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

1700 BRISBANE APARTMENTS NOW MANAGED BY FORTUNE 500 COMPANY JLL

MULTINATIONAL and Fortune 500 company JLL (NYSE: JLL) has expanded its Australian dominance in the property managemen...

HARVEY NORMAN HITS OUT AT 'FALSE NEWS' OF ASIC INVESTIGATION

RETAIL giant Harvey Norman (ASX: HVN) has vehemently rejected reports its accounts are under investigation by ASIC, s...

RARE GOOD NEWS FOR SLATER AND GORDON AS ASIC CLOSES INVESTIGATION

ASIC has cleared Slater and Gordon of deliberately falsifying its accounts after a three-month investigation.

It s...

Q & A WITH FACEBOOK GURU ANDY MCKEON AS HE JOINS AUSTRALIAN SOFTWARE COMPANY LIVETILES

HE was creative director at Apple under the legendary Steve Jobs, and is now a senior Facebook executive. In his n...

Related News

RAY OF HOPE FOR SLATER AND GORDON AS LENDERS STEP IN

EMBATTLED law firm Slater and Gordon (ASX: SGH) has announced to the ASX that it has launched confidential discussion...

SPROUTX PROVIDES THE SEED FOR AGTECH STARTUPS

AGTECH innovation fund SproutX has opened applications for its first accelerator round, backed by $10 million from...

GAS PRICES MAY FORCE BRICKWORKS TO TAKE MANUFACTURING OVERSEAS

BRICKWORKS Limited (ASX:BKW) chairman Robert Millner says soaring energy prices may force the company to turn to offs...

CHINA CONTINUES TO COLLECT AUSSIE PROPERTY ASSETS

CHINESE coin continues to dominate Australia's offshore real estate investment market, accounting for almost h...

EVENTS COMING UP

 

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter