Equity firm exits Debenhams

One of Debenhams’ largest shareholders has exited the company nearly £500m (€551m) richer, it emerged today.

Private equity firm Texas Pacific Group (TPG) – which along with CVC Capital Partners and Merrill Lynch controversially took the retailer private in 2003 and saddled it with a huge debt burden before refloating it in 2006 – sold its entire 9.34% shareholding to a single institutional investor yesterday.