U.S. private equity firm Advent International Corp will buy Brammer Plc (BRAM.L) for 221.5 million pounds ($274.8 million), the companies said on Wednesday, weeks after the British industrial parts distributor’s profit warning halved its stock value.

Boston-based Advent’s recommended cash offer of 165 pence per share represents a premium of 69.2 percent to Brammer stock’s closing price on Tuesday.

Shares in Brammer, which urged its shareholders to accept the “fair and reasonable” offer, rose 68.9 percent to 164.93 pence by 0928 GMT on the London Stock Exchange.

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