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Electra Private Equity sells caravan parks to Onex Corp as it reviews the business

Published: 07:44 06 Mar 2017 GMT

caravan
Electra Private Equity has sold Parkdean Resorts for £1.35bn

Electra Private Equity plc (LON:ELTA) has sent its caravan park business packing with the sale of Parkdean Resorts to Onex Corporation for £1.35bn.

The British private equity firm said it has received £406mln in proceeds from the sale of the business, which offers caravan holiday accommodation in the UK.

The sale proceeds, combined with amounts previously received, bring the profit on total investment to £516mln, marking a return of 3.9 times cost and an internal rate of return (IRR) of 45%.

In a separate announcement, Electra said it has completed the sale of its interest in Innovia Group, which provides biaxially orientated polypropylene films for packaging of consumer goods such as chocolates and cheese.

The disposal of Innovia to CCL Industries has raised proceeds of £108mln, a return of 3.3 times cost and an IRR of 51%.

The news of the disposals come after Electra in January said it had launched an all-encompassing review of its business after a US activist investor Edward Bramson and his colleague Ian Brindle gained two seats on the board.

Bramson and Brindle are executives of investment firm Sherborne, which owns 29% of Electra.

Bramson has a reputation for shaking up companies he invests in, having carried out a similar move at F&C Management five years ago.

Shares in Electra dipped 0.21% to 4,949.59p in early trading. 

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