Pradera, the London-based retail real estate investment management firm, has agreed a management buyout that will see it remain an independent investment manager.
In March last year the firm, founded by UK entrepreneur Paul Whight, appointed Berkshire Capital, the New York-based boutique investment bank which specializes in mergers and acquisitions, to advise the firm on its options, including a sale.
But, co-founder, Colin Campbell, who already owns 40 percent of Pradera’s holding company, Kuno, has purchased Whight’s 60 percent stake for an undisclosed sum.
The deal will see Campbell re-appointed chairman of Pradera, having previously held this position as well as having worked as managing director and chief executive and serving as a non-executive director since 2012.
Pradera’s management team will be further strengthened by the appointment of shareholder and former director, David Fletcher, as a fourth managing director alongside Alison Rehill, Neil Varnham and Roberto Limetti. Simone Asser, another shareholder and the finance director of Pradera from 2001-2010, will re-join the senior team as a non-executive director and corporate finance advisor. Whight will remain a non-executive director.
“I am delighted to be able to sell my shares to Colin, who has been my partner in the business for the last 15 years,” commented Whight. “I know that Colin and the senior management team have exciting plans for the business and look forward as founder to watching the business prosper in the years to come.”
The deal is likely to complete in late March or early April, subject to approval by the CSSF, the regulator of Pradera’s Luxembourg Funds.