3i has expanded and enhanced its private equity team with three new hires and eight promotions. Among those joining 3i are Nikhil Patel who has come on board as an associate director in the New York office and Michael Specht who was added to the Frankfurt team as an associate director as well. The promotions include Tom Salmon who is now a partner and James Cox and Mark Bakker who are now directors.
3i announces three new hires and eight promotions across its Private Equity business. The hires and promotions reflect another successful year for 3i’s Private Equity business, which delivered a gross investment return of £1,011 million, or 32% of opening value in the year to 31 March 2016.
Nikhil Patel has joined as an Associate Director based in the New York office. Nikhil was previously a Vice President at Chicago Pacific Founders.
Michael Specht has joined as an Associate Director based in the Frankfurt office. Michael was previously a Vice President at Warburg Pincus.
Rafik Alili has joined as an Associate based in the Paris office. Rafik was previously an M&A Associate at Lazard Frères, Paris.
In addition, the following eight investment professionals in the Private Equity business have been
Alan Giddins and Menno Antal, Managing Partners and co-heads of Private Equity, commented:
“We would like to welcome our new colleagues in Frankfurt, Paris and New York. They join at an exciting time for the Private Equity business, as we continue to see a number of attractive midmarket investment opportunities across our core markets of northern Europe and North America.
We would also like to congratulate our colleagues on their well-deserved promotions. These promotions, along with the recent appointments, demonstrate the strength and depth of the Private Equity team at 3i.”
In the year to March 2016, 3i’s Private Equity team invested €547m in three new investments: the buy outs of EURO-DIESEL, the leading provider of Diesel Rotary Uninterruptable Power Supply systems; Audley Travel, the leading provider of tailor-made experiential travel to over 80 destinations worldwide; and Weener Plastics, leading manufacturer of innovative plastic packaging solutions for fast moving consumer goods (FMCG) companies. In May 2016, 3i announced an investment of €181m in Schlemmer, a global leader in cable management solutions for the automotive industry.
The business also delivered a good flow of realisations generating cash proceeds of €1,596 million for 3i and managed funds, including the exit of Element (4.5x). The first quarter of the new financial year has seen the strong realisations momentum continue with the signing of the exits of Mayborn (3.5x) and Amor (2.5x).
About 3i Group
3i is an investment company with three complementary businesses, Private Equity, Infrastructure and Debt Management, specialising in core investment markets in northern Europe and North America. For further information, please visit: www.3i.com