FRANKFURT -- Parts maker Grammer AG said on Thursday that Deutsche Bank had sold an 83 percent stake in the company for 205 million euros ($250 million) to institutional investors.
"All 8,710,414 shares of Grammer AG held by Grammer Holding AG and SV Holding GmbH have been placed with institutional investors in Germany and other European countries at a price per share of 23.50 euros," the company said in a statement.
Deutsche Bank had placed the stake for private investors led by British private equity firm Permira and members of the Grammer family.
The Amberg-based company, which makes seats and seating elements for carmakers including Volkswagen and BMW, nearly doubled its net profit last year to 20.6 million euros as sales rose 4.8 percent.
The deal could increase Grammer's free float to almost 100 percent if the new investors are not considered to have a strategic interest in the company.