The Monthly Recap - July

The new financial year is here, and we are off with a bang. The RBA has given a glimmer of hope, holding rates in July & August, but has flagged more increases to come. As reported this month, many firms have been successfully raising new capital, and hitting targets whilst M&A seems to have started its rebound with plenty in the news this month. This report outlines selected M&A deals, general market activity and significant news among the investment bank & private equity firms, we have also added a “Debt Markets” section to cover any news across the debt world.

M&A

• The $2 billion auction for Ticketek enters round 2: KKR, EQT, Blackstone among bidders (AFR)

• Paine Schwartz Partners lob $1.6bn proposal to buy Costa Group: The $3.50 per share buyout proposal described as a great outcome for shareholders (Australian)  

• GQG and Regal Partners in a bidding war for Pacific Current Group: the firm has a minority stake in 10 boutique fund managers (AFR)

• Genesis Capital invests in AusTrials: The Healthcare specialist invests at a crucial time with increasing demand for clinical trials (AFR)

• IFM closes in on Tally Group: the firm is currently backed by Pioneer Capital in Auckland (AFR)

• Five V acquires majority shareholding in Permaconn: it is their sixth investment in Fund IV (Five V)

• PEP in late-stage talks to buy Serenitas: the lifestyle community business is up for sale through Goldman Sachs, with an expected $1bn price tag (AFR)

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Other Activity

• Luye Group hires UBS for $880m Aurora Healthcare spin-off: UBS were also involved in the ASX sound out 2.5 years ago (AFR)

• ICG are interested in buying the firm: other Pan-Asian funds are in the line for Aurora (Australian)

• Aura Group targeting $100m raise: looking to tap HNWs, FOs and institutional investors for their multi-asset fund (AFR)

• UBS nabs mandate to sell Auckland Council 7% stake in Airport: an estimated $813m block to hit (AFR)

• Cromwell Property & Australian Unity involved in $1.1bn unlisted REIT merger: Cromwell to take over management of combined portfolio (AFR)

• OIF Ventures raised $55m in a week: the new Opportunity Fund’s intended final target sits at $75m (AFR)

• Partners Group taps new head of Private Equity: Toby Mannock joins the firm as the group shifts its focus to 1-2 investments per year across Au/NZ (AFR)

• Next Capital locks in $375m for Fund V: the mid-market firm closed off new investors in early July (AFR)

• Wollemi Capital raises $220m: it is one of the largest Series A capital rounds of 2023 to date (BNA)

• HMC Capital preparing $50m fundraise: 5 brokers have been mandated to raise for their Partners Fund I (AFR)

• Mike Cannon-Brookes’ dumps Tyro stake: the $78m 12.5% stake was held by his private company Grok Ventures (Australian)

• Dexus nets $220m for healthcare property fund: they are continuing their push into unlisted infrastructure & healthcare assets (AFR)

• EQT launches local private wealth strategy: “Nexus” has already been rolled out in Sweden (AFR)

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Investment Banking News

• RBC hires Andrea Sartore from Morgan Stanley: he join as Director to cover consumer and retail clients (AFR)

• Duncan Mann off to Miles Advisory: JPMorgan’s head of sponsors is the firm’s biggest hire since 2020 (AFR)

• JPMorgan’s head of Financial Institutions also leaves the firm: Adam Penny lines up a job outside of the IB Industry (Australian)

• Robbie Vanderzeil pops up at HMC Capital: the ex-Jarden chairman was appointed as senior adviser (AFR)

• Credit Suisse infrastructure head Tim Foy jumps ship: he heads to JPMorgan before year-end to serve as Head of Infrastructure ANZ (AFR)

• Jarden strengthens strategic alliance with Nomura: the extension allows them to continue collaboration and providing referrals across opportunities (Australian)

• Jarden recorded a $13m loss: expenses weighed in on the bank amid tougher dealmaking conditions (AFR)

• MA Financial hire Paul Hissey: former Goldman Sachs & RBC resource analyst join as part of the firms equities expansion in resources (Australian)

• Nomura appoints Andrew Macgonigal as CEO: he also retains his position as Head of Investment Banking, Australia (AFR)

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Debt Markets

• QIC secure $1.6bn loan for Vector Metering acquisition: the green loan attracted heavy interest from domestic & international lenders (AFR)

• Pacific Equity Partners considering club deal at 50% of HOYTS enterprise valuation: Debt expected to be structured as a unitranche loan (AFR)

• Quadrant chasing debt investors with a $50m debt raise for Jaybro (AFR)

• Alceon ramping up its presence in non-bank lending scene: it has most recently sought up to $77m from HNWs and Institutional Investors (AFR)

• HPS in process of refinancing $1.5bn Quadrant Private Equity investment: the Fitness & Lifestyle Group debt levels sit around $1.1bn (Australian)

• Brookfield lock in $1.45bn debt refi for Aveo: ANZ, Barclays, MayBank, NAB & Westpac involved in underwriting (AFR)