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Towerbrook exits Volution

Reuters - UK Focus

Nov 4 (IFR) - The largest shareholder in ventilation products business Volution Group (LSE: FAN.L - news) sold its entire remaining stake last Monday night for exactly the same price as when it listed the shares in the summer of 2014.

Towerbrook Partners sold 44.75m shares, or 22.4% of the share capital, in an accelerated transaction managed by Liberum at a fixed price of 150p per share, which is the IPO price from when it listed 33.3% of the company in June 2014.

The company said Monday's placing was oversubscribed, with strong demand from institutional investors. The pricing represents a discount of 10.17% to the closing price of 167p, and values the transaction at £67.13m.

Last April, the selling shareholder sold 20% of the share capital at 165p per share. Liberum also managed the April selldown, and was joint bookrunner for the IPO alongside Canaccord Genuity (Frankfurt: A0B6V4 - news) . (This story will appear in the November 5 issue of IFR Magazine; reporting by Graham Fahy)