Bridgepoint in the News
20 January 2011
Bridgepoint sale of remaining interest in Safestore Holdings plc
Safestore Holdings plc (“Safestore” or the “Company”) has received notification that on 19 January 2011 Bridgepoint sold 33,684,247 shares in Safestore at 135p, representing 17.9% of the issued share capital of the Company. As a result of this transaction Bridgepoint no longer has an interest in the Company.
Under the terms of the agreement between Bridgepoint and the Company, Alan Lewis offered his resignation. This was declined by the Board of Safestore who value his experience and input and consequently wish him to remain as a non executive director, subject to agreeing the terms of his continuing engagement.
Citi and Evolution Securities acted as joint bookrunners in the placing. As a result of today's placing Bridgepoint will have achieved a total realised money multiple on its investment in Safestore of over 4 times.
Richard Grainger, Safestore's Chairman said:
"On behalf of the Board I would like to thank Bridgepoint for its unstinting support over the last seven years. The disposal will enhance liquidity in Safestore's shares and we welcome the support from our existing institutional shareholders as well as new investors."
Safestore is the UK's largest self storage group with 118 stores including 96 wholly owned stores and 12 stores under management throughout the UK and 22 stores in Paris.