Electra Investment Trust PLC (“Electra”) is pleased to announce the sale of Bezier Holdings Ltd (“Bezier”) for £77m to a secondary leveraged buy out led by Mid Ocean Partners. Separately, Electra has made a new investment in the purchasing entity.
Bezier is the UK’s largest dedicated Point of Purchase marketing group with operations in Wakefield, Bristol and Poole. Its customers include major high street retailers.
As a consequence of the sale, Electra will receive cash proceeds of £39.0m on completion of the disposal in early September. The transaction will give rise to an increase in Electra’s net asset value since 31 March 2005 of £18.4m representing an uplift in net asset value per share of 42.3p.
Electra has invested £5m alongside MidOcean Partners in Bezier Acquisition Limited, the acquiring vehicle, for an equity interest of 12.5%.
Electra is delighted to be involved in the next stage of Bezier’s development in the growing Point of Sales market place.
Electra and Bezier were advised by KPMG Corporate Finance.