Electra Private Equity plc

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Electra Private Equity, formerly Electra Investment Trust plc, is an publicly-listed investment trust, focused on private equity investments. It invests across a range of sectors, including financial and insurance; house, leisure and personal goods; industrial general and transportation; media; real estate; private equity funds; secondaries; support services; technology, hardware and equipment, and travel and leisure.
Electra is in the process of a slow wind down.ref

Company

Shareholders

Total float: 82.0%
Source: MarketScreener.svg, Mar.2020

Portfolio Companies

ToDo: Portfolio, Portfolio.arch (2018), Portfolio.arch (2014), Reports.arch, Reports, CH, CH

Current

Historic

ToDo: MarketScreener News
  • Oct.2018: Photobox Group was sold to Lexington Partners LP.ref
  • Jul.2013-Mar.2017: Parkdean Resorts, a UK operator of caravan holiday parks. In Nov.2015, Electra merged Park Resorts,[1] and Parkdean Holidays,ref with Electra Partners LLP owning 45% of the combined holiday business,ref and Alchemy Partners (Guernsey) Ltd owning the remainder. Sold to Canadian private equity firm Onex Corporation. Onex portfolio, Parkdean Website Parkdean Resorts UK Ltd, t/a Parkdean Resorts, OC
  • Sept.2014-Dec.2016: The Original Bowling Company: AMF and Hollywood Bowl brands; UK’s largest ten-pin bowling operator. Acquired by Electra Private Equity alongside its management team.ref Was the subject of a successful IPO in Nov.2016; Electra retained a 17.8% stake.ref
  • Jun.2014-Jun.2016:
    Elian-Group-2014.svg
    Elian Group: Electra Partners LLP backed a management buyout of the provider of offshore trust, fund and company administration services. Elian is headquartered in Jersey, with operations in Cayman, Luxembourg, Guernsey, BVI, Bahrain, Hong Kong, Dublin, New York, Tokyo and London.ref elian.comArchive-org-sm.svg
  • Jun.2013-Mar.2017: Audiotonix: Allen & Heath, a producer of professional audio equipment for live events, was acquired via a complex carve-out from an international corporation.ref In Mar.2017, Electra sold its 58% stake in Audiotonix to French buyout business Astorg Partners SaS.ref,ref,ref,ref,ref
  • Dec.2012: Covenant Healthcare, a hospital company (Transform Medical, Abbey, Churchill), was bought by Electra Partners Europe from Phoenix Equity Partners.[ref],ref,ref,ref
  • 2011-Jan.2017: Davies Group Ltd, an insurance claims service provider, was acquired by Epiris. In Sept.2016, Electra Private Equity plc invested in the Group for a 57% stake.ref,ref Davies Group Ltd was sold to American private equity firm HGGC LLC.ref
  • Feb.2010-Mar.2013: esure is a motor and home insurance provider; it also owns Sheila’s Wheels and 50% of price comparison website GoCompare. Tosca Penta and Electra Partners financed the management buyout from Lloyds Banking Group.ref esure was listed on the London Stock Exchange in Mar.2013.ref,ref,ref
  • Jul.2007-Aug.2015: Nuaire: Electra Partners backed a secondary management buyout of the the ventilation systems manufacturer from ECI Partners.ref ECI backed a management buyout of Nuaire in 2004.ref Sold to Polypipe Group plc.
  • Dec.2006-Nov.2013: Lil-lets: Electra Partners financed a management buyout of the feminine hygiene brand from Accantia Group, along with Barclays and Bank of Scotland. Electra sold its interest to Premier FMCG, a South African manufacturer and distributor of fast moving consumer goods. ref,ref Lil-letsWikipedia-W.svg
  • 2005-2007: KSM Castings: Cognetas led the management buy-out of KSM Castings (formerly thyssenkrupp Fahrzeugguss) from thyssenkrupp AG. In 2007, KSM Castings was sold to China’s CITIC Dicastal Wheel Manufacturing Company Ltd (CITIC Dicastal), one of the world’s largest suppliers of cast aluminium wheels for the automotive industry.ref
  • Jul.2004-May.2008: Global Solutions Ltd, a provider of outsourced services in prisons, schools and hospitals, was acquired from Group 4 Falck. The company was sold to G4S in May.2008.[2],ref
  • Apr.2003-Feb.2005:
    Ashbourne-Healthcare.svg
    Ashbourne Homes was acquired by Electra Partners and management. The company was bought from Electra Partners on a secondary buy-out by Cannon Capital Ventures Ltd,OC a special purpose vehicle owned jointly by Bank of Scotland Corporate's Cannon Capital and management.
    • Feb.2005: Cognetas sold Ashbourne Healthcare to Ashbourne’s management, financed by Bank of Scotland Corporate.ref
    • May.1995: Ashbourne Homes: Electra Partners backed an MBO.ref
  • Aug.2002-Oct.2006: BWG Group was acquired from Pernod Ricard following a management buy-out (15%) backed by Motion Equity Partners (85%).ref, ref, ref In Oct.2006, management purchased Motion Equity Partners' 65% stake.ref
  •  ??-Aug.2005: Bezier Holdings Ltd: American asset manager MidOcean Partners LP agreed the acquisition from funds managed by Electra Partners Ltd. As part of the transaction, Electra Investment Trust plc, managed by Electra Partners LLP, retained a minority interest in the new holdco Bezier Acquisitions Ltd. Bezier is a UK-based provider of Point of Purchase marketing materials.ref,ref,ref,ref
  •  ??-Aug.1999: PHS, a commercial and industrial hygiene services group, was sold to Charterhouse Development Capital.ref,CH,OC
  • Mar.1999-Jan.2006: Inchcape Shipping Services: Electra Fleming acquired the supplier of marine services from ??.ref Inchcape was sold to Dubai World's Istithmar World.ref,ref todo,todo
  • Dec.1998-Jul.2004: Safety-Kleen Europe, a parts and paint gun cleaning equipment company. Electra Fleming financed the MBO from Safety-Kleen Corporation of the USA.ref Sold to venture capitalist firm JP Morgan Partners.ref
  • Mar.1998-Apr.2000:
    Aspen-Healthcare.svg
    Aspen Healthcare: Electra Fleming financed a management buyout of Paracelsus Kliniken Deutschland GmbH's UK subsidiary Paracelsus UK Ltd, renamed to Aspen Healthcare.ref Aspen owned two private hospitals in London, Parkside Hospital and Holly House. In Apr.2000, the business was sold to American private equity firm Welsh, Carson, Anderson and Stowe's portfolio company, United Surgical Partners International Inc.ref,ref,ref
  • May.1996-Jun.2008: Freightliner Group, a container freight rail company. MBO backed by 3i Group plc and Electra.ref Sold to Bahrain's Arcapita.ref See also Freightliner GroupWikipedia-W.svg, Privatisation#British_Rail
  • 1997-??: Eversholt Leasing, one of 3 rolling stock leasing companies originally created as part of the privatisation of the UK's railway industry, was sold to HSBC Holdings plc.
  • Sept.1996-Feb.2001: The Stationery Office, a supplier to Parliament and the Government of publishing, passport production, document management, printing and business supplies, was acquired upon the privatisation of Her Majesty's Stationery Office.ref It was sold to Apax Partners LLP,[3] who in turn sold it to Williams Lea Group Ltd in Nov.2006,[4] itself acquired by Deutsche Post AG in Feb.2006.ref,ref,ref Williams Lea Group (incl. TSO) was sold on to private equity group Advent International Corporation in Aug.2017.ref,ref tso.arch, tsoonline.arch, Website
  • 1998-May.2013: Allflex Corporation, an animal identification systems business. Electra financed an MBO from Goldman Sachs. Sold to BC Partners LLP.ref In 2015, Electra made a new equity investment for a minority stake alongside BC Partners.ref See also link, link.
  • 1998-2007/2012: Capital Safety Group, a specialist safety equipment manufacturer. Electra led an MBO in 1998. In 2007, Electra Partners sold CSG to Candover Investments plc (renamed Arle Capital Partners) in a secondary buyout, with Electra retaining a 10% stake.ref In Jan.2012, Electra sold its remaining stake to KKR & Company Inc.ref,ref
  • 1988-2003: Gower, a manufacturer of self-assembly kitchens. MBO financed by venture capitalists Bridgepoint and Electra. Sold to Nobia AB.ref
  • 1995-Mar.2012: Amtico, a luxury flooring manufacturer. In 1964, Amtico was started by UK chemical company Courtaulds as a joint venture with American Biltrite. In 1995, Electra financed an MBO from Courtaulds.ref In 2006, AAC Capital UK[5] bought a 56% stake in Amtico from Electra; Electra reinvested in return for an 18% stake. Sold to US trade buyer Mannington Mills Inc.ref

Timeline

  • May.2018: Electra Private Equity plc closed the formal sales process of the trust, as no firm interest to acquire the company was received. ref
  •  ??.2018: Electra Private Equity plc offered itself/its porfolio for sale.
  •  ??.2017: G10 Capital Ltd,[6] part of the Lawson Conner Group,[7] was appointed to serve as the Company's Alternative Investment Fund Manager (AIFM).
  • Dec.2017: Edward Bramson to step down as interim CEO at its AGM in Mar.2018, but remain as a non-executive director.ref
  • Mar.2017: Electra ran into a tax row with retail investors after a monster £1bn special dividend was declared. The huge payout will mop up 66% of the £1.4 bn cash pile has accumulated in the past year from a series of disposals demanded by Edward Bramson. Sherborne Investors Management LP, the Isle of Man investment fund run by Bramson, will receive ~£300m from its 29.8% stake. City fund managers will also share in the windfall, as will Soros Fund Management, which owns 1.6% of Electra and 5.2% of Sherborne. Aviva owns 3% of Electra, and has a 20% stake in Sherbourne. Invesco Asset Management Ltd will cash in through a 6% direct stake in Electra and a 6.5% position in Sherborne. The row comes as Electra prepares to shed its 51-year history as an investment trust and become a corporate investor more in the mould of Melrose Industries plc, the engineering buyout specialist. The demise of Electra – one of the UK’s first buy-out funds founded in 1976 and run for many years by Hugh Mumford – has shocked some observers, as it is regarded as a well-run company with one of the best track records among private equity funds. However, Bramson/Sherborne was able to build a stake in the company and force changes, such as improved dividends and a cut in charges.ref
  • Oct.2016: The Board announceed it intended to migrate from a listed investment trust to a "corporate" structure over time as it believed this could result in reduced expenses and reduced discounts to underlying portfolio value.
  • May.2016: Edward Bramson was made interim CEO.ref
    Bramson served notice on Electra Partners LLP, Electra Private Equity plc's long-standing fund manager.ref The Board announced that it had served notice of termination of the contracts under which the Company had wholly and exclusively outsourced all of the Company’s activities to Electra Partners, with effect as of May.31.2017.
  • Late 2015: Edward Bramson succeeded in getting onto the Board.ref
  • 2014-2015: Edward Bramson's Sherborne Investors targeted Electra for takeover. ref, ref
  • Feb.2006: Electra Private Equity plc: Electra Investment Trust was renamed.CH
  • May.2005: Electra Partners Europe completed the spinout from its investment trust parent.ref
  • Jul.2003: Deutsche Asset Management amassed a 12.4% stake in Electra Investment Trust plc; it was believed they were pushing for a liquidation of the trust.ref
  • Mar.1999: 3i was eying Electra Investment Trust plc with a view to a hostile acquisition. ref The "talks" failed,ref with Electra's shareholders voting in favour of a share buyback plan and to sell off assets in the fund.ref
  • Jan.1998: Electra Partners Inc: Electra Investment Trust plc, based in London, decided to set up a US office in order to source, execute and monitor investments in North America. ref
  • Aug.1995-Aug.1999: Electra Fleming: Kingsway Managers Holdings Ltd established as a fund manager in Oct.1988; name changed to Electra Kingsway Managers Holdings Ltd in Sept.1989; name changed to "Electra Fleming Holdings Ltd" in Aug.1995 when Robert Fleming & CompanyWikipedia-W.svg entered into a 50/50% joint venture with Electra Investment Trust plc; name changed to "Electra Kingsway Holdings Ltd" in Aug.1999 when Electra Partners Ltd, formed by the management team, bought out Robert Fleming & Company. ref, ref Now owned by Electra Partners Group Ltd. CH, OC
  • 1990: Electra Private Equity Partners was launched; Electra Investment Trust plc committed £200m.
  • 1980: Electra Investment Trust plc was a founding shareholder of Candover Investments plcWikipedia-W.svg.
  • 1976: Electra Investment Trust plc was floated on the London Stock Exchange.ref,CH
    The same year, Electra Partners LLP was founded as its exclusive discretionary manager.ref
  • 1975: Electra Investment Trust Ltd was renamed from Cables Investment Trust Ltd.
  • 1935: Cables Investment Trust Ltd was formed by by Cable & Wireless and Globe Investment Trust.
Additional Sources: Electra History.arch, Electra Investment Trust.arch

Motion Equity Partners

Motion-Equity-Partners.svg
Motion Equity Partners, formerly Electra Partners Europe, comprises various entities which act as advisers to the Motion Funds: Motion Equity Partners LLP (UK); Motion Equity Partners SAS (France); and Motion Equity Partners Srl (Italy).ref
  • 2013: Motion Equity Partners closed its UK and German operations.ref
  • Apr.2012: Motion Equity Partners LLP: Cognetas rebranded itself as part of a PR exercise.ref
  • Sept.2006:
    Motion-Equity-Partners-Cognetas.svg
    Cognetas LLP: Electra Partners Europe renamed itself.ref OC
  • May.2005: Electra Partners Europe LLP was formed as a spinout from its investment trust parent.ref,ref
  • 1989:
    Motion-Equity-Partners-EPE.svg
    Electra Partners Europe Ltd was founded as an affiliate of Electra Private Equity plc, a listed investment trust. Electra Partners Europe Ltd OC, EP Private Equity Ltd OC, Electra Partners Group Ltd OC
Additional Sources: Electra Partners Europe.arch, Cognetas.arch

People, Portfolio Companies

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References

  1. ^ Electra sells Elian to Intertrust. Electra is to sell its holding in fiduciary services company, Elian, to global high-value trust and corporate services provider, Intertrust, in a GBP435 million deal. Private Equity Wire, Jun.06.2016.
  2. ^ Dutch trust operator Intertrust buys Elian for 435 million pounds. Reuters, Jun.06.2016.
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