TIDMELTA
RNS Number : 0478X
Electra Private Equity PLC
16 February 2017
PRESS RELEASE
16 February 2017
Epiris announces the sale of OAG for approximately $215
million
Epiris is pleased to announce that its portfolio company AXIO
Group ("AXIO") has sold OAG, the global leader in aviation
information and intelligence, to funds managed by Vitruvian
Partners for approximately $215 million. This is the fifth major
realisation from AXIO's portfolio.
Electra Private Equity PLC ("Electra") has received proceeds
from AXIO of GBP104 million*, an uplift of GBP28 million or 37% and
equivalent to an increase in its NAV of 60 pence per share on the
valuation of Electra's investment at 30 September 2016. The sale
has increased the total cash proceeds received by Electra from its
investment in AXIO to more than GBP350 million, or 3.9x original
cost, and the total return, including Electra's investment in the
remaining AXIO businesses, to 4.8x original cost.
OAG is the world's leading provider of flight information
(schedules and status) and related analytical tools. It serves a
wide range of customers across the travel sector including
airlines, airports and airport services providers, travel
distribution players, government agencies, aircraft manufacturers,
consultancies and corporate customers. Based in Luton in the UK, it
has operations in Boston, Massachusetts and sales offices in North
America and Asia.
Alex Cooper-Evans, Partner at Epiris, said:
"OAG is another AXIO success story. The business has been
transformed during the period of our ownership with strategic
focus, operational improvement and investment. OAG has grown
earnings at more than 30% a year since 2013 and now has a clear
strategy to continue its growth in the future. Phil Callow and his
team have done a fantastic job with the business and we wish them
well for the next chapter in the OAG story.
"The sale of OAG takes our realised return on this investment to
3.9x cost, and the total return to 4.8x. The remaining businesses,
RISI and TechInsights, have been repositioned since 2013, not only
strategically but also in terms of scale, with earnings having more
than quadrupled."
Henry Elkington, CEO of AXIO Group, said:
"Under AXIO's ownership OAG has focussed its activities on
subscription data services, disposing of non-core events and media
products. OAG acquired FlightView in 2015 to expand its customer
base, and strengthen its leadership in flight status data
services.
"We will continue to improve our remaining portfolio business by
focussing on our leadership positions, driving efficiency, and
investing for growth."
Alex Fortescue, Alex Cooper-Evans and Sarah Williams are
responsible for the investment in AXIO Group.
Epiris refers to Epiris Managers LLP acting on behalf of its
clients, including Electra Private Equity PLC.
Ends
* At current exchange rates.
For further information please contact:
Andrew Honnor, Matthew Goodman, Matthieu Roussellier, Greenbrook
Communications +44 (0)20 7952 2000
Nicholas Board and Andrew Kenny, Epiris +44 (0)20 7306 3902
Note to Editors:
About Epiris
Epiris is a top-decile private equity fund manager**.
Epiris, together with its predecessor firms, has managed the
business and affairs of Electra Private Equity PLC, a listed
private equity investment trust, for four decades. Epiris has also
managed private equity investment programmes for pension funds,
financial institutions and family offices. During this time Epiris
has invested in excess of GBP5 billion in over 200 deals. Since
2011, Epiris has invested GBP1 billion in buyouts and
co-investments and loan-to-own debt investments, in respect of
which it has delivered a gross IRR of 38%***.
As at 30 September 2016, the firm had funds under management of
GBP2.4 billion.
For further information please visit www.epiris.co.uk.
Issued by Epiris Managers LLP which is authorised and regulated
by the Financial Conduct Authority.
** Refers to the 2009 and 2012 investment pools comprising
Buyout & Co-investment, Secondary and Debt investments managed
on behalf of Electra Private Equity PLC; comparator data supplied
by Preqin.
*** As at 30 September 2016 adjusted for subsequent investments
and realisations. Gross IRR does not reflect adjustments for
investment management and administration costs. Past performance is
no guarantee of future results.
About AXIO Group
AXIO Group manages a portfolio of market-leading information
businesses providing critical, and often industry-standard,
information and tools. The group's other businesses are
TechInsights, a leading intellectual property services and
technical intelligence provider, and RISI, the world's leading
price reporting and analytics provider to 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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