Just Group is the leading specialty retailer of apparel in Australasia, with a portfolio of iconic retail brands and over 500 stores (at acquisition). The Just Group focuses on brands that have relevance to a large and robust target market. The portfolio is a combination of mature, highly cash generative formats (e.g. Just Jeans, Jacqui E) and growth formats with the opportunity for significant future store roll out and strong like-for-like sales growth (e.g. Jay Jays and Peter Alexander).
- Catalyst re-invigorated the management team and introduced a highly experienced Chairman and CFO as well as an independent board and HR manager.
- Two synergistic acquisitions were made (Portmans with an EV of A$34 million and Urban Brands with an EV of A$1 million). One loss making business was divested.
- An aggressive store roll out programme was undertaken adding over 175
stores to the portfolio (increase from 514 to 690 stores).
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- Significant investment in Just Group’s IT and supply chain efficiencies was made.
- Key brands such as Jay Jays and Portmans were successfully repositioned.
- All businesses in the group performed well during Catalyst’s tenure.
- Strong organic earnings growth, synergistic acquisitions, a strengthened management team and timely exit drove value creation.
- EBITDA was increased from A$35 million at acquisition to over A$69 million in 2004.
- Catalyst led a dual track exit process which resulted in the IPO of Just Group in May 2004 at an EV of A$573 million. The company has performed well in the public markets and has continued to grow earnings.
- This transaction won a number of awards including Winner of AVCAL Public-to-Private Deal and Winner of CFO Magazine Private Equity Deal of the Year in 2004.
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