Direct Capital backs New Zealand engineering firm

Direct Capital, which typically invests NZ$15-60 million per deal with a view to helping companies expand overseas, is taking a minority stake. Pohutukawa Private Equity, a 50-50 joint venture between Direct Capital and local advisory firm Craigs Investment Partners, also participated.

Beca was founded in 1918 and is considered one of the largest private companies in New Zealand. It has a staff of more than 3,000 across 20 offices in Asia Pacific, offering a range of operational support services for primary, secondary, and tertiary industries, as well as government bodies.  

Competencies cover dozens of disciplines related to project management and technical advisory in construction, transport, infrastructure, and utilities, including a significant focus on cleantech upgrades. Other services include project valuations and help acquiring regulatory approvals.

“Beca has many exciting opportunities ahead of it, and we look forward to working with management and the board to act on these opportunities,” Ross George, a managing director at Direct Capital, said in a statement.

This is the fifth investment from the GP's fifth buyout and growth fund, which closed in 2017 at NZ$375 million ($255 million). Last week, the vehicle took a minority position in Qestral Corporation, a retirement village operator.  

Previous Fund V investments include clothing manufacturer AS Colour, financial services company Perpetual Guardian, frozen food maker Marvel Packers, and Australian diagnostic imaging business Exact Radiology. Sydney-based Bridgeport Capital participated in the Exact Radiology deal.

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• Topics
• Australasia
• Industrials
• Support services
• Expansion
• New Zealand
• Direct Capital
• Technology
• Growth capital
• professional services