ISIS Equity Partners, a UK lower mid-market private equity firm, has sold SLR Holdings, an environmental consultancy with offices in the UK, US and Canada, to 3i in a secondary buyout worth approximately £100m (US$196m).
ISIS first invested in SLR in September 2004, when it paid £4.8m for a minority stakes. Since then, ISIS has supported the acquisitions of Insite Environmental and Canada’s Seacor Environments and grown employee numbers from 168 to 650. Today, more than one third of SLR’s revenues are generated outside the UK.
The sale has generated a six times multiple and an internal rate of return of 72% for ISIS, which was advised by Olswang.