The private equity firm founded by Eugene Ludwig has sold about 6% of its stake in Seacoast Banking Corp. of Florida for $7.3 million.
Funds controlled by CapGen Capital Group on Nov. 13 sold an aggregate 500,000 shares of Seacoast for $14.62 each, according to a regulatory filing. The price was a discount of about 3% to Seacoast's closing share price on Nov. 12, according to a research note issued by Joseph Fenech, an analyst at Hovde Group.
CapGen still owns about a 21.7% stake in the $3.4 billion-asset Seacoast. The firm first invested in Seacoast in 2009.
Seacoast, based in Stuart, is in the midst of an acquisition spree. The bank has closed two acquisitions in the last 14 months, and in recent weeks it announced deals to buy 14 central Florida branches from BMO Harris and acquire the $426 million-asset Floridian Financial Group in Lake Mary for $77 million in cash and stock.
Ludwig is also the founder and chief executive of Promontory Financial Group in Washington and a former comptroller of the currency under President Bill Clinton.