Interserve has sold its stakes in two holding company subsidiaries for £89.5m, which between them own 19 PFI investments.
The firm held 49.9 per cent of equity and 62.0 per cent of debt in the two subsidiaries, which will now be taken on by the Dalmore Capital Fund.
Interserve held the investments at a carrying value of £29.8m, and they generated profits of £4.6m in 2011. The payment will be received in cash within 11 days, resulting in a one-off 2012 profit of around £60m.
Interserve chief executive Adrian Ringrose said the move “demonstrates our ability to generate returns which will support new investments to further our strategic growth plans, whilst retaining our commitment to the long term needs of our clients”.
Group finance director Tim Heywood told CN the investments were primarily in schools and prisons, with some involvement in health.
Mr Heywood said the goal was to “crystallise value from our PFI inevstments once we’ve got the assets to a sufficient level of maturity”, adding that it was the right time and environment in terms of price.
“Of the asset we are selling off, the vast majority are at the operational stage. This way we can realise the latent value of them and reinvest the proceeds.”