February 3, 2017 / 8:01 AM / 7 months ago

Electra to receive 203 mln pounds from Audiotonix sale

LONDON, Feb 3 (Reuters) - Electra Private Equity is to receive 203 million pounds ($254 million) after its investment arm sold Audiotonix, a manufacturer of audio mixing consoles, to French buyout group Astorg.

The sale comes as Electra is in the process of separating itself from the investment arm, which has renamed itself Epiris and is due to split from the firm in June.

Epiris said the deal had generated a return close to five times the amount originally invested.

"This has been a fantastic deal for Epiris and its investors, and clearly demonstrates our strategy in action," said Charles Elkington, a partner at Epiris.

The Auditonix sale is expected to close in the first quarter of this year. ($1 = 0.7985 pounds) (Reporting By Andrew MacAskill; Editing by Rachel Armstrong)

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