 |
 |
 |
|
 |
|
| Cambridge Silicon Radio |
|
|
|
| Business description: |
| Designer and manufacturer of single-chip Bluetooth wireless devices |
|
|
|
| Country: |
| UK |
|
|
|
| Investment type: |
|
Venture capital
|
|
|
|
In February 2004, Cambridge Silicon Radio (“CSR”), a leading manufacturer of single-chip Bluetooth wireless devices in which 3i had invested a total of £7 million, achieved a successful IPO on the Official List of the London Stock Exchange. This represented an important milestone for CSR and provided 3i with a partial realisation of its investment in the business. At the IPO price of 200p, CSR was valued at £240 million and 3i’s holding was worth £30 million. 3i sold about one-third of its holding in the IPO.
3i supported the spin out of CSR from Cambridge Consultants Ltd in 1999. 3i recognised that the Bluetooth market was expanding and was impressed by the quality of CSR’s technology, which supports short-range wireless data and voice communications between different devices. Since 1999, 3i has backed CSR through three subsequent funding rounds and negotiated a shareholder agreement with a major corporate.
CSR decided to partner with 3i because of its local presence, its global network of corporate and other contacts and its track record of backing successful semiconductor-related businesses.
3i brought together the current management team, assisting with the recruitment of a chairman, chief executive officer, chief financial officer and financial controller and introducing a non-executive director from its Independent Directors Programme. 3i also introduced CSR to a number of business partners and advisers and supported the company through its IPO process. |
|
|
|
 |
|
 |
|
