Electra sells Daler-Rowney to FILA Group

Electra Private Equity has sold its stake in Daler-Rowney to the FILA Group, a Milan-listed producer of writing instruments and art supplies.

The FTSE 250 company said it had received around £32m for the fine art materials producer, which was 163% higher than its valuation at 30 September 2015.

Daler-Rowney, which was founded in 1783 and headquartered in Bracknell, Berkshire, is one of the largest suppliers of fine art materials in the world.

It manufactures its products in the UK and the Dominican Republic and sells them in more than 90 countries worldwide.

The sale is the latest in a series which has raised a total of £270m in the financial year to date, and has seen Electra commit to new investments in excess of £190m.

Previous transactions include the sale of MIMS and Zensar Technologies and the proceeds from the merger of Parkdean Resorts.

Shares in Electra Private Equity were up 20p (0.59%) to 3,430p at 0911 GMT.