Tuesday, August 31, 2010

Candover Looks At Selling Off Portfolio

“Candover has sealed its fate as the biggest private equity victim of the financial crisis by announcing plans to wind itself up by selling what is left in its portfolio to return cash to shareholders. The move underlines the steep fall from grace suffered by Candover, which was considered the gold standard of European private equity just a few years ago. Candover said on Tuesday that the net asset value of its portfolio had fallen 13 per cent to £197.4m, or 903p per share. This reflected the impact of the weaker euro and a 9 per cent writedown of its biggest investment in oil services group Expro International. Shares in the group rose 5p to 600p, as analysts welcomed its decision to go into run-off. Candover has invested £250m since June to support five of its portfolio companies: Hilding Anders, the Swedish bed maker; EurotaxGlass’s, the automotive data provider; Technogym, the Italian fitness equipment maker; DX Group, the UK mail delivery company; and Expro.”


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