BLUE SKY SELLS STAKE IN PET CIRCLE
6 January 2017, Written by Lin Evlin
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.