CVC, Charterhouse, Permira fully exit Saga

The final sell down, which saw the private equity consortium place its remaining 32% stake with institutional investors, follows several months of stability for Saga's share price in recent months and a dividend increase last week.

Saga's share price stood at 201.4 pence on Thursday evening when Acromas placed its holding at 195 pence per share, representing a discount of around 3.2%. The entire stake was valued at £687.7m. The accelerated bookbuild was carried out by Numis Securities.

Acromas was set up in 2007 by CVC, Charterhouse and Permira to facilitate the merger of portfolio companies Saga and AA. Charterhouse acquired Saga in 2004 in a £1.35bn deal. CVC and Permira purchased AA in the same year for £1.75bn.

Saga was listed on the London Stock Exchange in May 2014, raising £550m and reaching a valuation of £2.1bn. The IPO saw Saga selling 297.3 million shares at 185 pence each – the bottom of its indicative price range. AA was listed in June 2014 and received a market cap of £1.38bn.

Following the listing, Acromas retained a 62% holding, which it held onto until February this year as it waited for Saga's share price to improve.

Company
Saga focuses on the over-50s market, providing insurance, travel, personal finance, healthcare services and magazines.

For the year ending January 2016, Saga reported EBITDA of £238.8m on revenues of £963.2m.

Founded in 1951, Saga is headquartered in Folkestone.

People
Saga – Lance Batchelor (group CEO).

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• Topics
• Exits
• UK / Ireland
• Financials
• CVC Capital Partners
• Permira
• Charterhouse Capital Partners