Electra has raised €72m from the redemption of preferred equity and from the sale of c28% of its 15% equity interest in Allflex. This is equivalent to a return of 0.8x cost. the retained stake in Allflex has a value, implied by this transaction, of €78m (£65m). Together this repreents a 48% uplift to the valuation at the end of March 2016 or an additional 81p on the NAV. The return on this investment, made in 2013, is currently 1.8x cost or an IRR of 24%.
The purchaser was Public Sector Pension Investment Board.
Allflex is the global leader in animal inteligence and monitoring technologies for livestock, pets, fish and other species. It designs, produces and distributes a variety of products such as radio frequency identification (RFID) and visual ear tags, tissue sampling devices, RFID implants, monitoring devices, milk meters and other farm management equipment. Allflex opeartes in over 60 countries and employs over 1,700 people worldwide.
ELTA : Electra partial sale of Allflex