Target Express, a UK parcel express company, has been acquired by its management team, in a secondary buy-out, led by 3i. Around £50m (e81m) will be invested by 3i to back the buy-out from current owners Legal & General Ventures and the founder shareholders. The buy-out will also be funded by debt facilities arranged by Fuji Bank and additional equity is provided by Gresham Trust. Target Express is forecast to achieve a turnover of over £100m this year.