Wesfarmers Limited (ASX:WES) is understood to have hired investment bank Barrenjoey as part of its efforts to weigh an acquisition of the $3.5bn Petbarn owner Greencross Limited. The question, though, is how serious the Perth-based conglomerate is when it comes to buying the business. It's apparently common knowledge that Wesfarmers has had discussions about buying into Greencross - that was at least some months back - and having Barrenjoey involved implies some level of seriousness over the consideration of a deal.

The Australian investment bank's involvement is somewhat of a departure from the old days at Wesfarmers. Before Rob Scott was promoted to run the business, former chief executive Richard Goyder often called on the services of Robin Bishop when he was running Macquarie Capital as well as JPMorgan. One possibility is that Wesfarmers could take just a stake or a majority interest in Greencross, with majority owner TPG Capital, L.P. or others maintaining some sort of interest.

at a time TPG is looking to take a more innovative approach on transactions. TPG works with investment bank Jefferies to consider options for the company. Meanwhile, UBS is also thought to have been in the camp of the private equity fund.

It is thought Greencross would be an ideal fit in the portfolio of Wesfarmers, but whether it buys the company would come down to price.