Advent sells remaining stake in DFS Furniture

Advent International has completed the sale of its remaining interest in DFS Furniture held through Advent Diamond.

The disposal was conducted through a placing of 25,661,359 existing ordinary shares in the company to institutional investors by means of an accelerated bookbuild at a price of 228p per share, raising gross proceeds of £58.5m.

The shares sold represent around 1.21% of the issued share capital of the company and settlement of the placing is expected to take place on 14 February.

Berenberg acted as sole bookrunner and placing agent in relation to the offering.

On Thursday, DFS posted solid half-year revenue growth and said its expectations for full-year profits remained unchanged.

In a trading update covering the 26 weeks to 28 January, the company said gross sales rose 7% and that it was working to offset the impact on product profit margins from the weakness of the pound, with good cash generation continuing.