Sofa, so good, as private equity firm starts DFS exit with £60m share sale
NEWS  >  Sofa, so good, as private equity firm starts DFS exit with £60m share sale
4
Nov

Sofa, so good, as private equity firm starts DFS exit with £60m share sale

Since Advent floated the company in March 2015, it has divested 41.1% of the company in three share sales.

In April 2016 it sold £90m of shares totalling 14.1% of the company and another £94m tranche in October 2015 in which it gave up its majority shareholding.

At that point it had 24.1% of the company. It has now sold 25.7m shares at £2.40 each, which brings Advent’s holding in the company down to 12%.

Settlement is expected to take place on 8 November. Jefferies International Limited and UBS Limited acted as bookrunners and placing agents in relation to the Placing. Joh. Berenberg, Gossler & Co. KG acted as lead manager.

Lord Kirkham, founder of the Doncaster-based furniture group, sold the company to Advent for around £500m in 2010.

The private equity house has invested in a store expansion and in its most recent results, revenues were up 7.1% to £756m from £706.1m last year, whilst adjusted profits after tax leaped to £50.3m from £39.5m the year before.