28th Apr 2016 07:44
LONDON (Alliance News) - 3i Group PLC, the FTSE 100 private equity firm, on Thursday said it is making a 3.5 times return on selling Mayborn Group, the owner of baby brand Tommee Tippee, to a company owned by Ping An Insurance Group.
Proceeds to 3i from the sale of Mayborn to Jahwa Group, the Chinese consumer products organisation, will amount to GBP135 million, the company said, in line with its valuation at the end of 2015. The money comes in addition to GBP32 million received by 3i through a refinancing in 2012.
Since 3i invested in the business in 2006, Mayborn has seen its earnings before interest, tax, depreciation and amortisation triple to more than GBP25 million in 2015, according to the private equity firm, with international sales now representing almost 60% of group revenue.
"Since the take private of Mayborn, the transformation of the company from being largely UK focused into a market leading global business has been significant," Alan Giddins, managing partner and co-head of private equity at 3i, said in a statement.
Steve Parkin, chief executive officer of Mayborn, said: 3i's international mindset has been an important factor in our successful expansion into new markets, and I am looking forward to working with Jahwa Group for the next stage in our development.?
Shares in 3i were down 0.6% at 482.20 pence on Thursday morning.
By Samuel Agini; [email protected]; @samuelagini
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