GPs exit Australian quantity surveyor to management

The two investors acquired a 65% stake in BMT at a valuation of approximately AUD 65m (USD 45m) in 2015. The transaction was triggered by BMT's founders deciding to exit their positions, although the existing management retained a minority interest.

CHAMP Ventures and Yorkway have changed considerably since the acquisition. The former decided against pursuing another fundraise in 2016, which led to a gradual – and ongoing – exit from the remaining portfolio companies. Three senior executives departed to establish Odyssey Private Equity.

The latter is a transaction advisory business that started committing capital on behalf of third-party investors on a deal-by-deal basis several years ago. In 2020, its investment unit merged with Quintet Partners, a dedicated mid-market investor, to form Quintet Yorkway.

BMT was set up in 1997 with offices in Sydney and Newcastle. It now has a presence in 12 locations nationwide. The company specialises in tax depreciation, advising clients on applications for tax deductions based on the fall in value of a buildings and plants and the equipment items contained within. The Australian Tax Office defines more than 1,500 items as depreciable assets.

Working with accountants, property developers and investors, and real estate professionals, BMT draws up customised depreciation schedules. On average, the company finds AUD 1,500-AUD 10,000 in depreciation deductions for investors in residential properties in the first full financial year claim.

"The BMT executive team is eager to propel the business forward while continuing to offer the best tax depreciation schedules for residential investment and commercial properties in Australia," said Bradley Beer, CEO of BMT, in a statement.

Few, if any, assets remain in CHAMP Ventures portfolio. A study conducted last year by Mergermarket, AVCJ's sister publication, identified three companies that had yet to be sold: BMT, catering services provider Cater Care Holdings, and Ansett Aviation Training.

Earlier this year, Ansett was acquired by a consortium comprising Arcadia Capital, Bain Capital Credit, and members of the leadership team of Bridger Aerospace Group. They planned to recapitalise the business, which was hit hard by a fall in demand for pilot training during the pandemic.

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• Topics
• Australasia
• Buyback
• Support services
• Real estate
• Australia
• professional services
• CHAMP Ventures
• Yorkway Equity Partners