Venture capital giant 3i has completed a profitable exit from waste management business Zero Waste.

Alongside Aberdeen Murray Johnstone Private Equity, 3i backed the then start-up in 1999 – each firm investing around £6.5 million.

Having guided the business through to profitability, the two groups decided to sell out earlier this summer and, says 3i's Ian Richards, AIM-quoted business utilities concern Augean was among four or five suitors eager to take the reins.

Augean eventually purchased Zero Waste for around £26 million, representing a 100 per cent return on investment for the two venture capital groups.

21/12/04

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