Electra Private Equity PLC LON:ELTA has today announced that it has now completed the sale of its interest in ventilation systems manufacturer Nuaire to Polypipe Group plc LON:PLP. The total value of the deal is £145 million.
Electra has received proceeds of £73 million. Inclusive of income and proceeds from a refinancing, this generates a return of 3.8x on original cost and an 18% IRR.
Headquartered in Caerphilly, Wales, Nuaire is a leading UK-based manufacturer and designer of ventilation equipment for commercial and residential applications. The company’s innovative products help clients reduce their energy consumption and carbon emissions. Electra originally invested £23 million in the management buyout of Nuaire in 2007.
Electra Partners refers to Electra Partners LLP acting on behalf of its client Electra Private Equity PLC.
About Electra Private Equity PLC
Electra Private Equity PLC is a United Kingdom-based, closed-ended investment trust focused on private equity investments. The Company’s objective is to achieve a rate of return on equity of between 10-15% per year over the long-term by investing in a portfolio of private equity assets. The investment focus is on Western Europe, with the majority of investments made in the United Kingdom. The Company focuses to achieve capital growth from a portfolio of securities drawn from markets both within the United Kingdom and across the world. The Company’s financial instruments consist of securities in unquoted and quoted companies, partnership interests and liquidity funds, a loan facility, issuance of Zero Dividend Preference shares and Convertible Bonds. Electra Partners LLP is the manager of the Company.
About Polypipe Group Plc
Polypipe Group PLC is engaged in design, develop and manufacture range of plastic piping products in the United Kingdom. The Company’s primary focus is on developing and supporting pragmatic product systems through specific knowledge and understanding of the residential, commercial, civil and infrastructure market sectors. The Company’s plastic piping products include ground drainage, plastic plumbing and under floor heating systems, ventilation solutions, water supply systems, sewerage pipe systems for water authorities, land drainage products for agricultural use, surface water drainage, cable protection and sustainable urban drainage solutions (SUDS). The Company is focuses on plastic piping systems that support low and zero carbon construction technology and the management of water.