3i appoints Peter Grosch as non-exec director

Grosch, who is based in Germany, has a background in automotive and mechanical engineering with general management and non-executive experience in numerous roles both in large corporates as well as a number of private equity backed companies.

He is currently director or supervisory board member of a number of private and public companies including GEA HXS, Faster SPA, SLM Solutions AG and Fokker, as well as being chairman of Euro-diesel, a 3i investee company. He was previously chairman of 3i-backed MWM Holding.

Chairman Simon Thompson said: "He brings a wide range of experience relevant to our strategy for growing the business in our core geographies.”

3i also announced that Alistair Cox plans to retire at the close of business on 10 November after six years on the board.

At 0950 BST, 3i shares were down 0.1% at 476.90p.