LONDON (Alliance News) - Electra Private Equity PLC said Friday it will receive GBP203.0 million in proceeds from the sale of Audiotonix by its investment manager.
FTSE 250-listed Electra said Epiris LLP, its investment manager, has agreed the sale of the audio mixing console manufacturer to European private equity firm Astorg.
Electra's proceeds from the sale represent an uplift of GBP62.0 million, or 44%, from the carrying value of its Audiotonix investment as at September 30. This equates to a pro-forma increase of 133 pence in net asset value per share.
Electra is currently undergoing a restructuring led by activist investor, and now-chief executive, Edward Bramson to cut the company free of Epiris, with its management contract set to expire at the end of May.
"Through structured investment across three valuable brands, we have created a global market leader with strong growth prospects. When we made the initial investment we had a clear strategy based on M&A, operational improvement and strategic focus," said Charles Elkington, partner at Epiris.
"We have delivered this with two add-on acquisitions, a reorganised supply chain, and successful investment in sales and marketing as well as new product development. As a result the business has more than quadrupled earnings since 2013," added Elkington.
By Adam Clark; adamclark@alliancenews.com
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