Bedding retailer Adairs announced Catalyst Investment Managers has offloaded 12.5 million shares on May 11.

The private equity firm has sold part of its shareholding in Adairs via an underwritten block trade.

CEO Mark Ronan said following completion of the sale, the Catalyst shareholder entities will continue to hold in aggregate approximately 40 million shares, or 24 per cent, of the company.

Catalyst informed Adairs that pursuant to the block trade agreement, the Catalyst shareholder entities have agreed to a 90-day escrow in respect of the remaining shares, subject to a number of customary exceptions.

An updated substantial shareholder notice will be lodged by Catalyst following completion of the sale.

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