The company has been looking for a buyer since it went into administration in March last year. The acquisition will secure around 4,200 jobs.
The deal, which was completed alongside Chamonix Private Equity, involves a ‘substantial’ reduction in the group’s debt. Bank debt of £25m was provided to back the transaction.
Electra recently emerged as the current favourite to clinch family-owned value retail chain 99p Stores, in a deal that could fetch up to £60m.
The firm is one of a handful of private equity bidders to acquire the 150-store chain, which was initially put on the block by the Lalani family last year with a price tag of around £80m.
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