3i inks 2x return selling Trescal to AXA Private Equity

Mon, 17 Jun 2013 09:25:43 GMT

Source: www.altassets.net --- Monday, June 17, 2013
3i Group has agreed to sell its 64 per cent stake in calibration services company Trescal to AXA Private Equity. Minority investor TCR Capital also agreed to sell its stake to AXA. The enterprise value of the transaction is approximately €250m. Proceeds to 3i Group from the deal will be £61m (€71m), a 19 per cent uplift against a value of £51m at 31 March 2013 and, in sterling terms, a money multiple of two times on investment of £30m (€36m). 3i invested in Trescal in 2010 alongside French mid-market firm TCR Capital. During 3i’s partnership with Trescal, the company made four acquisitions, acquiring Dynamic Technology in January 2011, which established Trescal in the US. It also added Antech Engineering in the UK, Stork Intermes in the Netherlands and Isocal in Austria . Trescal also set up a greenfield operation in Singapore. Between 2010 and 2012, turnover at Trescal grew from €110m to €157m and EBITDA more than doubled from €11m to €23m. Trescal now operates in over 150 sites across 16 countries, with customers across sectors including defence, aerospace, telecommunications, electronics, transportation, life sciences, utilities and automotive. Remi Carnimolla, 3i’s co-head of France, said, “Over the last three years, we have worked in partnership with Trescal’s high-calibre management team to successfully grow and strengthen the Company’s market position, thanks to our global network and transatlantic investment experience. I ...