Acquisition
3i announces completion of acquisition of MIM
16/02/2011
3i Group plc ("3i" or "the Group") today announces the completion of the acquisition of Mizuho Investment Management (UK) Limited ("MIM") from Mizuho Corporate Bank, Ltd. ("MHCB"). MIM is one of Europe's leading debt management businesses with assets under management ("AuM") of £3.7 billion.
The acquisition consideration is £18.3 million. The acquisition has received MIM investor consent and 3i has obtained regulatory approval from the UK Financial Services Authority.
MIM was established by MHCB in 2005 as its 100% owned asset management subsidiary. MIM specialises in the management of funds raised to invest in senior and subordinated corporate debt, providing investment advisory services in return for fees. MIM has a high quality loan portfolio and an established fundraising track record with a diverse investor base. MIM has built a strong team of 28 employees, has raised eight funds, totalling over £4.0 billion, since 2005 and had £3.7 billion AuM at 31 March 2010.
3i's existing debt management activities will be merged with MIM to form a distinct business line, 3i Debt Management, with a total AuM of c£4.0 billion. Jeremy Ghose, CEO of MIM, will become Managing Partner and CEO of 3i Debt Management and will join 3i's leadership team. Andrew Golding, 3i Partner and head of the banking team, will take the role of Managing Director.
For further information, please contact:
Patrick Dunne
3i Group Communications Director
Tel: 020 7975 3566
Guy Lamming
Finsbury
Tel: 020 7251 3801
About 3i
3i is an international investor focused on Private Equity, Infrastructure and Debt Management, investing in Europe, Asia and North America. Our competitive advantage comes from our international network and the strength and breadth of our business relationships. These underpin the value that we deliver to our portfolio, shareholders and fund investors. www.3i.com
About Mizuho Investment Management ("MIM")
MIM was established by MHCB in 2005 as its 100% owned asset management subsidiary. MIM specialises in the management of corporate debt funds invested mainly in senior and subordinated loans. MIM has built a strong team of 28 employees and has raised over £4.0 billion since 2005 in 8 funds. The senior management team collectively has over 110 years of relevant market experience, including Jeremy Ghose who has been CEO since its establishment and has over 23 years of experience gained at MIM, MHCB and HSBC, and have delivered a strong performance in turbulent markets.
This information is provided by RNS