Advent makes two investments in Australia
Australia’s Advent Private Capital has made investments in two separate domestic social services companies on the back of two exits.
According to a statement, the firm has used its Advent VI fund to invest in childcare provider Junior Adventures Group (JAG) and aged care services company W&L Holdings. Financial terms have not been disclosed.
JAG operates more than 240 before and after-school programs, and will use the capital to improve service quality across this network while supporting a differentiated experience for program participants. W&L, meanwhile, offers a range of health and educational services for seniors across more than 200 facilities nationwide. It will use the investment to continue organic expansion in the areas of residential aged care, ageing in the home and disability services.
The investments follow closely on Advent VI's exit of Botanical Food Company to McCormick & Company for A$150 million ($113.6 million). The transaction value was estimated to equate to about 12x EBTIDA. Botanical is the owner of chilled herb product retailer Gourmet Garden, which claims 25,000 outlets across 15 countries. At the time of the deal, the business had annual sales of more than A$70 million.
The exit coincided with the sale of 100% of Advent's interest in Australasian equipment specialist TR for A$24 million to UK-listed equipment rental group known as VP. The deal equated to 6.6x EBITDA for the company, which operates from 13 locations in Australia, New Zealand and Malaysia.
Advent VI reached a final close of about A$200 million in 2013 with 50% of commitments being been made by overseas investors. The fund relies on co-investment from LPs to execute a similar strategy to Advent V, which attained a corpus of A$300 million in 2006.
Established in 1984, Advent claims to manage more than $500 million in funds, with an investment mandate that spans consumer, technology, education, healthcare and financial services markets. Financial commitments typically range from A$15-50 million for a 33-95% stake in targeted companies.
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