BLUE SKY SELLS STAKE IN PET CIRCLE

Written on the 6 January 2017 by Lin Evlin

BLUE SKY SELLS STAKE IN PET CIRCLE BLUE Sky Alternative Investments (ASX:BLA) has continued its streak of divestments, completing the sale of its stake in Millell Pty Ltd, which trades as Pet Circle, yesterday.

Pet Circle, an online supplier of pet food and accessories, was sold to two venture capital funds managed by Blue Sky for an undisclosed amount. 

Since Blue Sky's purchase of its stake in Pet Circle in December 2013, the company says it has "achieved a ~4x increase in sales and has generated fund investors a return of 1.8x invested capital (net of fees)".

Blue Sky says that the sale of Pet Circle will not have a material impact on its FY17 guidance but is a sign of continued growth for the company. 

"As another realisation from Blue Sky's Venture Capital division, it is nonetheless an important milestone in the continued growth of our business, building upon other successful venture capital exists (such as the exit of Hatchtech, which one the Best Early Stage Award at the 2016 annual AVCAL awards)," the company says in a statement today.

The company's share price at 11.00am AEST is $7.00, up $0.40 from close of trading yesterday.

Author: Lin Evlin Connect via: Twitter LinkedIn

Latest News

CROMWELL TRADES STEADILY IN FIRST HALF

CROMWELL Property Group has maintained a steady operating profit at $0.045 per security in the first half of FY17,...

WHY NEXTDC'S STOCK IS SOARING

AFTER posting its interim result, NEXTDC (ASX: NXT) gained more than 12 per cent on the stock market before noon.
...

PWR PROFIT CRASHES AS DOLLAR RISES AND COSTS MOUNT

A RISING Aussie dollar has offset PWR Holdings Limited's (ASX:PWH) overseas growth in the last half, forcing a...

SUPER RETAIL GROUP RESULTS SHINE ACROSS THE BOARD

A WELL-planned and executed half has paid off for Super Retail Group (ASX:SUL) as it posts a net profit result up ...

Related News

EVERYTHING YOU NEED TO KNOW ABOUT THE NATIONAL BROADBAND NETWORK

THE National Broadband Network (NBN) is more than an internet connection, it is an opportunity to transform your b...

WHY EMPLOYEE-OWNED COMPANIES ARE BEATING ASX200 SHARE PRICES

EMPLOYEE-owned companies command a higher share price than their publicly listed peers, reaping a 17 per cent prem...

RISE OF THE MACHINES HAS WORKERS SWEATING

UP TO 3.8 million Australian workers are fearful their job may soon be terminated by a robot, a new survey has shown....

LESS TALK, MORE SMALL BUSINESS ACTION IN 2017

THE future growth and prosperity of Australian SMEs could be undermined if governments lose sight of the sector...

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter