Epiris has offloaded Electra Private Equity’s remaining holding in Allflex Corporation

Epiris has offloaded Electra Private Equity’s remaining holding in Allflex Corporation to an existing shareholder.

Allflex, which runs a base out of Greencroft Industrial Park in Annfield Plain, near Stanley, County Durham, designs and makes tags used to identify animals, as well as supplying cattle and sheep feed equipment.

Officials at Epiris, which manages the business and affairs of investment trust Electra, said the latter has received proceeds of £70.3m from the sale.

Epiris invested around £37m on behalf of clients, including Electra, in a management buyout of Allflex Holdings back in 1998.

Between 2003 and 2007, the business was re-financed a number of times with Electra being repaid £90m cumulatively, while retaining an investment in the operation.

In 2013, Allflex was sold for about £1bn, generating gross proceeds of around £500m to Epiris clients.

Funds under Epiris’ management subsequently made a new equity investment of £57m for a small stake in Allflex Corporation alongside the private equity buyer.