3i has sold its 25% stake in IT consultancy and services company Newell & Budge to Sopra Group. 3i’s money multiple on the investment will be 3.5 times. The amount of the deal was undisclosed.
3i originally invested in the company in 2001 to support Ann Budge’s management buyout from her co-founder, Alison Newell Since the buyout, Newell & Budge has enjoyed impressive growth building on its strong position in the Scottish market and expanding into the UK and Ireland.
The exit was led by investment director Mark Kerr.