Venture capital has been catching all the headlines over the last 12 months but TDR Capital’s ambitious GBP6.8 billion buyout of UK supermarket chain, Asda, has probably left other PE buyout managers salivating! If their valuation is accurate, the firm has made 20x despite only doing the deal last year with equity as thin as a slice of Iberico ham. Asda’s valuation is now estimated to be £11.8 billion, 1.7x higher than its purchase price…that’s a supermarket sweep for sure, and further evidence that picking the right buyouts can really help GPs juice their returns. Venture…what?
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