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CT Private Equity Trust Plc announced that on 10 November 2022, it sold a portion of its investment in HOFI S.p.A. The total value of the transaction for the Company was €39.5 million (£34.4 million), including approximately €2.8 million of contingent consideration. This represented an uplift of £23.1 million, or 4.8% of the Company's 30 June 2022 Net Asset Value, with €10.0 million of the proceeds being re-invested into a new investment in HOFI S.p.A.
| Date | 14 Nov 2022 |
| Time | 07:00:04 |
| Category | Miscellaneous |
| ID | 2028G |
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 |
|
Scott McEllen (Company Secretary) |
0131 718 1137
|