Electra provides Cala with £15m for Banner Homes acquisition

The funding will enable Cala to accelerate existing plans to double its business by 2017. It will also be used to finance land already purchased by the house builder.

Electra originally invested £13m in the Patron Capital Partners-led buyout of Cala in April 2013, a deal worth £210m. The fresh capital brings the GP's total investment in the company to £30m, though its stake in Cala remains the same.

In January 2014, when Electra appointed Bill Priestley as partner, unquote" reported that the GP was sitting on £450m of dry powder. Since then, Electra has acquired audio mixing console maker Calrec for £14m and supported the management buyout of Ogier Fiduciary Services to the tune of £180m. Shortly beforehand it acquired a majority stake in the secondary buyout of UK shoe manufacturer Hotter Shoes from Gresham Private Equity for £85m.

Company
Founded in 1975, Banner Homes is a house builder specialising in premium homes. Headquartered in Wooburn Green, England, it also has regional offices in Worcestershire and Surrey.

People
Chief investment partner Alex Fortescue, investment partner Charles Elkington and investment associate Tom Stenhouse led the deal for Electra. Richard Werth is the chief executive of Banner Homes.

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• Topics
• Expansion
• Real estate
• UK / Ireland
• United Kingdom
• Electra Partners LLP
• Electra Private Equity