Volution falls as Towerbrook sells out

Volution Group saw its share price blown down on Tuesday after US private equity firm Towerbrook Capital announced overnight that would sell 22.4% of the ventilation products supplier's stock.

With the help of broker Liberum, Windmill Holdings, which is part of Towerbrook Capital Partners, placed 44.8m shares with institutional investors at a price of 150p.

The oversubscribed placing went through in a matter of hours after the close on Monday, realising gross sale proceeds for Windmill of £67m and as a result Windmill no longer holds any shares in Volution.

As it reported results earlier this month that were slightly ahead of City forecasts and pointed to a good start to the new year, Volution cautioned on the "ongoing uncertainty in the UK".

Shares in Volution, which topped 200p early in the year, were down 7% to 155p on Tuesday morning.