Australia
ASX chairman to lead Australia’s Future Fund
David Gonski will relinquish his role as chairman of the Australian Stock Exchange (ASX) to head up Future Fund, the country’s A$90 billion ($95 billion) sovereign wealth vehicle. He replaces David Murray, former CEO of Commonwealth Bank of Australia.
PEP wants investment partner for Link – report
Pacific Equity Partners (PEP) is reportedly looking to raise additional capital for portfolio company Link Group, which is valued at some A$1.4 billion ($1.48 billion).
CVC’s Mantra on the block
Private equity house CVC Asia Pacific has put its 40% stake in Australian accommodation provider Mantra Group up for auction.
NAB-backed WOW in receivership
WOW Sight & Sound, an Australian electronics and AV retailer backed by National Australia Bank Integrated Capital Solutions, has gone into receivership.
Columbia Capital invests $20m in Cloud Sherpas
US venture capital firm Columbia Capital has invested $20 million in Cloud Sherpas, a newly merged cloud computing solutions provider focused on Asia Pacific and the US.
Harvey Norman and Specialty Fashion top targets for PE – Citi
Australian retailers Harvey Norman and Specialty Fashion Group are strong targets for a private equity takeover, according to Citigroup.
Catalyst exits Aperio for $251 million
Catalyst Investment Managers has reached an agreement with Amcor to sell its stake in Aperio Group, Amcor’s largest rival in the Australian flexible packaging market, in a transaction worth A$238 million ($251 million).
Australia’s Elcano Capital hits the fundraising trail
Australian venture firm Elcano Capital is seeking to raise capital from small investment funds to finance its planned investments into early stage companies.
CVC plans to sell Nine ticketing arm
CVC Asia Pacific is seeking buyers for Nine Entertainment's ticketing arm in order to generate funds that will be used to restructure the media group’s A$2.7 billion ($2.9 billion) in senior debt, which is due for repayment next February.
Osprey Medical plans to raise $20m in Australia listing
US-based Osprey Medical hopes to raise $20 million through a public listing in Australia next month. The medical device company submitted its prospectus to the stock exchange this week.
Shearwater's Stead becomes Australia head at Olympus Capital Asia
Gary Stead, co-founder and managing director of Shearwater Capital Group, has become Australia country head at Olympus Capital Asia. The move came largely as a result of the difficulties raising a new fund.
TPG rivals mull bids for Billabong – report
The Blackstone Group and KKR are reportedly considering bids for Billabong after the Australian surfwear company rejected TPG Capital’s A$841 million ($904 million) offer but said it was willing to engage with any party that make an attractive proposal.
Leveraged lenders seek common ground
Australia’s banks have proposed a standard set of rules on who can do what in the event of a default. They say it will stimulate the mezzanine market but junior lenders claim the measures are too restrictive
Australian venture capitalists face commercialization obstacles
Entrepreneurs are brimming with ideas but Australia’s venture capital firms don’t have the capital to convert innovation into products. Government support has so far been piecemeal
PE bets on Asia’s growing food demand
Food assets – notably fresh produce – are increasingly attractive to private equity firms as they potential trade sale exits to Asian corporates looking to satisfy rising domestic demand
Q&A: Archer Capital's Peter Wiggs
At a time when Australian GPs are seeing changes in everything from LP bases to exit options, Peter Wiggs, managing director of Archer Capital, says that a consistent investment strategy can pay dividends
Australian fundraisers feel the strain
Are changes in superannuation laws the cause or the scapegoat? Either way, Australia’s fundraising landscape is undergoing substantial change. Local GPs must choose between going offshore or going out of business
An Australian-Asian story
Australia is the exception in Asian private equity: a market in which buyouts are routine, leveraged finance is readily available and entry and exit activity is relatively transparent. It is, one is tempted to say, Japan without the intrigue and inscrutability.
Billabong rejects improved $904m offer from TPG
TPG Capital has increased its takeover bid for Billabong International by 10% to A$841 million ($904 million) but the Australian surfwear company is still not interested. It said that the increased price of A$3.30 per share, up from A$3 per share, doesn’t...
Billabong still in talks with TPG over buyout offer
Talks are ongoing between TPG Capital and Billabong over the private equity firm’s A$765 million ($820 million) takeover bid for the Australian surfwear manufacturer. TPG made a revised offer last week but it was still at the same indicative price of...
Providence-backed WTC bolts on USM Events
World Triathlon Corporation (WTC), the Australian athletic events organizer owned by Providence Equity Partners, has acquired event management company USM Events.
Western Australia moves forward on sovereign fund plans
The Western Australia government appears to have accelerated plans to set up a sovereign wealth fund to accrue a portion of the profits being generated by the region’s natural resources. Premier Colin Barnett mooted the prospect of a future fund that...
Quadrant, APN announce outdoor advertising JV
Quadrant Private Equity has agreed to form an outdoor advertising joint venture with APN News & Media worth A$272 million ($289 million). APN had decided further investment was required to support expansion and entered into exclusive negotiations with...
Catalyst backs Australian offshore oil services provider
Catalyst Investment Managers has acquired a minority stake in Bhagwan Marine, a logistics provider to the offshore oil and gas industry in Australia. The size of the transaction was not disclosed.