Buy-outs - 3i Annual Report and Accounts 2004



Chairman’s statement	Chief Executive’s statement	Our business focus	Operating and financial review	Case studies	Corporate governance	Financials
Buy-outs	Growth capital	Venture capital	Financial highlights by product

Buy-outs


3i’s buy-out business is focused on the mid and smaller buy-out markets in Europe and Asia Pacific.		“A strong financial performance for the year as a whole and a substantial pick up in investment activity in the second half. For the year ahead, we will continue to drive value growth from the portfolio and, if market conditions remain supportive, increase the level of new investments and realisations.” Jonathan Russell Head of Buy-outs


Five investments from the year
Company	Business description	Country	Transaction size £m	Amount invested £m*


Gant	Marketing and design of premium branded apparel	Sweden	73	8.5



Herold Mediatel	Telephone directories	Austria	173	20.6



MIB AG	Facilities management	Switzerland	43	11.8



Refresco	Fruit juice producer	Netherlands	208	40.3



SVP	Telephone consultancy service	France	33	4.9



Financial highlights (£) year to 31 March 2004


*Including funds