SVG Capital Plc, 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, Switzerland-based investment company, will buy the unit, which purchases minority stakes in publicly traded companies, London-based SVG said in a statement today, without giving details of the transaction.
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 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 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, according to the statement. The valuation of the two companies rose by about 119 million pounds.
The stock closed at 408.30 pence in London, up 4.7 percent on the day. It has gained 42 percent this year.