Warburg Pincus, the New York-headquartered private equity giant, was considering a tilt at Ingenia Communities late last year around the time Di Pilla’s HMC Capital purchased a decent stake in the $2.1 billion group, Street Talk can reveal.Sources said At the time, the board was preparing for the exit of long-serving chief executive Simon Owen, and getting its head around a 10 per cent sell-down from major shareholder Sun Communities, and the emergence of Di Pilla on the register.
The share price has spiked some 25 per cent higher since November when Warburg’s deliberations were still live. Alongside the share price increase, the biggest factor in whether a deal will get off the ground is shaping up as Di Pilla. He’s already flagged his interest in turning his asset management group into a “mini-Blackstone”.Ingenia has 37 holiday parks in NSW, Victoria and Queensland. The entire portfolio has 102 sites and is worth $2.4 billion. Nearly half of this – $1.
In the update, HMC Capital said there was “significant” embedded value in Ingenia that had not been “reflected in the current share price”.
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