Dual sales net £840m for Electra

13 April 2012

VENTURE capitalist Electra today sold its Baxi boilers company and Premium Credit group in deals worth a total of £840m.

Rival venture capitalist BC Partners is buying Baxi for £660m and US bank MBNA is taking on the loans business for about £180m.

Electra will keep a small stake in Baxi, whose other shareholders making exits today include Candover and firefighting equipment maker Kidde. BC won after a hard-fought battle against Carlyle Group and Bain Capital.

Baxi is one of Europe's leading heating and boilermaking companies and employs 7,500 people throughout Europe with a turnover of £750m.

The group was formed in 2000 by the merger of Newmond and Baxi Holdings. Newmond came into Candover and Electra's hands in 1996 in a £360m buyout of the European building products division of Williams.

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