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BRIEF-PE firm Electra says portfolio manager Epris agrees to sale of Parkdean Resorts
December 19, 2016 / 7:15 AM / 9 months ago

BRIEF-PE firm Electra says portfolio manager Epris agrees to sale of Parkdean Resorts

Dec 19 (Reuters) - Electra Private Equity Plc :

* Epiris agrees 1.35 bln stg sale of Parkdean Resorts

* Has agreed sale of Parkdean Resorts, a leading UK operator of Caravan Holiday Parks, to Onex Corporation, for 1.35 billion stg

* Based on completion on March 1, 2017, Electra Private Equity Plc would receive proceeds from sale of c.405 million stg, an uplift of 25 million stg

* Together with proceeds previously received, Electra’s total proceeds from investment will be 515 million stg

* Equates to a return of c.3.9x cost, and an IRR of c.46 pct

* Transaction is anticipated to close in Q1 of 2017, subject to customary regulatory approvals

* Rothschild & Co advised on sale and Clifford Chance advised on legals

* Alex Fortescue and Sarah Williams are responsible for investment and exit of Parkdean Resorts Source text for Eikon: Further company coverage: (Bengaluru Newsroom: +91 806 749 1136)

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