The Monthly Recap - March 2025
M&A activity is on the rise, with more transactions this quarter than last. Private equity, backed by unspent capital, is eager to invest, and the ASX celebrated its second-largest trading day, with $20.3 billion worth of shares traded.
March wrapped up Q1 with the Australian financial markets experiencing volatility, driven by economic concerns, US tariffs on Australian steel and aluminium, as well as pressure on super funds from increased exposure to US markets. Despite this, M&A activity is on the rise, with more transactions this quarter than last. Private equity, backed by unspent capital, is eager to invest, and the ASX celebrated its second-largest trading day, with $20.3 billion worth of shares traded. This report outlines selected M&A deals, general market activity and significant news among the investment bank & private equity firms, plus any significant news across debt markets.
• Medibank acquires 100% stake in healthcare technology business Medinet (The Australian)
• BGH Capital rakes in big profits with $650m sale of Melbourne's iconic Laurent Bakery to global bakery giant Bridor (AFR)
• Ramelius and Spartan Resources set to merge to in $4.2b gold sector deal, amidst rising gold prices (AFR)
• Microequities Asset Management makes strategic move in edtech, acquiring 19% stake in Global IT Factory . (AFR)
• Edify Energy hits the market with $3b green pipeline, has hired Lazard to seek deep pocketed backers. (AFR)
• HMC Capital makes contingent bid for Healthscope (AFR) as Brookfield opens due diligence for its Sale (The Australian)
• Multiple companies eye public listings: Wilson Asset Management plans $400m IPO with new income fund (AFR); $4b Greencross is moving close to sale or IPO (The Australian); Brookfield explores La Trobe Financial’s future (The Australian); Virgin Australia revives IPO plans with new CEO (The Australian); and following last year’s restructuring ATI Global targets 2027 IPO (AFR).
• Allegro Funds consider a $375m exit from Questas Group in hydraulics and water sector deal (AFR)
• Star Entertainment sells Queen’s Wharf stake to Hong Kong partners (The Australian), weighs Bally’s Corp offer (The Australian) and Salter Brothers $750m refinancing deal (AFR)
• Ron Finemore Transport buys a 9% stake in the Australian transport company, Lindsay Australia (The Australian)
• Quadrant Private Equity marks first investment from its $600m Growth Fund No. 3 to acquire stake in LegalVision (AFR)
• Potentia Capital celebrates Micromine’s $1.35b sale success but faces key personnel departures (AFR)
• Milford Asset Management to launch new funds in 2025, across Australian equities, global equities and corporate bonds (AFR)
• Goldman Sachs CEO signals surge in M&A and Private Equity activity following US regulatory shifts at the 2025 Business Summit in Sydney (The Australian)
• Private Equity firm, Oryx Global Partners launches a new resources fund as it sets to expand with new Australian office, hires Ex-Fortescue CEO and BHP’s former CTO for key roles (The Australian)
• Private Equity firms see shift as listed companies approach them for takeovers, says Blackstone's Head of ANZ, Michael Blickstead (The Australian)
• Mercer predicts major consolidation in Australia’s $2.9t superannuation sector, with only 18 players by 2049 (AFR)
• Concerns from Australian Data Centres and Canva’s IPO delay likely triggered by CoreWeave’s Tepid Nasdaq debut (AFR)
• UBS promotes five Australian staff to global managing director across wealth management, capital markets, and research divisions (AFR)
• Goldman Sachs appoints Tim Freeman and Jared Baker to co-head new capital solutions group in Australia and NZ, created to capture private credit growth (AFR)
• TMT banker, Darren Leung leaves Macquarie after a decade (AFR)
• UBank CEO Philippa Watson appointed to lead billionaire Nicola Forrest’s family office, Coaxial. (AFR)
• JPMorgan poaches Dragi Ristevski from Macquarie (AFR), and Justin Grimmond from RBC (AFR) for key roles in its Australian Investment Banking Division
• MA Moelis managing director Anthony Habis joins wealth tech giant FNZ to lead APAC Expansion (AFR)
• Tom Tepaa resigns from UBS to join Morgan Stanley and strengthen their block trade presence (AFR)
• Potentia Capital loses top private capital dealmaker Michael McNamara just weeks after its $1.35b Micromine sale. (AFR)
• Deloitte M&A partner Sam Roberts joins Alvarez & Marsal (AFR)
• Ord Minnett poaches senior wealth adviser Ross Love from Shaw & Partners as tenth hire this month (AFR), following Malissa Tobias and six others from Perpetual (AFR)
• Martin Boland and James Black resign from Regal’s Taurus Funds Management (AFR)
• Plenary's Chief Investment Officer Paul Crowe is promoted to CEO, succeeding David Lamming (AFR)
