Partial Sale of San Siro

RNS Number : 2028G
CT Private Equity Trust PLC
14 November 2022
 

 

 

14 November 2022

 

CT PRIVATE EQUITY TRUST PLC

 

LEI: 2138009FW98WZFCGRN66

 

CT Private Equity Trust Plc ("the Company") announces that on 10 November 2022 it sold a portion of its investment in the Italian funeral services business of San Siro and related entities ("HOFI S.p.A.").

 

The Company initially invested in San Siro in January 2019 in a deal led by Augens Capital. This investment has generated a return of 8.8x cost and 87% IRR for the Company as of 10 November 2022.

 

As at 30 June 2022 the Company's investment in San Siro was valued at €13.2 million (£11.4 million). The total value of the transaction for the Company is €39.5 million (£34.4 million*) representing an uplift of £23.1 million* or 4.8% of the Company's 30 June 2022 Net Asset Value. This amount includes approximately €2.8 million of contingent consideration.

 

€10.0 million (approximately 25% of the total proceeds) will be re-invested into a new investment in HOFI S.p.A. alongside the existing manager, Augens Capital and the new investor for a further term.

 

It is anticipated that the Company will publish its 3rd Quarter results on 25 November 2022.

 

* using 8 November 2022 exchange rates

 

 

For more information, please contact:

 

Hamish Mair (Fund Manager)

0131 718 1184

hamish.mair@columbiathreadneedle.com

 

Scott McEllen (Company Secretary)

 

0131 718 1137

scott.mcellen@columbiathreadneedle.com

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
MSCFFLFMFEESEFF
UK 100

Latest directors dealings