Initial public offering boosts EPE portfolio by a fifth in six months
Electra Private Equity’s float of car insurer Esure has helped to boost the value of its portfolio by a fifth in the past six months, the listed buyout company said yesterday.
The initial public offering of part of its holdings has raised £68m to date, with a further £98m realised from the sale of animal ID tag manufacturer Allflex, EPE said.
The value of the company’s total portfolio rose 19% over the six months to the end of March.
It bought Esure three years ago and floated its idiosyncratic Sheila’s Wheels insurance brand in March. The group realised £111m from the deal and made a further £257m from the sale of Allflex to spend on future acquisitions.
The group has invested a record £204m – mainly on bank assets – over the six months, compared to £92m in the same period last year. It also bought Axio Data for £91m and Cala Group for £13m.
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