Alexander Forbes selling European interests to focus on growth in Africa
JSE-listed financial services group Alexander Forbes has reached agreement to sell its 60% interest in UK-based consulting business Lane Clark & Peacock LLP and subsidiaries in Ireland and the Netherlands (LCP). "I concluded earlier this year that our operations outside of Africa were noncore, and that meant LCP," said Alex Forbes CE Andrew Darfoor. The sale will be to the LCP individual partners and funds managed by Inflexion Private Equity (Inflexion) for £75.4m, which includes £6.4m of profit distribution which will be made in two tranches during 2017-18. Darfoor said the price was fair and would fund a share repurchase, subject to shareholder approval. They also sought to reinvest anything left over in accelerating growth of the group in Africa.
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