iSelect changes CEO, gets a takeover offer and its shares take off

Ricki-Lee Coulter arrives at the iSelect Fashion + Aid at Crown Palladiumin Melbourne in 2012. Scott Barbour/Getty Images

A private equity firm has made a bid to buy price comparison website iSelect.

The company says it has received a confidential, indicative, non-binding and conditional proposal from an international private equity firm.

The firm, so far unnamed, will be conducting due diligence for several weeks.

“Shareholders should note that there is no certainty that a proposal will result in a binding offer or whether such an offer would be recommended by the board of iSelect,” the board said in a statement.

At the same time, iSelect CEO Alex Stevens has left to “pursue new career opportunities” after just 18 months in the role.

Commercial director Scott Wilson, who joined iSelect in 2013, is the new CEO.

Before joining iSelect Scott was sales director Australia and New Zealand for 20th Century Fox Home Entertainment, PZ Cussons and SPC Ardmona.

iSelect’s business is seeing strong growth, posting a 54% rise in full year profits to $21.4 million on the back of a 31% increase in revenue to $157.2 million.

The company’s shares were up 7.8% in a falling market to $1.65.

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