Electra picks up £52m Premier

UK buyout firm Electra Partners has bought AIM-listed Premier Asset Management for £52 million ($107 million, €77 million).

Electra, which was joined by management on the bid, has secured a 52 percent stake in the company. The 285 pence offer represents a 28.7 percent premium on Premier’s share price on the 13th July. 

Former chief executive of asset management company Framlington, Mike Vogel will become a non-executive chairman at Premier. Earlier this week, Sir David Walker recommended buyout firms appoint “outside” non-executive directors to their boards.

Premier manages a range of authorised UK and offshore funds and provides management services for private and corporate clients. It has in excess of £1.8 billion under management.

Electra was advised by broker Numis Securities on the bid.