Whitcoulls widens its Borders in $137m deal
By Andrew Janes - The Dominion Post Saturday, 07 June 2008
By Andrew Janes - The Dominion Post Saturday, 07 June 2008
Pacific Equity Partners is understood to be eyeing a trade sale or float of a combined A&R Whitcoulls Borders business within two years.
After more than a year of negotiations, Sydney-based PEP, Australia and New Zealand's largest private equity fund, has bought the 30 Borders stores in Australia, New Zealand and Singapore for $137.6 million through its A&R Whitcoulls business.
A&R Whitcoulls group managing director Ian Draper said: "It's very unlikely that we would split the Australian and New Zealand assets [when they are sold or floated] but it's not something we've given much consideration to at this stage."
Borders opened its first New Zealand store in Auckland in 1999 and now has five. Whitcoulls has 76 New Zealand stores and the Borders purchase will take its share of the local book market from 40 per cent to 45 per cent.
The Borders brand - regarded as more of an upmarket literary brand than Whitcoulls - and management team will be retained by A&R Whitcoulls.
Borders and Whitcoulls have stores within several hundred metres of each other in Lambton Quay, Queen St and Albany. But Mr Draper said there were no plans to close any of the Whitcoulls or Borders branches.
After more than a year of negotiations, Sydney-based PEP, Australia and New Zealand's largest private equity fund, has bought the 30 Borders stores in Australia, New Zealand and Singapore for $137.6 million through its A&R Whitcoulls business.
A&R Whitcoulls group managing director Ian Draper said: "It's very unlikely that we would split the Australian and New Zealand assets [when they are sold or floated] but it's not something we've given much consideration to at this stage."
Borders opened its first New Zealand store in Auckland in 1999 and now has five. Whitcoulls has 76 New Zealand stores and the Borders purchase will take its share of the local book market from 40 per cent to 45 per cent.
The Borders brand - regarded as more of an upmarket literary brand than Whitcoulls - and management team will be retained by A&R Whitcoulls.
Borders and Whitcoulls have stores within several hundred metres of each other in Lambton Quay, Queen St and Albany. But Mr Draper said there were no plans to close any of the Whitcoulls or Borders branches.
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