Electra rescues property management business Peverel from administration

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UK private equity firm Electra Partners has rescued retirement property management business Peverel from administration with a £33m cash injection.

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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