DFS owners lose majority control after £94m share sale

THE private equity owners of furniture retailer DFS has sold 15% of the company for £94.4m.
Advent International bought out DFS’s founder Lord Kirkham in 2010 in a £500m deal and then floated the company earlier this year, 11 years after DFS had been taken back into private hands.
Its share sale comes seven months after the IPO and leaves Advent with a 38.2% stake in the Doncaster-based group, worth around £250m.
DFS floated in March at 255p per share, having initially provided a target range of 245p-310p. It has since climbed upwards, with Advent selling its shares at 295p and the stock closed at 305p last night.
Jefferies International and UBS acted as bookrunners and placing agents in relation to the placing.

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