3i Group ups stake in Action amid "resilient" portfolio performance

(Alliance News) - 3i Group PLC on Thursday said it has increased its stake in Dutch discount store chain, Action, as it reported both its portfolios are performing "resiliently against a subdued macroeconomic environment."

The London-based private equity and venture capital company said Zwaagdijk, Netherlands-based Action, which is 3i's largest asset, continues to generate strong sales and earnings before interest, tax, depreciation and amortisation growth.

Year-to-date sales, as at September 21, of EUR10.9 billion are 18% ahead of the same period last year, 3i said, with like-for-like sales growth over the same period 6.5%.

LFL stood at 6.8% at the end of August, driven by transaction growth in all countries.

Weaker overall consumer spending in France and Germany has been a feature of year-to-date performance, with recent general strikes and unrest in France causing the reduction in LFL to 6.5%, 3i explained.

3i expects operating Ebitda at Action for the 12 months to the end of September to be around EUR2.30 billion, up 21% from EUR1.89 billion last year.

In addition, 3I said on Wednesday it bought a further 2.2% stake in Action from GIC in exchange for the issue of 19.9 million shares. In May, 3i raised its stake in Action to just under 58%.

Royal Sanders also continues to perform well, 3i said, while the broader private equity portfolio is showing improving momentum.

Shares in 3i were up 1.0% at 3,910.00 pence each in London on Thursday afternoon.

By Jeremy Cutler, Alliance News reporter

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