Metcash considers attraction of cash for Autobarn/Midas ASX float
Leading wholesale grocery distribution group, Metcash is investigating a potential initial public offering (IPO) on the Australian Stock Exchange (ASX) for its automotive division.
The Metcash Automotive division includes Autobarn, Autopro, ABS and Midas franchises. Metcash also own a leading automotive aftermarket parts and accessories wholesale operation.
In the year ending April 30 2015 Metcash’s automotive division had revenues of approximately $250 million.
The company has said that it will use any funds from a possible IPO would be re-invested in its
balance sheet and undisclosed business activities.
Metcash has engaged the Citi Group to explore the options and are expected to provide more details in mid-June 2015.
Metcash also owns a number of independent Australian supermarkets including IGA and Friendly Grocer. The company has a stake in the liquor industry owning Celebrations, The Bottle-O and IGA Liquor. In the convenience sector Metcash owns Lucky-7 along with Mitre 10 hardware stores.
Metcash Limited itself is already listed on the ASX.