European mid-market firm Bridgepoint has reduced its stake in Safestore, a self-storage business, via a placement of 32 million ordinary shares. The partial exit means that Bridgepoint has now realised a money multiple of 4x its investment in the UK headquartered business.
Bridgepoint invested in Safestore in 2003 in a €56 million deal. During its ownership the business has expanded from 22 properties to more than 100, helped by four bolt-on acquisitions. The business also expanded into the French market. Bridgepoint floated the business in 2007 retaining a minority stake.
The share placement – announced on Thursday – accounts for approximately 17 percent of the current issued share capital, the firm said in a statement. After the placing, Bridgepoint continues to hold 17.9 percent of the share capital and has committed not to sell further shares in the company for 90 days.
JP Morgan acted as sole bookrunner in the placing.
The Safestore exit follows good news for Bridgepoint LPs in January, when the private equity firm agreed the sale of Pets at Home, a UK retail chain, to Kohlberg Kravis Roberts. The £955 million (€1.1 billion; $1.5 billion) deal will net Bridgepoint an 8x total return multiple post-sale.