Chamonix and Electra acquire Peverel from administrators

The deal will reduce the company's debt from £125m to £25m. Peverel has been in administration since March 2011 after it was unable to arrange repayment with previous debt provider Bank of America Merrill Lynch.

Chamonix and Electra have taken a substantial majority stake, with the current management retaining a minority stake. The investors have also brought in Janet Entwistle, previous managing director of BT Fleet, for the vacant position of chief executive.

Partner Andrew Hartley told unquote" that Chamonix sourced the deal around a year ago, as the company went into administration, and brought in Electra as a partner. He stressed that the company had remained profitable, but over-leveraged, and that the deal was complicated by company relationships within Peverel's previous conglomerate.

Debt
A £25m senior debt package was arranged by an undisclosed provider.

Company
Peverel, founded in the 1980s, provides property management services, including security systems, telecare and telehealth, insurance services, and residential property management.

The company operates three divisions: retirement, property management and building technologies, as well as an insurance services business by the name of Kingsborough. Based in New Milton, UK, the group employs 4,200 staff and has a turnover of £70m.

People
Managing partner Jane Crawford, partner Andrew Hartley, investment director David Smith, and associates Stephen Catling, Sam Watkinson and Matthew Turner worked on the deal for Chamonix. Alex Fortescue is chief investment partner at Electra.

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

• Topics
• Buyouts
• Support services
• UK / Ireland
• United Kingdom
• Electra Partners LLP