Private equity group Charterhouse has given up a seat on the board of Card Factory after selling 40m shares in the greetings card chain to raise around £110m.
Graeme Coulthard, a partner at Charterhouse who has sat on the board since it bought the retailer for £350m in 2010, stepped down as a non-executive director on Tuesday.
Charterhouse sold an 11.74 per cent stake in Card Factory last week after selling a similar-sized stake in December. It now holds 17.8 per cent – less than half of what it originally retained when the card shop floated last May last year.
Private equity firms are rushing to realise gains on the back of last year’s floats. B&M Retail’s owners Clayton, Dubilier & Rice yesterday sold a 12 per cent stake worth £384m.