It is a Merry Christmas for the PE firm known for buying beaten down assets.
Anchorage Capital Partners has stalked David Jones for the past 18 months. Now, days before Christmas, the South African owners have sold the upmarket department store chain for a small fraction of what it paid, ending a painful near decade of ownership.led the deal for Anchorage which is hoping to continue the turnaround of the 184-year-old retailer that operates 43 stores in Australia and New Zealand, two distribution centres and a growing e-commerce business. The retailer employs 7500 people.
There were several interested parties mulling the purchase of the nation’s oldest chain, but it was Phil Cave’s Anchorage that was consistent and keen.A spokesperson for Anchorage said the team will work closely with CEO Scott Fyfe and other management on the next phase of its transformation. “This transaction aligns with Anchorage’s investment strategy and its successful track record of executing complex carve-outs. We look forward to leveraging our deep industry expertise, hands-on approach with management, and continued investment to drive key initiatives to grow the business and deliver sustainable future performance.”
David Jones will enter a long-term lease for the Bourke Street store, which Woolworths was expected to sell in the next 12 months. The equity of the business is estimated to be valued at just $120 million to $130 million – well below book value of $289 million.
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