Bain Capital has reduced its shareholding in brick maker Ibstock from approximately 47% to 37%.

Diamond (BC) SARL, which controlled by investment funds advised by Bain Capital Europe or its affiliates, has sold 40.5 million ordinary shares in the capital of Ibstock to institutional investors. It still holds 150,200,435 ordinary shares.

At a price of 175 pence per share, the sale generated £70.9m proceeds for the vendor.

Ibstock does not receive any of the proceeds from the placing.

CRH sold Ibstock to Bain Capital last year for £414m.

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