LONDON: Electra Private Equity PLC announced the disposal of Sentinel Performance Solutions Group Ltd to Aalberts N.V., (‘Aalberts’) a global industrial technology group headquartered in Utrecht, the Netherlands and listed on the Amsterdam Stock Exchange.
Following an initial investment in Sentinel in 2011, Electra gained control of the business for a nominal sum in July 2019. Following investment of £1.5m, management changes and the implementation of a successful turnaround and development plan, Electra is pleased to announce completion of a sale to Aalberts.
Electra has received proceeds of £22.2m (58.1 pence per share) which compares to the carrying value of £10.9m (28.5 pence per share) as at 30th September 2020.
Electra intends retaining the cash received pending further asset realisations and confirmation of future distributions to shareholders in due course.
Electra was advised by Clearwater International (on corporate finance advisory services) and international law firm DWF Law LLP (on legal advisory services) for the transaction.
Chairman of Electra, Neil Johnson, commented: “As we approach the final stages of our realisation strategy, we are pleased with the ongoing progress of Fridays and Hotter Shoes, both of which have made significant improvements to their businesses in the last 12 months. We are delighted that we have successfully completed the disposal of Sentinel on-time and to plan, despite the challenges of the last year.”
Electra is a private equity investment trust which has been listed on the London Stock Exchange since 1976. Electra’s investment objective is to follow a realisation strategy, which aims to crystallise value for shareholders, through balancing the timing of returning cash to shareholders with maximisation of value.
The Company will not make any new investments but will continue to support its existing investments to the extent required in order to optimise returns. Since 1st October 2016, Electra has distributed over £2 billion to shareholders through ordinary dividends, special dividends and share buybacks. Electra’s key investments include TGI Fridays, Hotter Shoes and Sentinel Performance Solutions.