3i has sold ESG to Socotec for 30 million euros. DC Advisory, Travers Smith, KPMG, Deloitte and OC&C advised 3i on the transaction. UK-based ESG is a provider of testing, inspection and compliance services focused on infrastructure, built environment and energy and waste.
3i Group plc (“3i”), and funds managed by 3i, today announce the sale of ESG, a UK based provider of testing, inspection and compliance (“TIC”) services, focused on Infrastructure, Built Environment and Energy & Waste to Socotec, a French headquartered, global leader in Inspection, Measurement, Certification and Training.
Proceeds to 3i total £30m, which represent a 23% uplift on its December 2016 valuation and a 39% uplift on its March 2016 valuation. The transaction is due to complete later this week.
Pete Wilson, Partner 3i, commented:
“During our investment period, ESG has cemented its position as the market leader in the provision of TIC services to its chosen sectors in the UK. I would like to thank Ian Sparks and his management for their significant commitment over the last few years, and I wish them well through the next phase of ESG’s growth with Socotec”.
Ian Sparks, CEO of ESG added:
“3i has been an extremely supportive partner to ESG and their in depth knowledge of the TIC sector has been invaluable in helping support our ambitious growth plans. The business is well positioned for future growth and I am looking forward to continuing to deliver for our clients as part of the Socotec group”.
3i’s advisers on the transaction were DC Advisory (financial adviser), Travers Smith (legal), KPMG (financial, pensions & IT), Deloitte (tax) and OC&C (commercial).
About 3i Group
3i is an investment company with two complementary businesses, Private Equity and Infrastructure, specialising in core investment markets in Northern Europe and North America. For further information, please visit: www.3i.com
3i’s Private Equity team provides investment solutions for growing companies, backing entrepreneurs and management teams of mid-market companies with an EV typically between €100m – €500m. We back international growth plans, providing access to our network and expertise to accelerate the growth of companies across the consumer, industrials and business and technology services industries.