Electra realises nine year investment

Electra Private Equity has refinanced Allflex Holdings II, in a transaction led by Royal Bank of Scotland. Electra will receive cash proceeds of $78.3m together with interests in the new company valued at $114.0m.

At current exchange rates, the transaction will give rise to an increase in Electra’s net asset value since 31 March 2007 of £42m representing uplift in net asset value per share of 112.5p.In 1998, Electra led the $160m buyout of Allflex, a manufacturer and distributor of visual and electronic animal identification tags.

Allflex has been refinanced on two previous occasions, most recently in 2005. Based on the aggregate proceeds and retained investment arising from this latest refinancing, Electra will achieve a multiple of over 5 times its original investment with an IRR over 9 years of 25%.