30th Sep 2013 13:33
LONDON (Alliance News) - Candover Investments PLC Monday said it has agreed the sale of portfolio optical component manufacturer, Qioptiq, to Excelitas Technologies.
The sale is expected to go through during the next quarter.
Candover said it expects to make EUR9.5 million in cash from the sale of Qioptiq, one of three remaining Candover 2001 Fund investments, as well as EUR5.5 million in carried interest. Candover said this was in line with its valuation of its investment in Qioptic on June 30.
Candover said a further EUR700,000 will be held, payable if unnamed criteria are met.
Qioptiq, which makes high precision optical components for military and civil application, was acquired by Candover in 2005 and managed by Arl Capital Partners since 2010 and has 2,000 employees across Germany, UK, the USA, Hungary and Singapore.
Candover shares were Monday quoted at 402 pence, unchanged.
By Samuel Agini; [email protected]; @samuelagini
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