3i made a US$8.75 million late stage venture investment in a US$15 million financing in Vette Corp in October 2004. The company, based in New Hampshire, US, provides thermal management solutions for the computer and industrial electronics markets.
Vette Corp's strategy is to combine a secure, low-cost manufacturing operation in China with a world-class global sales team in order to build a large, integrated thermal solutions business in this highly fragmented market. Current suppliers of electronic thermal solutions are mostly small, heavily leveraged and burdened with high-cost manufacturing located outside of Asia.
The management team saw value in 3i's global network, with its presence in Asia, the US and Europe and its ability to introduce potential sources of financing and customers world-wide through 3i's corporate relationships.
