29 Apr 2016 07:48
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Don't have an account? Click here to register.Electra Private Equity pockets £45m from Davies sale
Mon, 30th Jan 2017 10:11
(ShareCast News) - Epiris, the portfolio manager of buyout fund Electra Private Equity, has sold insurance claims service provider Davies Group to US-based private equity firm HGGC for £90m.Electra has received proceeds of £45m from the sale, which is a £2m uplift on the valuation of its investment in Davies at 30 September 2016, equivalent to a 4p increase in net asset value per share.Davies is a multi-award winning insurance claims service provider, delivering third-party administration and specialist technical services to insurance intermediaries, the Lloyd's market, UK and global insurers and large self-insured businesses.It manages more than 170,000 claims each year, handling in excess of £1.2bn of annual claim cost across property, casualty, motor and niche insurance classes. The company also provides integrated technical services including loss adjusting, surveying, fraud detection, and supply chain solutions.Epiris led the £61m acquisition of Davies in 2011 and since then, has delivered its transformation strategy through management change, M&A and operational improvement. The business is now significantly larger and much better positioned than at entry, Electra said.Alex Fortescue, managing partner at Epiris, said: "We are delighted to have brought the investment in Davies to a successful conclusion. Dan and his team have done a tremendous job in transforming the business into a growing and successful TPA."At 1115 GMT, Electra shares were flat at 4,651.14p.
More News
4 Apr 2016 13:44
Director dealings: Bramson keeps picking up Electra stock
(ShareCast News) - Activist investor Edward Bramson, who won a place on the board of Electra Private Equity in November after a 21 month-long battle with the board, has continued to snaffle more shares in the group. On Monday the company revealed that last week Bramson's Sherborne vehicle had bought
Read more15 Mar 2016 11:37
BUZZ-UK Budget: Liberum latest to warn of interest tax change
** Liberum latest broker to warn a possible change in the way UK allows cos to claim tax breaks could hit highly-levered stocks ** Government looking to cap tax breaks from interest payments on debt at 10-30 pct of EBITDA. Link: http://bit.ly/1MgJSoO ** Liberum screens for stocks with
Read more19 Feb 2016 16:09
4 Feb 2016 15:44
Activist investor Bramson ups stake in Electra Private Equity
(ShareCast News) - Edward Bramson has increased his stake in Electra Private Equity through his Sherborne Investors vehicle, three months after finally getting onto the board. Bramson, who was elected to the board in November, purchased 2,850 shares for £98,439. He has been slowly upping the stake
Read more4 Feb 2016 08:58
Electra sells Daler-Rowney to FILA Group
(ShareCast News) - Electra Private Equity has sold its stake in Daler-Rowney to the FILA Group, a Milan-listed producer of writing instruments and art supplies. The FTSE 250 company said it had received around £32m for the fine art materials producer, which was 163% higher than its valuation at 30 S
Read more28 Jan 2016 09:38
Electra Private Equity charges into new financial year
(ShareCast News) - Electra Private Equity charged into the financial year in bullish mood, with its board describing its first quarter as "excellent" on Thursday. The FTSE 250 firm said its share price of 3757p on 31 December 2015 reflected a total return of 15% since the start of the period, agains
Read more25 Jan 2016 07:43
Electra Private Equity to review investment strategy
(ShareCast News) - Electra Private Equity is undertaking a review into its investment strategy and policy as well as the company's structure, as it looks to maximise long-term shareholder value. The FTSE 250 investment firm announced the review on Monday, the first major review since it was approved
Read more21 Jan 2016 16:16
London close: Stocks gain on ECB stimulus hopes
(ShareCast News) - UK stocks advanced on Thursday as European Central Bank President Mario Draghi hinted at further stimulus. In a press conference following the ECB's decision to keep its key rates unchanged, Draghi said the central bank would "review and reconsider" its monetary policy measures at
Read more21 Jan 2016 16:10
21 Jan 2016 15:41
FTSE 250 movers: Halfords leads the peloton
(ShareCast News) - The FTSE 250 was in the black mid-afternoon Thursday, up 164.74 points (1.05%) to 15,805.75. Halfords pedalled to the front of the peloton after it said group like-for-like sales rose 0.3% in the third quarter with the company reporting that full year pre-tax profit expectations w
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