Electra mulls asset raid amid banking shake-up

PRIVATE equity house Electra is considering a raid on bank assets as lenders deleverage amid the Eurozone crisis and tougher regulatory demands.

Electra will look healthy businesses, as well as those with a “bad balance sheet”, chief investment officer Alex Fortescue told City A.M. The buyout group is not interested in full-scale turnaround deals, however.

He was speaking as Electra beat analyst expectations to post an 8.5 per cent increase in asset valuations to 2,225p for the year to 30 September.

Chairman Colette Bowe, pictured, said the results showed Electra’s “ability to invest and divest successfully during tough times”.

Since the year ended Electra has agreed terms to sell its stakes in heating products group BDR Thermea and credit card group SAV Credit.