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.
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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