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 [e-mail]
Scott McEllen (Company Secretary)	0131 718 1137 [e-mail]

 

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