(Alliance News) - Caledonia Investments PLC on Tuesday said it has agreed terms for selling its majority stake in retail wealth manager Seven Investment Management.
The London-based investment trust said the cash received from the sale to the Ontario Teachers' Pension Plan Board for around GBP255 million will be held on deposit for future investment.
Caledonia first bought the stake in Seven Investment Management in 2015.
Caledonia's head of Private Capital, Tom Leader, said: "In the eight years since our acquisition of 7IM in September 2015, the business has more than doubled assets under management, nearly trebled headcount, and significantly enhanced its revenue and profitability. Caledonia's investment philosophy is to focus on growth over the long term, ensuring that our portfolio companies are well placed for exit when the right time comes for all stakeholders."
At the end of March, Caledonia's holding in 7IM was valued at GBP187.2 million, excluding a GBP13.2 million sum it plans to invest into the business before completion.
Caledonia Investments shares were 1.9% higher at 3,449.56 pence each in London on Tuesday morning.
By Tom Budszus, Alliance News reporter
Comments and questions to newsroom@alliancenews.com
Copyright 2023 Alliance News Ltd. All Rights Reserved.
Caledonia (CLDN)