Candover Investments Share Discussion Threads

[rcturner2] 11/11/2015 15:44

Thanks Felix, so that is approx 115p per share if that valuation is achieved.

[felix99] 11/11/2015 15:27

The effective interest was 3.9% RC - so circa euro 78m on a 2bn euro value.

It was valued at £41.9m at 30 June 15 so it might be worth circa £55m .a £13m or so uplift to last valued

Either way the discount to NAV over all here is to big I feel but it will take patience to realise the value


What it will do though is give a nice slug of cash to be returned to shareholders and all debt paid off

[rcturner2] 11/11/2015 07:59

If the price is E2bn, what is that in pence per share to Candover for their stake?

[leedsu36] 07/11/2015 06:16

Lack of interest!

this is going only one way,follow the graph not your nose.

[skyship] 03/11/2015 08:24

Hm...someone selling down - 22.5k so far and share price slumps 8p. Hope this doesn't indicate a lack of interest at the right price for PR...

[luckymouse] 22/10/2015 11:49

pretty bowl on that chart

[skyship] 20/10/2015 09:53

SKY News - Tuesday 15 September 2015 - By Mark Kleinman, City Editor

Blackpool Zoo Owner For Sale In Arle Clearout - Bournemouth Aquarium is among the other UK visitor attractions being earmarked for sale by Arle Capital, Sky News learns.
===========================================================================

The owner of Blackpool Zoo is being put up for sale as one of London's biggest pre-crisis investment firms embarks on a multibillion pound clearout of its investments.

Sky News has learnt that Parques Reunidos, a Spanish-based leisure parks operator, is to be the subject of an auction this autumn engineered by Arle Capital Partners.

Arle, which was born from the remnants of Candover, once one of the UK's pre-eminent private equity groups, has hired bankers at Morgan Stanley to work on the sale.

Information about Parque Reunidos will be circulated to prospective bidders imminently, a source said.

In addition to Blackpool Zoo, the company owns Bournemouth Aquarium and the Aquarium of the Lakes in Cumbria.

Its earnings are largely derived from visitor attractions in Spain, although it also has a significant presence in the US, France, Italy and Argentina.

Media reports in February suggested that Arle had aborted an earlier auction of Parque Reunidos, which is said to be worth in the region of €2bn (£1.47bn).

A spokesman for the private equity fund manager said at the time, however, that no sale process had been under way.

Arle is largely focused on exiting the legacy investments made by Candover which remain under its stewardship, which include a stake in Technogym, the Italian fitness equipment manufacturer which is said to be examining a stock market listing.

Arle recently announced the sale of Fokker Technologies, an aerospace group, to GKN, the FTSE-100 engineering group in a deal worth €706m (£518m).

It is also conducting an auction of Stork, an oilfield services business which is being sold despite the depressed oil price environment.

Bidders are being invited to submit offers for Stork in the next few weeks, with the company's chief executive having said several months ago that it was less exposed to the oil price because the majority of its order book comprised maintenance and modification-related contracts.

The Stork process is being managed by bankers at Greenhill and Rabobank.

Arle has now secured an extension from investors to manage the investment portfolio until 2017, so people close to the firm insist that the concurrent auctions of Parques Reunidos and Stork were a coincidence rather than an indication of a firesale.

The other former Candover assets it manages include Expro International, another oilfield services business, and Hilding Anders, a Swedish bed and mattress manufacturer.

Arle also acquired Innovia, which has a role in the production of the Bank of England's new polymer banknotes, last year.

It is expected to raise a new investment fund in due course.

A spokesman for Arle declined to comment on the Parques Reunidos and Stork sale processes.

[skyship] 16/10/2015 10:47

hnx again - here's a simple Google translation:
===================================

The famous Madrid's Theme Park, with its zoo included, is on sale. Two assets that are part of Parks Reunidos Group, also owns Warner and Aquapolis, whose majority shareholder, the venture capital fund Arle, has been on the market for the highest bidder. Among the candidates to be with this company, valued between 2,000 and 2,500 million are several Chinese groups and others 'private equitys'.

Financial sources have confirmed that Arle, formerly Candover, has appointed Morgan Stanley to find buyers for Parques Reunidos, a person born in Madrid now have leisure centers spread across half the world now. Information, advanced by El Confidencial in January this year, was denied at the time by the official spokesman of the English background, he declined to comment yesterday on this proven news from various sources.

The truth is that Morgan Stanley has already distributed a document containing information of interest to potential sale. According to different sources, several advisers have already contacted with Chinese investors who fit the profile of the company. The same sources indicate that by Parques Reunidos could be interested Wanda Group, the holding company that Asia has become a member of Atletico Madrid, or Fosun fund, which has bought the tour company Clud Med and a stake in the operator Thomas Cook .

If valuation expectations are met, the operation of Parques Reunidos, which had bid for many investment banks will be one of the most profitable investments in the sector, as the team he led at the time Javier Abad have obtained a higher return 100%. When the British firm bought the Spanish company in 2007, paid 1,000 million at Advent, previously, in 2003, was excluded from the bag 240 million. This return will have to sift through the cost of debt, as the holding company, which includes more than 70 leisure centers in Europe and the United States, still drags a liability of 1,460 million euros.

When Candover bought Parques Reunidos eight years, funding was granted by The Royal Bank of Scotland (RBS). Subsequently, the British firm gave several participating loans, while bond issues launched several partially secured by Morgan Stanley, the bank that now lead the divestment process. The syndicated granted by RBS was renovated in 2012, while Centaur Nederland, the holding company through which the fund controls the actions of Parques Reunidos, capitalized equity loan of 481 million.

The Group has a workforce of over 9,000 employees, some of whom had to accept a salary adjustment to keep his job when the crisis hit leisure centers in Spain. Last year he named Yann Caillère as new CEO to replace Richard Golding, who decided to retire to his farm in Arcos de la Frontera (Cádiz). Caillère was previously CEO of Accor and Louvre Hotels Group and worked with companies such as Disney, where he served as president and chief operating officer.

If realized, the divestment of Parques Reunidos Candover will exit from Spain, where he once had a minority stake in ONO, which sold in July 2014 to Vodafone. The British fund was set up in 2012 in Madrid, where he set up a permanent office with executives from Lehman Brothers (Alexander von der Pahlen), Merrill Lynch (Carlos Robles) and Goldman Sachs (Jon Fernandez de Barrena).

[cockerhoop] 16/10/2015 10:34

There's also this article from the same publication from 25th September which appears to suggest Chinese as well as PE interest.

[cockerhoop] 16/10/2015 10:26

Article suggests a valuation of 2,000m - 2,5000m Euro equating to between £57m - £71m to Candover.

[skyship] 16/10/2015 10:14

The August IMS (link below) shows PR valued at £41.9m - 40.9% of the £102.4m investments portfolio. A direct valuation ignoring any debt etc would be 192p/share. Bring it on...

[skyship] 16/10/2015 09:58

Wow - thnx for that Tilts - thought I was grasping at a passing straw; but an acceptable bid for PR would be a result indeed.

I was musing about a private equity bid there just the other day, hence my Post no. 276 above...

[tiltonboy] 16/10/2015 08:24

From Numis this morning:

According to reports in the Spanish media, former owner and fellow Private Equity house Advent has submitted a bid for Parques Reunidos.

[skyship] 16/10/2015 08:10

Hmm - 5750 bought @ 220p - could this finally be the sign of something happening? EDIT: & a few more @ 224p & 226p...

[asmodeus] 30/9/2015 19:37

Yep - I agree, C2i.

[badtime] 04/9/2015 20:33

Don't currently hold...might buy a few..but these market wobbles are a concern