TPG Capital has raised the white flag at bootmaker RM Williams.

TPG Capital has raised the white flag at bootmaker RM Williams.
Up against a big bid from Andrew Forrest’s Tattarang, and with concerns about RM Williams’ international sales and its local arm’s reliance on government stimulus, it is understood TPG Capital has walked away.
It leaves RM Williams’ owner, L Catterton, free to try to cut a binding deal with Andrew Forrest’s Tattarang, which burst back onto the scene while TPG Capital was taking an exclusive look at RM Williams’ books last month.
RM Williams’ owner L Catterton is considering bids for the company, including one from Andrew Forrest’s Tattarang.  James Elsby
Tattarang the Forrests’ family office clearly likes the business and has deep pockets, but it remains to be seen whether the group’s indicative bid will stand up after a rigorous round of due diligence.
It is understood TPG was concerned that up to a third of RM Williams’ earnings before interest and tax for both the 2020 and 2021 financial years was thanks to the Australian government’s JobKeeper program.