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Anchorage-backed Dick Smith files to raise A$344.5m via IPO

14 Nov 2013

stocks2_lrgPrivate equity-backed Australian consumer electronics retailer Dick Smith Holdings has filed to raise A$344.5m ($322m) via an IPO in December.

Sydney-based firm Anchorage Capital Partners will see its stake in Dick Smith fall to 20 per cent from 98 per cent, the company said in a regulatory filing. The company posted an EBITDA of A$24.6m on sales of A$1.57bn last year.

Anchorage is set to receive a good return from the A$20m it spent to buy the business from Woolworths in September 2012.

The firm said at the time that the deal was conservatively structured so that Dick Smith would emerge from the sale supported by a strong balance sheet with considerable asset backing and no core debt.

Anchorage targets businesses with enterprise values of A$50m to A$150m and annual revenues of at least A$50m. it is focused on Australia, New Zealand and South East Asia.

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