PRIVATE EQUITY – AUSTRALIA

Boart Longyear saved in Centerbridge deal

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Original article by Paul Garvey
The Australian – Page: 21 : 24-Oct-14

The US-based Centerbridge Partners private equity firm has announced that it will make as much as $US352m ($A401.8m) available to troubled mining services group Boart Longyear in a debt-to-equity deal. The Australian-­listed drilling company has suffered a share price decline of 93%-plus in a little over 1.5 years, and had recently created doubt over its ability to continue as a going concern. Centerbridge will lift its stake from 13% to between 41.6% and 70%, although its voting stock holding will be restricted to 49.9%

CORPORATES
BOART LONGYEAR LIMITED – ASX BLY, CENTERBRIDGE PARTNERS LP, BILLABONG INTERNATIONAL LIMITED – ASX BBG, OAKTREE CAPITAL MANAGEMENT LLC, UBS HOLDINGS PTY LTD

Deals get harder for PE raiders

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Original article by Bridget Carter
The Australian – Page: 18 : 30-Sep-14

Australian Private Equity & Venture Capital Association CEO Yasser El-Ansary says access to funding for major acquisition deals has become more difficult to arrange in the private equity sector. He believes that instead of large-scale takeovers, the new trend will be purchases of non-core operations being divested by listed groups. The comments come as Treasury Wine Estates has rebuffed competing offers by Kohlberg Kravis Roberts and Rhone Capital and by TPG Capital

CORPORATES
TREASURY WINE ESTATES LIMITED – ASX TWE, KOHLBERG KRAVIS ROBERTS AND COMPANY, RHONE CAPITAL LLC, TPG CAPITAL LP, KKR AND COMPANY LP, AUSTRALIAN PRIVATE EQUITY AND VENTURE CAPITAL ASSOCIATION LIMITED, SAI GLOBAL LIMITED – ASX SAI, WOOLWORTHS LIMITED – ASX WOW, DICK SMITH HOLDINGS LIMITED – ASX DSH, ASX LIMITED – ASX ASX, ANCHORAGE CAPITAL PARTNERS PTY LTD, UGL LIMITED – ASX UGL, DTZ AUSTRALIA PTY LTD, BAIN CAPITAL LLC, THE BLACKSTONE GROUP LP, PACIFIC EQUITY PARTNERS PTY LTD, ORICA LIMITED – ASX ORI, ARMYTAGE PRIVATE LIMITED

Anchorage Capital reaps big from Dick Smith sellout

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Original article by Eli Greenblat
The Age – Page: 21 : 16-Sep-14

Anchorage Capital will make almost $A370 million from its investment in consumer electronics business Dick Smith. The private equity firm bought the struggling business for $A94 million in September 2012. It was floated in December 2013, giving Anchorage a profit of $A264 million. In mid-September 2014, Anchorage sold its remaining 20 per cent stake at $A2.22 a share

CORPORATES
DICK SMITH HOLDINGS LIMITED – ASX DSH, ANCHORAGE CAPITAL PARTNERS PTY LTD, MACQUARIE CAPITAL PTY LTD, WOOLWORTHS LIMITED – ASX WOW

Qantas set to beat Virgin in race to get back in the black

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Original article by Jamie Freed
The Australian Financial Review – Page: 15 & 20 : 2-Sep-14

Qantas and Virgin Australia both posted losses for the 2013-14 financial year, and cost-reduction measures will be a key strategy in their return to profitability. Analysts forecast that Qantas will book a profit of about $A66m for 2014-15, while Virgin is not tipped to be in the black until 2015-16. Meanwhile, Virgin will gain $A336m from the sale of a 35 per cent stake in its frequent flyer program to Affinity Equity Partners

CORPORATES
QANTAS AIRWAYS LIMITED – ASX QAN, VIRGIN AUSTRALIA HOLDINGS LIMITED – ASX VAH, VELOCITY FREQUENT FLYER PTY LTD, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, CLSA AUSTRALIA PTY LTD, CITIGROUP PTY LTD, AFFINITY EQUITY PARTNERS (AUSTRALIA) PTY LTD, MERRILL LYNCH (AUSTRALIA) PTY LTD, AIR NEW ZEALAND LIMITED – ASX AIZ, SINGAPORE AIRLINES LIMITED, ETIHAD AIRWAYS, VIRGIN GROUP LIMITED, TIGER AIRWAYS AUSTRALIA PTY LTD

oOh!Media take two: better this time

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Original article by Jake Mitchell
The Australian Financial Review – Page: 18 : 20-Aug-14

Champ Private Equity plans to offload its controlling stake in outdoor advertising group oOh!Media via a trade sale or an IPO. The business has become the largest in its sector in Australia following its merger with Eye Corp. oOh!Media was listed on the sharemarket until 2012, and CEO Brendon Cook concedes that it was probably too small to justify being a public company at the time

CORPORATES
OOH!MEDIA PTY LTD, EYE CORP LIMITED, CHAMP PRIVATE EQUITY PTY LTD, CASTLE HARLAN AUSTRALIAN MEZZANINE PARTNERS PTY LTD, TEN NETWORK HOLDINGS LIMITED – ASX TEN, MACQUARIE GROUP LIMITED – ASX MQG, HIGHBURY PARTNERSHIP PTY LTD, THE LEADING EDGE MARKET RESEARCH CONSULTANTS PTY LTD

Hoyts Group plans roadshow to market $900m float

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Original article by Sarah Thompson, Jake Mitchell, Anthony Macdonald
The Australian Financial Review – Page: 36 : 18-Aug-14

Pacific Equity Partners will undertake an overseas roadshow to promote the proposed sharemarket float of Hoyts Group. The private equity firm paid $A440m for the cinema group in late 2007, and the IPO is expected to be worth between $A800m and $A900m. Hoyts operates 44 cinema complexes, while it also owns a DVD distribution business and the Val Morgan cinema advertising business

CORPORATES
HOYTS CINEMAS LIMITED, PACIFIC EQUITY PARTNERS PTY LTD, VAL MORGAN AND COMPANY (AUSTRALIA) PTY LTD, UBS HOLDINGS PTY LTD, MACQUARIE GROUP LIMITED – ASX MQG, CITIGROUP PTY LTD, CINIPLEX, VILLAGE ROADSHOW LIMITED – ASX VRL, AMALGAMATED HOLDINGS LIMITED – ASX AHD, DALIAN WANDA GROUP COMPANY LIMITED, SEVEN WEST MEDIA LIMITED – ASX SWM, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC, FOXTEL MANAGEMENT PTY LTD