Epiris is pleased to announce that, following the successful initial public offering (“IPO”) of its portfolio company Premier Asset Management Group PLC (“Premier”), it expects to partially realise Electra Private Equity PLC’s (“Electra”) investment in the business.
Based on the offer price, Electra’s investment in Premier has a value of £46 million, an uplift of £13 million or 39% on the valuation of Electra’s investment at 31 March 2016, implying an increase in NAV per share of 26p.
On admission, Electra is expected to receive cash proceeds of £36 million from the redemption of preference shares and sale of ordinary shares in Premier. In addition Electra will hold approximately 8% of the issued ordinary share capital of Premier with a valuation at the offer price of £10 million; these shares are subject to a six-month lock-up.
Epiris refers to Epiris 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 an independent private equity fund manager with over 25 years' experience. During this time it has invested in excess of £4.7 billion in over 200 deals. As at 31 March 2016, the firm had funds under management of £2 billion.
Epiris’ flexible investment strategy allows it to invest broadly across the private equity market with a particular focus on Buyouts and Co-investments, Secondaries and Debt.
The firm's major client is Electra Private Equity PLC (“Electra”), a private equity investment trust which has been listed on the London Stock Exchange since 1976. Electra’s long-term investment performance has been consistently superior to private equity and other benchmarks. Over the ten years to 31 March 2016, Electra has seen diluted NAV per share growth of 228%. This is more than seven times the NAV per share return of the Morningstar Private Equity Index (ex. Electra). It is also equivalent to a ten-year annualised return of 13%, in the upper part of Electra’s target range of 10-15% over the long-term.
For further information please visit www.electrapartners.com.
Epiris LLP is authorised and regulated by the Financial Conduct Authority.