Quadrant plans IPO for Australia’s Burson Auto Parts – report

According to The Wall Street Journal, around A$300 million ($290 million) could be raised from the offering, which is slated for the first quarter of 2014. Morgan Stanley and UBS have been appointed to manage the offering.

Burson is a distributor of aftermarket automotive parts and accessories to the trade and retail repair and service market. It was the first investment made from Quadrant Private Equity Fund No. 3. The GP acquired Burson in October 2011 for A$148 million, of which A$72.95 million came from the fund.

Burson had revenues of around A$300 million at the time, and has since acquired 11 outlets in South Australia. It now has over 100 auto parts stores across Australia. The company is forecast to deliver EBITDA of A$40-45 million in the fiscal year ending June 30, 2015.

Quadrant made public market exits this year from fertility services provider Virtus Health, via a A$339 million ($330 million) IPO, and from New Zealand retirement village operator Summerset which generated an estimated return multiple of more than 3.7x.

The firm has invested more than 70% of its A$750 million third fund and is expected to launch a successor vehicle in the middle of 2014. Investments from the fund include Australian aged-care operator Estia Health, pet food supplier City Farmers and APN Outdoor.

 

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• Topics
• Australasia
• Exits
• Quadrant Private Equity
• Exit
• IPO
• Australia