Lazard PE buys majority stake in Australia’s Skybridge

With an expanded balance sheet and additional management resources, the company will develop its existing satellite business and expand into new installation and contracting markets. Glen Makin, an electrical engineer who founded Skybridge over 14 years ago, will retain a minority shareholding in the business.

Skybridge typically works with corporate customers that require communication services in remote areas of Australia. Clients include Optus, Foxtel, Woolworths, IBM, National Australia Bank and 3M.

The company has also helped provide broadband services to the 2% of Australians who cannot access terrestrial services. It was responsible for rolling out over 90% of broadband satellite installations under the government's broadband guarantee program, which was introduced in 2007 to bring the internet to rural areas. Skybridge has also helped deliver the government's analog-to-digital switchover program and the National Broadband Network's VSAT services.

The company has since taken its services into new industries such as alternative energy, facilities management and mining services.

"Skybridge delivers an intelligent and efficient service to its clients, which makes it a good investment proposition. We look forward to building upon the company's market leading technology platform and service offerings into broader markets across the country, and in the longer term into other countries," Gareth Young, head of private equity at Lazard Australia, said in a statement.

A subsidiary of financial advisory and asset management firm Lazard, Lazard Australia Private Equity manages two private equity funds with total commitments exceeding A$450 million ($401 million). The second fund was raised in November 2011. It focuses on investing in small to medium-sized enterprises headquartered in Australia, with a scalable business model and prospective EBITDA of at least A$5 million. The minimum check size is A$5 million.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Save this article  
• Send to  

• Topics
• Buyouts
• Technology
• Australasia
• Lazard Australia Private Equity
• buyout
• TMT
• Australia