Bridgeport Capital acquires Australia’s Underground Cable System
Bridgeport Capital, the direct investment arm of Hawkesbridge Capital, has acquired Australia’s Underground Cable Systems (UCS) in a deal worth approximately A$100 million ($73 million) alongside company management.
Established in 1995, UCS' businesses include the design, installation and cable jointing of underground electricity distribution networks in Australia.
"We were attracted to UCS because of its dominant market positioning and the visible and repeatable nature of the revenue pipeline," Brendan Sulway, Bridgeport's managing director, said in a statement. "UCS is positioning itself to capitalise on the deregulation of the NSW (New South Wales) electricity market."
Sulway added that the newly-enacted renewable energy target initiated by the government will provide strong growth prospects for UCS.
Hawkesbridge Capital manages A$250 million in private equity and property funds for Australian institutional investors. Its PE arm Bridgeport typically focuses on three types of transactions: succession funding for business owners, management buyouts and growth capital. It seeks to invest $20-60 million of equity into Australian businesses with EBITA of $5-30 million.
The GP currently manages Hawkesbridge's portfolio companies including Trippas White Group, Bulk Handling Australia and Australian Beverage Holdings.
Gilbert & Tobin law firm, PwC and Marchment Hill Consulting advised Bridgeport on the transaction.
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