Anchorage eyes possible IPO for Dick Smith, appoints bankers — Reuters

(Reuters) – Anchorage Capital Partners is exploring a potential IPO for Australian retailer Dick Smith Electronics and has appointed Goldman Sachs and Macquarie Group to advise it on a listing and other strategic options, sources familiar with the matter said.

The move comes as the IPO market in Australia and New Zealand is set to return to levels not seen since before the global financial crisis.

Australian private equity firm Anchorage Capital Partners agreed to pay an upfront A$20 million ($18.61 million) for Dick Smith in September last year, more than nine months after the chain was put on the block.

The Dick Smith chain recorded sales of A$1.57 billion and earnings before interest, tax and one-off charges of A$24.6 million, in financial year 2012, according to a stock exchange filing.
Macquarie and Goldman Sachs declined to comment. Anchorage Capital Partners couldn’t immediately be reached for comment.