Sentinel and Daler-Rowney: Financing update

POSTED 07 April 2011

Electra Partners today announces that it has secured £21 million worth of acquisition facilities from HSBC for Sentinel Performance Solutions, which it acquired last month for £43 million. The transaction was funded by Electra Private Equity PLC ("Electra"). A shortened completion time frame meant that Electra Partners' ability to undertake an all equity transaction was key to securing the deal.

In addition Electra Partners is in the process of selling down a one third equity stake in Sentinel to investors in the Electra Partners Club 2007 LP fund. Upon completion this will leave Electra with a £16 million net investment in Sentinel.

On 30 March 2011 Electra Partners announced that Electra had invested £26 million in the buyout of Daler-Rowney. Electra Partners is also in the process of selling down a one third equity share to investors in the Electra Partners Club 2007 fund. On completion, this will leave Electra with a £18 million net investment in Daler-Rowney.

Electra Partners Club 2007 LP is a fund raised by Electra Partners in 2008 for the sole purpose of investing alongside Electra in control investment situations.

Ends



For further information please contact:
Kate Ruck Keene, M:Communications +44 (0)20 7920 2322
Monique Dumas, Investor Relations Partner, Electra Partners +44 (0)20 7306 3911



Note to Editors:

About Sentinel 
Electra Partners announced the acquisition of Sentinel on 1 March 2011. Sentinel is the European market leader in the supply of treatment products for residential heating and hot water systems.

Founded in 1985, Sentinel was established to clean, protect and maximise the efficiency of water circuits found in domestic heating systems.

Sentinel is headquartered in Runcorn, Cheshire UK and has offices and market-leading positions in four core countries: UK, France, Germany and Italy. 

Leading brands include:
- Sentinel X range of products for cleaning and protection of central heating system fluids
- SESI for prevention of scale in domestic hot water systems
- Sentinel R range of products for cleaning and protection of domestic renewables fluid circuits such as those found in heat pump and solar thermal installations

For further information please visit www.sentinel-solutions.net


About Daler-Rowney 
Electra Partners announced the acquisition of fine arts materials supplier Daler-Rowney on 30 March 2011.

The company's history dates back to 1783 when the Rowney Company was established to sell perfumes and wig powder; today the company's extensive brand portfolio includes Langton and Aquafine watercolour papers; Cryla, the first acrylic artists' paint produced in Europe which was used by Peter Blake and Bridget Riley; Dalon, the first artists' brush to be made with synthetic hair; and most recently the "Simply" range which offers new artists a high-quality product at an attractive price point.
The company was family-owned until 2005 when current Chief Executive, Patrick Giraud, led a buy-in backed by a number of high net worth individuals.

For further information please visit www.daler-rowney.com.


About Electra Partners LLP
Electra Partners is an independent private equity fund manager with over 25 years experience in the mid-market buyout sector. As at 31 December 2010, the firm had funds under management of over £800 million and investment capacity of £400 million on behalf of Electra Private Equity PLC and other clients. The firm's flexible investment approach allows it to invest across a broad range of sectors and financial instruments including equity, senior equity, convertibles and mezzanine debt. Concentrating principally on Western Europe, and with the majority of investments expected to be made in the United Kingdom, Electra Partners seeks to invest in the region of £20-75million per transaction. 

The firm's major client is Electra Private Equity PLC, a private equity investment trust which has been listed on the London Stock Exchange for over 30 years. The firm also manages Electra Partners Club 2007, a fund raised in 2008 for the sole purpose of investing alongside Electra in control investment situations. 

For further information please visit: www.electrapartners.com and www.electraequity.com

Electra Partners LLP is authorised and regulated by the Financial Services Authority.