Russian retailer Seventh Continent has refused to be drawn on local reports that US private equity group TPG is looking to buy a stake in the company.
Russian business daily Kommersant said today (19 July) that a source at Seventh Continent had indicated the private equity interest in the retailer.
The source said TPG is looking to buy half the shares of controlling shareholder 7K Investholding, which owns 75% of Seventh Continent. The private equity group is looking to spend US$1.1-1.2bn, the report added.
Seventh Continent, however, declined to comment when contacted by just-food this morning. “No comment,” was all the retailer was prepared to say.
Officials at TPG could not be reached for immediate comment.
Last week, Seventh Continent posted a leap in first-half revenue after a strong second quarter. Sales jumped 31% to US$658m for the first six months of the year. During the second quarter, revenue soared 34% to $336m.