Further to the announcement this morning by Investec Bank plc in relation to Hollywood Bowl Group plc (“Hollywood Bowl”), the UK’s largest ten-pin bowling operator, Epiris confirms it has sold its remaining shares in Hollywood Bowl.
Electra Private Equity PLC (“Electra”) is due to receive proceeds of £40 million from the sale. This represents a small decrease in Electra’s NAV on the valuation of the investment at 30 September 2016. Inclusive of proceeds already received, this equates to a total equity return for Electra’s investment in Hollywood Bowl of 3.9x original cost; an IRR of 92%.
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
Andrew Kenny and Nicholas Board, Epiris +44 (0)20 7306 3932
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 39%**.
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.