Advent achieves double exit in twin selldowns
Advent International disposed of two portfolio positions late on Wednesday through block sales executed by two different banks.
The PE firm predictably cashed out the entirety of its remaining 5.7% stake in CCC Intelligent Solutions via a US$291m block.
Goldman Sachs offloaded its purchase of 37.3m shares at US$7.79, bottom of the US$7.79–$7.84 range and a 0.6% discount to the US$7.84 last sale.
The CCC selldown comes two months after Advent disposed of 30m shares at US$9.89 via Goldman, so just after the 60-day lockup on the earlier sale expired.
Like the August selldown, the block sale is being executed without the benefit of a greenshoe to help stabilise trading.
Goldman could have used the extra shares with CCC closing on Thursday at US$7.62, below their US$7.76 purchase price.
Since taking the auto insurance platform public via a SPAC merger in 2020, Advent has sold down nine times through follow-on stock sales, only two of those trades priced above the US$10 SPAC IPO price.
In another greenshoe-less exercise, Advent sold its remaining 8.7% stake in fast-casual diner First Watch Restaurant via a circa US$95m block.
Now working with Citigroup as sole bookrunner, Advent sold its remaining 5.3m shares in the breakfast dining chain in a block trade offloaded at zero discount to Wednesday's US$17.94 closing price.
First Watch shares closed on Thursday at US$17.24, below reoffer as well as Citi's purchase price of US$17.71. Advent is also underwater, having taken First Watch public at US$18 a share in 2021.