TPG sells down Inghams stake

Inghams is Australia’s largest poultry provider. Picture: Supplied.

TPG Capital has sold a 5 per cent stake in poultry producer Inghams for $3.60 per share on Tuesday.

The sale leaves the private equity firm with an interest of 9.86 per cent in Inghams, according to a noticed lodged with the ASX.

It is understood only a few buyers snapped up the stock.

TPG has been expected to sell its interest in Inghams for some time, with talk surfacing in August that a selldown was on the cards.

The private equity firm had an escrowed interest in Inghams when it was listed in 2016 as a business worth $2.2bn.

TPG, a US-based private equity firm, then had a 47 per cent interest in the country’s largest poultry supplier.

Shares in Inghams closed at $3.60 on Tuesday, which is higher than the $2.90 it was trading at soon after it listed in December 2016, and the $3.15 IPO price.

TPG has been progressively selling down its stake, offloading part of its cornerstone interest two years ago, with Citi working on the trade at the time.

It divested 14.5 per cent for about $200m.

Last year, it offloaded a further 13 per cent through investment bank UBS.

Suggestions surfaced last year parties could be circling for a potential acquisition.