Australian investment firm Alceon Group is closing in on a deal to acquire Sydney-based garden center chain Flower Power that could value the retailer and its properties at close to $500 million.
It is understood Alceon, which mostly invests on behalf of wealthy Australian families, has emerged as the preferred bidder after an auction run by Ord Minnett’s corporate finance team, and is in exclusive discussions. It is seeking to have a deal finalized as early as this month.
If a deal is made, it would be the first time in more than 50 years the business was no longer controlled by its founding family, the Sammuts.
The late Nick Sammut set up Flower Power in 1968, and has since passed it on to his three sons including John Sammut, who has run the business for the past 30 years. Flower Power has 10 garden center stores in NSW selling plants, soil, homewares and more – and has established a cult-like following in some of its communities.
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