Private equity checks out Poundland after South African owner decides to offload its Pepco division
- Steinhoff International is looking to sell its European retail division, called Pepco, which includes Poundland
- Advent International and Partners Group Holding have approached Steinhoff
- Steinhoff is looking for £3.5bn-£4bn from the flotation or sale of Pepco
Private equity firms are circling the company behind Poundland after its South African owner decided to offload it through a flotation or sale.
Advent International, which recently bought defence firm Cobham for £4billion, and Switzerland-based Partners Group Holding has approached Steinhoff International about buying its European retail division, called Pepco, which includes Poundland.
The South African group is looking for between £3.5billion and £4billion from the flotation or sale of Pepco, which has around 2,700 stores across the UK and more than ten countries in Eastern Europe.
Steinhoff International is looking to sell its European retail division, called Pepco, which includes Poundland
Steinhoff International bought Poundland in 2016 for just over £600million. However, Steinhoff found itself mired in an accounting scandal little more than a year later, leading to its near-collapse.
It has since sold Harveys and Bensons for Beds to turnaround investor Alteri.
Pepco declined to comment.