LONDON (Alliance News) - Electra Private Equity PLC said Thursday it has received proceeds of GBP104.0 million from the sale of aviation intelligence firm OAG by its investee company AXIO Group.
Electra said OAG has been sold to funds managed by Vitruvian Partners for approximately USD215.0 million.
Electra's own proceeds from the deal represent an uplift of GBP28.0 million, or 37%, on the valuation of its investment at September 30. This is equivalent to a 60 pence per share boost to its net asset value.
The sale increases the total cash proceeds received by Electra from its AXIO investment to more than GBP350.0 million or 3.9 times the original cost, with the total return standing at 4.8 times its original cost.
"The sale of OAG takes our realised return on this investment to 3.9x cost, and the total return to 4.8x. The remaining businesses, RISI and TechInsights, have been repositioned since 2013, not only strategically but also in terms of scale, with earnings having more than quadrupled," said Alex Cooper-Evans, partner at Epiris LLP, the investment manager of Electra Private Equity.
By Adam Clark; adamclark@alliancenews.com
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