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Epiris sells CALA and Retirement Bridge investments

19 April 2017 08:03

Epiris has announced the sale of Electra Private Equity's interests in CALA Group, the national house builder, and Retirement Bridge Group, a home reversion equity release provider, to Patron Capital Partners for aggregate proceeds of £94m.

Both of Electra's investments were made alongside Patron.

In the case of CALA, as a minority investor in Patron and Legal & General's acquisition of the business from Lloyds Banking Group, and in the case of Retirement Bridge as a 50:50 joint venture in the carve-out of the business from Grainger plc.

Following Electra's termination of its management contract with Epiris, it was unable to support the previously agreed business plan for Retirement Bridge, leading to the sale of this position.

At 8:03am: (LON:ELTA) Electra Private Equity Plc share price was +19.5p at 2558.5p

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