Key Takeaways
- • EQT Partners completed a secondary share sale of 5 million shares in HusCompagniet A/S at DKK 118 per share with no discount to the prevailing market price, demonstrating strong institutional investor demand for the Danish prefabricated housing builder.
- • The transaction was upsized from the initially planned 4 million shares to 5 million shares due to robust bookbuilding demand, representing a 25% stake reduction for EQT VI fund ownership.
- • Following settlement, EQT will retain a 19.2% stake in HusCompagniet (3.84 million shares), maintaining significant exposure to the business while achieving a partial exit of its investment.
- • Citigroup Global Markets, Danske Bank, and Nordea acted as joint global coordinators and bookrunners for the accelerated offering, with EQT subject to a 90-day lock-up period on remaining shares.
- • HusCompagniet received no direct proceeds from the transaction, which represents a secondary market exit for EQT rather than primary capital raising for the operating company.
Summary
EQT Partners, through Diego Holding Guernsey Limited (owned by the EQT VI fund), completed a secondary share placement in HusCompagniet A/S on August 20, 2021, selling 5 million existing shares at DKK 118 per share—the closing market price with no discount applied. This outcome reflected strong institutional demand; the transaction was upsized from an initially planned 4 million shares, demonstrating robust appetite for the Nordic-domiciled Danish construction company in the public markets.
The share sale represented a 25% reduction in EQT's ownership stake. Following settlement, EQT retained 3.84 million shares corresponding to 19.2% of HusCompagniet's share capital, maintaining a material but significantly reduced position in the business. The transaction was structured as an accelerated bookbuilt offering managed by Citigroup Global Markets, Danske Bank, and Nordea, underscoring the institutional quality and liquidity of HusCompagniet's public equity.
Notably, HusCompagniet itself received no proceeds from the secondary offering, as this represented a pure secondary market exit by EQT rather than new capital infusion into operating company operations. EQT agreed to a 90-day lock-up period on its remaining shares, subject to waiver by the managers and customary exceptions, providing further market stability assurance to institutional buyers. This partial exit marks a significant portfolio milestone for EQT VI, allowing the fund to realize proceeds while maintaining meaningful ongoing exposure to HusCompagniet's operational performance through its retained 19.2% stake.
The share sale represented a 25% reduction in EQT's ownership stake. Following settlement, EQT retained 3.84 million shares corresponding to 19.2% of HusCompagniet's share capital, maintaining a material but significantly reduced position in the business. The transaction was structured as an accelerated bookbuilt offering managed by Citigroup Global Markets, Danske Bank, and Nordea, underscoring the institutional quality and liquidity of HusCompagniet's public equity.
Notably, HusCompagniet itself received no proceeds from the secondary offering, as this represented a pure secondary market exit by EQT rather than new capital infusion into operating company operations. EQT agreed to a 90-day lock-up period on its remaining shares, subject to waiver by the managers and customary exceptions, providing further market stability assurance to institutional buyers. This partial exit marks a significant portfolio milestone for EQT VI, allowing the fund to realize proceeds while maintaining meaningful ongoing exposure to HusCompagniet's operational performance through its retained 19.2% stake.
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