Electra Private Equity has continued to deploy a steady flow of capital in the last few months, having invested £124 million (€155 million, $207 million) between April 1 and 30 June, it said in an interim statement.
Electra’s largest investments in the period were £81 million in Ogier Fiduciary Services, £33 million in Innovia Group and £5 million to support the acquisition of Happy Child Nurseries by Electra’s existing portfolio company Treetops Nurseries.
The trust’s realisations for the period totalled £47 million, including £17 million received from the sale of Electra’s remaining interest in LondonMetric Property and a further £7 million as a result of distributions from the EP1 Secondary Portfolio.
Electra’s diluted NAV per share was down 0.1 percent to 2,910p in the period. The trust’s share price was up 3 percent against a 2 percent total return for the FTSE All-Share Index, Electra said.
“Recent performance continues to be strong with the investments made over the past two years already starting to generate returns,” Roger Yates, chairman of Electra Private Equity, said. “The current financial year has continued to be busy [and] our pipeline of investment opportunities remains strong,” Hugh Mumford, managing partner of Electra Partners, added.
Earlier this month, Electra Private Equity also acquired Southview and Manor Park, two UK-based holiday parks, from UK-based lower mid-market firm Bluebird Partners and a European bank for £49 million. The London-listed investment trust has invested £20 million of equity, while the debt was provided by Investec, according to a statement.
Last month, Electra refused a request from shareholder Edward Bramson for additional board seats and a strategic review.
At 11.00 BST, Electra shares were trading at 2.651p, giving the trust a market capitalisation of £938.72 million.