Electra Private Equity PLC Electra Partners announces the sale of Vidal Group (9394L)
07 October 2016 - 5:05PM
UK Regulatory
TIDMELTA
RNS Number : 9394L
Electra Private Equity PLC
07 October 2016
PRESS RELEASE
7 October 2016
Electra Partners announces the sale of Vidal Group
Electra Partners is pleased to announce that its portfolio
company AXIO Group ("AXIO") has received a binding offer from M3,
Inc. to purchase Vidal Group ("Vidal"), a leading European provider
of reference drug information for healthcare professionals, for
EUR100 million. The proposed transaction, which remains subject to
certain conditions including consultation with the relevant works
council in France and regulatory approvals, would be the fourth
major realisation from AXIO's portfolio.
Based on today's exchange rates, Electra Private Equity PLC
("Electra") would receive proceeds from AXIO of
GBP55 million, an uplift of GBP17 million on the valuation of
Electra's investment at 31 March 2016 and equivalent to an increase
in its NAV of 35 pence per share. The sale of Vidal would increase
the total cash proceeds received by Electra from its investment in
AXIO to almost GBP250 million, or 2.8x original cost, and the total
return, including Electra's investment in the remaining AXIO
businesses, to 4.0x original cost.
Vidal is a leading European healthcare informatics and
information systems company. The company provides hospitals,
primary care physicians, pharmacists and patients across Europe
with access to up-to-date drug databases and related
treatment-based information, and so brings drug intelligence and
clinical decision support tools directly to the point of care.
Alex Cooper-Evans, Partner at Electra Partners, said:
"The proposed sale of Vidal is another example of the successful
implementation of our strategy for AXIO. We started in 2013 with a
complex portfolio of disparate assets which we have transformed by
putting in place the right long-term strategy and delivering with
operational improvement, growth investment and M&A. This
transformation has resulted in AXIO's businesses becoming highly
attractive to strategic buyers.
"The AXIO investment is performing well: the sale of Vidal would
take the total return to 4.0x investment cost, including cash
proceeds of 2.8x investment cost. The remaining businesses in the
AXIO portfolio generated EBITDA of GBP16 million in 2015, a level
which has more than doubled over the course of our ownership. We
will continue to drive performance across these businesses through
the ongoing application of our active ownership approach."
Alex Fortescue, Alex Cooper-Evans and Sarah Williams are
responsible for the investment in AXIO Group.
Electra has seen a high level of investment activity since
September 2015. Including today's announcement this period has seen
realisations or agreements to sell of nearly GBP1 billion and new
investments of over GBP200 million. Realisations announced since
September 2015 include the exits of Daler-Rowney, Elian, Kalle,
MIMS and Zensar Technologies, the partial realisations of Allflex,
Hollywood Bowl and Premier Asset Management, and the proceeds from
the refinancing of the Park Resorts Group at the time of its merger
with Parkdean Holidays. New investments include the buyouts of
Photobox Group and Retirement Bridge Group and investments in two
CLOs.
Electra Partners refers to Electra Partners LLP acting on behalf
of its client Electra Private Equity PLC.
Ends
For further information please contact:
Andrew Honnor, Matthew Goodman, Matthieu Roussellier, Greenbrook
Communications +44 (0)20 7952 2000
Nicholas Board and Andrew Kenny, Electra Partners +44 (0)20 7306
3902
Note to Editors:
About Electra Partners LLP
Electra Partners is an independent private equity fund manager
with over 25 years' experience. During this time it has invested in
excess of GBP4.7 billion in over 200 deals. As at 31 March 2016,
the firm had funds under management of
GBP2 billion.
Electra Partners' flexible investment strategy allows it to
invest broadly across the private equity market with a particular
focus on Buyouts and Co-investments, Secondaries and Debt.
The firm's major client is Electra Private Equity PLC
("Electra"), a private equity investment trust which has been
listed on the London Stock Exchange since 1976. Electra's long-term
investment performance has been consistently superior to private
equity and other benchmarks. Over the ten years to 31 March 2016,
Electra has seen diluted NAV per share growth of 228%. This is more
than seven times the NAV per share return of the Morningstar
Private Equity Index (ex. Electra). It is also equivalent to a
ten-year annualised return of 13%, in the upper part of Electra's
target range of 10-15% over the long-term.
For further information please visit
www.electrapartners.com.
Electra Partners LLP is authorised and regulated by the
Financial Conduct Authority.
About AXIO Group
AXIO Group manages a portfolio of market-leading information
businesses providing critical, and often industry-standard,
information and tools. Operating in 12 countries worldwide, the
group's brands include Vidal in the healthcare sector, TechInsights
in the intellectual property sector, OAG in the global aviation
sector and RISI in the forest products sector.
For further information, please visit www.axiogroup.net.
This information is provided by RNS
The company news service from the London Stock Exchange
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