Leonard Green & Partners, one of Shake Shack Inc.’s largest investors, sold $71.6 million of the New York-based burger chain’s shares, according to data compiled by InsiderInsights.
The private equity firm, a Shake Shack shareholder alongside founder Danny Meyer, sold 1.24 million Class A shares at $57.75 on Aug. 13, a regulatory filing shows. The sale represents about 30 percent of Leonard Green’s stake in the company, according to data compiled by Bloomberg. Jonathan Sokoloff, a managing partner at the firm, sits on Shake Shack’s board.
Calls placed to Sokoloff at Los Angeles-based Leonard Green before regular business hours weren’t immediately returned. Edwin Bragg, a spokesman for Shake Shack, didn’t immediately respond to a message and an e-mail seeking comment.