Advent sees 6x returns from local exit
Advent Private Capital, a Melbourne-based mid-market private equity group, has sold investee, electric payment service provider Securepay Holdings, to the Australia Post, confirming more than 6x return on its original investment.
Although the firm did not disclose the amount of the exit, it said in a statement that it saw 6.2x return on its original, A$4,25 million ($4.3 million) investment. That initial transaction bought the firm a 56.2% stake in the company. Since the PE firm’s investment from its Advent's III's fund, Securepay has expanded to service 19,000 merchant customers across Australia. Advent said in a release that Securepay has increased its transaction volume to more than 50 million electronic transactions annually.
Within the time frame of one year, this sale represents Advent’s second exit that exceeds 6x its original investment multiple - the first being its exit from SCADA Group, a local holding company of international brands in the telemetry and process control industry. It sold the company to earn A$200 million ($202.5 million) in April last year, after three years owning a controlling stake.
Pricewaterhouse Coopers served as Advent’s financial advisor for the sale.
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