SVG Capital Plc (SVI), the biggest backer of private-equity firm Permira Advisers LLP, agreed to sell SVG Investment Managers as it posted 23 percent increase in the value of its assets in the first half of the year.
Hansa AG, a Basel-based investment company, will buy the unit, which buys minority stakes in publicly traded companies, for an undisclosed sum, London-based SVG said in a statement today. The stock rose as much as 7.2 percent in London trading.
Chief Executive Officer Lynn Fordham has been overhauling the investment firm after it was forced to cut its commitment in Permira’s latest fund by half during the financial crisis. SVG has since sought to broaden its range of investments and pledged in February to return 300 million pounds ($464 million) to investors. It also sold a controlling stake in SVG Advisers, its funds-of-private-equity-funds unit, to Aberdeen Asset Management Plc.
“We have a portfolio of high-quality assets that continue to report good revenue and earnings growth,” Fordham said in the statement. “We are confident that the high quality management teams at the portfolio companies will continue to deliver growth for investors.”
Net asset value a share climbed to 480.4 pence as of June 30 from with 391.2 pence at the end of December, buoyed by the firm’s holdings in German broadcaster ProSiebenSat.1 Media AG and fashion label Hugo Boss AG (BOSS), according to the statement.
The stock climbed 27.9 pence to 418 pence as of 8:07 a.m. in London trading.
To contact the reporter on this story: Kiel Porter in London at email@example.com
To contact the editor responsible for this story: Edward Evans at firstname.lastname@example.org