Fever-Tree co-founder nets £82.5m in shares sale
Fever-Tree co-founder Charles Rolls has sold a 2.6% stake in the tonic water and mixer company, worth £82.5 million (US$117.4m).
The deputy chairman of the firm offloaded three million Fever-Tree shares to institutional investors in a placing managed by Investec Bank, priced at £27.50 per share.
Following the sale, Rolls still holds an 8.6% share in the company. Terms of the sale deem that Rolls will not, without written consent from Investec, sell any more shares for at least three months.
The sale is expected to be settled today, 27 March, subject to the “satisfaction or waiver of certain customary conditions”.
Earlier this month, Fever-Tree confirmed its full-year revenue for the year ending 31 December reached £170.2m (US$236.2m) – a 66% increase on the previous year.