31st Oct 2013 09:17
LONDON (Alliance News) - Graphite Enterprise Trust PLC Thursday said its Graphite Capital Partners VII fund has sold Alexander Mann Solutions For GBP260 million, ending a six-year investment in the recruitment company that started in 2007 when it backed a GBP100 million management buyout.
Alexander Mann was Graphite's sixth-largest investment, and the sale will lift its net asset value per share by 6.1 pence, or 0.9%, to 688.4p. It will get about GBP14 million proceeds from the Graphite VII fund by the end of the year.
It's the fifth investment exit Graphite has made in the past 12 months. Alexander Mann, which counts Rolls-Royce, Barclays, Vodafone, Microsoft and Novartis among its clients, is being sold to New Mountain Capital.
Graphite Enterprise Trust will put out its results for the first nine months of the year on December 4.
Its shares were trading up 1.7% at 557.50p Thursday morning.
By Steve McGrath; [email protected]; @stevemcgrath1
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