Electra Private Equity has sold its stake in Daler-Rowney, a UK-based fine arts materials provider, for about 32 million euros (approximately $36 million). The buyer was FILA Group.
Electra Private Equity PLC (“Electra”) is pleased to announce the sale of its interest in fine art materials producer Daler-Rowney to the FILA Group, a Milan-listed producer of writing instruments and art supplies.
Electra has received proceeds of approximately £32 million, equating to an uplift of £20 million or 163% on the valuation of Daler-Rowney at 30 September 2015, implying an increase in NAV per share of almost 41p.
Founded in 1783 and headquartered in Bracknell, Berkshire, Daler-Rowney is one of the largest suppliers of fine art materials in the world. The company has a long record of innovation, and its comprehensive product range includes artists’ colours, brushes, papers and canvases which meet the needs of artists of all kinds, from beginners to professionals. The company manufactures its products in the UK and the Dominican Republic and sells them in more than 90 countries worldwide.
Rhian Davies, Alex Cooper-Evans and Zoe Clements were responsible for the investment in Daler-Rowney. The sellers were advised by Ashurst.
The sale continues a busy start to Electra’s financial year, which has seen the firm achieve realisations of more than £270 million and commit to new investments in excess of £190 million. Realisations announced since October include the sales of MIMS and Zensar Technologies and the proceeds from the merger of Parkdean Resorts. New investments in which Electra has participated include the buyout of Photobox Group, the acquisition of Bowlplex by TOBC, and the announced investment in Grainger Retirement Solutions.
Electra Partners refers to Electra Partners LLP acting on behalf of its client Electra Private Equity PLC.
About Electra Partners LLP
Electra Partners is an independent private equity fund manager with over 25 years’ experience in the mid-market. During the last 25 years it has invested in excess of £4.5 billion in over 200 deals. As at
30 September 2015, the firm had funds under management of over £1.8 billion including capital available for investment of nearly £350 million.
Electra Partners’ flexible investment strategy allows it to invest broadly across the private equity market with a particular focus on Buyouts and Co-investments, Secondaries and Debt. In addition to this, its long-term capital base means it is not constrained by expiring investment periods or exit pressure driven by fund raising cycles and is therefore able to realise investments only when returns are maximised for its investors.
The firm’s major client is Electra Private Equity PLC (“Electra”), a private equity investment trust which has been listed on the London Stock Exchange since 1976. Electra’s long-term investment performance has been consistently superior to private equity and other benchmarks. Over the ten years to 30 September 2015, Electra has seen diluted NAV per share growth of 244%. This is seven times the NAV per share return of the Morningstar Private Equity Index (ex. Electra). It is also equivalent to a ten-year annualised return of 13%, at the upper end of Electra’s target range of 10-15% over the long-term.
For further information please visit www.electrapartners.com.