Quadrant backs Australia's TSA, Livingbridge exits
Quadrant Private Equity has invested an undisclosed sum in TSA Management, an Australia-based project consultancy business, taking out existing backer Livingbridge in the process.
Founded in 2001 by Ted Tooher and Brian Smart, TSA provides independent project-based services to private sector and government clients undertaking major capital works projects. Clients operate across a range of infrastructure and property sectors such as road, rail, healthcare, and education.
Past projects include a redevelopment of the Australian War Memorial in Canberra, parts of the WestConnex motorway in Sydney, facilities for the 2015 Pacific Games, and a science department building at the University of Newcastle.
UK-based middle-market private equity firm Livingbridge backed TSA in 2017 in what represented its first investment in Australia. TSA claims that its business has since doubled in size and now operates from 11 offices across Australia and New Zealand. The acquisition of Xact bolstered the company’s Canberra presence, while Xigo took it into New Zealand.
The arrival of Quadrant is expected to help TSA expand beyond Australasia, with Southeast Asia the immediate target market. “With Quadrant by TSA’s side, our people can look forward to exploring new ways and opportunities to positively impact the communities we help create,” the company said in a statement.
Quadrant is currently deploying its 10th flagship fund, which closed in late 2020 with A$1.24 billion ($938 million) in commitments. It targets companies with an enterprise value of A$100-500 million and commits A$70-150 million per deal.
Cross-border expansion is increasingly part of the firm’s investment thesis. Notably, Quadrant exited cancer care business Icon Group with a 3.2x multiple in 2017, having helped the company establish a base in Singapore. Last year, it generated a 4x return on disability services provider APM after taking what was a purely Australasia operation into 10 countries.
Livingbridge launched its most recent fund in late 2020, with a reported target of GBP1.25 billion ($1.7 billion) and a hard cap of GBP1.4 billion. In Australia and New Zealand, the firm focuses on businesses with enterprise values of at least A$150 million. The portfolio includes Habit Health, a provider of mental health and rehabilitation services, and Better Medical, a GP clinic operator.
More on Australasia
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.