Further to the announcement of 20 December 2016, Epiris is pleased to announce that, following satisfaction of the conditions to which the transaction was subject, it has completed the sale of Electra Private Equity PLC’s (“Electra”) interest in Innovia Group to CCL Industries.
Electra has received proceeds from the sale of £108 million, which equates to a return of 3.3x cost, and an IRR of 51%. Epiris invested £33 million as a cornerstone investor in The Smithfield Group’s acquisition of Innovia in 2014 and was represented on the Board of the business by Chief Investment Partner, Bill Priestley.
Bill Priestley and Owen Wilson were responsible for the investment and the exit of Innovia Group.
Epiris refers to Epiris Managers LLP acting on behalf of its client Electra Private Equity PLC.
For further information please contact:
Andrew Honnor, Matthew Goodman, Matthieu Roussellier, Greenbrook Communications
+44 (0)20 7952 2000
Nicholas Board and Andrew Kenny, Epiris
+44 (0)20 7306 3902
Note to Editors:
About Epiris LLP
Epiris is a top-decile private equity fund manager*.
Epiris, together with its predecessor firms, has managed the business and affairs of Electra Private Equity PLC, a listed private equity investment trust, for four decades. Epiris has also managed private equity investment programmes for pension funds, financial institutions and family offices. During this time Epiris has invested in excess of £5 billion in over 200 deals. Since 2011, Epiris has invested £1 billion in buyouts and co-investments and loan-to-own debt investments, in respect of which it has delivered a gross IRR of 38%**.
As at 30 September 2016, the firm had funds under management of £2.4 billion.
For further information please visit www.epiris.co.uk.
Issued by Epiris Managers LLP which is authorised and regulated by the Financial Conduct Authority.
* Refers to the 2009 and 2012 investment pools comprising Buyout & Co-investment, Secondary and Debt investments managed on behalf of Electra Private Equity PLC; comparator data supplied by Preqin.
** As at 30 September 2016 adjusted for subsequent investments and realisations. Gross IRR does not reflect adjustments for investment management and administration costs. Past performance is no guarantee of future results.