3i trebles investment

3i disclosed details this week of what it made from its investment in Palletways when it sold its shareholding last month. Birmingham-based director Richar Bishop says 3i ‘made a return of three tiems its investment‘. 3i bought into Palletwyas for £6m in May 02 and left with £18m. Palletways had ‘traded well and exceeded expectations. I think it is an extremely good business‘ Bishop says.
It faced new challenges in terms of the management needed to take it forward in Europe, where the business model had provedmore successful than anyone had hoped, he adds.
‘Palletways‘ talented and ambitious team gave us hust what we were looking for. The takeover by Phoenix Equity Paretners was essentially another buyout,‘ he says. The team has reinvested, he notes.