Bapcor’s three profit downgrades and 27 per cent share price decline in 12 months have an opportunistic suitor sizing up the $1.49 billion automotive parts retailer.Street Talk can reveal Bapcor chair Margaret Haseltine has fielded an approach from a bidder. Sources pointed to Boston-headquartered Bain Capital as the would-be acquirer, and said that the inbound approach was made in recent weeks.
It is not known how far Bain Capital’s interest has progressed. A Bapcor spokesperson declined to comment. Bain, which swept aged care group Estia Health off the ASX last year, did not respond to requests for comment. However, about 300 mini-projects later, Bapcor shareholders have still had to wear three profit downgrades.
Bapcor is now guiding to $93 million to $97 million pro forma net profit for the 2024 financial year, of which $54.2 million was already booked in the first half.