Unitas, PEP may sell Independent Liquor stake to Chinese firm

Independent Liquor recorded revenues of NZ$414.4 million ($334 million) last year, but posted a loss of NZ$22.7 million. It currently has debts of NZ$693 million. According to Reuters, the company had EBITDA of NZ$95 million and is therefore worth around NZ$1 billion, based on an earnings multiple of 10-12 times. The company's value was previously estimated to be NZ$873 million.

PEP and Unitas, which bought Independent Liquor in 2006 for more than $1 billion, have hired UBS to find strategic partners to invest in the business, sources said. Apparently the private equity firms are also open to a full exit.

In January, PEP and Unitas denied reports that they were likely to sell the company to Woolworths, Australia's largest supermarket chain.

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• Topics
• Consumer
• Australasia
• Pacific Equity Partners
• Unitas Capital