* 3i sells its entire 16.7 percent stake in Norma
* Firm preparing to sell four more firms -source
* The four companies include Canada's Mold Masters -source
By Kylie MacLellan and Brenda Goh
LONDON, Jan 10 British private equity group 3i
has sold all of its remaining 16.7 percent stake in
German engineering group Norma for about 109 million
euros ($142.2 million).
A source familiar with the situation said 3i was now
preparing to sell four more companies, including Canadian
manufacturer Mold Masters and UK software maker Civica.
The sales come amid an overhaul of the firm under new chief
executive Simon Borrows, who is seeking to beef up 3i's earnings
and return more cash to shareholders.
The private equity group said on Thursday said it placed 5.3
million Norma shares with investors for 20.50 euros each and was
no longer a shareholder in the German company.
The sale price was a discount of about 4.5 percent to
Norma's closing share price on Wednesday and below its Frankfurt
listing price of 21 euros per share in April 2011. Norma's
shares on Thursday closed at 21.05 euros.
The sale was "significantly oversubscribed", 3i said.
The firm, which invested in Norma in 2006, had banked about
138 million euros by reducing its 73 percent stake through the
initial public offering. It raised a total of around 121 million
euros from two further sell-downs in June and September last
The sale, which was run by Berenberg Bank, took 3i's total
return to 5.5 times its original investment.
It has now appointed Morgan Stanley to advise on the sale of
Mold Masters, a company worth about C$700 million ($710
million)which makes plastics temperature control systems, and is
considering bids from private equity groups including PAI
Partners for its minority stake in French medical diagnostic
company Labco, the source said.
3i is also looking to sell Civica and German-Danish ferry
operator Scandlines over the next few months, the source said.
It is set to launch the sale of Scandlines with Allianz
Capital Partners this month in a process that is
likely to attract Scandlines rivals such as Italy's Grimaldi and
other private equity groups.
3i declined to comment on the four sales. Its shares closed
1.5 percent higher at 234.1 pence ($3.80) on Thursday.