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Australian private equity firm bids up to $590 million for The Warehouse retail group

July 23, 2024
in Business
Australian private equity firm bids up to $590 million for The Warehouse retail group
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Warehouse on Blenheim road in Christchurch

First Retail Group managing director Chris Wilkinson said that a takeover with The Warehouse founder Sir Stephen Tindall at the helm could help restore the fortunes of the once dominant retail chain.
Photo: RNZ / Nate McKinnon

An Australian private equity firm has made a bid of up to $590 million for The Warehouse retail group, with backing from the group’s founder.

The company said a fund run by Adamantem Capital had made an unsolicited, non-binding, indicative offer to takeover The Warehouse Group of $1.50 to $1.70 a share, compared to The Warehouse’s closing price of $1.45 on Monday.

It said The Warehouse founder Sir Stephen Tindall and interests associated with him, which control close to half the group’s shares, supported the bid, but wanted to stay invested in the new company.

“Sir Stephen Tindall, The Tindall Foundation and trustees of certain trusts associated with Sir Stephen Tindall … support the proposal and will remain invested in the company through reinvesting a portion of their consideration in the acquirer of the company,” the board said in a statement to the NZX.

The outcome would see Tindall and associates owning 50 percent in the acquiring company, while all other shareholders would be bought out for cash.

“The proposal is incomplete and conditional and, as a result, there can be no certainty that any transaction will eventuate. No action is required from shareholders at this time.”

The takeover proposal emerged yesterday after media speculation that the offer was in the wings and that Tindall was looking to make The Warehouse a significant player in the groceries market.

First Retail Group managing director Chris Wilkinson said that a takeover with Tindall at the helm could help restore the fortunes of the once dominant retail chain.

“This is an exciting time for The Warehouse, Stephen Tindall built the brand, he created that challenger mindset when it entered the market and that’s what been lacking over recent years.”

Wilkinson said private capital were experienced in streamlining businesses, and putting that together with Tindall’s values and understanding of New Zealand could be an “ideal combination.”

The Warehouse board has started a process to restructure and streamline the company around its three core brands — the big barn Red Sheds, Warehouse Stationery, and the Noel Leeming appliance and electronics chain.

In June, it dropped its full-year earnings outlook to be between six percent and seven percent down on last years result.

Underlying profit was expected to be in a range of $22m to $30m, compared to $83.4m in the prior year, excluding the loss from discontinued operations and any potential restructuring costs.

This year the company has also dealt with the abrupt departure of its chief executive and the sale of its sporting good chain Torpedo7 for $1.

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Copyright for syndicated content belongs to the linked Source : RNZ – https://www.rnz.co.nz/news/business/522865/australian-private-equity-firm-bids-up-to-590-million-for-the-warehouse-retail-group

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