TPG Capital is exploring an initial public offering (IPO) for Greencross, Australia's leading pet care business, with a listing on the ASX anticipated in late 2023. The move comes amidst growing competition in the sector from major retailers and concerns raised about the potential impact of a proposed merger with distributor EBOS.
TPG Capital is reportedly gearing up to take Greencross , Australia's leading pet care business, public through an initial public offering ( IPO ) in late 2023. Sources revealed that TPG has begun exploring an ASX listing for Greencross , which owns a vast network of vet clinics alongside Petbarn and City Farmers pet stores. The private equity firm has engaged with several listed equities investors in recent weeks, seeking their feedback on a potential IPO .
While an ASX listing remains actively under consideration, sources indicated that several key factors must fall into place before TPG's Asia boss, Joel Thickins, can make a final decision. These include securing crucial appointments within the company. Greencross's listing plans come at a time of fierce competition in the Australian pet care market. Large retailers like Woolworths have been aggressively expanding their presence in the sector, posing a significant challenge to Greencross's dominance. Meanwhile, the pharmacy group behind TerryWhite Chemmart has raised concerns that a proposed merger between Greencross and listed distributor EBOS could negatively impact the health network. The merger is currently under review by the competition regulator
TPG Capital Greencross IPO ASX Listing Pet Care Competition Woolworths EBOS
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