AustralianSuper, Australia’s largest super fund worth $100 billion, has offered to take a bite of the float of chicken group Inghams Group, formed by Walter Ingham in 1918 and grown to prominence by his sons Jack and Bob Ingham from the 1950’s.
The massive industry fund wants to take a $150 million interest in the float, which is being promoted by private equity group TPG, the Australian Financial Review has reported. TPG bought Inghams in 2013 for $880 million.
It’s the second time the super fund has followed TPG into a float. No doubt it hopes to profit as much this time as it did in the first tieup between the two.
Back in 2014, AustralianSuper was also the largest domestic fund in private hospital operator Healthscope at the time of its $2.25 billion float. Healthscope was owned by TPG, along with rival private equity firm The Carlyle Group, and is up more than 50 per cent since listing.
The AustralianSuper stake in Inghams, combined with private equity firm TPG’s decision to keep a 25 per cent to 40 per cent stake, means other institutional investors and retail investors will be offered up to about $900 million of stock at the IPO.