Doughty Hanson Sells Remaining Stake in Saft
Doughty Hanson & Co has sold its remaining shareholding in Saft, a leader in the design, development and manufacture of high-end batteries for industry and defence, following an accelerated bookbuilt offering of 6.8 million shares by Goldman Sachs International at a price of €23.75 per share.
Investors in Doughty Hanson & Co IV will receive approx €160 million as a result of the share sale.
Doughty Hanson acquired Saft in January 2004 (in the Firm’s first private equity portfolio investment in France), carried out a recapitalisation in February 2005 and listed the company on Euronext in June 2005.
Doughty Hanson’s investment in Saft has generated an overall 4.1 times cash return and a gross IRR of 139%.
Saft is the first realisation from Fund IV and returns approximately 30% of commitments to investors on this transaction alone. The Fund is invested in nine other companies: Balta, ATU, Tumi, Moeller, HellermannTyton, TV3, 20:20 Mobile, Zobele and KP1.