Premier Asset Management has agreed a £10m deal with Elcot Capital Management which could see it acquire up to half the firm from private equity backer Electra.
Elcot will acquire 25.1% of Premier from Electra Private Equity, which will retain a minority interest, for £10m and has the option to acquire a further 25.1% at a later date for another £10m. Electra has been invested in Premier since 2006 and made a further investment in the business in 2009 to support an acquisition. The fund management and senior management team at Premier will hold 25% of the equity of the business and roll over existing shareholdings. Elcot is a privately-owned investment management firm which is led by former Framlington chief executive Mike Vogel. Mike ...
To continue reading this article...
Join Investment Week for free
- Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
- Get ahead of regulatory and technological changes affecting fund management
- Important and breaking news stories selected by the editors delivered straight to your inbox each day
- Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
- Be the first to hear about our extensive events schedule and awards programmes