Electra exits Elian to Intertrust in £435m deal

The sale resulted in an IRR of 50%, with Electra expecting to receive total proceeds of around £200m.

Elian undertook an international buy-and-build growth strategy under the GP’s tenure, acquiring SFM Europe in September 2015. The SFM deal was funded by a blend of cash on Elian's balance sheet and debt raised from the refinancing of its existing debt facility.

The sale of Elian marks the third divestment by Electra in 2016, earning a total of £27m from the sale of its stake in German sausage casing producer Kalle and generating proceeds of £32m from its sale of fine art materials business Daler-Rowney.

Previous funding
Electra invested £81m in Elian in February 2014 as part of the company's £180m buyout from former parent Ogier Group. The deal was financed by a group of lenders including HSBC, Lloyds Banking Group, RBS, Babson Capital Europe and Alberta Investment Management.

Company
Founded in 1998 and headquartered in Jersey, Elian provides international trust, fund and company administration services to multinational corporations, high-net-worth individuals, family offices and investment funds.

The company has additional operations in the Netherlands, Bahrain, the British Virgin Islands, the Cayman Islands, Ireland, Germany, Hong Kong, Portugal, Luxembourg, Spain, Italy, the US and Japan. It has a headcount of 600.

People
Electra – Alex Fortescue (managing partner); Chris Hanna (partner); Ian Wood (investment director).
Ellian – Paul Willing (CEO).

Advisers
Vendor – Lazard (corporate finance); Clifford Chance (legal); Macfarlanes (legal); PwC (corporate finance).

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• Topics
• Exits
• UK / Ireland
• Financials
• United Kingdom
• Electra Partners LLP
• Trade sale