TIDMELTA
RNS Number : 6867K
Electra Private Equity PLC
23 September 2016
PRESS RELEASE
23 September 2016
Electra Partners completes the sale of Elian to Intertrust for
GBP435 million
Further to the announcement of 6 June 2016, Electra Partners is
pleased to announce on behalf of Electra Private Equity PLC
("Electra") that, following regulatory approvals, it has completed
the sale of Elian to Intertrust Group N.V. for GBP435 million.
Electra has received proceeds of GBP199 million, which together
with income and proceeds from a previous repayment, equates to a
return of 2.6x original cost, and an IRR of 55%.
Elian is a leading provider of trust and corporate services
employing over 600 people. It is headquartered in Jersey and has
operations in 14 other jurisdictions serving 3,000 corporate,
financial institution, investment fund and private clients
worldwide.
Electra Partners led the buyout of Elian from the Ogier Group in
June 2014 and worked closely with the management team to accelerate
the growth of the business through new business development,
expanding the business internationally, focusing on operational
excellence and M&A.
Chris Hanna, Partner at Electra Partners, said:
"We are pleased to have brought this transaction to such a
successful conclusion. From day one our strategy for the business
was to develop the company through increased commercial focus,
geographical expansion and value enhancing acquisitions, and we are
delighted to have delivered on all of these goals."
Alex Fortescue, Managing Partner at Electra Partners, said:
"This is an excellent example of Electra Partners' investment
strategy in action. We bought a high quality asset well in a
complex transaction involving a carve-out, and have since worked
closely with management to grow and reposition the business, in
particular through M&A."
Chris Hanna and Ian Wood are responsible for the investment and
the exit of Elian.
The shareholders of Elian were advised by Lazard, Clifford
Chance, Macfarlanes and PWC.
This continues a busy year for Electra, which including today's
announcement has seen realisations or agreements to sell of nearly
GBP900 million and new investments of over GBP200 million.
Realisations announced since October include the exits of
Daler-Rowney, Elian, Kalle, MIMS and Zensar Technologies, the
partial realisations of Allflex and Hollywood Bowl, and the
proceeds from the refinancing of the Park Resorts Group at the time
of its merger with Parkdean Holidays. New investments include the
buyouts of Photobox Group and Retirement Bridge Group and
investments in two CLOs.
Electra Partners refers to Electra Partners LLP acting on behalf
of its client Electra Private Equity PLC.
Ends
For further information please contact:
Andrew Honnor, Matthew Goodman, Matthieu Roussellier, Greenbrook
Communications +44 (0)20 7952 2000
Nicholas Board and Andrew Kenny, Electra Partners +44 (0)20 7306
3902
Note to Editors:
About Electra Partners LLP
Electra Partners is an independent private equity fund manager
with over 25 years' experience. During this time it has invested in
excess of GBP4.7 billion in over 200 deals. As at 31 March 2016,
the firm had funds under management of
GBP2 billion.
Electra Partners' flexible investment strategy allows it to
invest broadly across the private equity market with a particular
focus on Buyouts and Co-investments, Secondaries and Debt.
The firm's major client is Electra Private Equity PLC
("Electra"), a private equity investment trust which has been
listed on the London Stock Exchange since 1976. Electra's long-term
investment performance has been consistently superior to private
equity and other benchmarks. Over the ten years to 31 March 2016,
Electra has seen diluted NAV per share growth of 228%. This is more
than seven times the NAV per share return of the Morningstar
Private Equity Index (ex. Electra). It is also equivalent to a
ten-year annualised return of 13%, in the upper part of Electra's
target range of 10-15% over the long-term.
For further information please visit
www.electrapartners.com.
Electra Partners LLP is authorised and regulated by the
Financial Conduct Authority.
About Elian
Elian is a specialist in capital market solutions; private
equity, real estate and fund administration; corporate services;
private client solutions. Elian has a clear, uncompromising vision:
to continually deliver more value by raising the bar in trust and
corporate services.
Elian works with global law firms and accountancy firms,
multi-national corporations, financial institutions, fund managers,
high net worth individuals and family offices and believes that the
best can always be better.
With over 600 professionals across a network of 15 international
offices, covering a wide range of time zones and key financial
centres, Elian is expert in handling large, demanding and complex
engagements. From its technical skills and market understanding, to
the personalised service given to clients, Elian is always looking
to set new industry standards by challenging standard practice.
Elian's network of offices comprises of Amsterdam, Bahrain, the
British Virgin Islands, the Cayman Islands, Dublin, Frankfurt,
Guernsey, Hong Kong, Jersey, Lisbon, London, Luxembourg, Madrid,
Milan and Tokyo.
For further information please visit www.elian.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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