Torsten Toeller: An IPO or a buyback would be options

Fressnapf founder and majority shareholder Torsten Toeller has spoken for the first time in the German magazine Handelsblatt about possible exit scenarios for the private equity firm Cinven. He said that private equity is ʻalways just a temporary partnerʻ, and that a future exit must be factored in from the outset. Toeller outlined several options for such a scenario, including an initial public offering (IPO); he also noted that a buyback of the stake by himself would be possible. He did not take any money out when Cinven first invested. He ruled out increasing his 15 per cent stake. ʻIf Cinven had held a majority stake, it would probably have been more difficult for me,ʻ Toeller admitted in the interview.

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