The private equity firm that once owned Hillman Solutions (NASDAQ: HLMN) is selling down its stake in the home improvement equipment manufacturer. The sale is putting pressure on the stock, pushing shares 4.5% lower as of 1:47 p.m. ET.

Hillman makes a range of fasteners, keys, signs, and other equipment sold at Walmart, Home Depot, and Lowe's. The company was taken private in 2014 by private equity firm CCMP Capital Advisors and returned to public markets in 2021 via a merger with a special purpose acquisition company (SPAC).

CCMP remained the largest shareholder after the SPAC deal, and as is typical with private equity firms, the investor is now slowly monetizing its remaining stake. On Tuesday, Hillman announced the sale of 25 million shares currently owned by CCMP at a price of $8 apiece.

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Source Fool.com