3i Infrastructure PLC New investment in SRL Traffic Systems (5945U)
December 06 2021 - 1:00AM
UK Regulatory
TIDM3IN
RNS Number : 5945U
3i Infrastructure PLC
06 December 2021
3i Infrastructure plc invests in SRL Traffic Systems
6 december 2021
3i Infrastructure plc ("3i Infrastructure" or the "Company") has
agreed to invest c.GBP191 million to acquire a 92% stake in SRL
Traffic Systems ("SRL"), the market leading traffic management
equipment rental company in the UK. Management has re-invested to
acquire the remaining 8% stake. 3i Infrastructure has provided a
further GBP83 million of debt financing to SRL with the intention
of replacing this with third party debt in due course.
SRL, which is headquartered in Cheshire, owns a fleet of almost
13,000 items of traffic management equipment, which it rents to
local authorities, utilities, contractors and traffic management
companies from a nationwide network of depots. SRL's product range
includes temporary traffic lights, adaptive detection systems,
pedestrian and cyclist systems, variable messaging systems,
barriers and CCTV. SRL offers its customers a full service rental
solution, which includes the planning and design of complex traffic
management systems, installation, maintenance and integration with
existing systems, as well as direct sales of equipment assembled by
SRL.
SRL is experiencing strong growth in customer demand driven by
an increasing number of roadworks projects, resulting from greater
spending on highway maintenance, utilities works and major
infrastructure projects. Hire of traffic management equipment is
increasingly favoured over other methods of traffic control because
it contributes to improved safety whilst roadworks take place,
protecting both road workers and the general public whilst
effectively managing traffic congestion.
SRL's market-leading reputation is supported by its network of
30 depots nationwide, providing a 24/7 365 day a year service on
which customers rely for quick deployment and reactive maintenance
work.
Richard Laing, Chair of 3i Infrastructure, commented: "SRL is an
attractive core-plus infrastructure business and is well-suited to
3i Infrastructure's strategy of investing in asset-intensive
companies. The business has a strong position through its extensive
depot network and market-leading reputation."
Phil White, Managing Partner and Head of Infrastructure, 3i
Investments plc, Investment Manager of the Company, added: "SRL has
defensive characteristics in a sector with attractive underlying
market trends. We are excited to be backing a best-in-class
management team, and we see opportunities to use our longstanding
experience of investing in UK infrastructure to support SRL's
continued growth."
-ENDS-
For further information, contact:
Thomas Fodor Tel: +44 207 975 3469
Investor enquiries Email: thomas.fodor@3i.com
Kathryn van der Kroft Tel: +44 20 7975 3021
Media enquiries Email: kathryn.vanderkroft@3i.com
Notes to editors:
3i Infrastructure plc
3i Infrastructure plc is a Jersey-incorporated, closed-ended
investment company and an approved UK Investment Trust, listed on
the London Stock Exchange and regulated by the Jersey Financial
Services Commission. The Company's purpose is to invest responsibly
in infrastructure, delivering long-term sustainable returns to
shareholders and having a positive impact on its portfolio
companies and their stakeholders.
3i Investments plc, a wholly-owned subsidiary of 3i Group plc,
is authorised and regulated in the UK by the Financial Conduct
Authority and acts as Investment Manager of 3i Infrastructure
plc.
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END
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