Candover disposes of management company

As part of the proposals, chairman Gerry Grimstone intends to stand down following the disposals, and Candove has begun the search for his successor.

Candover Partners has been sold to a new private equity investment adviser, Arle Capital Partners LLP, which was formed by existing Candover directors.

The firm says the creation of the new manager will ensure the Candover portfolio continues to be managed by an experienced team.

Candover Investments also plans to sell upto 29.1% of its portfolio, to an entity backed by Pantheon and Arle. The portfolio will be sold for a cash consideration of around £60m, a 14.3% discount to the carrying value of the assets.

The sale will strengthen Candover;s balance sheet, it says, through reduction in net debt and reducing its outstanding commitments by up to £11.2m.

Speaking today, John Arney, managing director of Candover Partners, said: "The team and I are delighted to have resolved the final legacy issue - our ownership - and have taken a critical step forward as we ready ourselves to return to market."

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