HgCapital, the UK private equity house, has signed an agreement to sell its 70% stake in PII, the pipeline services company, making a return of four times its original investment.
HgCapital originally bought PII from British Gas in 1998, with a follow-on investment in 1999 to support acquisitions. Financial details were not disclosed, but Frances Jacob, director and chief investment officer at HgCapital, said that the deal was "very good" for the firm.
