Street Talk

TPG’s $3.75b pets-and-vets biz Greencross weighs life on the ASX

Sarah Thompson, Kanika Sood and Emma Rapaport

Feb 4, 2025 – 6.40pm

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Private capital juggernaut TPG Capital’s dealmakers are done licking their wounds over a failed $3.75 billion sale of Greencross to listed distributor EBOS in late 2023, and ready to look at the ASX with a fresh pair of eyes.

Street Talk can reveal TPG has this year commenced exploring an initial public offering of the pets and vets business and has requested feedback from a handful of listed equities investors in recent weeks. Sources said an ASX listing is actively under consideration, adding that there are a few pieces to fall in place, including key appointments, before TPG’s Asia boss Joel Thickins can make a final decision.

Sarah Thompson has co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories. Prior to that, she spent 10 years in London as a markets and M&A reporter at Bloomberg and Dow Jones.

Kanika Sood is a journalist based in Sydney who writes for the Street Talk column.

Emma Rapaport is a co-editor of the Street Talk column. Prior to that, she was a markets reporter at The Australian Financial Review.