Australasia
Australian advertising: Private equity goes outdoors
Australia’s outdoor advertising industry has seen three large investments from private equity firms in recent months. Is wider sector consolidation imminent?
Babson to incrase Asia-Pacific lending
Babson Capital Management plans to increase the loans it provides in Australia and Asia, as borrowers are prepared to pay high interest rates due to the withdrawal of several European banks from the region.
Blue Sky pumps $2m into Australian skincare firm
Blue Sky Alternative Investments has invested $2 million in Milk & Co, the Australian skincare company founded by Olympic swimmer Michael Klim.
Morrison & Co raising $1b for NZ infra fund
Australasian infrastructure investor Morrison & Co. is reportedly looking to raise up to $1 billion for a private equity fund that will target low-risk global infrastructure projects.
Billabong opens its books to TPG, says buyout offer too low
Billabong International's board has agreed to let TPG Capital conduct due diligence on the company, although it maintains that the private equity firm’s A$694 million ($712 million) buyout offer is too low in the context of a control transaction. TPG’s...
Carlyle mulls Coates Hire IPO
The Carlyle Group, together with Australia's Seven Group, is considering an IPO of Australian equipment rental company Coates Hire. The news comes weeks after banks agreed to refinance the company’s A$1.85 billion ($1.9 billion) in debt.
Ironbridge’s EnviroWaste could fetch healthy price
Ironbridge Capital is mulling the sale of its waste management company, EnviroWaste. The New Zealand-based firm is expected to sell for a healthy price as its Australian counterpart Thiess was bought for A$218 million ($225 million) earlier this month.
Archer Growth invests in Best Friends Pet Supercentre
Archer Capital Growth Funds, the Australian GP’s lower mid-market unit, has set up a partnership with Best Friends Pet Supercentre and plans to expand the chain to 44 outlets. The company currently operates 11 supercenters that sell pet products and...
VIDEO: Archer Capital's Greg Minton
Australian fund managers need to go offshore to raise capital – but only if they are targeting large funds, says Greg Minton, managing director at Archer Capital. “In fund IV we got about A$740 million from the domestic market and about the same again...
Australia’s lower mid-market retains its appeal
Successful fundraises by CHAMP Ventures and Archer Capital Growth Funds suggest that foreign LPs are willing to fill the gap left by Australian institutions. Performance and consistency remain the key factors
The US invasion: Competition rises among Asia PE legal counsel
A host of US law firms are boosting their Asian operations with a view to offering private equity clients a full suite of services, from fund formation to capital markets. Is there enough business to go around?
Why Australian take-privates are taking off
A renewal of interest in Billabong International from TPG Capital always seemed likely. When the PE firm first came calling in February with a A$3 per share buyout offer, Billabong’s management refused to budge from its valuation of $4 per share. The...
Valar leads $1.2m round for Australian IT start-up
Valar Ventures, the venture capital firm run by PayPal co-founder Peter Thiel, has made its first investment in Australia, leading a $1.2 million round for IT start-up ScriptRock.
CHAMP PE seeks exit from New Zealand’s Blue Star
CHAMP Private Equity-owned Blue Star has suspended trading on the New Zealand Stock Exchange in anticipation of an announcement that the business is up for sale. It comes after the struggling communications company said in June that it had won the support...
TPG resumes Billabong pursuit with $712m buyout offer
TPG Capital has renewed its interest in Billabong International, tabling a A$694 million ($712 million) takeover bid for the Australian surfwear manufacturer. The offer is A$147 million lower than the private equity firm’s previous bid for Billabong,...
CVC seeks investor for Nine - report
CVC is seeking an investor to purchase a significant equity stake in the debt-laden Nine Entertainment. The transaction would allow the private equity player to reduce its $2.9 billion in senior loans due for repayment in February 2013.
CHAMP Private Equity’s oOh!media to buy Eye Corp
CHAMP Private Equity’s oOh!media has agreed to buy Eye Corp, Ten Network Holdings’ outdoor advertising business. The deal values Eye at up to A$145 million, of which A$120 million will be paid in cash on completion, with the remainder due in three...
Australia’s PEP sells Hoyts Distribution to Studiocanal
Pacific Equity Partners (PEP) has exited Hoyts Distribution, the largest independent film distributor in Australia and New Zealand, to European film giant Studiocanal. The private equity retains other Hoyts Group assets, including cinema operator Hoyts...
CHAMP in $192m take-private bid for Gerard Lighting
CHAMP Private Equity has launched a A$186 million ($192 million) takeover bid for Australian light fittings distributor Gerard Lighting Group. The bid has won unanimous approval from Gerard’s board and the Gerard family, which has a 52% stake, has said...
Potential PE target Ingham Chicken goes on the block
Ingham Enterprises, Australia’s largest poultry producer, has put itself up for sale, alerting potential private equity bidders. Sole shareholder Bob Ingham he had decided to exit “after long and careful consideration.” Investec has been appointed...
KKR-backed Seven West launches $450m share issue
KKR investee Seven West Media plans to raise approximately A$440 million ($450 million) through the sale of new shares in order to reduce debt levels. The Australian company, which owns the Seven free-to-air network, the country’s second-largest magazine...
PE-backed Whitehaven Coal receives $5.5b takeover bid
Private equity firms First Reserve and Farallon Capital have reportedly expressed their support for a A$5.3 billion ($5.46 billion) takeover bid for their portfolio company Whitehaven Coal. Coal magnate Nathan Tinkler last Friday offered A$5.20 per share...
PE financing to be targeted in Australia takeover law review
Private equity firms that launch takeover bids for companies without clear financing packages are likely to be targeted in the Australian Securities and Investments Commission’s (ASIC) review of takeover legislation.
HAPE clinches $12m FastTrack buyout
Harbert Australia Private Equity (HAPE), a unit of America’s Harbert Management Corp (HMC), has acquired a majority stake in recruitment and payroll software provider FastTrack.