The Monthly Recap - September
We’ve made it to Q4 of an interesting year for private & public markets. It has been much quieter in September following some large deals closing in August. Inflation has remained sticky, rates have remained increasing (albeit slowing) as we head into Q4.
We’ve made it to Q4 of an interesting year for private & public markets. It has been much quieter in September following some large deals closing in August. Inflation has remained sticky, rates have remained increasing (albeit slowing) as we head into Q4. Plenty of hiring gearing up as firms look to secure talent before the Christmas break. We will be closely watching the next few months and hoping that come the end of the year the outlook for 2024 is markedly higher than 2023. 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.
• Redwood North picks up 80% stake in Bestech Australia: price not disclosed for the firm’s 12th investment to date (AFR)
• IFM Private Equity set for big payday: they have agreed to sell its stake in My Plan Manager for several hundreds of millions (AFR)
• PEP emerges victorious in battle for LMS Energy: the $272m bid for Sims’ 50% stake put PEP ahead of IFM (AFR)
• Grok Ventures completes acquisition of Sun Cable: the $35bn solar export venture will undergo a strategy revamp under Mike Cannon-Brookes (AFR)
• Costa Group expected to agree to Paine Schwartz Partners’ $3.20 a share bid: Australia’s largest fruit & vegetable processor is set to bid farewell to public life (AFR)
• IFM invests $80m into Tally Group: the private equity unit gains 40-50% equity in the software business (AFR)
• Lighthouse Infrastructure launching $400m raise for Energy Transition strategy: If successful, the firm will reach over $1bn in FUM (AFR)
• DIF Capital taps MacCap for renewables sale: the Dutch firm is set to offload a handful of Australian renewable assets (AFR)
• Centuria Capital secures $500m in tight market: the funds will be focused on acquiring assets within supply constrained industrial markets across Australia (SMH)
• KKR gearing up for a run at 40% stake in QLD Airports Ltd: the owners of airports in Gold Coast, Townsville, Mount Isa & Longreach are up for sale via Barrenjoey (AFR)
• Spire Oaktree Special Opportunities fund launched through partnership between Oaktree & Spire Capital: Closed-ended fund is schedule to close on November 17 (AFR)
• Wilson Asset Management preparing to raise $500m to $1bn for open-ended fund (AFR)
• The Carlyle Group considering bit for Affinity Education: RBC are working with the firm for what could be Geoff Hutchinson’s first big swing (AFR)
• Affinity takes on EQT for $1bn+ VetPartners: Macquarie Capital have been hired to steer Affinity through the fast-track auction (AFR)
• Wesfarmers tap Barrenjoey to weigh in on $3.5bn acquisition of Petbarn owner Greencross (Australian)
• Grant Samuel Co-CEO steps away from firm: Guy Fergusson moves on after four years with the firm (AFR)
• Josh Frydenberg to chair Goldman Sachs’ ANZ business (CB)
• Richard Saywell heading to Blue Ocean Equities: the Ord Minnet’s head of natural resources is expected to start in November (AFR)
• Barrenjoey reports loss as set-up costs bite: Chief Executive mentions establishments costs as a material component of the overall expense base (AFR)
• M&A leaders predicting ramp-up in 2024 after a muted year: Private Equity firms are under pressure to deploy idle capital as ‘cookie-cutter’ M&A is “dead” (AFR)
• Causeway Asset Management seeking $100m for second credit fund: looking to invest in opportunistic loan buys or stressed/distressed situations (CB)
• Star Entertainment secures $450m in new debt facilities: also raising a further $750m equity through existing shareholders (BNA)
• BGH Capital set to preview debt markets for $600m Village Roadshow refi (AFR)
• JPMorgan puts finishing touches on MinRes’ 1.3bn bond deal: initial price guidance around 9% area (AFR)
• Quadrant’s Fratelli Fresh handed lifeline for $228m debt: Shinhan Bank & Metrics Credit Partners hold the debt stack (AFR)
• Stanmore Resources are fronting lenders for nearly $1.25bn: Grant Samuel held meetings with prospective lenders in Singapore (AFR)
• Ares predicting local boom in Private Equity lending: the firm has deployed $2.5bn in Australia since late 2021, including debt capital for TPG’s InvoCare purchase (AFR)
