Tuesday, April 2, 2013

Electra bank £ 51.5 m from Esure IPO

22 March 2013 |By Newsdesk

The private equity firm sees £ 30 m investment delivering strong returns.

Electra receives money proceeds of £ 51.5 m after the floating of personal lines insurer Esure. The proceeds represent the repayment of the preceding ranking of capital, the yield and the proceeds from the sale of existing shares.

The private equity firm also maintain a stake in Esure worth £ 17.9 m based on the IPO price. Electra has already received £ 15.3 m of his £ 30 m investment.

The original investment was done as part of a management buy-out 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 agreement; Esure has a great brand, is managed by an entrepreneur with a great track record and it's a good time to invest in the cycle of the industry. "

The IPO values the insurer at £ 1 Esure. 2bn, with conditional deal on the shares as of today.

22 March 2013

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Title Post: Electra bank £ 51.5 m from Esure IPO
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