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A more than 50 per cent decline in Johns Lyng Group’s share price this year has one local private equity group amped up about a potential turnaround.

The property services business, which is capitalised at $719 million, has received a takeover approach from Pacific Equity Partners.

PEP started sniffing around the business last year and secured exclusivity recently. The Sydney buyout firm is well-entrenched in due diligence, but there is no certainty that an agreed deal will eventuate.

Although PEP did not respond to requests for comment on Tuesday, the buyout firm has started lining up its debt funding for the mooted deal.

Read the full story: Pacific Equity Partners zeroes in on ASX-listed property services business

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