Bridgepoint considers selling Pets at Home
15/10/2007
Private equity group Bridgepoint is preparing for a possible £600m sale or IPO of the UK's largest pet retailer, Pets at Home, and is said to be compiling a shortlist of investment banks to assist with the process.
Citigroup, NM Rothschild, UBS and Goldman Sachs are thought to be the banks in the running.
Pets at Home, which employs 3,500 staff, was bought by Bridgepoint in 2004 for £230m, so an exit next year would generate large profits. Pets at Home's earning before tax have more than doubled to £47m since the deal, and a further 800 jobs have been created.
It has been reported that Bridgepoint's decision to appoint a bank to review the business came after news that retail chain Peacocks received several approaches after a review conudcted by Goldman Sachs.
Interest in Pets at Home is understood to have come from private equity groups, although it is still at an early stage.
