Oct 22 (Reuters) – Funds managed by Advent International Corp have sold a 15 percent stake in DFS Furniture Plc, raising about 94.4 million pounds ($146 million).
Advent International said 32 million DFS shares had been placed with institutional investors at 2.95 pounds per share via an accelerated bookbuilt secondary placing.
After settlement of the placing, which is expected on Oct. 26, Advent will hold a 38.2 percent stake in DFS.
Shares in DFS, which listed on the London Stock Market at 255 pence in March, fell by nearly 3 percent on Thursday before recovering.
DFS was founded in 1969 by billionaire Graham Kirkham, a miner’s son from Yorkshire. The sofa retailer was bought in 2010 by Advent International, which is the top shareholder in the company.
Jefferies and UBS are the bookrunners and placing agents.
DFS shares were trading at 309 pence in early trading, valuing the business at about 650 million pounds.