Epiris sells CALA and Retirement Bridge

Epiris has announced the sale of Electra Private Equity PLC’s interests in CALA Group, the national house builder, and Retirement Bridge Group, a home reversion equity release provider, to Patron Capital Partners for aggregate proceeds of GBP94 million.

Both of Electra’s investments were made alongside Patron. In the case of CALA, as a minority investor in Patron and Legal & General’s acquisition of the business from Lloyds Banking Group, and in the case of Retirement Bridge as a 50:50 joint venture in the carve-out of the business from Grainger plc. Following Electra’s termination of its management contract with Epiris, it was unable to support the previously agreed business plan for Retirement Bridge, leading to the sale of this position.

Alex Fortescue, Charles Elkington, Owen Wilson, Arvind Tewari and Nicola Gray were responsible for the investments and exits of CALA and Retirement Bridge.

ELTA : Epiris sells CALA and Retirement Bridge