Electra Private Equity has announced that it has agreed to sell its interest in ventilation systems manufacturer Nuaire to Polypipe Group in a deal valued at approximately £145m. On completion of the transaction, which is expected during August, Electra is to receive proceeds of approximately £72m. This represents an uplift of £24 million, or 50% on the valuation of Nuaire at 31 March 2015. This is equivalent to an increase in the diluted NAV per share of 49p. Electra say that including the income and proceeds from a refinancing, this will generate a return of 3.8x on the original cost, which is equivalent to an IRR of 18% (Electra originally invested £23 million in the management buyout of Nuaire in 2007).
Electra sells Naire for £145m : ELTA