Hi Tarvold,
PETstock taking over Apiam would be an interesting change from when
it was rumoured to be for sale in early 2019, soon after TPG had bought Greencross
. It denied it, but by March that year AFR ‘street talk’ wrote it
was for sale and TPG was the proposed buyer .
(That story is in the spoiler
[here])
.......and here’s a possibly AHX relevant excerpt ;
... “It makes sense to seek synergies in such an environment, and it wouldn't surprise to see TPG's dealmakers pursue more bolt-on acquisitions to Greencross' network in coming years...”
So maybe TPG is back on the hunt?
Coincidentally earlier this month at Greencross there have also been some financial shifts.
Again according to AFR’s Street Talk team (as of 07/04/21) TPG has asked the Asian-based fund that backed it to buy Greencross to commit to a refinance to
“....make the most of buoyant debt market conditions and improvements in the retailer’s earnings...”.. “Source said Greencross’ EBITDA had doubled since TPG took the reins in early 2019.................. “TPG funded the $1 billion acquisition with close to equal portions of debt and equity.
Street Talk’s back of the envelope calculations see TPG taking up to $350 million off the table as part of the refi.
It’s a strong start for TPG Capital Australia boss Joel Thickins and his team...” etchttps://www.afr. com/street-talk/tpg-capital-to-cash-in-at-greencross-refi-20210407-p57h29
You have followed Apiam closely Tarvold and I have appreciated reading your posts and I would be interested in your thoughts ,
cheers
(20min delay)