3i reaps benefits from portfolio sell off after cashing out £164m

Michael Bow
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A PUSH by private equity group 3i to slim down its company portfolio is paying off after it reaped £164m from sales last quarter.

The group, the oldest private equity company in the UK, said sales of German firm Hilite and French group Vedici would return a further £245m of cash back next quarter. The group sold its stake in Foster + Partners – designer of London’s iconic Gherkin building – and also sold off Phibro Animal Health through a stock market listing during the quarter, which ended 30 June. 3i is led by chief executive Simon Borrows, who has helped turn the group from a struggling mid-tier firm into a FTSE 100 company.

“We are seeing good momentum across the group and a growing number of exits at attractive valuations. We remain cautious investors in both private equity and Infrastructure given the competitive dynamics in those markets,” he said.