CVC appoints banks to run Matahari sale – report
CVC Capital Partners is said to have appointed CIMB, Morgan Stanley and UBS to manage the sale of its majority stake in Indonesia’s Matahari Department Store.
The sale is likely to happen in the first half of 2013, Reuters reported. CVC values the entire company at more than $2 billion, having paid $633 million for a 72.6% stake in early 2010 from Matahari Putra Prima, a company controlled by the Riady family's Lippo Group. This remains Indonesia's largest ever private equity buyout.
The transaction was structured as a joint venture, with Lippo Group spinning off its 98.15% holding in the company into a joint venture that is 80%-owned by CVC.
Matahari is Indonesia's largest department store chain and its fourth-largest retail brand by sales, after convenience store chains Alfamart and Indomaret, and French hypermarket chain Carrefour. It operates 109 stores nationwide.
EBITDA has grown 39% in the last 12 months to INR1.4 trillion ($146 million). The company's public market value is $823 million but the stock is highly illiquid given the size of CVC and Putra Prima's holding.
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