£62M buys Peverel out of administration

Peverel Group, the largest residential managing agent in the UK, has been bought by a consortium of private equity companies comprising Chamonix Private Equity and Electra Partners.

The holding companies of Peverel were placed into administration in March 2011 and Zolfo Cooper were appointed as administrators. However, this transaction includes not just the holding companies, but the operating subsidiary companies as well which includes the management of retirement properties, property sales, insurance services and Careline, a telecare and telehealth monitoring business. The Group’s debt is also being reduced from £125m to £25m.