Electra Private Equity PLC ("Electra") is pleased to announce it has entered into a conditional agreement for the sale of its interest in Amtico to a secondary management buyout arranged by ABN AMRO Capital.
Completion of the transaction is conditional upon competition clearance. It is presently expected that competition clearance decisions will be made within 28 days.
On completion of the transaction, Electra would receive £37.7m for its investment in Amtico, which compares to a valuation at 31 March 2006 of £19.5m. This disposal would give rise to an uplift of 41p per share, over Electra Private Equity’s net asset value of 1417p per share as at 31 March 2006.
At completion Electra has agreed to reinvest a total of £22.5m in a mixture of equity and mezzanine debt in the secondary management buyout.
Amtico designs, manufactures and markets resilient vinyl flooring products for both the commercial and residential markets which are sold globally.
Close Brothers acted as sole financial adviser to Electra.