Poundworld

bankrupt

Retail — TPG Capital

Deal Terms

Entry Year2015

Entry EV$0.15B

Entry Multiple5x

Leverage4x

Debt Amount$0.06B

Outcome

Exit Year2018

Risk Metrics

LTV (est.)40%

Debt / EV0.40x

Notes

TPG bought majority stake from founder for GBP150M (2015). Founder Chris Edwards blames PE for hiring supermarket executives who didn't understand discount retail, blowing the wage structure. Losses climbed from GBP5.4M to GBP17.1M. Administration June 2018. All 355 stores closed. 5,100 jobs lost. PE destroyed a profitable family business in 3 years.

Sponsor

TPG Inc.$230B AUM