Small cap specialist wants ‘full’ price for InvoCare from TPG

Marcus Burns blames central banks for the US banking crisis, and thinks TPG can afford to pay up to $13.50 for InvoCare.

Tom RichardsonJournalist

Mar 20, 2023 – 5.00am

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TPG Capital’s bid for funerals provider InvoCare is opportunistic and straight from the private equity textbook of trying to buy a business cheaply after a period of heavy capital investment yet to flow through to profits, says Marcus Burns.

The Spheria Asset Management portfolio manager, who has oversight of four funds investing in small-to-mid cap Australian and international equities, says he would like InvoCare’s board to engage with TPG Capital over its $12.65 a share bid.

Tom Richardson writes and comments on markets including equities, debt, crypto, software, banking, payments, and regulation. He worked in asset management at Bank of New York Mellon and is a member of the CFA Society of the UK as a holder of the Investment Management Certificate.