ACC-backed Allegro sees Carpet Court as potential listing opportunity

Allegro Funds, the Australian private equity firm that counts the Accident Compensation Corp’s investment arm as an investor, is optimistic its latest New Zealand investment, Carpet Court, is a candidate for potential listing once the flooring retailer has been whipped into shape.

The Sydney-based firm bought New Zealand’s Carpet Court in July in a deal to recapitalise the firm and leave it debt-free after the transaction. Allegro co-founder Chester Moynihan told BusinessDesk the company has about 25% of the New Zealand market, which is highly fragmented, with a number of small, family-owned operators. Allegro typically targets companies it sees as “capable of transformation” that can be realised over three to five years through a trade sale or initial public offering.

“Carpet Court is a real opportunity to improve the business, to invest in the business, and to drive growth both organically and also through bolt-on acquisitions,” Mr Moynihan said. “What we want to do in the investment timeframe is improve operations and grow to the point where it’s ready for a float. We like the fact it’s the market leader.”

The investment is the third by Allegro’s second fund, which closed with $A180 million in June, including a commitment from ACC.

Carpet Court sells a variety of flooring products across 60 outlets nationwide, employing more than 400 staff, and is led by veteran retail executive Rob Smith.

The flooring firm is in a sweet spot at the moment as the country’s house building boom drives up demand for household goods, with retail spending on furniture, floor coverings, houseware and textiles at a record $2.14 billion in the year ended March 31.

Mr Moynihan said consumers take a much more considered approach in making carpet purchases than many other retail transactions and typically want a more tactile experience when choosing their carpet.

Carpet Court is Allegro’s second investment in New Zealand following the firm’s recent sale of three assets – Cowley Services and Trilogy Building Services, and Spectrum Fire Security in Australia – to France’s GDF Suez. It owns 87.5% of Carpet Court, with the remaining 12.5% held by interests associated with director Stefan Preston, who helped turn around the fortunes of lingerie maker Bendon.

Mr Moynihan sees New Zealand as an attractive investment destination, citing the strong leadership of Prime Minister John Key and his deputy and Finance Minister Bill English.

“They’re sensible leaders who have the economy’s well-being at their heart,” he said. “It’s not a small factor in us being comfortable to commit to this investment.”

(BusinessDesk)

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Japan Loves Women In Cat-Themed Lingerie

‘Girl, you must be a parking ticket because you’ve got fine feline written all over you.’ Sorry, just preparing myself for the sort of pickup lines I might hear the next time I’m visiting Japan. In a country that created a Google Street View for cats, you shouldn’t really be surprised to learn that one of the hottest selling items among women involves felines. What you may not have expected, however, is that this product doesn’t involve cat cafes or kitty hotels. Rather, the purring is over some of the sexy cat-themed lingerie for sale at one of Japan’s online boutiques.

Felissimo is the company responsible for these underwear ensembles that are flying off the shelves in Japan. The business began as a mail order catalog, but has developed into a major player in online shopping in the nation. While the intimate apparel, Flufeel, is the most popular brand owned by the company, it is just one part of the larger Nekobu (Cat Club) line. The underwear is the newest addition to the line and designers are already working on introducing new ‘breeds’ to better cater to the desires of both men and women.

On the surface, the Japanese underwear looks like a regular pair of bra and panties. What gives it a distinctive touch is the subtle texture around the seams, which is designed to resemble cat fur. Currently, the most popular styles are black cat, Tabby, and Siamese. In addition to the fur texture, the most noticeable aspects of the lingerie are the cat tail that ties to the back of the underwear and the included set of cat ears. The tails tie onto the underwear with silk and match the bows decorating the intimate apparel. The Tabby set even comes with its own choker that resembles a collar.

For those women interested in exporting this weird Japanese fashion trend to other countries, a set of cat-themed lingerie will cost you around $30. They come in a range of sizes and represent over twelve different cat species. Me-ow.

(source)

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