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Private equity shop Vitruvian Partners LLP announced on Tuesday the sale of a 3% stake in Danish review website Trustpilot for £27.5 million ($35.7 million).

Vitruvian Sells 3% Stake In Trustpilot  : Details of the Sale

Vitruvian, a global investment firm, sold 12.5 million ordinary shares in Trustpilot for 220 pence each during a placing. The placing was managed by Trafalgar Acquisition Sàrl, owned by Vitruvian. Trustpilot was not involved in the placing and will not receive any proceeds from the sale.

Market Reaction

Shares in Trustpilot Group PLC, listed on the FTSE 250 index of the London Stock Exchange, were trading at 213.50 pence midday Tuesday. This marks a 9% decline from Monday’s closing price of 234.50 pence. The placing was conducted through an accelerated bookbuild, with Berenberg acting as the sole bookrunner. The shares are expected to change hands on Thursday.

Vitruvian Sells 3% Stake In Trustpilot : Vitruvian's Stake

Post-transaction, Vitruvian will hold 9.5 million shares in Trustpilot, valued at approximately £20.6 million. The private equity firm is under a 45-day lock-up agreement, preventing it from selling these shares within this period.

Previous Transactions

This sale follows Vitruvian’s March divestment, where the firm sold a 3.7% stake in Trustpilot for £31 million. Despite these sales, Vitruvian has not disclosed the reasons behind reducing its stake in the Danish company.