3i achieves $1.13 bln divestments in 2013 – Reuters

Reuters – British private equity group 3i said on Wednesday it had completed 669 million pounds ($1.13 billion) in divestments in its full year to March 31.

The owner of women’s fashion retailer Hobbs and Tommee Tippee baby bottle maker Mayborn said cash investments totaled 337 million pounds compared to 149 million pounds the previous year.

The group confirmed a final dividend of 13.3 pence per share, bringing the total dividend for the year to 20.0 pence per share.

3i said net asset value (NAV) per share was 348 pence, up 12 percent from 2013.

The firm’s private equity arm made four key new investments: Basic-Fit, a European discount fitness operator; GIF, a Germany-based specialist in transmission testing; JMJ, a global management consultancy and a substantial further investment in ferry operator Scandlines.

In total, cash investment was 372 million pounds including third-party funds, of which 276 million pounds was 3i’s proprietary capital.

3i said it will continue to focus on mid-market investments which it is able to secure using its local expertise and presence, away from highly competitive auction processes.

3i last year was targeted by activist investor Edward Bramson who then cut his investment to zero.

($1 = 0.5939 British Pounds) (Reporting by Sophie Sassard; editing by Anjuli Davies and Jason Neely)