Electra Private Equity PLC (“Electra”) announces that as a result of the sale of Volution
(“Vent-Axia”) to Towerbrook, Electra’s second lien and mezzanine debt has been repaid.
Vent-Axia is a market leader in the manufacture of residential and commercial fans for the ventilation of buildings.
Electra received total proceeds of £25.3 million, a return of 1.6x cost, of which a final payment of £18.3 million was received on completion. This repayment has no material impact on Electra’s net asset value at 30 September 2011.
This is Electra’s fourth transaction since the beginning of December 2011 following the acquisition of £45 million of term debt facilities in Park Resorts, the realisation of its interests in Capital Safety Group for £56 million and the agreement to sell its interests in CPA Global for proceeds in the region of £30 million.