Caledonia Investments sells 20% stake in B&W Group

3rd May 2016 11:07

(ShareCast News) - Caledonia Investments has sold its 20% stake in audio equipment manufacturer B&W Group for £24m in cash, and an accrued dividend of £500,000.The deal was part of the wider sale of Bowers & Wilkins to US-based technology company EVA Automation Inc."Caledonia originally invested in Bowers & Wilkins in December 2011 and its exit at this time follows the majority owner's strategic decision to partner with EVA to leverage the Bowers & Wilkins brand through the broader market reach and technology platforms that EVA can offer."The investment has returned to Caledonia a money multiple of 1.2x and an internal rate of return of 3.6%.At 1110 BST, Caledonia shares were down 0.5% to 2,472p.