The information memorandum, and desktop due diligence, has revived private equityeers’ memories of sports carnivals, lunchtime heroics on the football field or basketball court, skipping ropes and bouncing around on mini-trampolines.
Much of the equipment involved carried the Hart Sport logo.
Deloitte is understood to be calling for first round bids on Wednesday, before shortlisting parties for a full course of DD.
Hart Sport is expected to attract interest from mid-market private equity firms – most of which love investing to help founders and family-owned businesses transition out – and other schoolgoods suppliers. Pacific Equity Partners’ Modern Star, which supplies learning goods, is a logical suitor.
Hart Sport is fully owned by Greg Harten, according to documents filed with the corporate regulator. Harten started the business in 1992, having previously worked as a tennis coach. He began with mail-order catalogs to schools across Queensland, before expanding to the rest of Australia.
It looks to Street Talk like the sort of Queensland born-and-bred business that would often be floated by stockbroker Morgans. For whatever reason, Deloitte’s got the mandate and the process is skewed towards finding a new capital partner or buyer.