Homebase targeted by ex-Comet owner
Opcapita, the former owner of Comet, has put in a bid to buy troubled retailer Homebase.
Homebase’s Australian owner, Wesfarmers, is looking to sell the business and is offering a dowry in the region of £100 million to entice suitors.
Retail-focused Opcapita was established in 2006 by former banker Henry Jackson, and the private equity firm raised E350m (£306 million) from investors in 2016.
Opcapita would be a controversial buyer for Homebase due to its mixed past in the UK retail sector.
The private equity firm bought Comet in 2012, but the retailer went into administration nine months later after credit insurers pulled cover on suppliers’ goods.
Opcapita won back millions from Comet’s administration as the secured creditor of the retailer, but taxpayers were left with a £50m bill.
Opcapita has had some success with UK retailers, however, having restored Game Digital, which subsequently floated on the stock market in 2014.
Other bidders linked with Homebase include Hilco, Endless, Alteri and Lion Capital. Investment bank Lazard has been appointed to sound out potential buyers.
Value retailer B&M has also been named as a possible suitor for the ailing DIY store.