Epiris, the investment manager of Electra Private Equity, has sold its stakes in housebuilder Cala Group and equity release provider Retirement Bridge Group to co-shareholder Patron Capital Partners.

The transaction will generate aggregate proceeds of £94m (€112.5m).

Epiris held a minority position in Cala, which is majority owned by Patron and Legal & General.

The firm acquired Retirement Bridge in January in a 50:50 joint venture with Patron. However, since the termination of its management contract with Electra Private Equity, it was unable to support the agreed business plan.

Alex Fortescue, Charles Elkington, Owen Wilson, Arvind Tewari and Nicola Gray worked on the two investments.

Epiris has been on an exit spree since it was served notice by listed investment trust Electra Private Equity.

The firm will cease managing Electra’s portfolio in June and is understood to be targeting £1bn for its first independent fund.

SUBSCRIPTION REQUIRED

To view the deal details,  or subscribe.