Further to the announcement of 6 June 2016, Epiris is pleased to announce on behalf of Electra Private Equity PLC (“Electra”) that, following regulatory approvals, it has completed the sale of Elian to Intertrust Group N.V. for £435 million.
Electra has received proceeds of £199 million, which together with income and proceeds from a previous repayment, equates to a return of 2.6x original cost, and an IRR of 55%.
Elian is a leading provider of trust and corporate services employing over 600 people. It is headquartered in Jersey and has operations in 14 other jurisdictions serving 3,000 corporate, financial institution, investment fund and private clients worldwide.
Epiris led the buyout of Elian from the Ogier Group in June 2014 and worked closely with the management team to accelerate the growth of the business through new business development, expanding the business internationally, focusing on operational excellence and M&A.
Chris Hanna, Partner at Epiris, said:
“We are pleased to have brought this transaction to such a successful conclusion. From day one our strategy for the business was to develop the company through increased commercial focus, geographical expansion and value enhancing acquisitions, and we are delighted to have delivered on all of these goals.”
Alex Fortescue, Managing Partner at Epiris, said:
“This is an excellent example of Epiris’ investment strategy in action. We bought a high quality asset well in a complex transaction involving a carve-out, and have since worked closely with management to grow and reposition the business, in particular through M&A.”
Chris Hanna and Ian Wood are responsible for the investment and the exit of Elian.
The shareholders of Elian were advised by Lazard, Clifford Chance, Macfarlanes and PWC.
This continues a busy year for Electra, which including today’s announcement has seen realisations or agreements to sell of nearly £900 million and new investments of over £200 million. Realisations announced since October include the exits of Daler-Rowney, Elian, Kalle, MIMS and Zensar Technologies, the partial realisations of Allflex and Hollywood Bowl, and the proceeds from the refinancing of the Park Resorts Group at the time of its merger with Parkdean Holidays. New investments include the buyouts of Photobox Group and Retirement Bridge Group and investments in two CLOs.
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
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.
Elian is a specialist in capital market solutions; private equity, real estate and fund administration; corporate services; private client solutions. Elian has a clear, uncompromising vision: to continually deliver more value by raising the bar in trust and corporate services.
Elian works with global law firms and accountancy firms, multi-national corporations, financial institutions, fund managers, high net worth individuals and family offices and believes that the best can always be better.
With over 600 professionals across a network of 15 international offices, covering a wide range of time zones and key financial centres, Elian is expert in handling large, demanding and complex engagements. From its technical skills and market understanding, to the personalised service given to clients, Elian is always looking to set new industry standards by challenging standard practice.
Elian’s network of offices comprises of Amsterdam, Bahrain, the British Virgin Islands, the Cayman Islands, Dublin, Frankfurt, Guernsey, Hong Kong, Jersey, Lisbon, London, Luxembourg, Madrid, Milan and Tokyo.
For further information please visit www.elian.com