Wed, 01 Sep 2010 | BUSINESS NEWS
European private equity firm Candover has announced plans to wind itself up following a hangover of financial difficulties from the credit crunch.
Candover, once one of the most respected firms in the European private equity sector, has confirmed it will return the cash from the sale of its remaining portfolio to shareholders.
Malcolm Fallen, chief executive of Candover Investments, the listed arm of the private equity group, said it had chosen the best option for the 'maximisation of cash to shareholders.'
“There is significant value in the underlying investments of our portfolio. It is not going to happen in weeks or months, but this is a very measured plan,” he added.
Candover's downfall is due in part to a series of investments, which haven't gone to plan, such as Italian luxury yachtmaker Ferretti and Gala Coral, the UK betting and bingo group. Come the credit crisis, Candover was forced to abandon its own commitment to its new £2.5 billion fund, leaving the group without funds for new deals.
It then attempted to sell itself to the $70bn Canadian pension fund, Alberta Investment Management Corporation, but talks collapsed in July.
Candover has now said that the net asset value of its portfolio had fallen 13 per cent to £197.4 million, or 903p per share. Interim pre-tax losses widened from £25.9 million to £27.8 million. Net debt fell from £74.8 million to £58.8 million.
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