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3i hires Rothschild to explore sale options for Civica

3 Oct 2012

3i is reported to have hired Rothschild to explore sale options for public sector software provider Civica, in line with The FTSE 250-listed private equity firm’s efforts to sell off assets and reduce its debt burden as part of its radical strategy overhaul.

Civica, whose software is used by local councils, police forces and NHS trusts, was acquired by 3i for £190m in 2008, the Financial Times reported late Tuesday.

The company could be either sold or floated in the first half of 2013, the report said

Despite public spending cuts, Civica’s revenues have grown by about 43 per cent from 2007 to £182.7m last year, while annual revenue growth was eight per cent in 2011, the report added.

The planned exit is in line with 3i’s efforts to reduce its debt to under £1bn by June 2013 as part of an ambitious cost-cutting exercise led by new chief executive Simon Borrows.

An exit would follow a recent slew of sell-offs that also include the sale of power network LNI, rubber part maker Novatema and outdoor clothing company Halti.

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