Bain Capital Partners LLC and affiliates will complete their exit from ownership of Burlington Stores Inc. with the sale of nearly 12.5 million shares in a secondary offering of common stock.
Burlington, acquired by Bain for $2.06 billion in 2006, went public through the offering of 15.3 million shares, at $17 a share, in 2013. Bain has sold off pieces of its remaining stake since then and it ceased to be majority owner last year.
In January, Bain reported to the Securities and Exchange Commission remaining holdings of 12.49 million shares in the off-price retailer, corresponding to 16.4 percent of those outstanding, following the sale of 11.3 million shares at $48.75 through a secondary offering of stock.
Since those sales in January, the stock has continued to climb and closed up 0.1 percent at $59.42 in New York Stock Exchange trading Tuesday.
While the sale of remaining shares would reduce its holdings to zero, Bain would retain its attachment through a management consulting agreement that runs through next year and is renewable through agreement by the parties.
J.P. Morgan is sole book-running manager for the secondary offering.