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October 3, 2012

3i plans to sell Civica

3i had acquired Civia in 2008

By CBR Staff Writer

UK based private equity firm 3i Group is planning to sell or float public sector software provider Civica, as part of its move to sell off assets and lessen its debt burden in line with its radical strategy overhaul.

Civica, which offers software to local councils, police forces and NHS trusts, was acquired by 3i for £190m in 2008.

According to FT, the transaction is expected to have effect in the first half of 2013.

The planned sale is in line with 3i’s efforts to decrease its debt to under £1bn by June 2013 under an ambitious cost-cutting operation led by its new CEO Simon Borrows.

In spite of public spending slashes, Civica reported 43% rise in its revenues from 2007 to £182.7m in 2011, with an annual revenue growth rate of about 8% in 2011.

Civica claims it has a clientele of 275 healthcare providers, including 80% of all NHS Acute Trusts, in addition to fire and police services, schools and housing trusts.

3i is also planning to lay-off over a third of its staff and end new private equity investment in regions outside northern Europe and Brazil.

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