12th Nov 2015 08:00
LONDON (Alliance News) - Shawbrook Group PLC on Thursday said that private equity fund manager Pollen Street Capital has agreed to sell a 10% stake in the business.
Pollen Street, which invests in the financial services industry, will retain a 44.6% stake in the challenger bank, following the sale of 25.0 million shares at 335 pence each.
The private equity firm will be subject to a 90-day lock-up period on completion of the placing, during which it will be unable to sell additional shares.
Goldman Sachs acted as sole bookrunner in connection with the placing.
Pollen Street Capital was previously known as SOF Investments, a private equity team spun out of Royal Bank of Scotland Group PLC in November 2013, until it changed its name in September 2014.
The private equity firm was behind the listing of Shawbrook in April, in an initial public offering of 75.0 million shares at 290p each. An over-allotment option meant that a further 11.3 million shares were sold following the IPO.
By Samuel Agini; [email protected]; @samuelagini
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