Electra sells Lil-lets to Premier Foods

Electra will receive gross proceeds of £37m from the sale. Based on the valuation of Lil-lets Group on 31 March 2013, proceeds represent a reduction in Electra's diluted NAV per share of 12p due to a weakening currency in South Africa, the GP said in a statement.

The transaction is subject to regulatory approval in South Africa.

The new owner will accelerate the firm's African and UK growth plans through the use of its existing distribution channels.

Electra sold French animal tags business Allflex earlier this year, reaping a 15x money multiple following an auction process.

Previous funding
Duke Street sold Lil-lets, the feminine hygiene division of Accantia, to Electra in 2006 for a total consideration of £80m. Electra invested £27m in equity alongside a debt package provided by Barclays and Royal Bank of Scotland.

Company
Lil-lets is a branded feminine hygeine business with a full range of products. The firm was founded in Birmingham in 1954 and is headquartered in Solihull, West Midlands.

People
Rhian Davies is a partner at Electra.

Advisers
Vendor – PwC, Neil Sutton, Julia Casey (Financial due diligence)

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• Electra Partners LLP