3i has also made a tender offer to existing shareholders pledging to increase its overall investment in the print and facilities management company to 54m.

Clearly the main priority is to finance the new contracts, which are getting bigger and becoming asset rich, said Williams Lea chief executive Tim Griffiths.

The group would also use the funds for potential acquisitions, he said.

3i first invested in Williams Lea in 1965, and values its current 12% stake in the company at around 13m.

Griffiths said the firm was busy on a number of important transactions, which could develop into contracts.

He said the intent was still to float the business, but this would be revisited at a time when it was right for the business.

The combination of its customer base, market growth potential and service focus of the business make Williams Lea a highly attractive investment opportunity, said 3i London director Steven Nicholls.

A new chairman will also be appointed by Williams Lea to support its management team in the next phase of growth.

Story by Andy Scott