Private equity firm Inflexion has raised £21.5 million by selling part of its stake in On the Beach.
The disclosure of the sale of 10 million shares at a price of 215p per share in the online travel agency came a day after Inflexion made an unspecified investment in travel management company Reed & Mackay.
Inflexion, which supported a buyout of On the Beach in 2013 ahead of a stock exchange listing last year, will retain a stake of almost 30% in the OTA.
A statement said: “Further to yesterday’s announcement, Inflexion announces that, subject to completion, it has sold in aggregate 10 million ordinary shares in OTB at a price of 215 pence per share, raising aggregate gross proceeds of approximately £21.5 million.
“Following completion of the placing, Inflexion will hold 38,432,801 ordinary shares in the company, representing approximately 29.5% of the company’s issued share capital.”