3i invested in the Stockholm-based business in 2005, backing Boxer's aggressive expansion strategy in Sweden on the back of the country's switch from an analogue to digital network, a process which successfully completed at the end of last year.

3i worked in partnership with Teracom and Boxer's management to grow the company into a leading, highly profitable pay television operator against the backdrop of substantial regulatory change to the pay television market. During 3i's investment period, Boxer significantly strengthened its position in its home market, almost doubling the number of subscribers from 380,000 in 2004 to around 700,000 currently and growing pre-tax profits from SEK8 million in 2004 to SEK376 million in 2007.

Boxer is now embarking upon a new phase in its development by expanding internationally. Earlier this year, it was awarded exclusive 12-year licences to operate in Denmark's and Ireland's pay television markets.

3i Partner Klas Hillström commented on the transaction: "We have worked closely with Boxer, a pioneering commercial pay television operator in the DTT network, which has achieved our agreed milestones and grown into a leading player in the Swedish pay television market in just a few short years. Boxer took important steps forward with its entry into the Danish and Irish markets earlier this year and remains excellently positioned to continue to grow internationally."

3i is a successful private equity investor in the TMT sector. Its track record includes the impressive IPOs of Focus Media (China) and Telecity (UK) as well as successful investments in Demand Media (US), Union Radio (Spain) and Civica (UK).

Handelsbanken Capital Markets advised 3i on the transaction.

3i, an international leader in private equity and funds managed by 3i have backed the buyout of Memora, a market leading funeral services provider with operations in Spain and Portugal, from Acciona and Caja Madrid for €187m.

3i has developed a long term relationship with Memora's management and has experience in this sector following previous investments in Fairways and Alderwoods.

Memora, which currently operates 96 parlours, 16 crematories and 25 cemetaries across Spain and Portugal, has experienced considerable growth in the past two years and is the dominant player in the Portugese market. 3i's involvement will allow the company to continue this growth through further acquisitions and play a leading role in the industry's consolidation.

Furthermore, 3i has introduced Ramon Lafuente to the board as Executive Vice Chairman. Ramon has extensive experience as chairman or non-executive director across several fo 3i's portfolio companies, including Panreac and Esmalglass.

Jorge Quemada, partner 3i Spain said: "Memora is a well managed, high quality business with a market leading position in the Iberian peninsular. We look forward to supporting the management in strengthening its position in its core markets and in assisting it to continue to provide quality services across the range of its offering."

3i has a strong track record in the transport and logistics sector and has provided this distribution group specialising in packages from pickup to delivery, and offers a choice of standard, rapid and express delivery across France with the benefit of its network and its on-the-ground expertise in order to optimise both growth and profitability. In two years, turnover grew by nearly 50% to almost €300 million, while the number of employees rose from 2,300 to 3,000.  

With the acquisition of Transports Alloin, Kühne + Nagel adds to its European network. In its business areas, Transport Alloin will be the Swiss group's leader in France.  

According to 3i partners Denis Ribon and Laurent Savinelli, "Transports Alloin has shown that it is able to generate profitable growth in this sector, which is very capital intensive and has tight margins. The fact that it is joining one of the European leaders shows that its strategic positioning has been correct".   

Jean-Louis Alloin, who will retain his position as chairman of the group in the new entity, said: "We are very happy to be joining an international group like Kühne + Nagel. We are sure that our clients will value this new structure and will benefit from the expansion of our range of services".

Xavier Urbain, a member of Kühne + Nagel's executive committee, added: "Expanding our overland logistics business in France is essential to our European development and Alloin gives us a strong position in that important economic area". 
This transaction remains subject to the approval of the EU competition authorities.

The transaction is expected to close at the beginning of January 2009.

Bob, 46, joins 3i after 14 years with General Electric where he was elected a company officer in April 2006.  His most current role was President and Chief Executive Officer of GE Corporate Finance Europe with overall responsibility for M&A, structured finance and other capital market activities.

Commenting on the appointment, Philip Yea, Chief Executive, of 3i Group plc said:

"North America is an important market to 3i. We are delighted to have an executive of Bob's calibre and track record to lead the next stage of the development of our business there."

Bob Stefanowski added:

"It is great to be joining 3i at a key time in the firm's international expansion.  3i has a good track record in North America and an enviable European and Asian network and investing record. The market in North America presents excellent opportunities in the infrastructure, private equity and growth capital businesses and I look forward to leading 3i's development there.

Following his appointment, Bob Stefanowski will join 3i's Management Committee. 3i also announced today that Bruno Deschamps, currently Group Partner, Managing Partner, 3i in France will join the Management Committee as Managing Partner, Group Markets with specific responsibilities for 3i's Continental European network and certain group functions. He will retain his direct responsibilities for 3i France.

Commenting, Simon Ball said:

"I am very proud of what we have achieved at 3i over the last four years and the time is now right for me to take on some new challenges. I'm delighted for Julia and wish both her and 3i every success for the future."

Baroness Hogg, 3i Chairman said:

"I am delighted that Julia is joining the board. She makes an excellent successor to Simon who has served the company well."

Philip Yea, 3i's Chief Executive, added:

"Simon has made a significant contribution to the reshaping of 3i. I am sorry to see him leave but understand his decision to seek new challenges, and would like to take this opportunity to thank Simon and wish him continued success in the future."

3i also announces two further appointments to its Management Committee to support its continued international development.

Bob Stefanowski is appointed Managing Partner and Chairman, 3i North America, effective 15 September 2008.  He joins after 14 years with General Electric, where he was elected a company officer in April 2006.  His most recent role was President and Chief Executive Officer of GE Corporate Finance, Europe, with overall responsibility for M&A, structured finance and other capital market activities.

Bruno Deschamps, currently Group Partner, responsible for 3i in France, will join the Management Committee as Managing Partner, Group Markets, effective 1 October 2008. He will have specific responsibility for 3i's geographic network across Continental Europe and a number of Group functions including Marketing and Business Leaders Network. He will retain his direct responsibilities for 3i France.

Commenting on these appointments, Philip Yea said:

"The changes announced today demonstrate our continued ambition to grow our business internationally."

There are no other matters to disclose in accordance with paragraph 9.6.13R of the FSA's Listing Rules in connection with the appointment of Julia Wilson.

The role of Managing Partner, Group Markets, is a newly created position to reflect 3i's commitment to its geographies and to complement the existing positions of Managing Partner North America (Bob Stefanowski) and Managing Partner Asia (Chris Rowlands).

Bruno joined 3i in July 2007 from Clayton, Dubilier & Rice, where he had been a Partner since 2002, and most recently served as Chairman and CEO of Brake Bros.  He has been involved in other private equity investments in Europe, including Rexel, VWR and Culligan.  Bruno holds an MBA in marketing and finance from ISG Paris and is fluent in French, English, German, and Spanish.  He is president of the French Foreign Trade advisors in the UK, a member of the Franco-British Chamber of Commerce and a Knight of the Legion d'Honneur France.

Pieter de Jong, 3i Director, commented: "We invested in Electrawinds to support the company in fulfilling its ambitions of gaining a foothold in other European markets, as well as cementing its leading position in the Belgian market.  That work is now completed and we are proud to have worked with the Electrawinds' team to achieve so much in such a short period.  It is time for management and the Desender family to lead the company through the next phase of their development."

Luc Desender, CEO Electrawinds, commented: "Our partnership with 3i has been crucial to the success of our business.  Thanks to the experience and knowledge of 3i, we have been able to develop from a promising growth business into an established player in the Belgian renewable energy market.  We had anticipated we would need five years to achieve this, but are pleased to have achieved our milestones within just two years.  Electrawinds will now focus on its next stage of growth.  We thank 3i for their support." 

Butterfield will retain a substantial equity stake and 3i, an existing shareholder in Fulcrum Group, is supporting the group with a further investment.

"This is an enormous win-win for both companies that will leverage sales and operational capabilities   of Fulcrum Group, and the tremendous customer relationships and global reputation of Butterfield Bank Group." said Akshaya Bhargava, Chief Executive Officer of Fulcrum Group.  He added, "Our vision is to create the best fund administration company in the world."

Alan Thompson, President and Chief Executive Officer of Butterfield, echoed Mr. Bhargava's sentiments, saying "We believe that the merger of these two highly successful businesses will result in significant business growth, more services for fund administration customers and career opportunities for employees. In BFG, Butterfield and Fulcrum are creating a company that will have a powerful presence in fund administration globally."

Mr. Bhargava will become the Chief Executive Officer of BFG and Jill Considine, current Chairman of the Fulcrum Group, will be the Chairman of the BFG Board. Mr. Thompson and Graham Brooks, Executive Vice President, International at Butterfield will also join the BFG Board, along with other representatives from Fulcrum and 3i.

"This merger brings together two highly complementary fund administrators to offer a full-service platform of significant scale that has a business model and operational structure to achieve industry leadership," said Ms. Considine. "BFG will be able to leverage the market reputation of one of the world's premier banks, a very efficient operating platform and a highly talented and motivated management team."

Both companies share common corporate values and bring significant strengths to BFG, in addition to sharing a highly customer centric and a high touch personalised service approach. BFG's global operations model and use of many industry best practices is expected to significantly enhance the company's ability to meet increasingly complex demands from its customers.
 
Commenting on the synergies to be realised through the formation of BFG, Mr. Brooks said, "In Fulcrum's management team, we have found a like-minded group of fund administration professionals who share our focus on customer service and a desire to be among the top global providers of services to alternative investment strategies.  We are excited about the growth prospects of BFG."

Representatives of both Fulcrum and Butterfield noted that ensuring seamless delivery of client services during the integration is a top priority for BFG.  "Clients will continue to receive the same high levels of service and from the same relationship centres while the two companies are being integrated," said Mr. Bhargava. "We expect integration to be completely seamless from a client point of view."

Whitney Bower, 3i Partner, added of the merger "We are proud to have been a part of Fulcrum's growth and believe that Butterfield Fulcrum Group will be a major force in the global fund administration industry. Our industry knowledge and strong global network have enabled us to support Fulcrum's international expansion, particularly in Europe and India, and we very much look forward to accelerating this growth through the partnership which this merger of Fulcrum and Butterfield brings. The merger of Fulcrum and Butterfield is also a testimony of 3i's partnership style focused on driving growth."

Merrill Lynch acted as a third-party adviser to Fulcrum Group on the agreement, while UBS Investment Bank advised Butterfield.

Originally focussing on general analysis and basic diagnostic services, 3i's global team of healthcare specialists has led a growth strategy to expand the company's offering, enabling it to complement these services with more complex diagnostic tools.  Sampletest now offers a wide product range from regular tests to more complex practices such as microbiology, haematology, endocrinology and immunology.  The diversified product range has led to Sampletest seeing an increase in sales revenue from €16m in 2004 to €80m in 2008. Sampletest now has over 950 employees across 511 clinical sites in Spain and Portugal.

Labco SAS, a leading pan-European diagnostics network, is the ideal partner for Sampletest, thanks to its international network and access to a wide range of medical technology.  Providing quality diagnostic services to patients, General Practitioners and hospitals, Labco also has extensive experience in successful acquisitions having experienced huge growth in the past 4 years with 15 acquisitions made this year alone.

Abelardo Lopez, Partner 3i Spain, said: "The medical diagnostics market continues to experience considerable consolidation.  Today's integration of Sampletest within Labco SAS will significantly increase the growth potential of the enlarged company in the wider European market.  Following a stringent and exhaustive sale process, 3i is confident that Labco SAS represents the best possible partner to help Sampletest achieve its expansion goals through providing access to its diverse range of products and international operations."

3i's global healthcare team has enjoyed a number of successful deals, investing more than €1.5bn since April 2001, in pharmaceutical, medical technology and care services businesses.  Current companies in its portfolio include: Quintiles Transnational, Alpharma, Ultralase and LHi Technology.

Advisors on the deal included:  Financial advice to vendor - Rothschild; Financial advice to Sampletest - Ambers; Legal advisors to vendors - Araoz & Rueda and Goncalves Pererira, Castelo Branco & Associados.

Founded in Paris in 2003 by CEO Eric Souêtre and French Managing Director Stéphane Chassaing, Labco now operates a network of over 250 labs in 6 countries, providing quality diagnostic services to patients, General Practitioners and hospitals. Labco has experienced huge growth over the past 4 years having made around 45 acquisitions from 2004-2007 and 15 more in this year alone. 3i's investment, network and knowledge will support management's plans for further acquisitions and enable it to expand its service offering across its international footprint.

3i has introduced Denis Ribon and Richard Bishop to the Labco Board and Daniel Bour, former CEO of General de Sante, will join as Non-Executive Director. Daniel, brings with him impressive Healthcare market knowledge and in-depth expertise of a build-up growth story.

Denis Ribon, 3i partner and Head of Healthcare for Europe, comments:
"Labco is a fast-growing, well differentiated, European leader in the medical diagnostics market with a first-class management team. In a consolidating market, the consortium of investors led by 3i has been impressed by Labco's proven commitment to quality and efficiency towards patients and physicians. We are confident in its capacity to achieve outstanding growth in Labco's core international markets."

Dr Eric Souêtre, Co-founder and CEO of Labco comments:
"I am delighted with the trust and support of existing shareholders and welcome new partners in this next stage of development of our network. I am also confident that this financing round will open new growth opportunities in view of the current consolidation of the European diagnostics market. We will now be able to extend our network to new countries, to invest in cutting edge technologies and to provide high quality medical services to patients throughout Europe."

This investment builds on 3i's expertise in the Healthcare sector, as demonstrated by recent investments in Quintiles, Ultralase and Alpharma API.

Soya Concept Managing Director Torben Brodersen commented on the deal: "It was very important for us to be able to accomplish a smooth generational shift while keeping a majority stake in the business, which is one of the reasons why 3i, as a leader in growth capital, is the perfect fit for us. Following years of strong growth, we now need to develop our business model further and accelerate our international expansion. 3i has tremendous experience in our sector and has helped to create numerous success stories, such as Gant. Thus, we really look forward to having 3i as a partner."

3i Director Morten Windfeldt added: "Soya Concept is an exciting and very well-run company with a strong management team, and we look forward to accompanying the business in its next stage of development. With our sector expertise and international network, we will help Soya Concept to achieve its ambitious growth strategy."
     
3i has a successful track record in the consumer sector. Its current investments include AP Bags, Agent Provocateur and Hobbs.

Reason for the transaction
ABX is an established company within the same business areas as DSV. The geographical coverage of ABX, which has considerable European activities in Italy, Spain, France and Germany, complements the current structure of DSV with its strong Nordic roots. Furthermore, ABX has significant activities in Asia, North America, South America, and Africa. The combination satisfies both DSV and ABX' objectives to establish critical mass in key markets and improves the position of both groups to meet the increasing demand for total global transport solutions.

DSV is committed to continuing to grow each of its three core business areas. It has been the intention of DSV for a long period of time to strengthen, and preferably double, the revenue generated from Air & Sea activities. Through the combination, these activities will approximately double in size.

ABX and DSV will integrate their activities in Air &Sea, Road and Contract Logistics to create both operating and administrative synergies. The synergies are expected to be fully implemented before the end of 2011, when the margins of ABX are expected to be on a level with the margins realised by the various divisions of the DSV Group.

The transaction
The aggregate price of the entire share capital, on a debt and cash free basis (enterprise value) is €750 million. DSV will finance the acquisition price through bridge financing facilitated by the current main banks of DSV.

3i, funds managed by 3i, ABX Management and other shareholders acquired ABX in August 2006 from the Belgian Railways (NMBS/SNCB Holding) after having signed a Memorandum of Understanding with SNCB Holding on 22 March 2005 for an Enterprise Value of approximatively EUR 300 million, including EUR 10 million for the share capital, and the assumption of financial debt, pensions and restructuring liabilities. In parallel, the new shareholders injected EUR 70 million in the business.

Conditions
The transaction is expected to complete in the third quarter of 2008 and is subject to approval by the relevant competition authorities.

Profile of ABX
Headquartered in Brussels, ABX is a global freight forwarder. The Group achieved consolidated revenues of €1.8 billion in 2007, employs 6,700 FTE in 35 countries and operates in 65 other countries through agents, partners and joint-ventures. ABX offers air and sea freight forwarding services globally and international road transport in Europe. It also provides Contract Logistics Solutions in Europe. ABX has a particularly strong presence in Western and Southern Europe, and has a leading position in Italy under the name of Saima Avandero. It also operates an extensive and strong network in Asia-Pacific and in the Americas. Its Air & Sea activities achieved a turnover of over €1.3 billion in 2007 which places ABX among the top European Air & Sea freight forwarders. According to its consolidated financial statements for 2007, the ABX Group achieved EBITDA of €54 million and EBITA of €31.9 million (an EBITA margin of 1.7%).

Led since March 2003 by Mr Laurent Levaux, CEO of ABX, the company has refocused its business on core activities: Air & Sea, European International Road transport and Contract Logistics.

Post-merger company
In 2007, ABX and DSV together:
# Achieved pro-forma annual revenue of circa €6.5 billion;
# had approximately 25,000 employees;
# operated their own transport networks spanning more than 60 countries; and
# had transport activities in more than 100 countries.

The merger of DSV and ABX will create a combined company playing a leading role within the transport and logistics industry:
# The merged company will be better positioned to counter the increasing competition including from new Asian players.
# The business combination entails a stronger combined network, particularly in Germany, France, Italy and Spain. Historically the size of DSV has been modest in those four large European countries.

Management and Integration

In the coming months, DSV and ABX will draw up a plan for the integration of the activities of the two companies which will implement the provisional business and synergy case. This will be carried out by collaboration between the managements of the two organisations.

Mr Laurent Levaux, the current CEO of ABX, will be proposed as candidate for the position of Deputy Chairman of DSV Board at the next annual general meetings.

As part of the terms of the agreement, the ABX Headquarters will be maintained in Brussels through at least 2011. It is the firm intention of the new group to continue to develop its operations in Belgium.

In connection with the closing of this transaction, more details of the effects of the acquisition will be communicated, including the final quantification of synergies and the exact description of how much the individual divisions will be affected by the transaction.

Kurt K. Larsen, CEO of DSV, commented:
"It is a great pleasure that we have succeeded to unite ABX and DSV. The match between the two organisations is almost ideal, both geographically and in respect of activities. For a number of years, ABX has been at the top of the list of potential combination candidates. The DSV Management and employees look forward to benefiting from its collaboration with the ABX organisation.

Laurent Levaux, CEO of ABX, commented:
"We are excited to join forces with DSV and to enhance our presence in a number of regions around the world. There is a strong cultural fit between our companies and cultures. Beyond our geographical complementarities, both CEOs share the same values of customer focus, entrepreneurship, and managers' empowerment. Together, ABX and DSV will accelerate their expansion.
This strategic alliance is also excellent news for Belgium, which created the ABX Group through the Belgian Railways between 1998 and 2001 and is a natural hub for logistics activities and multi-modal transportation. By teaming up with DSV, with whom we have a long standing business relationship, ABX will be able to further contribute to developing Belgium's role as a global transportation and logistics centre of choice.
We have enjoyed a very positive and intense partnership with 3i, who believed early in ABX and its management, and supported us in the transition into our current strategic model."

Robert Van Goethem, 3i Partner, commented:
 "The freight forwarding market continues to undergo considerable consolidation. Today's merger of ABX and DSV will significantly strengthen the growth potential of ABX' activities as it will be able to benefit from a much larger network effect. ABX' and DSV's networks are indeed very complementary in Europe and on a worldwide basis.
We are also hugely grateful for the work that Laurent Levaux and the entire ABX management team have performed to turn ABX around in the past 5 years and to deliver extraordinary strategic and operational improvements to the business. ABX today is a fundamentally different and better business than it was 5 to 6 years ago. The timing of today's transaction was not planned or anticipated when 3i, ABX management and the other shareholders bought the business. However the business is well ahead of its milestones. The board of ABX and all shareholders decided a merger between DSV and ABX provided an excellent opportunity as the next phase of development for ABX' activities and that it is in the best interest of the company, its stakeholders, its management and the local Belgian economy. We are proud to have been part of ABX' success story and are confident that ABX and its management will continue to prosper under the new configuration."

3i's strong brand in Italy where it has had a local team for almost twenty years and its extensive relationships with business leaders has enabled it to attract Giacomo Santucci, ex COO of Gucci Group and ex MD Salvatore Ferragamo, to the board as a non-executive director.

3i's consumer sector has also enjoyed success with businesses such as UK based lingerie brand Agent Provocateur, a current portfolio company, and has recently successfully divested Italian toy brand Giochi Preziosi as well as Asian restaurant chain, Little Sheep which listed on the Hong Kong Stock Exchange in a successful IPO earlier this month.

Marco Fumagalli, Partner and Managing Director of 3i Italy commented: "We have found the ideal partner in APB to compliment and further extend our international presence in the luxury goods sector. The deal will reinforce our already strong presence in the international luxury goods sector and will allow us to develop synergies among our portfolio companies, generating value for our shareholders. "

Giovanni Stella, the CEO of Antichi Pelletieri, said: "We share a common strategy with 3i and are optimistic about the development opportunities provided to APB by the extensive network of strategic and industrial partners that 3i has developed in the emerging markets."

3i, a world leader in mid-market private equity, and funds managed by 3i, have completed a deal to back the buyout of Uponor UK Ltd, the UK's market leading manufacturer of thermoplastic pipe systems to the gas, water and telecommunications industries, for £100m from its Finnish parent, Uponor Oy.  Following the transaction, the company will be renamed Radius Systems Limited.