3i, the global venture capital house, has invested £24m (€38m) to gain a minority stake in Ministry of Sound, the UK based dance music brand.

The investment reflects 3i's continued expansion of its media portfolio.  Other additions in 2001 include a £110m investment in film studios Pinewood-Shepperton Studios, and a £35m management buy-out of MORI, the market research agency. Ministry of Sound was founded by James Palumbo in 1991, and has expanded from a nightclub into a branded retailer of clothing, records, magazines and event organisation. Dan Adler, from 3i's media investment team, expects the business to be developed into a globally recognised media brand. LongAcre, the media specialist UK corporate finance house, advised Ministry of Sound.

News in brief: 3i invests in Ministry of Sound

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