It was unknown how painful the refinancing would be for TrueGreen or its backers, including Tor. However, the latter has been known to fight back. Most memorable are his attempts to thwart Bain’s takeover of Virgin Australia during the pandemic.
TrueGreen’s late 2020 and early 2021 pre-IPO pitch desks said they were expected to go public with as much as $750 million by September 2021, at a time when they had sales in excess of 100 million and forecast pre-tax income of approximately $20 million.
Of course, September 2021 has come and gone, and while there’s been an IPO drought for most of the time since then, market sources theorize that TrueGreen has also been impacted by its ability to get revenue flowing.
The new two-year IPO window would mean a listing until around 2025, when investors were previously told it could have $1 billion in sales and $250 million in annual profits.
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