Private equity firm Advent International has finalised the disposal of its stake in homewares retailer DFS in a $58.5 million deal.
Advent relinquished its stake through the selling of 25.7 million existing ordinary shares to institutional investors at a price of £2.28 per share, totalling in £58.5 million.
Advent first purchased DFS in 2010 for £500 million, and floated DFS in 2015.
The equity firm‘s stake represented around 12 per cent of DFS’ share capital.
In a trading update for the 26 weeks to January 28, gross sales at DFS grew by 7 per cent, with Dwell and Sofa Workshop said to be contributing “encouragingly”.
Since opening its first store in 1969, DFS has grown to 105 stores in the UK, Republic of Ireland and The Netherlands.