18 Jul 2013 07:00
Electra completes the sale of Allflex Holdings for US$1.35 billion and announces a reinvestment of US$85 million
18 July 2013
Further to the announcement on 3 May 2013, Electra Private Equity PLC ("Electra") is pleased to announce that, following successful regulatory approval, the sale of Allflex Holdings ("Allflex") to funds advised by BC Partners for US$1.35 billion has been completed.
Electra has received gross proceeds of US$399 million (£266 million). This generates a gross return of 15x original cost (including income) for Electra over the 15 years; an IRR of 28%.
The uplift to Electra's diluted NAV per share from the sale was incorporated into Electra's Half Year results announced on 30 May 2013 at the then prevailing exchange rates and included an estimate for fees. The £266 million of completion proceeds give rise to a further 35p increase in the diluted NAV per share.
Subsequent to the sale, Electra has agreed to reinvest US$85 million (£57 million) in the new buyout vehicle established by BC Partners to acquire Allflex.
For further information please contact:
For David Symondson:
Charlotte McMullen, M:Communications +44 (0)20 7920 2349
Andrew Kenny and Nicholas Board, Electra Partners +44 (0)20 7306 3932