Catalyst takes control in Australia's Home & Decor Holdings
Australian private equity firm Catalyst Investment Managers has taken a 70% majority stake in Home & Decor Holdings Pty Ltd, a new entity created to combine the assets of two local specialty retail businesses, Adairs Retail Group and Dusk Australasia, both owned by BB Retail Capital.
Catalyst is believed to have paid around A$150 million ($147 million) in the course of the transaction, from its Catalyst Buyout Fund 2. Adairs is a leading soft furnishings business in Australia, while Dusk focuses on candles, fragrances and giftware. BB Retail Capital, the ownership vehicle of Brett Blundy, sold the stake to Catalyst, and will retain a 20% interest in HDH, with company management also retaining 10%. Catalyst and HDH will look for other related acquisition opportunities in the Australian market, according to the announcement. CBA and Investec acted as financial advisors on the deal.
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