LONDON (Reuters) – Private equity firm Bridgepoint has picked Goldman Sachs (GS.N) and Royal Bank of Scotland (RBS.L) to handle the possible listing of its portfolio firm Pets at Home, people familiar with the matter said on Tuesday.
Bridgepoint has been pursuing a so-called dual-track approach regarding Pets at Home and the mandate signals a step forward to the company’s possible flotation, though it is still also actively pursuing a possible private equity buyout, the sources said.
In October, Bridgepoint said it had hired JP Morgan Cazenove (JPM.N) as sponsor, bookrunner and global coordinator to investigate a possible listing in 2010 and Rothschild [ROT.UL] as an adviser for all aspects of any exit process.
So far, four buyout firms are shortlisted to bid for the British pet goods retailer. Apax Partners [APAX.UL], Bain, KKR [DDR.UL] and TPG [TPG.UL] value the company at 700 million pounds ($1.1 billion) or more, sources familiar with the matter said. [ID:nLDE5BH1UC] (Reporting by Simon Meads and Daisy Ku; Editing by David Holmes) ($1=.6209 Pound)