Greencross eyes IPO, targets $460M raise

Retailer and veterinary chain operator Greencross could return to the Australian Securities Exchange (ASX), as plans for an initial public offering (IPO) are currently underway.

TPG Capital, the US-based private equity owner of Greencross, is planning to raise about A$700 million ($460M/€420M) in this initial offering, targeting a valuation of A$4 billion ($2.6B/€2.4B), according to local media reports.

The proposed IPO is reportedly being advised by Australian financial firm Barrenjoey, Swiss investment bank UBS and Australian investment bank Jarden. The Australian newspaper reports that Greencross is banking on strong consumer spending on pet products and services to support the deal.

Return to the ASX

If completed, the listing would mark the company’s return to the ASX after its delisting in 2019, when it was acquired by TPG for A$675 million ($445M/€405M). Greencross was officially listed on the ASX in 2007.

In 2022, TPG sold a 45% stake to AustralianSuper, a superannuation fund, and the Healthcare of Ontario Pension Plan (HOOPP) in a deal valued at over A$3.5 billion ($2.31B/€2.14B).

GlobalPETS contacted Greencross for further details, but the company declined to comment.

Previous acquisition attempts

In 2023, medical and pharmaceutical products distributor EBOS Group attempted to acquire the company for A$3.75 billion ($2.4B/€2.2B). 

However, the deal fell through after EBOS failed to raise A$2 billion ($1.3B/€1.2B) from investors.

In the same year, Australian conglomerate Wesfarmers also considered acquiring Greencross for A$3.5 billion ($2.24B/€2.12B) but later decided not to proceed with the deal.

Company background

Greencross claims it is Australia’s largest integrated pet care company. It owns Petbarn, a pet retail chain, and Greencross Vets, a leading veterinary services provider.

Petbarn offers a wide range of pet care products, including food and supplies, as well as services such as grooming, insurance, adoption and training.

Greencross Vets operates more than 150 clinics, including general practices, animal emergency hospitals and specialist clinics, across New South Wales, Queensland, South Australia, Victoria and Western Australia.