Wm Morrison Founding Family Said to Gauge Buyout Firms’ Interest
2014-02-12 05:48:13.954 GMT
By Billy Chan
Feb. 12 (Bloomberg) -- The founding family of U.K. grocer
Wm Morrison Supermarkets has contacted PE funds such as CVC
Capital Partners and Carlyle Group to weigh interest in taking
co. private, people with knowledge of the matter told
Bloomberg’s Jeffrey McCracken, Aaron Kirchfeld and Kiel Porter.
* Family has so far been unable to find buyout partner due to
concerns about co.’s slow sales growth, deal size
* The Morrisons hold ~9%-10% of co.
* Family also approached other PE funds incl. Apax Partners;
Apax decided not to pursue
* A buyout of Morrison would exceed 7b pounds, require group
of funds to work together
* Carlyle, CVC discussed working together on joint bid; no
certainty deal can be reached
* At that price, deal would be biggest purchase of U.K.
retailer since acquisition of Alliance Boots in 2007
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--With assistance from Gabi Thesing in London. Editor: Jan
Dahinten
To contact the reporter on this story:
Billy Chan in Hong Kong at +852-2977-6114 or
bchan101@bloomberg.net
To contact the editor responsible for this story:
Jan Dahinten at +65-6212-1164 or
jdahinten@bloomberg.net
2014-02-12 05:48:13.954 GMT
By Billy Chan
Feb. 12 (Bloomberg) -- The founding family of U.K. grocer
Wm Morrison Supermarkets has contacted PE funds such as CVC
Capital Partners and Carlyle Group to weigh interest in taking
co. private, people with knowledge of the matter told
Bloomberg’s Jeffrey McCracken, Aaron Kirchfeld and Kiel Porter.
* Family has so far been unable to find buyout partner due to
concerns about co.’s slow sales growth, deal size
* The Morrisons hold ~9%-10% of co.
* Family also approached other PE funds incl. Apax Partners;
Apax decided not to pursue
* A buyout of Morrison would exceed 7b pounds, require group
of funds to work together
* Carlyle, CVC discussed working together on joint bid; no
certainty deal can be reached
* At that price, deal would be biggest purchase of U.K.
retailer since acquisition of Alliance Boots in 2007
For Related News and Information:
First Word scrolling panel: FIRST<GO>
First Word newswire: NH BFW<GO>
--With assistance from Gabi Thesing in London. Editor: Jan
Dahinten
To contact the reporter on this story:
Billy Chan in Hong Kong at +852-2977-6114 or
bchan101@bloomberg.net
To contact the editor responsible for this story:
Jan Dahinten at +65-6212-1164 or
jdahinten@bloomberg.net