The Monthly Recap - June 2024

The new financial year is upon us as is the promised “busier” H2. This month has been dominated with a mix of IPO news, private credit action and reinvigorated inflation fears. Equity markets are showing recovery signs with GYG leading the line and multiple others floating IPO ideas, including Canva & Chemist Warehouse. The private credit boom has firmly continued with multiple firms jumping at the opportunity to build out their capacity. Finally, inflation has heated up again, all but confirming we will go into 2025 with flat or increased interest rates. This report outlines select M&A deals, general market activity and significant news amongst private equity, investment banking & debt markets. We also include a short section on recent notable market movers.

M&A

• Morgan Stanley Infrastructure Partners sign on to take 49% of MinRes’ private haul road (AFR)

• Crescent Capital set to take Quantum Radiology off The Growth Fund (AFR)

• Brookfield places $3bn Aveo on the market: they purchased for $2bn (including debt) in 2019 (Australian)

• $3bn+ Logistics company Loscam nearly ready to take bids: UBS advising on the deal after two prior sale attempts in as many years (Australian)

• Regal Partners acquired private credit specialist Merricks Capital (DealStreet)

Other Activity

• Stafford Capital Partners & First Super in $220m co-investment: the deal enables Stafford to source private equity-backed deals for the fund (AFR)

• Chemist Warehouse IPO could be on the agenda following difficulty with Sigma deal (Australian)

• HESTA, Hostplus, CSL & QIC pour $270 million into venture fund: Brandon Capital invests across healthcare & biotech start-ups (AFR)

• Andy Penn to lead TPG Emerging Companies Asia Fund: the $1.5bn fund is targeting 3.2x gross returns (AFR)

• Anglo American setting up $7.5bn exit from Australian coal mining assets (Australian)

• HMC Capital (AFR), La Trobe, Pengana (AFR) & Tanarra (AFR) among firms eager to capitalise on private credit’s boom

Investment Banking & Debt Markets

• Jon Adgemis struck a $400m refinancing deal led by Deutsche Bank earlier in the month (AFR) the deal could be derailed however with two of his hotels entering administration (Australian)

• EQT Group locks in debt for PageUp buy: the $220m loan was taken up by seven lenders (AFR)

• Guzman Y Gomez listing was the talk of the month for equity markets: the 36% surge on debut helped put the firm in the top 20 ASX IPOs (Australian)

• Morgan Stanley & Goldman Sachs top ECM deal tables: jumping up from no.8 & no.9 the prvious year (AFR)

• National Group $210m refinancing: Deutsche Bank, Wingate & Balmain amongst investors (AFR)

• Investment Banking data showing signs of ECM revival: the number of deals up 12.3% for same time last year, but values only 0.5% (Australian)

• QIC closed $225m loan to North American airline (AFR)

• Three Ex-UBS operatives reunited to start Denison Partners: the corporate advisory firm will focus on real estate & funds management (AFR)

• Greenstone Partners inks global deal with Mergers Alliance (AFR)

• Credit Agricole, Deutsche Bank, HSBC & MUFG underwriting $7 billion debt package for bidders of AirTrunk (AFR)

Notable Market Movers

There have been plenty of Notable Market Movers in June including:

• Laura Fitzsimmons joins Deutsche Bank to head up FICC Macro Sales team from JP Morgan (AFR)

• Goldman Sachs hires ex-Credit Suisse operative Mark Davis to run equities (Australian)

• Citi appoints David Bailey as Head of DCM, coming from ANZ (Australian)

• Azure Capital hires Nick Combes from KPMG to set up Melbourne shop (AFR)

• MST Financial poached Cameron Duncan & Steve Anagnos from Shaw & Partners to spearhead a new business unit (AFR)

• Advent Partners poached Anchorage dealmaker Hayden Neeland to open & spearhead Sydney office (AFR)

• Tanarra Capital lost its Head of Private Equity, Ravi Jeyaraj, who is set to join OTPP in Singapore (AFR)