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Successful Plaxton exit for Spirit Capital
16 May 2007
Spirit Capital (“Spirit” formerly AAMPE*) is pleased to announce the successful sale of luxury coach and bus manufacturer, Plaxton Holdings Limited (“Plaxton”), to Alexander Dennis Limited for an undisclosed sum. The sale represents a full exit for Spirit's investors and generates a return of in excess of 2.6x the cost of the original investment.
Spirit originally acquired Plaxton in May 2004 via a management buy-out from Mayflower Corporation Plc. In 2006 the business re-entered the bus market with the launch of two new models. In July of the same year Spirit led a successful recapitalisation of the business. Francesco Santinon and Andy Glennon led the exit on behalf of Spirit Capital.
The Plaxton sale is the latest transaction which has allowed Spirit to report significant returns to its private equity investors. In November 2006, Spirit received £56 million following the £96.7 million IPO of retail property services business Styles&Wood Holdings Limited (“Styles&Wood”). The returns generated on these recent sales puts Spirit’s current Private Equity Fund on course to generate strong returns for its investors.
Francesco Santinon, Managing Partner of Spirit Capital, commented: "We are delighted to have been part of the recent success of such a long established and well known British automotive manufacturing company. As well as delivering an excellent return for our investors, we believe that in selling to Alexander Dennis we have found the best possible combination for the future of the business and its employees. Spirit Capital wishes everyone involved every success in going forward."
Notes
*Prior to September 2008 Spirit Capital was previously known as Aberdeen Asset Managers Private Equity/ AAMPE