3i continues Scottish technology investment
Venture capital firm 3i today says it has not scaled back its investments in Scotland in the first half of the year and predicted a strong deal pipeline for the coming months. In the six months to the end of September, 3i Scotland invested a total of £43 million north of the Border, unchanged from the same period last year, although at 12 the number of deals was slightly lower.
The largest single deal was a £25m development capital investment in Petrofac, the international oil and gas services company. Edinburgh-based Aspects Software received just under £1m, and Ardana Bioscience, the Capital biotech firm headed by Simon Best, the former CEO of genetics firm Roslin Bio-Med, picked up a similar sum. Bop-Med was acquired by US Geron Corp in 1999.
Robin Marshall, 3i director for central Scotland, said: " Investment opportunities are significantly lower than a couple of years ago, but we remain committed to early-stage technology. There are a number of businesses we will still be supporting, and we are looking for new opportunities."
Looking ahead to the second half of the year, Marshall said: " This is a great time for venture capitalists to invest, and I see a pretty healthy deal pipeline for the next six months."
Mr Marshall’s comments came as 3i reported a 14.4% fall in the value of its investments because of a decline in dividends received on the sale or restructuring of investments and a fall in interest income. Net asset value per share - a key measure of the returns on its investments - fell to 548p from 645p at the start of the year.
Source:http://edinburghnews.scotsman.com/
Webs:http://www.petrofac.com/
http://www.aspects-sw.com/
http://www.ardana.co.uk/