Acquisition

RNS Number : 2434Y

Caledonia Investments PLC

07 September 2015

 



 

CALEDONIA INVESTMENTS COMPLETES THE ACQUISITION OF SEVEN INVESTMENT MANAGEMENT

On 22 June 2015, Caledonia Investments plc ("Caledonia") announced (under RNS number 7766Q) that it had agreed to acquire a majority stake in Seven Investment Management ("7IM"), the provider of discretionary fund management, retail investment funds and platform services to UK investors. The acquisition was conditional on change of control approval by the Financial Conduct Authority, which Caledonia is pleased to advise has now been granted and accordingly the transaction has been completed.

Caledonia has acquired 93.6% of 7IM Holdings Ltd, the controlling member of Seven Investment Management LLP which operates the 7IM business, in a transaction which values the business at £100m. Caledonia will invest £73.6m from its own cash resources, with the balance of the acquisition costs being funded by a combination of £25m of bank debt, equity subscription from the 7IM management team and cash on the 7IM balance sheet at completion.

As at 31 August 2015, 7IM had assets under management and administration of approximately £9.4bn.

7 September 2015

For further information contact:

Caledonia Investments plc	[phone]
Will Wyatt, Chief Executive Stephen King, Finance Director
Duncan Johnson, Head of Unquoted Investments
Media contact:
Tulchan Communications	[phone]
Peter Hewer

END

Notes for editors:

Caledonia Investments plc

Caledonia is a self-managed investment trust company listed on the London Stock Exchange with net assets of approximately £1.5bn as at 31 August 2015. The company maintains a concentrated portfolio of international quoted, unquoted and fund investments and has paid an increasing annual dividend for 48 years.

In the unquoted arena, Caledonia seeks to invest £25m to £100m in private companies, either on a majority or minority basis, providing a meaningful presence and growth capital supporting double-digit operating margins. Its current unquoted portfolio includes Park Holidays (a UK caravan parks operator), Cobehold (a European unquoted investment house), TGE Marine (a marine gas-engineering business based in Germany), The Sloane Club (a London residential club) and Choice Care Group (a UK learning disability care homes provider).

For additional information on Caledonia, please visit www.caledonia.com.

7IM

7IM was founded in 2002 by its current management team and specialises in multi-asset risk-rated investment, which it offers through discretionary fund management, asset management and self-invest services.

For additional information on 7IM, please visit www.7im.co.uk. 

Neither the contents of Caledonia's nor 7IM's websites, nor the contents of any website accessible from hyperlinks on these websites (or any other website) is incorporated into, or forms part of, this announcement.

 

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