Doughty Hanson has sold its remaining 26.6% stake in RHM, the UK food group it floated in 2005, for £247m.
The shares in the latest placing were priced at 266 pence per share, down from the 275 pence per share when they were listed on the London Stock Exchange in July 2005.
The sale marks a complete exit for Doughty Hanson & Co Fund III, which has made a 3.3x return on its original investment which it made in August 2000 as part of a £1.18bn deal financed through equity investment of £308m and £872m of debt.
RHM owns a number of well-known food brands, including RHM, Mr Kipling, Hovis and Bisto. The company’s poor share performance since its IPO has been blamed upon the recent healthy eating trend.