The firm invested in the off-licence and convenience store group in 2006. The company operates over 600 franchisee-owned stores in the North West of England under the Bargain Booze brand.
Conviviality Retail was admitted with a market capitalisation of £66.7m in the largest IPO exit by a corporate on AIM so far this year. The fundraising was twice over-subscribed with over 30 participating institutions.
ECI’s John Hayhurst said, “ECI is delighted with the successful IPO exit of Conviviality Retail plc. The business has been a very strong and resilient investment for ECI over the past seven years.”
He added “This is ECI’s third successful exit in the last 12 months, all of which have generated strong returns for our investors.”
ECI previously attempted to sell the group for £100m last year, hiring KPMG to carry out a strategic review of the business.
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