Navis exits Australian oil and gas services provider

Set up in 1997, Perth-based Callidus supports a network of facilities across Australia, Southeast Asia and Africa. PHA is a a subsidiary of Pon Holdings, an international trading and services company engaged in a wide range of activities including valve distribution and services.

Navis acquired Callidus, previously Score Pacific, via a management buyout in December 2010 for an undisclosed sum. During the 30-month holding period, it oversaw the company's expansion into Southeast Asia and Africa. Operations were also improved by focusing on higher margin products and strengthening management systems, contributing to a near 70% increase in EBITDA.

"Our investment period was very short by Navis' historical standards, but we have worked with an outstanding management team that has grown the company significantly, particularly in its area of core expertise, namely caustic mining operations," said Rodney Muse, co-managing partner at Navis.

The Callidus investment came via Navis Asia fund V, a 2006 vintage vehicle that reached a final close of just over $1 billion in January 2008.

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• Topics
• Industrials
• Australasia
• Exits
• Navis Management
• Australia
• Exit
• manufacturing