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Advent cashes in 15% stake in DFS

DFS store frontPrivate equity firm Advent International has taken the advantage of the increase in DFS’s shareprice since it floated in March to sell a 15% stake in the upholstery retailer and manufacturer.

Advent raised £94.4m from the sale, reducing its holding to 38.2%. It sold the shares at £2.95, which was below the market price. DFS’s share price initially dropped on the sale but quickly recovered to rise to £3.09.
When the chain floated in March Advent was unable to sell as many shares as it had hoped to and the chain floated at £2.55, significantly lower then the £3.10 it had hoped for.