UK FTSE 100-listed private equity firm 3i has sold its stake in Swiss aircraft manufacturer Pilatus Flugzeugwerke to family-owned conglomerate IHAG Holdings.
The firm took a ten per cent stake in Pilatus, the world’s largest manufacturer of single engine turboprop aircraft, in 2005. The deal value was not disclosed.
Based in Zurich, IHAG Holding is an independent, family-owned group of companies, with a presence in the financial services, industrial and real estate sectors.The acquisition of 3i’s holding increases its stake in Pilatus to 41 per cent, with fellow Swiss group Southfield the other key shareholder.
Andre Perwas, 3i’s director in Frankfurt, said, “During the time of our investment, the company successfully launched the PC021 trainer and consistently improved its business in spite of the difficult environment.”
Today, Norma, another 3i portfolio company, announced that it is to go public in Frankfurt on 8 April this year. A manufacturer of vehice clamps, the company could raise up to €430m.
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