Electra partially exits Premier to Elcot

The deal includes an option for Elcot to acquire an additional 25.1% stake for up to £10m within a limited timeframe.

Following the transaction, Electra will continue to maintain a significant minority stake in Premier, while the company's senior management will retain a 25% stake.

Electra has been particularly active throughout 2014. Notably, the GP acquired Hotter Shoes from Gresham Private Equity in a deal worth around £200m and invested in the £180m MBO of Ogier Fiduciary Services.

Previous funding
Electra de-listed Premier from the AIM in the summer of 2007 in a £57m deal, with the GP providing £33m of equity.

In 2009, Premier acquired the management contracts for two OEIC fund umbrellas from Aberdeen Asset Management in a £23m all-equity deal. Electra provided fresh capital to fund the acquisition.

At the time of the bolt-on, Electra planned to grow Premier's assets under management to £10bn. Today the company has £3bn in assets under management.

Company
Founded in 1995 and headquartered in Guilford, Premier is an independent asset management company. The firm's investment teams manage multi-asset, UK equity, global equity and fixed interest strategies.

People
Tim Syder and Alex Cooper-Evans manage Electra's investment in Premier. Mike Vogel is chairman and CEO of Elcot and chairman of Premier. Mike O'Shea is chief executive of Premier.

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• Electra Partners LLP