Posted on April 15th, 2005
PROjEN buy back shares | PM PROjEN News
PROjEN, the UK’s leading project management and professional engineering design company, based in Northwich, Cheshire has today completed the buy back of the shares held by 3i, Europe’s leading private equity and Venture Capital Company for an undisclosed sum.
3i completed a £200k growth capital investment in PROjEN in September 1995, taking a 25% stake. 3i continued to support the business through the trough of the service sector cycles, backing a team which included current non-executive chairman John Poole and finance director David Moss.
This support was based on a belief in the underlying quality of the PROjEN business model and the opportunity for strong recovery as the cycle turned. Over the last two years the business has seen a strong upward trend in its performance and is a key provider to a number of large blue-chip organisations. Preferred supplier agreements with core clients have doubled over this period and both permanent and temporary business has thrived.
Karl Cockwill, 3i portfolio executive, commented: “PROjEN is a high quality business and our support for the business has been vindicated by the performance of the team. Particularly over the last 2 years, PROjEN has firmly established itself as a market-leading supplier at the top of its niche.”
John Taylor, managing director PROjEN, commented: “3i has been a valued partner over the last nine years and they have been very a supportive investor helping us to focus on growth industries and to develop our product offering. The feedback from our clients has been excellent and our performance over the last two years, combined with the general business outlook, enables us to make this investment on solid ground and promises a secure future for the company and its employees.”
The 3i deal team was led by Karl Cockwill, portfolio executive. PROjEN received corporate finance advice from John Daly at Tenon and legal advice was provided by Stuart Scott-Goldstone of Laytons.
3i is a world leader in private equity and venture capital. It focuses on Buyouts, Growth Capital and Venture Capital and invests across Europe, in the United States and in Asia Pacific. Its competitive advantage comes from its international network and the strength and breadth of its relationships in business. These underpin the value that it delivers to its portfolio and to our shareholders.
In the 6 months to 30 September 2004, 3i invested £521 million, including co-investment funds. 3i’s buyout business concentrates on the mid and smaller buyout markets in Europe and Asia Pacific and invested £305m in the 6 months to 30 September 2004. Its growth capital business invested £142 million in the 6 months to 30 September 2004 in high growth companies expanding organically or through acquisition. 3i’s venture capital business invested £74m in the 6 months to 30 September 2004 in early stage technology companies.