Robertson Group said the proceeds will help it to reinvest in larger infrastructure projects and continue its diversification into project management, consultancy and advisory services to the public sector.
They include 16 investments in the Elgin Infrastructure Fund, where 3i was minority investor alongside Robertson Capital projects (RCP), and a further five held by RCP Investments, a wholly-owned subsidiary which is being sold as part of the deal.
Robertson Group will continue to provide management services to Cobalt Projects.
Bill Robertson, chief executive, said:
"RCP, via these historic investments and established relationships, has been a key partner in the delivery of 63 schools with 42,000 pupils, 11 hospitals with more than 1100 primary care beds, 10 primary care resource centres, and 280 homes serving the armed forces. RCP has a further £500m secured pipeline within the public sector, with 10 identified projects requiring investment activity."
He said the portfolio sale was the third and largest undertaken by the company in its 15 years of activity in the sector.
Mr Robertson added:
"This well-timed sale has come at an important juncture for the business. We are currently in year three of a five-year plan aimed at enhancing the structure of the group and improving profitability in a changing and fluid market place."
The group's last accounts showed an operating profit of £2.85m, underlying pre-tax profits of £709,000, and debt from o £50 million reduced from £55 million.
Cobalt is managed by Dalmore Capital, whose partners include former director of public finance initiatives at major accountancy firm KPMG Michael Ryan, and John McDonagh, who spent five years on the PPP advisory team at 'Big Four' rival PwC.Mr Ryan said:"We are pleased to have concluded this latest transaction for the Dalmore Capital Fund and its investors, which involves the purchase of shareholding interests in 21 high-quality operational phase assets throughout the UK. We look forward to continuing our business relationship with Robertson Capital Projects as they support the projects through the provision of ongoing management services."
