3i slashes back debt as private equity rallies
11 April 2012
Listed private-equity group 3i today reported a dramatic fall in debt as the industry bounces back from the recession.
The firm cut its debts by £211 million to £643 million in the final three months of 2009. It sold £270 million worth of businesses in the quarter and invested
£59 million.
Spokesman Patrick Dunne said business is improving for private-equity firms but said activity levels remained subdued compared with pre-crash levels. "It is still a fragile economy and people are more cautious," he said.
Industry giant Kohlberg Kravis Roberts yesterday splashed out £955 million on Pets at Home in one of the biggest private-equity deals since the financial crisis struck.
