CHAMP raises stake in Blue Star
CHAMP Private Equity-controlled Blue Star Group, a trans-Tasman-Australia printing company, has reportedly received an additional capital contribution from CHAMP Private Equity, coming the same day that Blue Star announced that it would soon announce a new refinancing package with its lenders.
CHAMP acquired an 84% stake in the company for NZ$385 million ($287.3 million) in 2006. Financial details concerning its recent investment were not disclosed.
Local reports attribute Blue Star’s depressed sales of late to New Zealand’s economic landscape, and its lackluster performance prompted the group to ask lenders to extend its repayment schedule. CEO of the printing company Chris Mitchell said in a statement that senior lenders have approved a plan to extend Blue Star’s financing package from its current expiry of 2012 through to 2015. However, he added that the arrangement is dependent on an additional cash contribution from its shareholders, which existing backer CHAMP agreed to do.
In the six months ending December 31, 2010, the group claimed revenue of NZ$293.3m ($218.7 million), a 0.8% fall from the NZ$295.6 million($220 million) it recorded in WHEN, and a 3.3% boost in EBITDA to NZ$25.3million ($18.9 million).
More on Portfolio management
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.