3i Group reports NAV growth, first US Infrastructure investment
Source - SMW
3i Group reported NAV increased 19.4% to 701 pence per share for the nine months to 31 December 2017.
Private Equity cash realisations was £389m in the nine months to 31 December 2017 as the company announced the approximately €307m divestment of ATESTEO in December 2017.
3i Group said it completed two add-on investments in Cirtec Medical and Ponroy Sante, taking year to date private equity cash investment to £585m.
3i Infrastructure plc performed strongly as its share price increased by 7% in the quarter following the announcement of its divestments of Elenia and Anglian Water Group, the company said.
The company reported that it invested £167m in its first US infrastructure investment, Smarte Carte, in November 2017 and disposed of its residual Debt Management investments, generating proceeds of £127m.
Simon Borrows, Chief Executive, said:
'This was another positive quarter for 3i. Action's expansion continued with the opening of 244 new stores in 2017, including six pilot stores in Poland.'
'We announced the realisation of one of our 2013-2016 investments, ATESTEO, at an excellent money multiple of 4.4x.'
'In addition, we completed our first US Infrastructure investment and two important further investments in Private Equity, reinforcing our strategy of building platform investments.'
'We enter the final quarter of our financial year confident that our investment portfolio will deliver another year of strong growth.'