Trade buyers including the likes of Carrefour, Tesco and Wal-Mart have joined private equity groups eyeing the possible takeover of Australia’s second largest retailer, Coles, according to a report in the Australian Financial Review.
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Private equity groups Kohlberg Kravis Roberts, CVC Capital Partners, Carlyle Group and Texas Pacific are said to have joined forces to mount a bid for Coles. Bain Capital and Pacific Equity Partners are also rumoured to be interested in making a move for the retailer. A third private equity consortium, made up of Permira, CCMP Capital Asia and Cerberus Capital Management, are said to be jockeying for position as a potential suitor.
Coles announced on Friday (23 February) that the management had commenced a detailed evaluation of the group’s ownership after it had received several unofficial approaches.
