Australasia
Australia's Ironbridge alters LP secondary exit proposal
Ironbridge Capital’s LPs will not be obliged to commit capital to a new fund as a condition of participation in a vehicle set up by the Australian GP to absorb assets held by its first two funds. AVCJ understands that the proposal has been amended so...
Infrastructure fundraising: A beast with two heads
At one end of the market large institutional investors are looking to access Asian infrastructure through separate accounts or independently; at the other, plenty of LPs are still looking to make fund commitments
PE-backed OzForex plans $413m IPO
OzForex Group - an Australian online foreign exchange services provider backed by The Carlyle Group, Accel Partners and Macquarie Group - plans to raise $440 million in its Australian IPO scheduled for October 11.
Allegro targets $188m for Australasia distress fund
Allegro Funds is raising a A$200 million ($188 million) vehicle that will make turnaround investments in distressed Australian and New Zealand companies.
Gresham PE exits Tasmanian Walking Company
Gresham Private Equity has exited Australian tour firm Tasmanian Walking Company (TWC) to Virgin Australia co-founder Brett Godfrey. The financial details were not disclosed.
Billabong drops Altamont for Oaktree, Centerbridge rescue
Australian surfwear company Billabong had accepted a refinancing plan from Oaktree Capital Management and Centerbridge Partners, walking away from a previous deal with a consortium led by Altamont Capital Partners and replacing top management.
Archer Capital revives interest in NZ's Abano Healthcare
Archer Capital obtained a five-month standstill agreement with shareholders of New Zealand's Abano Healthcare, potentially allowing time for a new takeover bid to come together after its latest effort was rejected earlier this week.
Ironbridge's creative liquidity solution
Stapled secondaries and GP restructurings have become common parlance as Asia's private equity investors grapple with a challenging fundraising environment, even though talk still overshadows action. In each case, new investors come in to replace old,...
PE-backed Australia pub fund targets IPO - report
Australian Pub Fund, which is backed by M.H. Carnegie & Co. and Australian superannuation fund Sunsuper, is said to planning an IPO on the Australian Securities Exchange.
Australia's Ironbridge offers LPs secondary exit route
Ironbridge Capital has launched a hybrid structure for its latest fundraising, with investors in the Australian GP’s first two funds being given the opportunity to exit their positions or roll over into a new vehicle that will continue to manage the assets....
New Zealand's Pencarrow acquires Bell Tea & Coffee
Pencarrow Private Equity has bought Bell Tea & Coffee Company (BTCC), New Zealand’s oldest tea enterprise, from supermarket chain Foodstuffs. Accident Compensation Corporation (ACC) is coming in as a significant co-investor, while BTCC’s senior management...
ADIA buys Australia hotel portfolio
Abu Dhabi Investment Authority (ADIA) has bought Tourism Asset Holdings (TAHL), Australia’s largest hotel owner. The deal will see the Middle East sovereign wealth fund assume control of 31 Accor-operated properties in major cities.
Australia's Wolseley targets $279m for Fund III
Wolseley Private Equity is targeting A$300 million ($279 million) for its third fund, which will invest in small to mid-size privately-owned businesses in Australia and New Zealand. The GP expects to see considerable opportunities in this space as founders...
Litigation funds: The justice league
Litigation financiers are increasingly looking for opportunities in Asia, many making their investments out of private equity-style funds. But do they bring the same returns?
Navis in Australia demographics play
Australian politicians have long debated ways to enlarge the country’s tax base as they prepare for the economic ramifications of a spiraling dependency ratio. By 2050 there will be just 2.7 people of working age for each person aged 65 and over, compared...
Australia's BlueChilli targets $10m for angel fund
Australian venture firm BlueChilli is looking to raise a $10 million angel fund for early-stage tech investments.
CHAMP, Headland seek full acquisition of Miclyn Express Offshore
CHAMP Private Equity and Hong Kong's Headland Capital Partners have offered to buy the 24.8% of oil and gas services group Miclyn Express Offshore (MEO) they do not own for around A$150 million ($137 million).
Navis buys Australian childcare business from Wolseley
Navis Capital Partners has acquired Australian childcare services provider Guardian Early Learning Group from Wolseley Private Equity with a view to helping the 69-center chain double in size. The transaction value was not disclosed but sources indicate...
AVCAL CEO Katherine Woodthorpe resigns
Katherine Woodthorpe, CEO of the Australian Private Equity and Venture Capital Association (AVCAL), has resigned. Having spent seven years in the role, Woodthorpe announced she would be stepping down on October 31 in order to "pursue fresh challenges."...
L Capital Asia eyes bigger deals, mature markets for Fund II
Larger deals, including a few buyouts, are likely to feature more prominently in L Capital Asia’s second regional fund as the GP expands its attention to the more developed markets of Australia, Japan and South Korea, as well as bringing to bear the expertise...
Quadrant backs City Farmers' tech-based strategy
With a longstanding interest in Australia’s pet supplies industry, Quadrant Private Equity examined all the major independent players in search of a business suitable for rapid scaling up and expansion nationwide. In Perth-headquartered City Farmers,...
PE-backed Australian fashion retailer enters administration
Bleach Group, the Australian parent of fashion brands Insight, Something Else and Ksubi, has been placed into voluntary administration. The company received growth capital investment from US-based Breakwater Investment Management in late 2012.
Billabong posts $777m loss, brand value drops to zero
Distressed Australian surfwear retailer Billabong International- which is currently negotiating a A$325 million ($290 million) refinancing deal with a consortium led by Altamont Capital Partners - has booked a net loss of A$860 million, while cutting...
AMP Capital reaches first close on second infra debt fund
AMP Capital has reached a first close of more than $300 million on its latest infrastructure debt fund. The vehicle has a full target of around $1 billion, roughly twice the size of its predecessor, which closed to new investors in June of last year....