Warburg Pincus has sold its 33.9 per cent stake in Transpacific Industries Group Limited
(ASX:TPI) through a placement to domestic and international institutions.
Transpacific says the placement was conducted at $1.05 - a 6.7 per cent discount to Transpacific's last traded price on Friday.
As a result, Transpacific has accepted the resignation of Jeffrey Goldfaden, who represented Warburg Pincus on the board.
Transpacific chairman Martin Hudson paid tribute to Warburg Pincus and Mr Goldfaden, sating without the investment, Transpacific would likely not be in the position it is in today.
Transpacific Industries booked a net loss of $200.4 million in fiscal 2013.
