Catapult Partners backs Australian Reef Pilots MBO

ARP said that a consortium of managers and employees had bought the company from its parent Torres Industries. The buyout was led by ARP CEO Simon Meyjes.

The financial details of the investment were not disclosed, but Peter McMahon of Catapult said the firm took a "strategic stake" in ARP.

Catapult's investment is the first under its recently established Catapult Arrow Fund, which is focused on MBOs. In a release, Catapult called MBOs "the purest form of management and investor alignment" and credited the success of its other supported buyouts, Australian Rural Exports and GRM Futures, for prompting it to start the fund.

"The opportunity to invest with a high quality management team in a business with such a long and successful history was a key attraction for us," McMahon said. He added that the Arrow Fund includes stakeholders "that are well positioned within the industry to help the business capitalise on its current growth initiatives."

ARP was founded in 1874 to provide pilot services through Australia's Great Barrier Reef and Torres Strait. Today the company employs 38 pilots and owns or operates six boats and five helicopters.

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• Topics
• Australasia
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• Buyout
• buyout
• Australia
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• Transportation