ARTICLE | Finance

Ebb & Flow

March 8, 2010 8:00 AM UTC

Encore Ventures, a division of the European venture capital firm DFJ Esprit, has achieved an early return on its investment in the former 3i plc European venture portfolio through the $330 million sale of medical device company ApaTech plc to Baxter International Inc. (NYSE:BAX).

The Baxter deal put Encore in line to get more than three-quarters of the £130 million it paid for 29 companies that belonged to 3i last October. Encore owns 45% of ApaTech and thus could receive up to £100 million ($148 million). The deal involves a $240 million upfront cash payment from Baxter, with an earn-out of $90 million...