26th Feb 2008 09:47
3i Quoted Private Equity Limited26 February 2008 3i Quoted Private Equity LimitedPress release26 February 2008 3i Quoted Private Equity Limited invests £29.8m in Jelf 3i Quoted Private Equity Limited ("3i QPEL"), an LSE-listed investment companywhich applies private equity value creation techniques to quoted businesses, hasacquired a significant stake in Jelf Group plc ("Jelf"), a Bristol-basedindependent full-service insurance broker. As approved at Jelf's ExtraordinaryGeneral Meeting yesterday, 3i QPEL attained its stake in the company through asubscription for more than 12 million new ordinary shares which, together withthe acquisition of 1.7 million shares in the secondary market, gives 3i QPEL anaggregate interest in 27.9% of Jelf's shares for an aggregate consideration of£29.8 million. Jelf, established in 1989 by Chris Jelf and floated on AIM in 2004, is a leadingindependent full service insurance broker and provider of employee benefits andwealth management services focused on SME clients in the South and North-West ofEngland. It actively pursues a policy of growth, both organically and throughacquisitions, with 15 transactions completed in the last two years. Its mostrecently announced acquisitions include those of Manson Insurance Group, Carter& Co Risk Management and Bartlett Davies Bicks. Bruce Carnegie-Brown, Managing Partner, 3i Investments plc, who has joinedJelf's board as a non-executive director, commented on the transaction: "Thistransaction marks the beginning of a close partnership with Jelf. 3i QPEL hasinvested in a company with an impressive management team, ambitious growth plansand a strengthening position in a consolidating sector." Jelf, which has more than 20 offices across England and Wales, employs over 700staff. It generated £40.6 million in revenues in the financial year ended 30September 2007, a 62% increase over the previous year. EBITDA more than doubledin the same time period, to £7.2 million from £3.5 million. - Ends - For further information, please contact: Bruce Carnegie-Brown, Managing Partner, 3i Investments plc +44 20 7975 3435Jennifer Letki, PR [email protected] +44 20 7975 3190 NOTES TO EDITORS About 3i Quoted Private Equity Limited 3i Quoted Private Equity Limited ("3i QPEL") is a Jersey-incorporated, publicclosed-end investment company whose shares are listed on the Official List andadmitted to trading on the London Stock Exchange's main market for listedsecurities. Its strategy is to invest in quoted companies where it can introduceprivate-equity techniques and methodologies. 3i QPEL is advised in its investments by 3i Investments plc (a wholly-ownedsubsidiary of 3i Group plc). It raised around £400m at its initial public offerlast year. For more information, please visit www.3iqpe.com. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
JLF.L