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

COLLINS FOODS GOBBLES UP MORE AUSSIE KFC STORES

COLLINS Foods Limited (ASX: CKF) has purchased 28 KFC restaurants from Yum! Brands Inc for $110.2 million, adding fur...

SUPREME COURT ORDERS OCTAVIAR GROUP TO WIND UP

THE Queensland Supreme Court has ordered the Octaviar Group of companies (formerly known as MFS Group) to be wound...

CEOS BRAVE THE COLD TO RAISE $1.4 MILLION FOR THE HOMELESS

MORE than 400 executives confronted the cold last night in the annual Vinnies CEO sleepout, which took place benea...

JENNIFER WESTACOTT ON BANK TAX: IT EXPOSES GOVERNMENT "DESPERATION"

South Australia's new bank levy exposes the desperation of a government that is unable to get its own budget and ...

Related News

COLLINS FOODS GOBBLES UP MORE AUSSIE KFC STORES

COLLINS Foods Limited (ASX: CKF) has purchased 28 KFC restaurants from Yum! Brands Inc for $110.2 million, adding fur...

BASKETBALL'S COMEBACK CONTINUES WITH NBL CLUBS TO FACE OFF AGAINST CHINA'S NATIONAL TEAM

THE RESURGENCE of Australia's National Basketball League (NBL) continues with China's national team to play t...

DOMESTIC TOURISM IN AUSTRALIA BREAKS RECORDS, INJECTS $61.7 BILLION INTO NATIONAL ECONOMY

DOMESTIC Australian tourists have spent a record breaking $61.7 billion on intra and interstate travel this year, acc...

THE DOCTORS WHO PLUNGED INTO THE SHARK TANK AND SURVIVED WITH A $500,000 INVESTMENT

THEIR mission is to change the face of cancer care with an app that empowers and connects patients and care givers...

BOOK YOUR FUNCTION SPACE HERE

 

 

 

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter