Deal focus: Macro headwinds weigh on Peoplebank exit
Not every investment works out as planned - often for reasons beyond the investor's control. Navis Capital Partners recently sold Australia-based IT and specialist recruiting firm Peoplebank to Japan's Recruit Holdings for A$68.6 million ($56.6 million). The GP has taken out more or less what it put into the company seven years ago.
Navis invested A$60 million in Peoplebank before the global financial crisis in 2007 through a A$50 million equity subscription and a A$10 million placement, acquiring a 77% stake in the business. The...
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