Why 3i’s ‘Mr No’ said yes to launching discount chain Action in America
PE firm is betting its star discount retailer will thrive despite slowing growth in Europe
PE firm is betting its star discount retailer will thrive despite slowing growth in Europe

Private equity group has relied on Dutch retailer to power its returns in recent years

Partners at London-listed investor have made fortunes from the retailer, which accounts for four-fifths of its portfolio

But it relies on a host of rosy assumptions going in investors’ favour

American contractors are setting up partnerships including building supply chains and manufacturing

US giants are better positioned than their European counterparts for M&A activity

New measures are part of decade-long push to encourage individuals to invest in region’s companies