Key Investments

This page shows Electra's current significant Buyouts and Co-investments (valuation as of 31 March 2018).

Knight Square
Property management services

Knight Square

Year ended 31 December    
  2015 2016
  £m £m
Sales 74.4 75.4
Operating Profit 9.5 5.6
EBITDA 14.3 11.3

In 2012, Electra made a £22 million investment in the £62 million acquisition of Knight Square (formerly known as Peverel), the UK’s leading property management services group, from its administrators. In October 2014, the company completed a refinancing that allowed it to make loan repayments of £14 million to Electra. In July 2017, Epiris’s 1% interest in Knight Square was purchased.

The business has two divisions; FirstPort, which provides general management services to almost 4,000 retirement and other residential developments across the UK; and Appello, which provides telecare and telehealth installation and monitoring services that allow people to live independently.

Since the initial investment, process and service improvement initiatives have been undertaken. The company is now in a strong position to take advantage of its nationwide coverage and economies of scale, and opportunities arising from industry consolidation and continued demographic change.

FirstPort is demonstrating success in its new business development activities as well as increasing customer retention through improved service levels. Related costs, which have impacted recent EBITDA, are an investment in securing contracts which will improve future revenue and profit growth. FirstPort also acquired a competitor in the period, Pentland, which will aid future growth in addition to that generated from the existing business.

Appello is at an earlier stage in its turnaround and is improving its profitability as a result of operational efficiencies. Investment in operational technology will provide growth opportunities as the market shifts from analogue to digital systems.

Activity:

Property management services

Date of initial investment:

March 2012

Type of deal:

Buyout

Equity Ownership:

50%

Cost:

£22m

Valuation:

£34m

Multiple of cost:

2.2x

Location:

UK

Website:

www.knightsquare.com

Management:

Paul Lester CBE, Chairman

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