3i exits funeral biz, brings in Chinese partner for Formel D deal
July 18, 2017
PE firm 3i has exited funeral service company Mémora, while adding a Chinese co-investor for its takeover of vehicle-part supplier Formel D.
Ontario Teachers' Pension Plan has agreed to acquire Mémora, generating net proceeds of £117 million for 3i. The firm originally acquired the business in 2008 for €187 million.
Meanwhile, 3i has also brought on board CITIC Capital, the investment house partly owned by the Chinese government, to support its buyout of Formel D. CITIC will invest around €72 million as part of the deal, with 3i backing the company to the tune of roughly €155 million. 3i announced in May its intention to acquire Formel D from DBAG for up to €247 million, saying at the time it intended to bring in a co-investor to support the business' Asian expansion.