3i has completed its acquisition of automotive testing and services business Formel D from DBAG and brought in Chinese buyout firm CITIC Capital as a co-investor in the deal.

CITIC will invest €72m from its CITIC Capital China Partners III fund. 3i had planned to introduce a strategic partner post-closing with the view to supporting its investment strategy of expanding the business in Asia.

After the agreement with CITIC, 3i will be investing €155m in the business. 3i announced its purchase of Formel D in May.

Formel D offers a range of testing and inspection services for individual parts, systems and vehicles spanning the development, production and aftersales phases.

Germany-based Formel D is led by managing directors Juergen Laakmann and Holger Jené, and has grown at an average of 17 per cent during the last ten years. In addition to growing the business in Asia, the new owners see opportunity to grow its higher value services such as vehicle test specification and virtual testing.

CITIC Capital has offices in Hong Kong, Shanghai, Beijing, Shenzhen, Tokyo and New York. The firm has US$4.8bn of assets under management.

Baird served as financial advisor and Willkie Farr & Gallagher served as legal counsel to 3i. Harris Williams & Co. served as financial advisor and Shearman & Sterling served as legal counsel to CITIC Capital.