LONDON (Alliance News) - Better Capital PCC Ltd on Wednesday said its 2009 fund has sold its interest in Santia, a provider of health and safety and accreditation services, with net proceeds expected to come close to the GBP40.0 million carrying value used at the end of September.
On that basis, the disposal would crystallise a multiple of 2.8 times of the 2009 Fund's GBP15.5 million investment and an internal rate of return of 26%.
Acquired in February 2011 from the administrators of Connaught PLC, Santia was sold for an enterprise value of GBP47.0 million to Alcumus Holdings Ltd, which was recently the subject of a GBP92.0 million buyout by Inflexion Private Equity.
"It is planned that these proceeds, net of approximately GBP4.0 million which will be retained for potential requirements at the fund and cell level, will be distributed to the 2009 Cell Shareholders as soon as practicable," Better Capital said in a statement.
Shares in the 2009 fund were up 0.8% at 94.45 pence on Wednesday morning.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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