Advent International Corp. said in an amended ownership filing dated June 11 that the private equity firm reduced its interest in Lululemon Athletica Inc. to 8.24% from 14.82%.
The Boston-based company and its funds sold an aggregate of 10,000,000 Lululemon common stocks it held for $121 per share.
The athletic apparel retailer agreed to buy back 3.3 million of its common shares that Advent put on sale in a private transaction.
The firm sold the remaining 6.7 million of the Lululemon common stocks it offered for sale to an unidentified broker/dealer.
As a result of the trimmed stake, Advent now holds 10,105,279 shares in Lululemon, becoming the Canadian company's second-largest institutional shareholder after investment manager FMR LLC.
