Candover sells private equity investment arm

LONDON (BestGrowthStock) – Candover Investments (CDI.L: ) said on Monday it had agreed to sell its private equity investment manager division to some of its directors as part of its plans to return cash to investors as it winds up the company.

Candover said it was selling up to 29 percent of its investments in the Candover Partners Ltd (CPL) portfolio to an entity backed by private equity fund Pantheon and the newly formed Arle Capital Partners for around 60 million pounds ($94.66 million).

The company added that its chairman Gerry Grimstone would stand down once the disposals had been completed.

Malcolm Fallen, Candover’s chief executive, said: “This is the last significant step in implementing our plans to return cash to shareholders over time.

“The sale of CPL to its executives will create an independent, motivated and incentivized manager focused on maximizing and realizing the value in the portfolio.”

Candover announced plans to wind itself up earlier this year, after it suffered during the credit crunch.

($1=.6338 Pound)

(Reporting by Sudip Kar-Gupta, Editing by Rosalba O’Brien)

Candover sells private equity investment arm