3i Group plc has exited its remaining investment in Phibro Animal Health Corp for 36 million pounds. Based in Teaneck, NJ, Phibro is a maker of animal health and mineral nutrition products.
3i Group plc (“3i”) announces that, since 31 December 2014, it has sold its remaining 4.7% stake in Phibro Animal Health Corporation (“Phibro”) generating proceeds of £36 million. Accordingly 3i is no longer a shareholder in Phibro.
Including these final proceeds, 3i has received total proceeds from its stake in Phibro of £149 million and 3i’s total return from its investment in Phibro is 1.7x.
Proceeds of £126 million have been received in the current financial year, representing an uplift of £33 million over the 31 March 2014 valuation of £93 million.
Ken Hanau, Managing Partner, 3i North America, commented: “We are proud to have supported Phibro over the past years, during which the Company significantly expanded its international presence. During our investment Phibro has successfully completed a number of acquisitions and the Company has evolved to one of the leading animal health companies in the world. We are delighted to have been part of its exciting growth story and we wish the team well for the future.”
About 3i Group
3i is a leading international investment manager focused on mid-market private equity, infrastructure and debt management across Europe, Asia and North America. For further information, please visit: www.3i.com.
About Phibro Animal Health Corporation
Phibro Animal Health Corporation is a diversified global developer, manufacturer and marketer of a broad range of animal health and mineral nutrition products for use in the production of poultry, swine, cattle, dairy and aquaculture.