Magellan has exited its stake in restaurant chain Guzman y Gomez, selling its 11.6% stake for $140 million.
In an announcement to the Australian Securities Exchange (ASX), the firm said completion of its stake sale was completed in one tranche, rather than two as had been previously announced.
The shares were sold to an entity of Barrenjoey Capital Partners with the intention of seeding an investment trust for high net worth investors.
This would allow the firm to focus on its core fund management business and the proceeds of the sale would be used to support its ongoing capital management initiatives.
Magellan’s head of capital and advisory, Craig Wright, had resigned from GYG’s board where he had been a non-executive director.
Magellan, which had $65 billion in funds under management, had been a supporter of the fast food chain since 2020 when it bought a 10% stake for $87 million via its Magellan Capital Partners division.
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