Private equity firm Bluegem Capital Partners has offloaded its controlling stake in luxury department store Liberty London, in a £300m deal.
Bluegem confirmed that it has sold its 40% stake in the company to a group led by Glendower Capital, a global secondary private equity manager.
The remaining shares in Liberty are not part of the deal.
Liberty, which was founded in 1875, was acquired by Bluegem in 2010 for £32m.
Marco Capello will remain chairman of Liberty going forward. He said: “I am grateful and proud of the team and of their achievements. I am confident we have built a truly differentiated business and assembled a first-class management team that will allow Liberty to reclaim its status as one of the most iconic brands in the world, and the last truly heritage British brand.”