Electra's Espiris sells Innovia for $1.13bn

20th Dec 2016 07:24

(ShareCast News) - Private equity outfit Electra, said on Tuesday its portfolio manager Epiris had sold Innovia Group, a manufacturer of speciality films and substrate for polymer banknotes to CCL Industries for an enterprise value of $1.13bn.Based on today's exchange rates, Electra would receive proceeds from the sale of £106m, an uplift of £26m or 32% and equivalent to an increase in its NAV of 52p a share, on the valuation of the investment at 30 September 2016.Innovia makes polymer banknote substrate for central banks. It also manufactures speciality high performance films primarily used in packaging applications for the food and tobacco industries.