Despite revealing that its top 50 investments had lost £682m (21%) in the third quarter of 2008, 3i has managed to raise SEK 400m (€37m) by selling its stake in core materials manufacturer DIAB Group.
DIAB was sold to Ratos, a Swedish private equity firm.
Also based in Sweden, DIAB makes composite core materials for applications in the marine, wind energy, transport and aerospace industries. The company employs over 1200 staff, has facilities in four continents and generated SEK 1.35bn in revenues in 2007.
Director of 3i Christer Nilsson said of the transaction: “We are pleased with our return on this investment and believe DIAB is on track to further success under the guidance of Ratos.”
DIAB is 3i’s first exit for 2009. The transaction remains subject to the approval of the anti-trust authorities. 3i’s most recent divestments include Transports Alloin, ABX Logistics and Damcos. Current investments include AES Engineering, Scandlines and Norma Group.