ACC-backed Allegro sees Carpet Court as potential IPO

ACC-backed Allegro sees Carpet Court as potential
listing opportunity

By Paul McBeth

Sept. 21
(BusinessDesk) – 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 percent 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,”
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 A$180 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.

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 percent of Carpet Court, with the remaining 12.5
percent held by interests associated with director Stefan
Preston, who helped turn around the fortunes of lingerie
maker Bendon.

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 that 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)

© Scoop Media

Independent, Trustworthy New Zealand Business News

The Wellington-based BusinessDesk team led by former Bloomberg Asian top editor Jonathan Underhill and Qantas Award-winning journalist and commentator Pattrick Smellie provides a daily news feed for a serious business audience.

CONTACT BUSINESSDESK

• Email – editor@businessdesk.co.nz

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Tags: Choosing Lingerie

Victoria’s Secret models announce their annual ‘What is Sexy’ list

September 24, 2015 by admin  
Filed under Choosing Lingerie

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Tags: Choosing Lingerie

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