3i more than doubles return on UTT sale

3i has sold its stake in United Transport Tankcontainers Holding (UTT), a Dutch tank container operator in a €67m reverse takeover by Interbulk Investments. The sale generated a 2.6x return for 3i, and a 40% IRR, on its three year investment. The firm backed UTT’s MBO in November 2002, investing €17.2m through the 3i Eurofund III, as well as installing Rients Visser as chairman and spearheading, alongside the management team, a buy-and-build programme.

Mark Redman, a partner at 3i based in Amsterdam, said: “UTT has been a great investment for 3i. Since 3i invested, the company has grown its profits significantly and has expanded its network and fleet size to confirm its position as the number three tank container operator in the world.”

The deal to buy UTT also sees Interbulk acquiring complete control of Inbulk Technologies Limited, in which it already holds a stake.