Australasia
Bright Food finally seals overseas acquisition
China's Bright Food Group is set to acquire a 75% stake in CHAMP Private Equity-controlled Manassen Foods, finally making a breakthrough in its long-held but often thwarted ambitions to take a significant step into overseas markets. The parties did not...
PEP, Unitas exit Independent Liquor to Asahi
Pacific Equity Partners (PEP) and Unitas Capital last week agreed to sell New Zealand beverage firm Independent Liquor to Japan’s Asahi Group for NZ$1.525 billion ($1.27 billion). The private equity firms secured a 1.5x return on their original NZ$1.2...
Secondaries in Asia: Small beginnings
Global secondary investors are opening offices and forging relations in Asia, waiting for the trickle of deals to evolve into a healthy flow
PE’s love-hate relationship with corporates
This week's AVCJ highlights three deals, all located down under, involving corporates in private equity – Bain Capital outbidding Sage for Archer and HarbourVest’s MYOB, Asahi taking over Independent liquor from Pacific Equity Partners and Unitas,...
Australian tax authorities win right to pursue TPG over Myer
The Australian Taxation Office (ATO) was won court orders to help it trace overseas funds that were distributed following TPG’s IPO exit from Myer, The Australian reported.
Qantas dismisses private equity takeover talk as speculation
Australian airline Qantas said Wednesday that it had received no approaches from prospective buyers but acknowledged rumors that private equity firms are interested in the business. "As far as we are concerned there is no formal or informal bid on the...
Carlyle appoints MD of investor relations for Australia, New Zealand
The Carlyle Group has hired Natasha Nankivell, former executive director and head of private capital markets for Asia of Macquarie, as a managing director of investor relations for Australia and New Zealand. Nankivell has previously held senior positions...
Bain emerges as winner in MYOB auction
Bain Capital is to acquire Australian business software maker MYOB from Archer Capital and HarbourVest Partners for approximately A$1.2 billion ($1.3 billion). It outbid private equity rival KKR and UK software maker Sage, which was earlier said to be...
Tasman Capital targets $209m fund
Sydney-based Tasman Capital is said to be targeting A$200 million ($209 million) for its latest fund, with a hard cap set at A$300 million. It has selected Geneva-based alternative assets marketing firm MCAM Group as a placement agent.
CHAMP seeks first stand-alone deal in Southeast Asia
CHAMP Private Equity is targeting acquisition opportunities in Southeast Asia for its A$1.5 billion ($1.55 billion) third fund. Managing Director Cameron Buchanan told Reuters that the firm would use its Singapore office to help Australian and New Zealand...
Sage set to acquire PE-owned MYOB
UK software maker Sage is believed to have acquired Australian accounting software company MYOB from private equity owners Archer Capital and HarbourVest Partners, beating Bain Capital and KKR, sources close to the auction tell AVCJ.
SABMiller launches hostile takeover bid for Foster’s
SABMiller has launched a hostile takeover bid for Foster’s, worth A$9.5 billion ($10 billion), after the Australian brewer refused to negotiate on its initial proposal two months ago. SABMiller said Wednesday that it would put its A$4.90 per share cash...
Bright Food reaches agreement on Manassen purchase
China’s Bright Food Group has agreed to buy a 75% stake in Manassen Foods, which is majority-owned by CHAMP Private Equity. The size of the deal was not specified, but sources told Reuters that it values the Australian company at more than A$500 million...
Asahi to buy Independent Liquor from PEP, Unitas for $1.25b
Asahi Group will buy New Zealand beverage group Independent Liquor from Pacific Equity Partners (PEP) and Unitas for NZ$1.5 billion ($1.25 billion). The Japanese firm’s Australian subsidiary plans to buy all outstanding shares in Flavoured Beverages...
Blackstone hunts for financing for Valad acquisition
Blackstone is reportedly seeking A$431 million ($452 million) in financing to complete its purchase of distressed Australian property group Valad, and will tap investors in Australia and Greater China for the money.
Sage joins MYOB auction
UK software maker Sage has submitted a bid to acquire Australian accounting software rival MYOB from private equity owners Archer Capital and HarbourVest Partners, joining Bain Capital and KKR in the auction, according to domestic reports.
Bain, KKR submit finalized bids for MYOB - report
Bain Capital and KKR have submitted their final bids for Australian accounting software provider MYOB, which is currently owned by Archer Capital and HarbourVest Partners. The deal could be worth more than A$1 billion ($1.05 billion), Reuters reported.
Bright Food nears Manassen Foods purchase
China’s Bright Food Group is set to acquire Australian food producer Manassen Foods from CHAMP Private Equity for a price that gives the company an enterprise value, including debt, of more than A$500 million ($516 million).
CHAMP-backed Blue Star bail-out approved by bondholders
Bondholders in troubled New Zealand printing firm Blue Star have backed a $25 million restructuring package supported by CHAMP Private Equity. At a meeting of around 200 bondholders in Auckland, 76.9% voted in favor of the proposal, surpassing the 75%...
Future Fund decreases Telstra stake, reports 12.4% return on portfolio
Australian pension vehicle Future Fund has decreased its stake in Telstra to 2.5%, five years after inheriting the telecommunications firm from the federal government.
PE-owned Tasti D-Lite to serve yogurt in Australia
Private equity-owned frozen yogurt franchise Tasti D-Lite will open its first branch in Australia later this month.
Mandolin Fund backs trouble-hit Sino-Forest
On June 2, short-seller research firm Muddy Waters branded Chinese timber firm Sino-Forest a fraud, prompting a 71% drop in the firm’s stock within 48 hours. Paulson & Co. cut and ran three weeks later. The hedge fund was said to have owned nearly...
CVC-backed Nine Entertainment expects modest profit growth in coming year
CVC-owned Nine Entertainment posted EBITDA of A$414.9 million for the fiscal year ending June, up 16.4% year-on-year, but it forecasts modest growth this year – a reflection of the challenges facing most Western media companies that rely heavily on...
Bain, KKR to bid for PE-owned MYOB - report
Bain Capital and KKR are reportedly among the contenders to acquire Australian accounting software provider MYOB from owners Archer Capital and HarbourVest Partners. Bidding for the asset, which could reach A$1 billion ($1.03 billion), is slated to begin...