Justin Ryan and Kate Morris’ private equity newcomer Glow Capital is going green for its first acquisition.
Justin Ryan and Kate Morris’ private equity newcomer Glow Capital is going green for its first acquisition, homing in on a controlling stake in garden bed kits company Vegepod.
Street Talk can reveal Glow Capital is in talks to acquire a 70 per cent shareholding, having made a non-binding and indicative bid valuing the company at six-times forecast EBITDA.Glow Capital’s in Vegepod’s data room for a generous 12 weeks on an exclusive basis, and has cast the net for co-investors to chip in as much as $15 million equity.
Should it come together in coming weeks as planned, it would be Ryan and Morris’ first investment under the Glow Capital brand, which the pair launched in late 2021 and has been raising capital for since. Ryan’s a former Quadrant Private Equity managing partner, while Morris co-founded Adore Beauty.Vegepod, set up in Sydney more than a decade ago, fits the bill.
Its biggest sales channel is direct-to-consumer, a flyer sent to interested parties in December said. Customers could buy a small raised garden bed with a cover for $209 on Vegepod’s website on Monday, or larger versions for $329 or $489.The private equity firm made a four-point pitch to co-investors, telling them Vegepod was well established and profitable, a household brand name, category leader, passionate community of customers and potential to grow globally.
Glow Capital did not disclose any revenue or earnings numbers in its flyer. Vegepod has never filed accounts with Australia’s corporate regulator.co-edits Street Talk, specialising in private equity, investment banking, M&A and equity capital markets. He has 10 years' experience as a business journalist and worked at PwC, auditing and advising financial services companies.
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