The private equity firm sees £30m investment deliver strong returns.
Electra will receive cash proceeds of £51.5m following the floatation of personal lines insurer Esure. The proceeds represent the repayment of the prior ranking capital, the yield and proceeds from the sale of existing shares.
The private equity firm will also maintain a stake in Esure valued at £17.9m based on the IPO price. Electra has already received £15.3m from its £30m investment.
The original investment was made as part of a management buyout led by Esure chairman Peter Wood.
At the time of the deal Electra deputy managing partner Tim Syder said: “We are delighted to be involved in this deal; Esure has a great brand, is managed by an entrepreneur with a fantastic track record and it is a good time in the industry cycle to be investing.”
Esure’s IPO values the insurer at £1.2bn, with conditional dealing on the shares starting today.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
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