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Anchorage makes rapid return on Dick Smith investment through $315m IPO

4 Dec 2013

tablet computerAustralian private equity firm Anchorage Capital Partners  has made a hefty return from its investment in electronics retailer Dick Smith through the company’s A$315m IPO.

Anchorage dropped its stake from 98 per cent to 20 per cent through the share sale, just a year after buying into the business for an initial A$20m.

The firm invested a total of A$94m in the company over time, and has seen the value of the business rise to A$518m at the last trading price of $2.19 per share.

Anchorage said at the time  of the buyout 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.

Dick Smith posted an EBITDA of A$24.6m on sales of A$1.57bn last year.

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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