Brightview drops as top holder KKR carves stake in secondary offering

Shares of commercial landscaping services provider Brightview Holdings BV.N down 1.4% at $15.50 premarket after secondary offering prices

Blue Bell, Pennsylvania-based firm announces 11.6 mln shares sold by affiliate of KKR KKR.N

Offering size increased from 10 mln shares

Sale by top holder KKR takes private equity firm's stake from ~33.1 mln shares to ~21.5 mln shares, or about 22.5% stake, per the SEC prospectus filing

KKR Capital Markets, Craig-Hallum, Morgan Stanley and Loop Capital are active jt bookrunners for the offering

Brightview has ~95.3 mln shares outstanding as of Apr 30, giving co ~$1.5 bln market cap

BV shares on Weds ended down 0.8% at $15.72. Stock is down 1.7% YTD, though had gained 22% QTD

Of 10 analysts covering BV, recommendation breakdown is 7 "strong buy" or "buy", 1 "hold" and 2 "sell" ratings and median PT is $21.50, latest LSEG data reflects