LJ Hooker is known for the high-profile businessmen it counts as its investors, but one of the new names to emerge within the cluster is Wal King, the former chief executive of Leighton Holdings.
The real estate chain has been for sale for some time through adviser Lazard and there is scuttlebutt that the depth of appetite for the business may be weaker than anticipated.
Esteemed consortium owners include RAMS Home Loan founder John Kinghorn, yachtsman and developer Syd Fischer, and Macquarie Real Estate banker Antony Green.
Mr King, who ran construction giant Leighton Holdings from 1987 to 2010, has just a small stake, but other former Leighton top brass are also part owners of what is one of Australia’s largest real estate agencies.
The high-profile backers were originally in favour of a sales process, but there is chatter that it is looking increasingly doubtful that a price can be achieved where they won’t crystallise a loss on their investment.
One rumour has circulated that the sales process is now off at the request of investors, but that was quashed this week by the chairman, former Mirvac Group managing director Greg Paramour, who said it was still in progress.
LJ Hooker has 700 franchises in Australia and New Zealand and a growing platform in Asia.
It was sold by Suncorp in 2009 for about $67 million to the consortium led by Janusz Hooker, the grandson of founder Leslie Joseph Hooker.
Mr Hooker, a former New York banker with WP Carey, was at one stage the company’s chief executive following the acquisition but is now deputy chairman.