Elcot to take up to 50% stake in Premier AM

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 ...