Olympus Partners -
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Published on: 1/22/2008
Last Visited: 1/22/2008
"The offering was very well received, and the stock continues to trade well," said James Conroy, a partner at Olympus Partners .
"The increased float will be a positive for the company and all of its shareholders," he said.
On Wednesday, Symmetry's stock traded at $23.56 per share, exceeding the secondary offering price of $22.25 a share.
The offering will generate an internal rate of return of more than 50% for Olympus , according to Conroy.
Banc of America Securities LLC , Credit Suisse First Boston, Piper Jaffray & Co., Wachovia Capital Markets LLC and William Blair & Co. oversaw the secondary offering.
Kirkland & Ellis LLP was counsel to Symmetry, while Shearman & Sterling LLP was counsel to the underwriters.
Olympus sold about 35% of its stake in Symmetry.Following the offering, the investment firm will own more than 11 million shares, or about 32% of Symmetry, according to Conroy.
Besides Conroy, Olympus managing partner Robert Morris , also chairman of Symmetry, and Olympus vice president Manu Bettegowda made up the firm's team for the transaction.