Electra Private Equity has announced that Axio Data Group, one of the companies it owns, has sold a specialist logistics intelligence business, Breakbulk, to ITE, the exhibitions group, for £10m. With this deal Electra has taken £76m in cash out of Axio, a business it paid £91m for in 2013, yet Axio still owns five other “market-leading information businesses”.
Electra is also investing £100m to acquire the UK franchise of TGI Fridays, which for anyone who hasn’t heard of it is “an authentic American casual restaurant chain offering a fun and lively dining experience for both young adults and families alike“. TGI Fridays has 66 restaurants. Electra is investing alongside TGI Fridays management team, led by Karen Forrester. Debt facilities for the transaction have been provided by ICG and Barclays.
Electra say they have completed four control buyouts and, including bolt-on transactions, 10 deals in total since September 2013.
At the same time Sherborne, whose attempts to force their way onto Electra’s Board were rejected by shareholders in October, has just announced that it has upped its stake in the company again and now owns 22.1% of the company.
ELTA : Electra – more deals, Sherborne still buying