Pradera co-founder buys out partner and goes it alone

Retail property fund manager Pradera is to remain independent following an internal management buyout which sees co-founder Colin Campbell taking over business partner Paul Whight’s 60% stake in the firm.

Campbell already owned 40% of Pradera’s holding company, Kuno, and has now purchased the remaining stake for an undisclosed sum.

The sale allows the business to retain the Pradera name and independent management following speculation in 2014 of a sale to a third party.

Since becoming Whight’s partner in January 2000, Campbell has held a number of positions at Pradera, including managing director, CEO and chairman. Along with Whight, he has been a non-executive director since 2012.

The current Pradera management team supports the transaction, which will see Colin Campbell re-appointed as chairman. The management team will be further strengthened by the appointment of shareholder and former director, David Fletcher, as a fourth managing director alongside Alison Rehill, Neil Varnham and Roberto Limetti.

Simone Asser, another shareholder and the finance director of Pradera from 2001-2010, will rejoin the senior team as a non-executive director and corporate finance adviser.

Commenting on the deal, Campbell commented: ‘I am confident that the consolidation of the business and the strengthening of the senior management team will position us to take advantage of the exciting opportunities now available in Continental Europe and the UK and enable us to grow at a greater pace, particularly in Continental Europe.’

Whight, who will remain a non-executive director of Pradera, added: ‘I am delighted to be able to sell my shares to Colin, who has been my partner in the business for the last 15 years. I know that Colin and the senior management team have exciting plans for the business and look forward as founder to watching the business prosper in the years to come.’

Pradera was advised by Berkshire Capital, who was instructed to investigate options for the sale of, or investment in to, the business in early 2014.

The deal is likely to complete in late March or early April, subject to approval by the CSSF, the regulator of Pradera’s Luxembourg funds.