Australia’s Gresham Private Equity to lose co-head

James Graham, COO of Gresham Partners, the investment and advisory firm of which the private equity division is one part, told The Wall Street Journal that the personnel change reflects the reduced demands on the team. Gresham Private Equity's portfolio has shrunk from seven to three companies and it is currently trying to exit another asset.

However, Graham stressed that Gresham is returning money to investors, not leaving the private equity business.

The portfolio includes Barminco Holdings, a mining contractor that recently refinanced its debt through a $485 million senior note offering, transportation and warehousing company Silk Logistics, and The Tasmanian Walking Company, which owns two scenic walks and related tourism services in Tasmania.

Gresham has hired advisors to explore sale options for The Tasmanian Walking Company while Barminco is being primed for an IPO in 2-3 years.

Yoens joined Gresham in 2004 after stints with DB Capital and Deloitte's corporate finance division. Rimmer joined the firm two years later, having spent 13 years as a strategy consultant.

Gresham was founded in 1985 by Charles Graham and the now retired Graham Rich. It is owned by senior executives at the firm as well as foundation co-investor Wesfarmers, one of Australia's largest public companies. Operations cover corporate advisory, property and asset finance and private equity.

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