REG - 3i Group PLC - Full year results to 31 March 2016 <Origin Href="QuoteRef">III.L</Origin> - Part 5
19/05/2016 07:10
- Part 5: For the preceding part double click ID:nRSS6700Yd
669 669
Other movement5 113 - 10 123 123 123
Closing portfolio value at 3,741 527 229 4,497 4,497 4,497
31 March 2016
1 Includes restructuring costs of £5 million, nil and nil for Private Equity, Infrastructure and Debt Management, respectively, and nil and £5 million for Proprietary Capital and Fund Management, respectively.
2 £25 million in Private Equity relates to proceeds held back in the holding company of the investee company.
3 Includes £4 million of Debt Management investment awaiting settlement at 31 March 2016.
4 Includes capitalised interest and other non-cash investment.
5 Other relates to foreign exchange and the provisioning of capitalised interest. In Debt Management, £9 million relates to capital withdrawn from the Palace Street I portfolio.
Private Debt Proprietary Fund
Equity Infrastructure Management Total Capital Management Total
Year to 31 March 2015 £m £m £m £m £m £m £m
Realised profits over value on the disposal 161 1 - 162 162 - 162
of investments
Unrealised profits/(losses) on the 641 68 (25) 684 684 - 684
revaluation of investments
Portfolio income
Dividends 9 20 16 45 45 - 45
Income from loans and receivables 56 - 6 62 62 - 62
Fees receivable/(payable) 8 (1) (1) 6 6 - 6
Foreign exchange on investments (156) 8 (6) (154) (154) - (154)
Gross investment return 719 96 (10) 805 805 - 805
Fees receivable from external funds 16 30 34 80 - 80 80
Synthetic fees - - - - (45) 45 -
Operating expenses1 (66) (31) (34) (131) (32) (99) (131)
Interest receivable 3 3 - 3
Interest payable (49) (49) - (49)
Movement in the fair value of derivatives (1) (1) - (1)
Exchange movements 40 40 - 40
Operating profit before carry 747 721 26 747
Carried interest
Carried interest and performance 28 45 7 80 80
fees receivable
Carried interest and performance (103) (35) (4) (142) (142)
fees payable
Acquisition related earn-out charges - - (8) (8) (8)
Operating profit 677 677
Income taxes (4) (4)
Other comprehensive income
Re-measurements of defined benefit (14) (14)
plans
Total return 659 659
Net divestment/(investment)
Realisations 831 10 - 841 841 841
Cash investment (369) - (105) (474) (474) (474)
462 10 (105) 367 367 367
Balance sheet
Opening portfolio value at 1 April 2014 2,935 487 143 3,565 3,565 3,565
Investment2 509 - 105 614 614 614
Value disposed (670) (9) - (679) (679) (679)
Unrealised value movement 641 68 (25) 684 684 684
Other movement3 (267) 7 (47) (307) (307) (307)
Closing portfolio value at 3,148 553 176 3,877 3,877 3,877
31 March 2015
1 Includes restructuring costs of nil, nil and £1 million for Private Equity, Infrastructure and Debt Management, respectively, and nil and £1 million for Proprietary Capital and Fund Management, respectively.
2 Includes capitalised interest and other non-cash investment.
3 Other relates to foreign exchange and the provisioning of capitalised interest. In Debt Management, £41 million relates to capital withdrawn from the Palace Street I portfolio.
Northern North Rest of
UK Europe America World Total
Year to 31 March 2016 £m £m £m £m £m
Gross investment return
Realised profits over value on the 8 49 4 11 72
disposal of investments
Unrealised profits/(losses) on the 11 707 (50) 1 669
revaluation of investments
Portfolio income 59 66 12 3 140
Foreign exchange on investments 2 175 11 - 188
80 997 (23) 15 1,069
Net divestment/(investment)
Realisations 62 586 96 52 796
Cash Investment (121) (272) (60) - (453)
(59) 314 36 52 343
Balance sheet
Closing portfolio value at 31 March 2016 1,240 2,498 385 374 4,497
Northern North Rest of
UK Europe America World Total
Year to 31 March 2015 £m £m £m £m £m
Gross investment return
Realised profits over value on the 2 117 29 14 162
disposal of investments
Unrealised profits/(losses) on the 106 526 39 13 684
revaluation of investments
Portfolio income 56 41 13 3 113
Foreign exchange on investments (2) (208) 47 9 (154)
162 476 128 39 805
Net divestment/(investment)
Realisations 70 518 161 92 841
Cash Investment (109) (186) (179) - (474)
(39) 332 (18) 92 367
Balance sheet
Closing portfolio value at 31 March 2015 1,148 1,859 457 413 3,877
2 Realised profits over value on the disposal of investments
2016 2016
Unquoted Quoted 2016
investments investments Total
£m £m £m
Realisations 176 60 236
Valuation of disposed investments (166) (59) (225)
10 1 11
Of which:
- profits recognised on realisations 12 2 14
- losses recognised on realisations (2) (1) (3)
10 1 11
2015 2015
Unquoted Quoted 2015
investments investments Total
£m £m £m
Realisations 155 115 270
Valuation of disposed investments (136) (80) (216)
19 35 54
Of which:
- profits recognised on realisations 21 35 56
- losses recognised on realisations (2) - (2)
19 35 54
3 Unrealised profits on the revaluation of investments
2016 2016
Unquoted Quoted 2016
investments investments Total
£m £m £m
Movement in the fair value of investments 72 20 92
Of which:
- unrealised gains 155 20 175
- unrealised losses (83) - (83)
72 20 92
2015 2015
Unquoted Quoted 2015
investments investments Total
£m £m £m
Movement in the fair value of investments 117 119 236
Of which:
- unrealised gains 193 119 312
- unrealised losses (76) - (76)
117 119 236
4 Income taxes
Accounting policy:
Income taxes represent the sum of the tax currently payable, withholding taxes suffered and deferred tax. Tax is charged or
credited in the Statement of comprehensive income, except where it relates to items charged or credited directly to equity,
in which case the tax is also dealt with in equity.
The tax currently payable is based on the taxable profit for the year. This may differ from the profit included in the
Statement of comprehensive income because it excludes items of income or expense that are taxable or deductible in other
years and it further excludes items that are never taxable or deductible.
To enable the tax charge to be based on the profit for the year, deferred tax is provided in full on temporary timing
differences, at the rates of tax expected to apply when these differences crystallise. Deferred tax assets are recognised
only to the extent that it is probable that sufficient taxable profits will be available against which temporary
differences can be set off. All deferred tax liabilities are offset against deferred tax assets in accordance with the
provisions of IAS 12.
The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no
longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
The main rate of UK corporation tax is to be reduced from 20% to 19% from 1 April 2017, and further to 18% from 1 April
2020. These changes will affect future UK corporate taxes payable and the rate at which deferred tax assets are expected to
reverse.
2016 2015
£m £m
Current taxes
Current year 3 3
Deferred taxes
Deferred income taxes (1) (1)
Total income tax charge in the Consolidated statement of comprehensive income 2 2
Reconciliation of income taxes in the Consolidated statement of comprehensive income
The tax charge for the year is different to the standard rate of corporation tax in the UK, currently 20% (2015: 21%), and
the differences are explained below:
2016 2015
£m £m
Profit before tax 819 702
Profit before tax multiplied by rate of corporation tax in the UK of 20% (2015: 21%) 164 147
Effects of:
Non-taxable capital profits due to UK approved investment trust company status (163) (145)
1 2
Other differences between accounting and tax profits:
Non-taxable dividend income (5) (6)
Permanent differences - non-deductible items 4 6
Timing differences - deferred tax charges/(credits) 2 (3)
Overseas countries taxes 2 2
Excess unutilised tax losses arising in the period (2) 1
Total income tax charge in the Consolidated statement of comprehensive income 2 2
The affairs of the Group's parent company are directed so as to allow it to meet the requisite conditions to continue to
operate as an approved investment trust company for UK tax purposes. Approved investment trust companies are used as
investment fund vehicles. The tax exemption for capital profits which they benefit from allows them to ensure that
investors do not ultimately suffer double taxation of their investment returns, i.e. once at the level of the investment
fund vehicle and then again in the hands of the investors.
Including £2 million of tax credits (2015: £2 million tax charge) incurred in fair valued entities, the total tax charge
for the Group was nil (2015: £4 million) under the Investment basis.
Deferred income taxes
2016 2015
£m £m
Opening deferred income tax asset
Tax losses 7 12
Income in accounts taxable in the future (7) (12)
Other 2 1
2 1
Recognised through Statement of comprehensive income
Tax losses utilised - (5)
Income in accounts taxable in the future - 5
Other 1 1
1 1
Closing deferred income tax asset
Tax losses 7 7
Income in accounts taxable in the future (7) (7)
Other 3 2
3 2
At 31 March 2016, the Group had carried forward tax losses of £1,375 million (2015: £1,409 million), capital losses of £88
million (2015: £98 million) and other temporary differences of £69 million (2015: £12 million). It is uncertain that the
Group will generate sufficient taxable profits in the foreseeable future to utilise these amounts and therefore no deferred
tax asset has been recognised in respect of these losses. Deferred income taxes are calculated using an expected rate of
corporation tax in the UK of 19% (2015: 20%).
5 Per share information
The calculation of basic earnings per share is based on the profit attributable to shareholders and the number of basic
average shares. When calculating the diluted earnings per share, the weighted average number of shares in issue is adjusted
for the effect of all dilutive share options and awards.
As at 31 March 2016 2015
Earnings per share (pence)
Basic 85.6 73.9
Diluted 85.2 72.9
Earnings (£m)
Profit for the year attributable to equity holders of the Company 817 700
As at 31 March 2016 2015
Weighted average number of shares in issue
Ordinary shares 972,569,633 972,141,887
Own shares (18,427,460) (24,825,193)
954,142,173 947,316,694
Effect of dilutive potential ordinary shares
Share options and awards 4,735,616 12,293,543
Diluted shares 958,877,789 959,610,237
As at 31 March 2016 2015
Net assets per share (£)
Basic 4.66 4.01
Diluted 4.63 3.96
Net assets (£m)
Net assets attributable to equity holders of the Company 4,455 3,806
Basic NAV per share is calculated on 956,417,466 shares in issue at 31 March 2016 (2015: 948,610,924). Diluted NAV per
share is calculated on diluted shares of 961,323,047 at 31 March 2016 (2015: 961,432,940).
6 Dividends
2016 2016 2015 2015
pence per share £m pence per share £m
Declared and paid during the year
Ordinary shares
Final dividend 14.0 133 13.3 126
Interim dividend 6.0 57 6.0 57
20.0 190 19.3 183
Proposed final dividend 16.0 153 14.0 133
In FY2016, the Group's dividend policy is to distribute to shareholders between 15% and 20% of gross cash realisation
proceeds, provided that gearing is less than 20% and gross debt is, or is scheduled to be below £1 billion. The policy is
designed to give shareholders a direct share in the Group's realisation activities, while retaining sufficient funds within
the Group to make new investments, meet liabilities as they fall due and meet internally set liquidity requirements. When
determining the level of realisations to be paid as a dividend each year, the Board considers current and expected cash
investment along with any significant actual or expected cash flows.
The distribution policy covers the Group's total annual dividend, which is split between a base dividend (8.1 pence per
share) and an additional dividend (2016: 13.9 pence per share). The dividend can be paid out of either the capital reserve
or the revenue reserve subject to the investment trust rules which state that at least 85% of revenue must be distributed
by the Company.
7 Loans and borrowings
Accounting policy:
All loans and borrowings are initially recognised at the fair value of the consideration received. After initial
recognition, these are subsequently measured at amortised cost using the effective interest method, which is the rate that
exactly discounts the estimated future cash flows through the expected life of the liabilities. Financial liabilities are
derecognised when they are extinguished.
Group Group
2016 2015
£m £m
Loans and borrowings are repayable as follows:
Within one year 262 -
In the second year - 240
In the third year - -
In the fourth year - -
In the fifth year - -
After five years 575 575
837 815
Principal borrowings include:
Group Group
2016 2015
Rate Maturity £m £m
Issued under the £2,000 million note issuance programme
Fixed rate
E350 million notes (public issue) 5.625% 2017 262 240
£200 million notes (public issue) 6.875% 2023 200 200
£400 million notes (public issue) 5.750% 2032 375 375
837 815
Committed multi-currency facilities
£350 million LIBOR+0.60% 2020 - -
- -
Total loans and borrowings 837 815
During the year, the maturity of the Company's £350 million syndicated multi-currency facility was extended by one year to
September 2020. The Company has the option to request a further one year extension at the second year anniversary of the
facility, which may be granted at the discretion of each lender individually. The £350 million facility has no financial
covenants.
All of the Group's borrowings are repayable in one instalment on the respective maturity dates. None of the Group's
interest-bearing loans and borrowings are secured on the assets of the Group.
The fair value of the loans and borrowings is £967 million (2015: £997 million), determined with reference to their
published market prices. The loans and borrowings are included in Level 1 of the fair value hierarchy.
Under AIFMD, the Group is required to calculate leverage in accordance with a set formula and disclose this to investors.
In line with AIFMD, leverage is 116% (2015: 117%) under the gross method and 116% (2015: 120%) under the commitment
method.
8 Related parties and interests in other entities
The Group has various related parties stemming from relationships with limited partnerships managed by the Group, its
investment portfolio (including unconsolidated subsidiaries), its advisory arrangements and its key management personnel.
In addition, the Company has related parties in respect of its subsidiaries. Some of these subsidiaries are held at fair
value (unconsolidated subsidiaries) due to the treatment prescribed in IFRS 10.
Related parties
Limited partnerships
The Group manages a number of external funds which invest through limited partnerships. Group companies act as the general
partners of these limited partnerships and exert significant influence over them. The following amounts have been included
in respect of these limited partnerships:
Group Group
2016 2015
Statement of comprehensive income £m £m
Carried interest receivable 53 28
Fees receivable from external funds 28 31
Group Group
2016 2015
Statement of financial position £m £m
Carried interest receivable 87 33
In addition, the Group has invested in the 3i Global Income Fund. At the year end, the value of the investment was £52
million. The Group received management fees of less than £1 million in the year (2015: nil).
Investments
The Group makes investments in the equity of unquoted and quoted investments where it does not have control but may be able
to participate in the financial and operating policies of that company. It is presumed that it is possible to exert
significant influence when the equity holding is greater than 20%. The Group has taken the investment entity exception as
permitted by IFRS 10 and has not equity accounted for these investments, in accordance with IAS 28, but they are related
parties. The total amounts included for investments where the Group has significant influence but not control are as
follows:
Group Group
2016 2015
Statement of comprehensive income £m £m
Realised profit over value on the disposal of investments 4 13
Unrealised profits on the revaluation of investments (42) 3
Portfolio income 37 26
Group Group
2016 2015
Statement of financial position £m £m
Unquoted investments 480 560
From time to time, transactions occur between related parties within the investment portfolio that the Group influences to
facilitate the reorganisation or refinancing of an investee company. These transactions are made on an arm's length basis.
Advisory arrangements
The Group acts as an adviser to 3i Infrastructure plc, which is listed on the London Stock Exchange. The following amounts
have been included in respect of this advisory relationship:
Group Group
2016 2015
Statement of comprehensive income £m £m
Realised profit over value on the disposal of investments 2 -
Unrealised profits on the revaluation of investments 20 46
Fees receivable from external funds 12 12
Performance fees receivable 20 45
Dividends 12 12
Group Group
2016 2015
Statement of financial position £m £m
Quoted equity investments 277 288
Performance fees receivable 20 45
Subsidiaries
Transactions between the Company and its fully consolidated subsidiaries, which are related parties of the Company, are
eliminated on consolidation. Details of related party transactions between the Company and its subsidiaries are detailed
below.
Management, administrative and secretarial arrangements
The Company has appointed 3i Investments plc, a wholly-owned subsidiary of the Company incorporated in England and Wales,
as investment manager of the Group. 3i Investments plc received a fee of £13 million (2015: £13 million) for this service.
The Company has appointed 3i plc, a wholly-owned subsidiary of the Company incorporated in England and Wales, to provide
the Company with a range of administrative and secretarial services. 3i plc received a fee of £69 million (2015: £145
million) for this service.
Key management personnel
The Group's key management personnel comprise the members of the Executive Committee and the Board's non-executive
Directors. The following amounts have been included in respect of these individuals:
Group Group
2016 2015
Statement of comprehensive income £m £m
Salaries, fees, supplements and benefits in kind 5 5
Cash bonuses 3 4
Carried interest and performance fees payable 21 17
Share-based payments 6 5
Acquisition related earn-out charges 1 4
Group Group
2016 2015
Statement of financial position £m £m
Bonuses and share-based payments 16 14
Carried interest and performance fees payable within one year 12 5
Carried interest and performance fees payable after one year 33 21
Acquisition related earn-out charges payable within one year - 10
Acquisition related earn-out charges payable after one year - 8
Carried interest paid in the year to key management personnel was £3 million (2015: £3 million). Acquisition related
earn-out charges paid in the year to key management personnel was £19 million (2015: £8 million).
Unconsolidated structured entities
The application of IFRS 12 requires additional disclosure on the Group's exposure to unconsolidated structured entities.
The Group has exposure to a number of unconsolidated structured entities as a result of its investment activities across
its Private Equity, Infrastructure and Debt Management business lines. These structured entities fall into four categories,
namely CLO's, debt management warehouses, closed end limited partnerships (Private Equity and Infrastructure funds) and
investments in certain portfolio investments.
The nature, purpose and activities of these entities are detailed below along with the nature of risks associated with
these entities and the maximum exposure to loss.
CLO structured entities
The Group manages CLO vehicles as part of its Debt Management business. These funds predominantly invest in senior secured
loans and are financed by investors seeking credit rated, structured, investment returns.
The Group manages these funds in return for a management fee. The Group also typically invests into the equity tranche of
these funds. The Group's attributable stakes in these entities are held at fair value, fees receivable are recognised on an
accruals basis and performance fees are accrued when relevant performance hurdles are met.
The risk and maximum exposure to loss arising from the Group's involvement with these entities are summarised below:
Carrying amount
Assets Liabilities Net Maximum loss exposure
Balance sheet line item of asset or liability £m £m £m £m
Unquoted investments 154 - 154 154
Fee income receivable 7 - 7 7
Total 161 - 161 161
At 31 March 2015, the carrying amount of assets and maximum loss exposure of unquoted investments and fee income receivable
was £119 million and £7 million respectively. The carrying amount of liabilities was nil.
At 31 March 2016, the total CLO assets under management were £7.1 billion (2015: £6.5 billion). The Group earned
distributions of £31 million (2015: £16 million) and fee income of £33 million (2015: £30 million) during the year from CLO
structured entities.
Warehouse structured entities
Ahead of future CLO fund launches, warehouse facilities are usually established to support the creation of senior secured
debt portfolios. These entities are financed by the Group along with the bank appointed to operate the warehouse facility.
The Group makes a commitment to the warehouse, typically taking the first loss position and is at risk for margin calls if
the portfolio underperforms. The Group's attributable stakes in these warehouses are held at fair value.
The risk and maximum exposure to loss arising from the Group's involvement with these entities are summarised below:
Carrying amount
Assets Liabilities Net Maximum loss exposure
Balance sheet line item of asset or liability £m £m £m £m
Unquoted investments 17 - 17 17
Total 17 - 17 17
At 31 March 2015, the carrying amount of assets and the maximum loss exposure of unquoted investments was £43 million. The
carrying amount of liabilities was nil.
The Group earned interest income of £4 million (2015: £6 million) during the year from warehouse structured entities.
Closed-end limited partnerships
The Group manages a number of closed-end limited partnerships, which are primarily Private Equity or Infrastructure
focused, in return for a management fee. The purpose of these partnerships is to invest in Private Equity or Infrastructure
investments for capital appreciation. Limited Partners, which in some cases may include the Group, finance these entities
by committing capital to them and cash is drawn down or distributed for financing investment activity.
The Group's attributable stakes in these entities are held at fair value, fees receivable are recognised on an accruals
basis and carried interest is accrued when relevant performance hurdles are met.
The risk and maximum exposure to loss arising from the Group's involvement with these entities are summarised below:
Carrying amount
Assets Liabilities Net Maximum loss exposure
Balance sheet line item of asset or liability £m £m £m £m
Carried interest receivable 87 - 87 87
Total 87 - 87 87
At 31 March 2015, the carrying amount of assets and maximum loss exposure of carried interest receivable was £33 million.
The carrying amount of liabilities was nil.
At 31 March 2016, the total assets under management relating to these entities was £2.0 billion (2015: £2.2 billion). The
Group earned fee income of £28 million (2015: £31 million) and carried interest of £53 million (2015: £28 million) in the
year.
Investments that are structured entities
The Group makes investments on behalf of itself and third-party funds that it manages, for capital appreciation purposes.
In a small number of cases, these investments fall under the classification of a structured entity as they are funds
managed by the General Partner under a limited partnership agreement.
The Group's attributable stakes in these entities are held at fair value.
The risk and maximum exposure to loss arising from the Group's involvement with these entities are summarised below:
Carrying amount
Assets Liabilities Net Maximum loss exposure
Balance sheet line item of asset or liability £m £m £m £m
Unquoted investments 2 - 2 2
Total 2 - 2 2
At 31 March 2015, the carrying amount of assets and the maximum loss exposure of unquoted investments was £2 million. The
carrying amount of liabilities was nil.
At 31 March 2016, the total fair value of these investments, including stakes held by third parties was £28 million (2015:
£33 million). The Group recognised an unrealised movement of nil (2015: £1 million loss) from investments that are
structured entities.
Regulatory information relating to fees:
Under AIFMD, 3i Investments plc acts as an Alternative Investment Fund Manager ("AIFM") to 3i Group plc. In performing the
activities and functions of the AIFM, the AIFM or another 3i company may pay or receive fees, commissions or non-monetary
benefits to or from third parties of the following nature:
- Transaction fees: 3i companies receive monitoring and Directors' fees from portfolio companies. The amount is agreed
with the portfolio company at the time of the investment but may be re-negotiated. Where applicable, 3i may also receive
fees on the completion of transactions such as acquisitions, refinancings or syndications either from the portfolio company
or a co-investor. Transaction fees paid to 3i are included in portfolio income.
- Payments for third party services: 3i companies may retain the services of third party consultants; for example for an
independent director or other investment management specialist expertise. The amount paid varies in accordance with the
nature of the service and the length of the service period and is usually, but not always, paid/reimbursed by the portfolio
companies. The payment may involve a flat fee, retainer or success fee. Such payments, where borne by 3i companies, are
usually included in portfolio income.
- Payments for services from 3i companies: One 3i company may provide investment advisory services to another 3i company
and receive payment for such service.
Portfolio and other information
25 Large investments
The 25 investments listed below account for 79% of the portfolio at 31 March 2016 (2015: 81%). This table does not include
two investments that have been excluded for commercial reasons. For each of our investments we have assessed whether they
classify as accounting subsidiaries under IFRS and/or subsidiaries under the UK Companies Act. This assessment forms the
basis of our disclosure of accounting subsidiaries in the financial statements.
The UK Companies Act defines a subsidiary based on voting rights, with a greater than 50% majority of voting rights
resulting in an entity being classified as a subsidiary. IFRS 10 applies a wider test and, if a Group is exposed, or has
rights to variable returns from its involvement with the investee and has the ability to affect these returns through its
power over the investee then it has control, and hence the investee is deemed an accounting subsidiary. Controlled
subsidiaries under IFRS within the 25 large investments below are noted. None of these investments are UK Companies Act
subsidiaries.
In accordance with Section 29 of the Alternative Investment Fund Manager Directive ("AIFMD"), 3i Investments plc, as AIFM,
encourages all controlled portfolio companies to make available to employees and investors an Annual report which meets the
disclosure requirements of the Directive. These are available either on the portfolio company's website or through filing
with the relevant local authorities.
Residual Residual
Business line cost1 cost1 Valuation Valuation
Geography March March March March
Investment First invested in 2015 2016 2015 2016 Relevant transactions
Description of business Valuation basis £m £m £m £m in the year
Action* Private Equity 2 1 592 902 Refinancing returned
Non-food discount retailer Benelux £168m of proceeds
2011
Earnings
3i Infrastructure plc* Infrastructure 302 270 481 464 £51m special dividend
Quoted investment company, UK following the sale of
investing in infrastructure 2007 Eversholt Rail
Quoted
Scandlines* Private Equity 114 114 262 369 £46m of proceeds and
Ferry operator between Denmark/ income, net of
Denmark and Germany Germany transaction fees,
2007/2013 following sale of route
DCF between Helsingor and Helsinborg
Weener Plastic* Private Equity - 151 - 173 New investment
Supplier of plastic packaging Germany
solutions 2015
Earnings
Audley Travel* Private Equity - 161 - 158 New investment
Provider of experiential UK
tailor made travel 2015Earnings
Mayborn* Private Equity 129 149 133 135 Exit announced in April
Manufacturer and distributor UK 2016
of baby products 2006
Imminent sale
ATESTEO (formerly GIF)* Private Equity 68 83 78 130 Further investment of
International transmission Germany £11m
testing specialist 2013
Earnings
Q Holding* Private Equity 100 100 109 120
Precision engineered US
elastomeric components 2014
manufacturer Earnings
Christ* Private Equity 99 99 111 117
Distributor and retailer of Germany
jewellery 2014
Earnings
AES Engineering Private Equity 30 30 102 92
Manufacturer of mechanical UK
seals and support systems 1996
Earnings
Quintiles Private Equity 41 26 144 92 Partial disposal in the
Clinical research outsourcing US year
solutions 2008
Quoted
Amor* Private Equity 30 30 54 87 Exit announced in April
Provider of affordable Germany 2016
precious jewellery 2010
Imminent sale
Mémora* Private Equity 159 159 61 83
Funeral service provider Spain
2008
Earnings
Tato Private Equity 2 2 80 80
Manufacturer and sale of UK
speciality chemicals 1989
Earnings
Aspen Pumps* Private Equity 65 70 64 64
Manufacturer of pumps and UK
accessories for the air 2015
conditioning, heating and Earnings
refrigeration industry
Dynatect* Private Equity 65 65 71 63
Manufacturer of engineered, US
mission critical protective 2014
equipment Earnings
OneMed Group* Private Equity 117 124 47 60
Distributor of consumable Sweden
medical products, 2011
devices and technology Earnings
Euro-Diesel* Private Equity - 52 - 59 New investment
Manufacturer of uninterruptible Benelux
power supply systems 2015
Earnings
Geka* Private Equity 69 55 53 55 Refinancing returned
Manufacturer of brushes, Germany £17m of proceeds
applicators and packaging 2012
systems for the cosmetics industry Earnings
MKM Private Equity 22 23 43 53
Building materials supplier UK
2006
Earnings
Global Income Fund* Debt Management - 48 - 52 New fund launched
Debt Management open-ended UK
fund with exposure to North 2007
American and western Broker quotes
European issuers
Refresco Gerber Private Equity 30 23 47 44
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