Private equity firm Terra Firma Capital Partners is considering selling Wyevale, formerly the Garden Centre Group, just two years after buying the business, it has been reported today.
According to Bloomberg, which broke the story this morning, the UK-based buyout firm, run by Guy Hands, has held talks with potential advisers about a sale or initial public offering of Wyevale, which could value the company at as much £700m ($1.2 billion). Citing its source as 'people close to the matter', the news site said the people had asked not to be identified as they weren't authorised to speak publicly.
Terra Firma bought the company, then The Garden Centre Group, from Lloyds Banking Group Plc in March 2012 for £276m
. The Garden Centre Group, which reverted to its original name, Wyevale, last month
, operates around 140 sites in the UK and employs more than 5,000 people, according to the company's website.
Terra Firma has reshuffled its management, appointing Kevin Bradshaw, former managing director of Avis UK, as chief executive officer and Stephen Murphy, former chief executive officer of Virgin Group, as chairman.
A spokesperson for Terra Firma declined to comment on Bloomberg's story and the firm has not immediately responded to telephone and email requests from DIY Week for comment, as representatives are currently 'in a meeting'.
A source close to the company denies there is an "active sale process". Read more in the September 5 issue of DIY Week.