Epiris sells CALA & Retirement Bridge investments

POSTED 19 April 2017

Epiris is pleased to announce the sale of Electra Private Equity PLC’s (“Electra”) interests in CALA Group (“CALA”), the national house builder, and Retirement Bridge Group (“Retirement Bridge”), a home reversion equity release provider, to Patron Capital Partners (“Patron”) for aggregate proceeds of £94 million.

Both of Electra’s investments were made alongside Patron. In the case of CALA, as a minority investor in Patron and Legal & General’s acquisition of the business from Lloyds Banking Group, and in the case of Retirement Bridge as a 50:50 joint venture in the carve-out of the business from Grainger plc. Following Electra’s termination of its management contract with Epiris, it was unable to support the previously agreed business plan for Retirement Bridge, leading to the sale of this position.

Alex Fortescue, Charles Elkington, Owen Wilson, Arvind Tewari and Nicola Gray were responsible for the investments and exits of CALA and Retirement Bridge.

Epiris refers to Epiris Managers 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, Epiris
+44 (0)20 7306 3932

Note to Editors:

About Epiris LLP
Epiris is a top-decile private equity fund manager*.

Epiris, together with its predecessor firms, has managed the business and affairs of Electra Private Equity PLC, a listed private equity investment trust, for four decades. Epiris has also managed private equity investment programmes for pension funds, financial institutions and family offices. During this time Epiris has invested in excess of £5 billion in over 200 deals. Since 2011, Epiris has invested £1 billion in buyouts and co-investments and loan-to-own debt investments, in respect of which it has delivered a gross IRR of 38%**.

As at 30 September 2016, the firm had funds under management of £2.4 billion.

For further information please visit www.epiris.co.uk.

Issued by Epiris Managers LLP which is authorised and regulated by the Financial Conduct Authority.

*        Refers to the 2009 and 2012 investment pools comprising Buyout & Co-investment, Secondary and Debt investments managed on behalf of Electra Private Equity PLC; comparator data supplied by Preqin.

**      As at 30 September 2016 adjusted for subsequent investments and realisations. Gross IRR does not reflect adjustments for investment management and administration costs. Past performance is no guarantee of future results.