- Wal-Mart Stores Inc.
- 21 August 2020 11:58:52
Source: Sharecast
Rob Templeman, a former chief executive of Debenhams, was understood to be assisting Apollo Global Management, while Paul Mason, a former Asda chief executive who once led discount fashion group Matalan and the now defunct Somerfield supermarket, was linked to Lone Star Funds.
Asda owner Walmart resumed talks on the sale of a stake in July, 15 months after the collapse of a planned merger with Sainsbury’s. It is understood a deal could be announced by the end of September, the Times and Guardian newspapers both reported.
Talks involving Lone Star and two other private equity firms, Apollo and TDR Capital, paused in April after the coronavirus pandemic hit the UK. TDR was now believed to have dropped out of the process.
Walmart, which bought Asda in 1999, was expected to retain a minority stake in the supermarket under the deal, which could be concluded by the end of the year, according to Sky News which first reported Templeman and Mason’s involvement.
While no price for Asda has been revealed, the chain, which is Britain's third largest with more than 600 stores, was valued at about £7bn at the time of the planned merger with Sainsbury’s.
Templeman has a long-standing relationship with Apollo, having advised on several deals and chaired Gala Coral, the bookmaker which is now part of GVC Holdings. He currently chairs the roadside rescue group RAC.
Mason ran Asda until 2001 and has since led a number of private equity businesses, including Somerfield and the fashion businesses Cath Kidston, Matalan, New Look and Dr Martens. He previously worked with Asda’s chief executive, Roger Burnley, at both Asda and Matalan.
