LONDON (Alliance News) - 3i Group PLC on Thursday said it has increased the book value of its investment in Action, the Benelux-based non-food retailer, following strong trading and a number of approaches the FTSE 100-listed private equity provider has received in respect of the investment.
3i said Action has continued to grow strongly, based on trading in 2016 to mid-June, and like-for-like sales growth is set to be broadly similar to 2015. Action also is on track to open materially more stores in 2016 than in 2015.
Given the third-party interest in the business and continued growth, 3i said it has increased the book value of its investment in Action to GBP1.46 billion from GBP902.0 million at the end of March.
3i said it remains actively engaged in developing Action and is not intending to sell or float the business in the near term.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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3i Group (III)