Electra Partners prepares for life after BramsonComments Off on Electra Partners prepares for life after Bramson
Electra managing partner Alex Fortescue is considering plans to set up a new private-equity venture after New York raider Ed Bramson severed ties with the group.
Electra Partners was served a 12-month notice by Bramson in May to end the relationship with its listed sister company Electra Plc, of which he took control after a bitter boardroom battle.
Fortescue (below), a former Apax executive, and his finance boss Stephen Ozin set up a new company last month, also called Electra Partners, which could be used as a vehicle to raise money although no decision has been made yet.
Electra Partners, which owns the Original Bowling Company, is seen as one of the better buyout performers after delivering a 228% diluted return on investments over 10 years.
“We have established relationships with a number of investors and have received numerous expressions of interest from others. We will work with these investors, and with Electra Plc, to ensure that we convert our pipeline into profitable new investments,” a spokesman said.
Electra would have to take a 20% haircut on its investment return if Bramson fires the group, saving him about £170 million, according to stockbroker Jefferies.