Revolve Holder TSG Offers Shares in Float-Boosting Deal

(Bloomberg) -- Private-equity firm TSG Consumer Partners is converting 13.4 million of its Class B shares in Revolve Group Inc. to Class A shares and sold 5 million of those shares in a block trade, according to a person familiar with the matter. Revolve shares fell 1.4% in premarket trading.

The transaction will increase Revolve’s public float by about 30%, the person added. The unregistered block trade priced via Morgan Stanley before the market opened on Monday at $21.75 per share, the midpoint of a $21.60 to $21.90 offering range and a 2.42% discount to Friday’s closing price.

Shares in the e-commerce fashion company closed on Friday up 14% since the company reported second-quarter results on Aug. 12.

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