Merrill Lynch Global Private Equity has completed a full exit from
Debenhams' stock has been dropping since the company was brought to market with an offer price of 175 pence, equivalent to a market capitalisation of Gbp1.7bn, in May 2006.
Merrill Lynch and co-investors CVC and Texas Pacific Group delisted Debenhams in 2003 for Gbp1.72bn. A refinancing shortly after the original acquisition enabled the institutions to take out a substantial amount of their money prior to the flotation. After the IPO the backers were subject to a lock-in period before being allowed to fully realise their investments. It is reported that CVC and Texas Pacific Group are to retain their stakes in Debenhams for the time-being.