Further to the announcement of 27 August, Electra Partners is pleased to announce that funds under the management of Elcot Capital Management (“Elcot”) have completed a substantial strategic investment in Premier Asset Management (“Premier”).
Elcot has acquired a holding of 50.2% in Premier from Electra Private Equity PLC (“Electra”) which has received total proceeds of £20 million. This is a consequence of Elcot both acquiring the 25.1% holding in Premier from Electra for £10 million as announced in the 27 August statement, as well as exercising the option to acquire an additional 25.1% in Premier from Electra for a further £10 million.
As previously announced on 27 August, Electra’s diluted NAV per share has increased by 14p from the valuation of Premier at 31 March 2014 as a result of this transaction.
Electra continues to hold a significant minority interest in Premier in the form of Ordinary and Preference shares, which on the basis of this transaction have a valuation of £27 million.
Electra Partners refers to Electra Partners LLP acting on behalf of its client Electra Private Equity PLC.
For further information please contact:
Andrew Honnor and Matthieu Roussellier, Greenbrook Communications +44 (0)20 7952 2000
Andrew Kenny and Nicholas Board, Electra Partners +44 (0)20 7306 3932
Note to Editors:
About Electra Partners LLP
Electra Partners is an independent private equity fund manager with over 25 years' experience in the mid-market buyout sector. During the last 25 years it has invested in excess of £4.1 billion in over 200 deals. As at 31 March 2014, the firm had funds under management of over £1.5 billion including capital available for investment of circa £300 million.
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. In addition to this, its long-term capital base means it is not constrained by expiring investment periods or exit pressure driven by fund raising cycles and is therefore able to realise investments only when returns are maximised for its investors.
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 2014, Electra has seen diluted NAV per share growth of 260% (equivalent to a ten-year annualised return on equity of 14%) compared to a 129% increase in the FTSE All-Share.
For further information please visit www.electrapartners.com.
Electra Partners LLP is authorised and regulated by the Financial Conduct Authority.