Poll
Debt management firm to be sold for £222m
3i Group has agreed to the sale of its debt management business to Investcorp, which is expected to generate £222m for the firm.
3i Debt Management (3iDM) was formed in February 2011 has produced strong cash income for the 3i Group.
However, Simon Borrows, chief executive of 3i, said that the division fits less well with the group today as it now focuses on its growing infrastructure business.
“We are proud to have built 3iDM into an industry leader in its markets and are delighted with our agreement with Investcorp, which we believe has the strategic commitment, capital and distribution capabilities to support 3iDM in its next phase of growth."
The transaction will generate cash proceeds to 3i of £222m and an exceptions profit on disposal of £36m.
Jeremy Ghose will also continue as CEO of 3iDM and John Fraser will remain to oversee the US operation.
Meanwhile, Investcorp hopes the transaction will enhance its global franchise as a multi-asset class investment manager.
Mohammed Al Ardhi, executive chairman of Investcorp, said this was a milestone deal which would bring together two complementary businesses and deepen the geographical reach of the business.
“The combination brings with it some of the most talented credit investment professionals in the industry together with a large universe of private and institutional clients spanning Europe, Asia, the US and the Arabian Gulf.
“We're delighted to welcome the 3iDM team to Investcorp and look forward to growing the business further."
Rishi Kapoor, co-CEO of Investcorp, added that it saw the transaction as a value-added one for all sides.
“Under 3i's ownership, the 3iDM team has created a compelling alternative credit investment business which has seen assets under management more than double in the past five years.
“We see this business as one of the central pillars of Investcorp's product platform going forward and are absolutely committed to continuing to grow the business on multiple fronts, including fundraising, product development and capital support."
The sale is expected to close by 31st March 2017, subject to regulatory approvals.
I well omega replica watches removed them, in I below. Those companions call fake rolex watches sounded like a bird chirp. Squeezed between the fragmentation omega replica of the basalt is cold crunching sound rolex replica watches of quicksand. Flat slopes gradually, I came to the edge of breitling replica watches the crater, a cement embankment covered with dark brown on top. I ran over to cartier replica watches see the cement, the steel roof covering the top: This is the beginning of replica watches the 22 century dome structure. It would appear that we have longines replica watches come to the right place. From my u boat replica watches current position.