PE-backed Witchery to IPO in Oz

According to The Australian, Witchery gauged interest from potential retail buyers, including Myer, which was held by TPG and Blum Capital until its own IPO in 2009. However, the clearest exit strategy for Gresham appears to be through the public market in the fourth quarter of this year. JPMorgan and Macquarie have been appointed to manage the process.

Gresham bought Witchery in 2006 for A$130 million, through its Gresham Private Equity Fund No. 2. That vehicle was launched in 2004 and claims capital commitments of $325 million, while Gresham as a whole manages three funds across 15 investments. It has capital commitments of A$600 million.

Witchery's interest in listing comes as other private equity-backed companies in the market have opted to delay their IPO plans. Despite industry optimism that 2011 would be a revival for such exits, in March, Pacific Equity Partners decided to once again delay its planned IPO of Australian cinema investee Hoyts Group. That followed decisions last year by CHAMP-backed Study Group - whose IPO was valued at A$600 million - and PEP-backed bookstore chain REDGroup, which is now in receivership, to also hold their listing processes.

 

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Save this article  
• Send to  

• Topics
• Australasia
• Exits
• TPG Capital
• Pacific Equity Partners
• CHAMP Private Equity