AustralianSuper and Healthcare of Ontario Pension Plan (HOOPP) → Greencross Limited
completedAustralianSuper and Canadian pension fund HOOPP jointly acquired a combined 45% stake in Greencross — Australia's largest integrated pet-care company, owner of Petbarn and Greencross Vets — from existing majority owner TPG Capital, in a transaction implying a total enterprise value for Greencross of more than A$3.5 billion. TPG retained majority control (55%). HOOPP took a 20% stake as part of the combined 45%. The deal was accompanied by a concurrent refinancing of Greencross's debt (a roughly A$1.8 billion package).
AustralianSuper and HOOPP were attracted to Greencross's strong growth and defensive, non-discretionary earnings profile (pet ownership and veterinary spending held up well through COVID), seeing it as an attractive long-duration infrastructure-like consumer asset suited to large pension funds' investment horizons, and a chance to gain exposure to the growing pet-care sector at scale.
TPG Capital, which had taken Greencross private in 2019, used the partial sell-down to crystallise a significant portion of its investment gain (the deal valued Greencross at roughly 3.5x what TPG paid in 2019) and to bring in long-term institutional co-owners while retaining majority control and continuing to grow the business (including a subsequent attempt at an ASX IPO).
Not applicable (Greencross was privately held; not a listed company at the time of this transaction).
Covered as a significant Australian private-markets transaction demonstrating strong investor appetite for large-scale consumer/pet-care assets, and as validation of TPG's growth strategy for Greencross since taking it private in 2019.
Deal mechanics
Not disclosed in available sources
Gilbert + Tobin (legal advisor to Greencross/TPG on the sell-down and financing); Credit Suisse and Morgan Stanley (advisors to TPG)
Sale of a combined 45% equity stake (AustralianSuper and HOOPP, with HOOPP taking 20%) by TPG Capital, which retained a 55% majority stake; concurrent circa A$1.8 billion debt refinancing of Greencross.
Implied enterprise value approximately 3.5x TPG's 2019 take-private purchase price.
Not disclosed in available sources.
New ~A$1.8 billion debt refinancing package arranged alongside the equity transaction.