The Industri Kapital 1997 Fund sold its remaining 11.7% holding in Intrum Justitia to a limited number of Swedish and international institutional investors. The shares were sold at the price of SKr61.75 per share. IK acquired a 50% stake in Intrum Justitia in March 1998, when it took the company private from the London Stock Exchange together with the founding Goransson family. During IK’s involvement the company reduced costs and improved margins, while increasing revenue growth. Intrum Justitia was listed on the Stockholm Exchange in May 2002 at a listing price of SKr47 per share. At the time of listing, the Industri Kapital 1997 Fund retained a 25% stake in Intrum Justitia, which has subsequently been reduced during 2005.
- After seven confident quarters, the 3i European Enterprise Barometer Index, which measures private companies’ confidence in business, political and economic climates for Europe, has declined from +44, which was the fourth highest rating since the barometer was launched in 1998, to +4. Business leaders of these private European companies appear less confident with respect to starting up or growing an existing business organically, but more confident about acquisitions as a means of creating value. Philip Yea, 3i CEO said: “Entrepreneurs prefer a stable economic and political backdrop and confidence in Europe. The lowering in confidence in the UK and Italy is consistent with other indices for these economies.”
- Electra Partners Europe and CVC Capital Partners have jointly acquired CPI, a monochrome book manufacturer. They will invest an equal share in CPI, alongside management led by Timothy Bovard, the co-founder of the company with Cyrille Chevrillon. In 2005, the group generated turnover of €360m. CPI currently produces around 2m books a day. CPI operates 18 plants and employs 4,300 staff in the UK, France, the Netherlands, Belgium, and Germany. The deal is estimated at €400m to €450m.