Further to the announcement of 20 December 2016, Epiris is pleased to announce that, following satisfaction of the conditions to which the transaction was subject, it has completed the sale of Electra Private Equity PLC’s (“Electra”) interest in Innovia Group to CCL Industries.
Electra has received proceeds from the sale of £108 million, which equates to a return of 3.3x cost, and an IRR of 51%. Epiris invested £33 million as a cornerstone investor in The Smithfield Group’s acquisition of Innovia in 2014 and was represented on the Board of the business by Chief Investment Partner, Bill Priestley.
Bill Priestley and Owen Wilson were responsible for the investment and the exit of Innovia Group.
Epiris refers to Epiris Managers LLP acting on behalf of its client Electra Private Equity PLC.
To view this and previous press releases on Innovia, please visit the Epiris website by clicking here.