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

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

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.

It is not clear at this stage where the investment money will be going.

By working with the board Nicholls said the two parties had found a means to provide capital for future growth of the business, whilst allowing some external shareholders to realise some value in the unlisted business.

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

It is unclear what role the current chairman John Padovan, who took up the role in 2000, will take in the reshuffle.

Despite the investment 3i will continue to remain a minority shareholder in Williams Lea.

The injection of capital follows several major contract wins for Williams Lea, including a 150m five-year print procurement contract with financial services provider, Abbey (PrintWeek 12 February).

by Andy Scott