i, which backed the BIMBO of the company (then known as KBBI) in April 2005. During the holding period, the company successfully integrated five businesses and made several management appointments.
Charcoal and natural additives company saw final bids from two banks and one direct lender
VCs including the Swiss Entrepreneurs Fund, BtoV and Ringier Digital Ventures also participated
Around 40 existing and new LPs, including British Patient Capital and the EIF, participated
Fund will invest in buyouts, recapitalisations and carve-outs of both profitable and underperforming businesses