Queensland car accessories manufacturer EGR Group is revving up for a sale, Street Talk can reveal.

It is understood Moelis Australia had been hired to review capital raising options, which could include an initial public offering, the sale of minority stake to raise fresh equity, or a complete change of control. 

EGR, which is owned by former BRW Rich-listers Greg and Rod Horwill, designs and manufactures accessories for car brands around the world. 

Sources said the deal could fetch the Horwill brothers a sale price north of $200 million.

EGR looked at an ASX float in 2013, only to decide against the move. At the time, market darling ARB Corporation, which sells bull bars among other four-wheel-drive accessories, was considered the closest listed comparable, trading at 17 times earnings before interest, tax, depreciation and amortisation.

This time around, ARB shapes as a potential buyer alongside crash repairer AMA Group. An information memorandum has been sent to prospective acquirers, with the company and its advisers also targeting private equity firms and offshore players. 

Brisbane-based EGR was founded in 1973 and employs over 800 staff in offices around the world. 

Elsewhere, Wattle Health is raising $9.5 million via an institutional placement managed by JB Advisory and CCZ Corporate Finance. 

According to a term sheet sent to fund managers, shares in the infant formula and wellness company are being offered at 56¢, a 3.5 per cent discount to the last close. 

The raising will help to fund inventory, Wattle's share of the Blend & Pack acquisition, and joint venture commitments.

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US television production company CBS will step up its pursuit of Network Ten this week, with one of the $US30 billion giant's top executives due to fly into the country.

Street Talk understands Armando Nunez, who is CBS's top international executive as CEO of CBS Global Distribution, will be in Sydney to meet with key Ten directors and stakeholders.

CBS is one of nine suitors said to be running the numbers on Ten, having signed a non-disclosure agreement and taken the early stage sale documents. First round bids are due late next month.

The US media giant is in a unique position heading into the auction. It doubles as Ten's biggest creditor, having lodged a $795.5 million claim against the company, which was designed to capture all revenue it expected from Ten over the next five years.

Whether CBS buys Ten or not, it is sure to have a seat at the table when the new owners come in.

Nunez's trip to Australia is expected to send a strong signal about the company's intentions to pursue Ten. The executive is highly regarded in media circles worldwide, starting with his boss, CBS CEO Leslie Moonves, who reportedly described Nunez as "pound for pound, one of the best executives in town".

His trip also comes as the Australian Competition and Consumer Commission looks into all things Ten, including the possibility of a deal with major shareholders Birketu Pty Ltd and Illyria Nominees Television Pty Limited, owned by Bruce Gordon and Lachlan Murdoch respectively.

It's understood the ACCC pushed back the deadline for industry submissions into the Ten situation. Key to its review is whether Murdoch and Gordon taking control of Ten would reduce industry competition and give the network an unfair advantage.

Alarm bells are said to be ringing in some parts of the industry after Ten and Foxtel, which is half-owned by Murdoch-chaired News Corp, made a successful joint bid for an upcoming and highly sought after television show. 

Elsewhere, Macquarie Group's small-cap specialist Jodie Bannan is the latest in a growing trend of analysts making the jump to the buy-side. 

Street Talk understands Bannan, who was an associate director at Macquarie, has resigned and will take up a role at fund manager Platinum Asset Management.

Bannan spent 10 years at Macquarie, primarily covering the small-cap sector.

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TPG Capital director David Brooks has resigned from the private equity giant, Street Talk can reveal. 

It's understood Brooks, who has been with TPG since 2008, left late last week. He was a vice president alongside Siddharth Khotkar and reported to TPG's country head, Joel Thickins. 

Melbourne-based Brooks is expected to pop up working for his old masters, Ben Gray and Simon Harle, later this year when they launch their new buy-out fund. 

Brooks knows Gray and Harle well. He cut his teeth under their watchful eye when he was at Credit Suisse, and then followed the duo to TPG when they left the investment bank.

Gray and Harle's new firm already counts former Credit Suisse banker Stephanie Charles as a partner, and former JPMorgan operative Oliver Bowler as a vice president.

As ths column first reported, Wesfarmers' outgoing finance director and board member Terry Bowen is also set to join as head of the private equity firm's operations group.

The new firm is expected to be up and running in October, once Gray and Harle are free from non-compete clauses and able to raise capital from investors in Australia and offshore. The firm will target about a $2 billion first fund. 

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The fangs are out in the battle for shipping container group Royal Wolf, with contrarian investor Wentworth Williamson seeking to gather a pack to oppose General Finance Corporation's push to buy the 49 per cent of the company it doesn't already own. 

Wentworth Williamson, which holds about 3.5 per cent of Royal Wolf, will start meeting with other investors this week and has prepared a report entitled "Who's the Real Wolf" that attacks Nasdaq-listed General Finance's $1.8035 a share cash offer.

The activists argue that the deal undervalues the shares held by the minorities by between 25 per cent and 40 per cent, given it is only a few cents above the $1.83 share price that Royal Wolf listed at in 2011. In the meantime, the container group has doubled the value of its lease fleet and significantly increased its earnings capacity.

Wentworth Williamson also posits that the bid has been timed for the bottom of Royal Wolf's earnings cycle, and does not reflect the company's ability to generate strong free cash flow.

"Royal Wolf is in a prime position to resume earnings growth with a balanced exposure to a number of sectors in Australia and New Zealand," the report says. 

Given General Finance Corporation's takeover has a 90 per cent minimum acceptance condition, Wentworth Williamson only needs to convince the holders of 6.5 per cent of the shares to become a serious thorn in ihe Canadian's side. 

And that may not prove too difficult. 

Street Talk understands that the Celeste Australian Small Companies Funds, which owns a stake of just below 6 per cent, also has reservations about the deal. 

Wentworth Williamson is hunting a price of between $2.40 a share and $3.00 a share. It argues that the method used by the independent expert to value the business - a multiple to earnings before interest, tax, depreciation and amortisation - is "flawed" because it undervalues the ability of Royal Wolf to generate strong free cash flow. 

"Conservatively, on our free cash flow estimate of about $20 million at this 'bottom of the cycle' earnings level, we value this stock on a price to free cashflow multiple of 12-15 times, implying a fair value range of $2.40 to $3.00," Wentworth Williamson says.

"This value range offers upside of between 33 per cent and 66 per cent from the current low ball offer price."

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Platform provider Powerwrap is set to announce financial services stalwart and founding chief of ME Bank, Anthony Wamsteker, as a non-executive director.

The appointment comes as Powerwrap seeks input from its group of 150 shareholders to help appoint other non-executive directors ahead of an ASX listing. The company now has about $6.5 billion in funds under administration.

Wamsteker ran ME Bank for nine years until 2009 and also had stints as chief executive of lending at AXA and managing director of Quay Credit Union, according to his LinkedIn profile.  He is currently a non-executive director of Primary Securities.

Earlier this month, this column revealed Powerwrap had mandated Melbourne-based stockbroker Baillieu Holst to oversee a potential initial public offering. 

It's understood Baillieu Holst is lead manager on the IPO but Powerwrap is likely to appoint another broker. Preparations are under way but the listing may spill into 2018 after a turbulent two-year period for the company.

Last year saw the resignation of Powerwrap chief executive Cormac Heffernan, which followed the ousting of chairman Maurice O'Shannassy and non-executive director Mitchell Hurley at the company's annual general meeting.

The men were ousted from the four-person board, after alienating several investors. Director Matthew Driscoll stepped into the chairman role.

Elsewhere in financial services, indicative bids for lending and loan servicing group Bluestone are due in mid August.

A small group of interested parties has received sale documents and is expected to meet with the non-bank lender's management to form a view on price.

This column flagged last month that Bluestone's owners - which include private and institutional shareholders Macquarie Group and Lloyds Development Capital (LDC) - were weighing exit options. They are being advised by Rothschild.

 

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