Bridgeport takes full ownership of fellow Australia GP Hawkesbridge

Bridgeport already held a controlling stake in Hawkesbridge and was responsible for the GP's existing funds, which have more than A$200 million ($152 million) under management. According to AVCJ Research, Hawkesbridge has raised three funds; the most recent closed in December 2007.

The restructuring saw Bridgeport buy out minority investors comprising high net worth individuals and institutions. Mark Lewis and Sue Rosen, Hawkesbridge's finance director and CFO, respectively, have joined Bridgepoint at executive level, according to a statement. The remaining junior team members have also moved over.

The Hawkesbridge portfolio includes: Australian Beverage Holdings, owner of water brand Pureau; Trippas White Group, a hospitality business with location dining and tourism assets across 16 venues such as Sydney's Opera House, plus a corporate catering arm; Bulk Handling Australia Group, a distributor of intermediate bulk containers and bags; Coleman's Group, a perimeter security and permanent fencing solutions provider; and Wesbeam, a manufacturer of laminated veneer lumber.

Bridgeport was founded by David Plumridge and Brendan Sulway in 2015. Fundraising on a deal-by-deal basis, it provides capital to Australia and New Zealand-based companies with EBITDA of A$5-30 million. In the last 12 months the firm has acquired Underground Cable Systems in a deal worth A$100 million, and bought Dial a Doctor, an after-hours home doctor service, in conjunction with Boab Capital.

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• Topics
• Australasia
• Buyouts
• GPs
• Australia
• M&A
• Bridgeport Capital