11th Nov 2014 08:01
LONDON (Alliance News) - Electra Private Equity PLC is set to receive loan repayments amounting to about GBP35 million due to the sale of the JOC Group to information company IHS Inc by a portfolio company of the FTSE 250 investment trust's manager, Electra Partners LLP.
In a statement, Electra Partners said that AXIO Data Group, a company in its portfolio, has agreed to sell JOC to IHS. Upon completion of the deal, Electra Private Equity will receive the loan repayments from AXIO, taking total cash proceeds from Electra's investment in AXIO to about GBP64 million.
Electra invested GBP92 million in AXIO in April 2013.
Following the sale of JOC, which provides business intelligence, data and events to container shipping and logistics professionals, AXIO will be comprised of six information businesses providing information and tools.
"Our strategy for the AXIO investment is to improve the performance and positioning of each of the businesses in the portfolio before selling them individually to the right strategic acquirer. This is exactly what we have done with the JOC Group and the transaction will deliver an excellent result for Electra," Alex Fortescue, chief investment partner at Electra Partners, said in a statement.
By Samuel Agini; [email protected]; @samuelagini
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