ING sells underlying investment
Investment company ING Private Equity Access Limited (PEAL) has announced one of its underlying private equity investments, the Bledisloe Group, is to be sold.
ING PEAL is expecting to receive more than $2.5 million.
The Bledisloe Group is a provider of funeral services in Australia and New Zealand, and was acquired by Propel Investments in 2005.
The new buyer is funeral services firm InvoCare, which will acquire Bledisloe Group for $114 million. The merger is expected to be completed by March next year, with Propel Investments achieving a 3.3 times return on its investment.
John Schahinger, managing director of ING PEAL, said that the sale was an example of a classic private equity strategy — “buy and build” — in a disaggregated industry.
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