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CCMP unloads more Francesca shares

by Lisa Ward  |  Published April 9, 2012 at 9:06 AM
Francescas_227x128.jpgPrivate equity firm CCMP Capital Advisors LLC is selling 8.4 million shares of Francesca's Holdings Corp. common stock in a secondary stock sale, the company said Friday, April 5. The shares represent a little over half of CCMP's 36% stake in the women's fashion retailer. With this secondary sale, the New York private equity firm will pare its interest to 16%. CCMP stands to collect about $254 million based on the company's April 5 opening price of $30.28 on the Nasdaq, before fees.

CCMP is showing a 4.1 times realized and unrealized return on its initial investment. In February 2010 the sponsor paid $209 million to buy an 84% stake from Bear Growth Capital Partners LP and company founders John De Meritt, Kyong Gill, Insuk Koo and Chong Yi. CCMP previously raked off an $81.4 million dividend and sold $116 million in stock in Francesca's July 2011 initial public offering.

In January CCMP did another secondary offering, selling 26.71 million shares and collecting about $199 million. Goldman, Sachs & Co., J.P. Morgan Securities LLC and Jefferies & Co. are acting as joint bookrunners for the latest offering. RBC Capital Markets LLC, Stifel, Nicolaus & Co. and KeyBanc Capital Markets Inc. are acting as co-managers.
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Tags: CCMP Capital Advisors LLC | Francesca's Holdings Corp. | PE

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