Dick Smith set for IPO

 

dick smithConsumer electronics chain, Dick Smith, could be back on the market just one year after being sold by Woolworths.

Its owner, private equity group, Anchorage Capital Partners, has appointed Goldman Sachs and Macquarie Capital to explore its options, including a sale.

Its initial public offer (IPO) would value the chain somewhere between $550 million and $620 million.

Anchorage Capital bought Dick Smith from the supermarket chain in September for $20 million, plus a proceeds buyout of $74 million.

A spokesperson for Anchorage Capital told The Australian Financial Review that it was pursuing a “growth agenda” for Dick Smith.

Dick Smith made $80 million before interest, tax, and depreciation in the year to June.

CEO Nick Abboud this week flagged a significant expansion plan of 30 stores under a new banner or store concept.

Dick Smith last month struck an exclusive deal with David Jones to run the department store’s electronics business.

 

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