Candover Investments has announced the partial realisation of its investment in Technogym S.p.A, which is managed by Arle Capital Partners Limited. The partial realisation follows the initial public offering of Technogym.
In the IPO of Technogym, Candover will sell 62.5% of its interest in Technogym for net cash proceeds of £11.7 million. Candover’s remaining interest in Technogym is valued at £7.6 million at the IPO price and is subject to a 180 day lock up from the date that shares start trading. Dealings in the shares of Technogym are expected to commence on 3 May 2016. Candover’s entire interest in Technogym was valued at £22.5 million in its audited accounts for the period ended 31 December 2015.
Candover’s retained interest in Technogym of 1.5%, which is subject to a greenshoe option, will continue to be managed by Arle, along with the remaining interests of the Candover 2005 Fund. In aggregate, Arle will continue to manage 15% of Technogym, reducing to 11.25% if the greenshoe option is fully exercised.
The proceeds from the IPO, together with the proceeds received from the realisation of Stork BV and the partial realisation of Parques, will result in Candover having gross cash balances of £34.2 million, and proforma net debt of
£11.2 million.
CDI : Candover sells part stake in Technogym