Electra fails to find buyer

The firm announced in May that it had begun the sale process and was considering approaches for individual portfolio assets, the entire portfolio, and the company itself.

The LP appointed Greenhill to advise on the process, which constitutes the third phase of an extensive review initiated at the start of 2016.

In its latest statement to the London Stock Exchange, Electra said that it has received offers and is continuing discussions surrounding the sale of individual and grouped assets, though it also added that it could not confirm whether any of the offers would prove acceptable.

In the meantime, the LP said it will continue with the final stage of its strategic review, with a view to announcing the result by the end of October.

The 2016 review was launched two months after shareholders voted in favour of activist investor Edward Bramson and Ian Brindle taking seats on the company's board of directors during a general meeting.

Four months after the board changes, the contract of Epiris (then known as Electra Partners) to be the investment portfolio manager of Electra Private Equity was put on termination notice, with the GP's mandate ending in May 2017. Epiris has since gone on to start raising its first fund as an independent manager, which has a target of £1bn and has made three investments to date.

The latest development comes 19 months after Electra announced it was to move away from its status as a listed investment trust to a corporate structure and return £200m of capital to shareholders by way of a tender offer.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• LPs
• UK / Ireland
• United Kingdom
• Electra Private Equity
• Listed private equity