19th May 2015 11:27
LONDON (Alliance News) - Investment manager 3i Group PLC Tuesday said it is to invest about EUR68 million for a "majority stake" in EURO-DIESEL, which provides systems designed to protect customers from power supply failures.
EURO-DIESEL, established in 1989 and headquartered in Belgium, designs, manufactures and maintains diesel rotary uninterruptable power supply systems for customers in Europe, the Middle East and Africa, the Americas and the Asia Pacific through 12 subsidiaries and more than 40 distributors.
Customers include data centres, hospitals, airports, banks, road and railway tunnels, all of which require continuous power supply.
Peter Grosch, previously the chairman of diesel and gas engine supplier MWM Holdings, a company backed by 3i and later sold to Caterpillar, become the chairman of EURO-DIESEL.
"The partnership with 3i will bring new momentum to EURO-DIESEL?s development. We will benefit greatly from 3i's international network and experience in managing growth while improving operational performance," EURO-DIESEL Chief Executive Philippe Gillain said in a statement.
Robert Van Goethem and Xavier de Prevoisin, both partners at 3i Private Equity, said EURO-DIESEL is in a place to "strengthen its market position in attractive and structurally growing end markets".
3i shares were up 1.3% at 546.00 pence on Tuesday.
By Samuel Agini; [email protected]; @samuelagini
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