Brett Blundy’s Dusk to roadshow IPO

Brett Blundy has been behind a number of successful retail ventures.

The Brett Blundy-backed Candle retailer Dusk is set to launch the roadshow for its initial public offering next week, with the group expected to raise $65 million.

The company, which has drafted in Allier Capital as an adviser, generates $21 million of annual earnings before interest, tax, depreciation and amortisation, or $26m including the Job Keeper subsidies from the government.

DataRoom reported last month that Dusk was planning to embark on a listing after reporting season to secure cornerstone investors for its IPO.

The column also revealed the listing plans through Canaccord Genuity and Shaw and Partners in February.

The brokers will work alongside Allier Capital.

Dusk has about 100 stores nationally and its market value is expected to be at least $100m.

A non-deal roadshow where fund managers were sounded out about their interest in the business was recently completed.

The company was originally part of the homewares business Adairs, which is already listed, but was spun out as a separate retailer.

It is owned by Brett Blundy and the private equity firm Catalyst, with the business in a fund nearing the end of its life.

The company describes itself as Australia’s premium retailer of candles, including scented candles.

It sells home fragrances, plant therapy products, homewares and accessories.

Mr Blundy chairs BB Retail Capital, which has sold businesses including Bras N Things, which was acquired by US company Hanes in 2018 for $500m, and jewellery chain Lovisa, which he founded in 2010 and was listed in 2014 with a $210m market value.

Adairs was listed in 2015 with a $398m market value and his Aventus Property Group also floated in 2015 with a $686.5m market value.

Mr Blundy and Catalyst are also planning to list their youth clothing retailer Universal Store through JPMorgan and UBS.