PRINT THIS PAGE UK-based Candover sells Earls Court and Olympia for £245m11/05/2004. Source: AltAssets. 
 UK-based Candover has sold its investment in London exhibition halls, Earls Court and Olympia (ECO), for £245m. St James Capital, a private property fund, will purchase a 75 per cent controlling stake in the company from the consortium of existing owners, which also includes L&G Ventures, the private equity arm of Legal & Ventures and Andrew Morris, chief executive of the business.
Candover acquired its stake in the business from P&O for £180m in 1999. Morris, who will become non-executive chairman, will retain a reduced holding. Financing for the deal will be provided by the asset finance arm of Nomura, which will take an equity stake in the business.
The sale represents Candover's ninth exit from its 1997 fund. This year the group has sold packaging business Clondalkin to US private equity firm Warburg Pincus. Leisure park operator Bourne Leisure was sold to its management and boilermaker Baxi was sold to pan-European group BC Partners.
Candover's fund was raised in 2002 with E2.7bn in commitments and it is expected to begin raising a new fund at some point during the next 12 months.
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