ic floats were explored – including a spinoff of Mitre 10 hardware by Metcash, Officeworks by Wesfarmers, the Sussan fashion group by Naomi Milgrom and Craveable Brands by private equity firm Archer Capital. None of those proposed floats proceeded because research indicated they would not realise the price wanted by their owners on a somewhat unforgiving investor market for retail stocks. The investor sentiment was hardly surprising given the steady decline of Myer department stores following its re-emergence from private-equity control to a public company. Then there was the spectacular crash and burn of Dick Smith after Anchorage Capital pocketed a bewildering profit after just two years of ownership. Milgrom remains keen to sell her profitable fashion group, which includes the Sussan, Suzanne Grae and Sportsgirl brands, but is unlikely to revisit a public float, despite not finding a trade buyer prepared to meet or talk turkey on her asking price. Under pressure in its core grocery and liquor business, Metcash is holding onto Mitre 10, at least in the short term, as it continue integrating the Home Timber and Hardware business it acquired from Woolworths in the aftermath of that company’s Masters Home Improvement failed venture. After shelving the float of the successful and profitable Officeworks business, Wesfarmers opted to divest its Coles food, liquor and convenience business but may yet revisit the divestment of Officeworks. Archer Capital is reported to have pocketed close to what it was seeking in its shelved public float for Craveable Brands in a mid-July $500 million deal with the Asian private equity group PAC Asia Capital. The trade sale was a surprisingly good outcome for Archer Capital given negative media coverage associated with the Senate inquiry into the franchising sector and a level of uncertainty about possible new legislative or regulatory controls. The company also has its share of disgruntled franchisees; however, PAC Asia Pacific would have agreed to the acquisition of Craveable Brands with an understanding of the franchise sector in Australia as it already owned The Cheesecake Shop. Craveable Brands includes the Red Rooster, Chicken Treat and Oporto chains, with more than 580 stores throughout Australia and in New Zealand, Singapore and Sri Lanka. While PAC Asia Pacific may well have enough to digest with the three new quick-service restaurant brands it has acquired, the Craveable Brands acquisition could also provide a platform for the acquisition of other chains, including brands from the beleaguered Retail Food Group. While the public float option has generally been a no-go option for retailers in recent years, there are two live options currently under consideration. One is Woolworths’ proposed merging of its Endeavour Drinks and hospitality businesses into a single entity that would be either divested in a trade sale or a public float. The float option would no doubt attract strong investor interest given the market leadership of Endeavour Drinks in retail liquor sales courtesy of the flagship Dan Murphy’s brand and the gaming assets in ALH Group, which has Bruce Mathieson as a joint venture partner. Woolworths is continuing to pare back its business to the core supermarkets division, albeit it is continuing to revitalise its struggling Big W discount department store chain, creating an opportunity to also divest that business at a satisfactory exit value. The second public float under consideration is Retail Zoo, the multi-brand franchisor with around 650 stores across its four brands: Boost Juice, Cibo, Betty’s Burgers and Salsa Fresh Mex. Bain Capital is mulling over a potential trade sale or public float after five years of supporting and expanding the business started by Janine Allis and her husband, Jeff. Both Janine and Jeff Allis are still actively involved in the business, which might explain why Zoo Retail has apparently not suffered the same problems as other multi-brand franchise systems. Retail Zoo would have an estimated value of between $330 million and $460 million and the business is, according to CEO Nishad Alani, primed for further growth in Australia and significant new market opportunities overseas . Boost Juice already has 235 stores in 14 countries under master franchise agreements, and Alani forecasts up to 1000 more stores could open globabally in the next five years.