Candover realises just under £300m
Candover Investments and its managed funds have realised proceeds totalling £296m since the beginning of the year.
The buy-out specialist said its share of the proceeds came to £29.9m, including £15.6m from the disposal of the remaining stake in Wellstream, £5.3m from the refinancing of Wood Mackenzie and £8.6m for the sale of the remaining holding in Aspen,
The Candover 2005 Fund has made one new investment this year, investing £336m to enable the Dutch engineering conglomerate, Stork, to go private. Candover Investments also invested £54.7m in Stork.
Three significant follow-on investments have been completed in Parques, Gala and Alma.
Candover invested £7.5m to Parques, £3.8m to Gala and £1.1m to Alma. The Candover 2005 Fund committed £46.2m to Parques, £30.3m to Gala and £6.8m to Alma.
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The £1.6bn cash offer for Expro International, which was made by Candover 2005 in partnership with Goldman Sachs and AlpInvest has not yet been concluded.
In March, Candover Partners commenced the marketing of the
Candover 2008 Fund with a target of €5.0 billion. Candover has committed to invest €1 billion in the Candover 2008 Fund.
The company said its net asset value (NAV) per share has not been revalued since the end of 2007. The year-end NAV was published in the company’s 2007 results.
Candover saw full-year net assets per share rise 37.4% last year but said it does not expect the rate of realisations achieved in 2007 to continue into 2008.
