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PRINT THIS PAGE 3i sells ERM stake to Bridgepoint in $535m deal31/10/2005. Source: AltAssets. 
 3i has agreed to sell its stake in environmental consultancy Environmental Resources Management to Bridgepoint in a deal worth $535m. The sale will see 3i making a complete exit of their 52 per cent stake in the business for $250m of proceeds. The firm backed the $243m buy-out of ERM in 2001, investing $80m.
Bridgepoint's $535m offer for ERM also includes the 48 per cent holding currently owned by ERM's 400 employee shareholders.
ERM has over 100 offices in 39 countries and employ over 2,500 staff.
3i director Mike Turner said 'We have supported ERM for almost five years and have seen it develop into a world class business. We are delighted to realise over three times our initial investment and we wish the team the continued success for the future.'
Kevin Reynolds, partner responsible for Bridgepoint's investment activity in the UK, added, 'Our analysis has confirmed the compelling attractiveness of ERM as a well-managed global specialist in its field with a commercial culture that remains core to the business's success. Looking to the future, we believe that the ERM team can use its unique positioning to benefit from favourable global economic and political trends.'
This deal, if successfully completed, will be the first investment from Bridgepoint's €2.5bn private equity fund BE III, raised earlier this year.
The 3i European Buyout Business invests in all sectors, with a particular focus on media, healthcare and business support services.
Copyright © 2005 AltAssets
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