Sydney’s under-the-radar Topper family is opening its books to private equity firms and other potential buyers, in a bid to realise a whopper payday at its eponymous tanning business AI Topper.
Sydney’s under-the-radar Topper family is opening its books to private equity firms and other potential buyers, in a bid to realise a potential whopper payday at its eponymous tanning business AI Topper.
AI Topper makes about $45 million EBITDA a year from the producing, processing and exporting semi-processed and finished hides, skins and leathers.Interested parties were told AI Topper was making about $150 million annual revenue and $45 million in earnings before interest, tax, depreciation and amortisation, fuelling expectations of a $300 million-plus asking price.
AI Topper was set up as a merchant trader and has become one of Australia’s biggest producers, processors and exporters of semi-processed and finished hides, skins and leathers. It has processing facilities in Queensland, NSW, Victoria and South Australia.
The key thing in their mind is whether demand for leather and similar goods has peaked, with the rise of eco-conscious consumers, and vegan leather used for cars, shoes and the like.
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