6th Jun 2016 06:31
LONDON (Alliance News) - Electra Private Equity PLC on Monday said Electra Partners, its manager, has agreed to sell offshore trust and corporate services provider Elian for GBP435.0 million to Intertrust Group NV.
Intertrust is a Dutch company that also provides offshore trust and corporate services.
Electra Private Equity said it expects to get around GBP200.0 million in proceeds from the sale, a GBP41.0 million uplift on the valuation of the business at the end of March.
Electra Partners led the buyout of Elian from previous owner Ogier Group in June 2014.
"This is an excellent example of Electra Partners' investment strategy in action. We bought a high-quality asset well in a complex transaction, and have since worked closely with management to grow and reposition the business, making it a highly attractive acquisition for a strategic buyer. This exit, when completed, will reinforce Electra Partners' outstanding performance track record," said Alex Fortescue, managing partners at Electra Partners.
By Sam Unsted; [email protected]; @SamUAtAlliance
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