PRIVATE EQUITY – AUSTRALIA

G8 Education backs rival deal for Affinity

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Original article by Tim Binsted
The Australian Financial Review – Page: 22 : 16-Sep-15

Directors of Affinity Education Group have endorsed Anchorage Capital Partners’ takeover bid, which is pitched at $A0.92 per share. Rival childcare group G8 Education will no longer pursue its bid for Affinity and will instead accept the $A212m offer from Anchorage. G8 Education had offered $A0.80 per share for Affinity, and it has built a stake of 24.6 per cent when acceptances for its offer are taken into account.

CORPORATES
AFFINITY EDUCATION GROUP LIMITED – ASX AFJ, G8 EDUCATION LIMITED – ASX GEM, ANCHORAGE CAPITAL PARTNERS PTY LTD, PETRA CAPITAL PTY LTD, ORD MINNETT GROUP LIMITED, AUSTRALIA. TAKEOVERS PANEL

Crescent lobs $215m bid for Cardno majority stake

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Original article by Michael Bleby
The Australian Financial Review – Page: 34 : 15-Sep-15

Private equity firm Crescent is seeking a controlling stake in Australian-listed Cardno. Crescent is offering $A3.15 for one of every two shares held by shareholders in the engineering firm. The announcement of the $A215 million bid triggered a rise of as much as 16.4 per cent in Cardno’s share price on 14 September 2015.

CORPORATES
CARDNO LIMITED – ASX CDD, CRESCENT CAPITAL PARTNERS LIMITED

Healthscope offloads pathology business

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Original article by Tim Binsted
The Australian Financial Review – Page: 15 : 24-Jun-15

Crescent Capital has paid $A105m for the pathology assets of Australian-listed Healthscope, with the deal comprising a cash component of $A92.5m and a $A12.5m promissory note. Healthscope CEO Robert Cooke says the deal will allow the group to focus on its core business of private hospitals. In addition to Healthscope’s pathology laboratories and collection centres, the private equity firm will also buy a portfolio of six skin clinic.

CORPORATES
HEALTHSCOPE LIMITED – ASX HSO, CRESCENT CAPITAL PARTNERS LIMITED, SONIC HEALTHCARE LIMITED – ASX SHL, PRIMARY HEALTH CARE LIMITED – ASX PRY, TPG CAPITAL LP, THE CARLYLE GROUP, CLSA AUSTRALIA PTY LTD, NATIONAL DENTAL CARE PTY LTD, LIFEHEALTHCARE GROUP LIMITED – ASX LHC, NATIONAL HEARING CARE LIMITED, SOUTHERN SUN SKIN CANCER CLINICS

Allegro buys The Ghan and Indian Pacific trains

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Original article by Simon Evans
The Australian Financial Review – Page: 20 : 31-Mar-15

Allegro Funds has paid an undisclosed price for Great Southern Rail, which operates iconic Australian train services The Ghan and The Indian Pacific. The vendor was Serco, which has owned Great Southern Rail since 1999. International tourists account for around 25 per cent of passengers on the two trains, and Allegro MD Adrian Loader anticipates continued strong growth in demand for upmarket rail travel

CORPORATES
ALLEGRO FUNDS PTY LTD, GREAT SOUTHERN RAIL, SERCO GROUP PLC, LONDON STOCK EXCHANGE, CUSTOM COACHES

Private equity bosses tip rosier times ahead

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Original article by Sally Rose, Joyce Moullakis
The Australian Financial Review – Page: 26 : 5-Mar-15

Pacific Equity Partners (PEP) gained $A4.5bn from divesting businesses via IPOs and trade sales in 2013 and 2014. International buyers accounted for most of the firm’s trade sales, and Nathanial Thomson of Crescent Capital expects the trend for offshore buyers to purchase Australian businesses to continue. Meanwhile, PEP MD Tim Sims is upbeat about the outlook for Australia’s business sector, and says offshore investors should not be deterred by data showing that the economy is slowing

CORPORATES
PACIFIC EQUITY PARTNERS PTY LTD, CRESCENT CAPITAL PARTNERS LIMITED, XTRALIS PTY LTD, AUSTRALIAN BUREAU OF STATISTICS, RESERVE BANK OF AUSTRALIA, PITCHER PARTNERS CORPORATE ADVISORY PTY LTD, KING AND WOOD MALLESONS

Private equity firms to retain IPO stakes

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Original article by Joyce Moullakis
The Australian Financial Review – Page: 21 : 5-Feb-15

Private equity floats are not necessarily superior as investments to other IPOs. A report by the Australian Private Equity & Venture Capital Association and advisory firm Rothschild shows that Australian-listed companies floated by private equity firms in 2104 returned 6.6 per cent by 31 December 2014. Non-private equity floats retuned 13.7 per cent. The study was limited to floats exceeding $A100 million in raised capital. Dividends were not taken into account

CORPORATES
AUSTRALIAN PRIVATE EQUITY AND VENTURE CAPITAL ASSOCIATION LIMITED, MONASH IVF GROUP LIMITED – ASX MVF, IPH LIMITED – ASX IPH, GENESIS ENERGY LIMITED – ASX GNE, GRIFFITHS CONSULTING, THE PAS GROUP LIMITED – ASX PGR, BURSON GROUP LIMITED – ASX BAP, NM ROTHSCHILD AND SONS (AUSTRALIA) LIMITED

Cashed-up private equity firms on the prowl for acquisitions

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Original article by Sally Rose
The Australian Financial Review – Page: 14 : 19-Jan-15

Australian ­Private Equity & Venture Capital Association CEO Yasser El-Ansary expects local private equity firms to pursue acquisitions in 2015, after offloading many businesses in 2014. He notes that Australian private equity groups’ cash holdings now exceed $A6bn. Offshore private equity groups are also expected to target the Australian market, with falling valuations in the resources sector likely to attract the interest of firms such as Kohlberg Kravis Roberts

CORPORATES
AUSTRALIAN PRIVATE EQUITY AND VENTURE CAPITAL ASSOCIATION LIMITED,{SPAC}KOHLBERG KRAVIS ROBERTS AND COMPANY,{SPAC}KKR AND COMPANY LP,{SPAC}TPG CAPITAL LP,{SPAC}PACIFIC EQUITY PARTNERS PTY LTD,{SPAC}QUADRANT PRIVATE EQUITY PTY LTD,{SPAC}BIS INDUSTRIES LIMITED,{SPAC}FINDEX AUSTRALIA PTY LTD,{SPAC}STANDARD AND POOR’S ASX 200 INDEX,{SPAC}DENHAM CAPITAL MANAGEMENT LP,{SPAC}PEMBROKE RESOURCES PTY LTD,{SPAC}AUCTUS MINERALS PTY LTD,{SPAC}SPOTLESS GROUP HOLDINGS LIMITED – ASX SPO,{SPAC}ASALEO CARE LIMITED – ASX AHY,{SPAC}HOYTS CINEMAS LIMITED,{SPAC}GRIFFIN FOODS LIMITED,{SPAC}PETERS ICE CREAM,{SPAC}CAMPAIGN MONITOR PTY LTD,{SPAC}INSIGHT VENTURE PARTNERS,{SPAC}CHAMP VENTURES PTY LTD,{SPAC}SENSIS PTY LTD,{SPAC}PLATINUM EQUITY HOLDINGS,{SPAC}VELOCITY FREQUENT FLYER PTY LTD,{SPAC}AFFINITY EQUITY PARTNERS (AUSTRALIA) PTY LTD

oOh!Media IPO more of an oh-oh than a go-go

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Original article by Jared Lynch, Sally Rose
The Australian Financial Review – Page: 16 : 18-Dec-14

Shares in oOh!Media closed 1.6 per cent below the issue price of $A1.93 when the stock debuted on the Australian sharemarket on 17 December 2014. Shares in the outdoor advertising group listed at $A1.80, following a $A168.8m IPO by CHAMP Private Equity. The firm has retained a 32.2 per cent stake in oOh!Media, while WPP has an 8.6 per cent stake

CORPORATES
OOH!MEDIA LIMITED – ASX OML, CHAMP PRIVATE EQUITY PTY LTD, CASTLE HARLAN AUSTRALIAN MEZZANINE PARTNERS PTY LTD, WPP GROUP PLC, EYE CORP LIMITED, TEN NETWORK HOLDINGS LIMITED – ASX TEN

‘Flaw’ in corporate law could hit M&A

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Original article by Rick Wallace
The Australian – Page: 21 : 18-Nov-14

Japanese brewing group Asahi has revealed the size of its settlement deal with private equity firms Pacific Equity Partners and Unitas. It will receive $NZ220m ($A200), after claiming it had been misled over the acquisition for $A1.2bn in 2011 of the Independent Liquor business. Legal experts argue the case shows that large corporations are abusing section 18 of the Trade Practices Act, which is designed to protect small retail investors who lack the resources to carry out due diligence. The size of the compromise deal may have a dampening effect on mergers and acquisitions activity in Australia

CORPORATES
ASAHI BREWERIES LIMITED, THE INDEPENDENT LIQUOR GROUP CO-OPERATIVE LIMITED, PACIFIC EQUITY PARTNERS PTY LTD, UNITAS CAPITAL PARTNERS PTY LTD, MINTER ELLISON, SCHWEPPES AUSTRALIA PTY LTD, P & N BEVERAGES AUSTRALIA PTY LTD

Anchorage to buy Pacific’s Brand Collective unit

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Original article by Sarah Thompson, Sue Mitchell
The Australian Financial Review – Page: 15 & 20 : 18-Nov-14

Private equity firm Anchorage Capital Partners is believed to be in talks to acquire the Brand Collective division of Australian-listed Pacific Brands. The division boasted sales of $A205m in fiscal 2014, but it posted a loss of $A0.9m prior to one-off costs. Anchorage will be hoping to emulate its success in turning around the fortunes of Dick Smith. Brand Collective owns brands such as Volley and Grosby, and operates several chains of shoe stores

CORPORATES
PACIFIC BRANDS LIMITED – ASX PBG, BRAND COLLECTIVE, ANCHORAGE CAPITAL PARTNERS PTY LTD, GROSBY FOOTWEAR, VOLLEY, SHOE WAREHOUSE, SHOE SUPERSTORE GROUP PTY LTD, DICK SMITH HOLDINGS LIMITED – ASX DSH, SUPERDRY, MOSSIMO, HUSH PUPPIES, CLARKS SHOES LIMITED, WOOLWORTHS LIMITED – ASX WOW, MYER HOLDINGS LIMITED – ASX MYR, HARD YAKKA, KING GEE CLOTHING COMPANY, STUBBIES CLOTHING COMPANY, WESFARMERS LIMITED – ASX WES, MACQUARIE CAPITAL PTY LTD, KPMG AUSTRALIA PTY LTD, BONDS INDUSTRIES LIMITED, SHERIDAN AUSTRALIA PTY LTD