May
TPG Capital wines and dines LPs ahead of Novotech exit
We imagine TPG’s LPs would be pushing to get answers on two of the firm’s biggest investments Down Under: Greencross and Novotech.
- Sarah Thompson, Kanika Sood and Emma Rapaport
November 2023
TPG Capital kicks off InvoCare turnaround; starts with C-suite
TPG Capital is wasting no time at the funeral services player, installing a brand-new management team just as the delisting notice hits the ASX.
- Sarah Thompson, Kanika Sood and Emma Rapaport
InvoCare-backed funeral tech biz in equity raise
Street Talk can reveal the Memories Group is seeking up to $8 million to accelerate its international expansion.
- Sarah Thompson, Kanika Sood and Emma Rapaport
October 2023
InvoCare goes private as backlash against PE buyout falls short
The country’s largest funeral home operator will be delisted from the ASX in November despite a 19 per cent vote against the $1.8 billion TPG Capital buyout.
- Simon Evans
Funerals group Propel says buyout offers too cheap
Australia’s No.2 funerals group, Propel Funeral Partners, has received ‘multiple’ buyout proposals but none have been compelling enough to start talks with suitors.
- Updated
- Simon Evans
Grave affair: Propel Funeral Partners bankers up, eyes on IFM
It is unclear whether IFM’s interest in the company has progressed or if the fund manager plans to table a formal offer.
- Sarah Thompson, Kanika Sood and Emma Rapaport
September 2023
TPG’s $1.8b InvoCare takeover fair and reasonable: expert
The final price is only 5¢ per share higher than the original bid – the second time an ASX group has capitulated to private equity for a lower price in a week.
- Simon Evans
Who’s next? Divorcing the ASX can bring hidden payday
Unloved companies are disappearing from the ASX through private equity buyouts, privatisations and voluntary delistings.
- Simon Evans
August 2023
TPG Capital enlists former Goldman Sachs senior situations banker
There’s been plenty of growth at the private equity firm this year.
- Sarah Thompson, Kanika Sood and Emma Rapaport
RIP InvoCare, the small-cap star that fell to private equity
The funeral homes owner was a cracking investment for more than a decade, but hit a wall. Now TPG Capital gets its chance.
- Anthony Macdonald
TPG snares funerals group InvoCare in $1.8b win for private equity
Australia’s biggest funerals operator, with brands including White Lady and Simplicity, has agreed to a trimmed back buyout offer.
- Simon Evans
TPG’s InvoCare takeover proposal (almost) a done deal at $12.70
The private equity firm and its funeral services provider target have agreed to terms for a binding offer, with only small details to be finalised.
- Sarah Thompson, Kanika Sood and Emma Rapaport
TPG Capital plays hard ball with InvoCare’s board
Private equity firm TPG Capital has fired a warning shot at InvoCare, telling the board over the weekend it is ready to walk unless the two camps can agree to a deal at a lower price.
- Sarah Thompson, Kanika Sood and Emma Rapaport
July 2023
InvoCare takeover talks turn sluggish; Ares ready to lend
The funeral company’s private equity suitor has lined up its debt financing, even as the delay in signing scheme documents point towards a looming price cut.
- Sarah Thompson, Kanika Sood and Emma Rapaport
Down to the wire at TPG’s InvoCare takeover
Discussions have been going since May 15 to reach a binding agreement.
- Sarah Thompson, Kanika Sood and Emma Rapaport
InvoCare board meets as TPG’s DD runs out; binding bid not tomorrow
Listed funeral giant InvoCare’s shareholders could have to wait a little longer for its private equity suitor TPG Capital to firm up its $13 a share bid.
- Sarah Thompson, Kanika Sood and Emma Rapaport
June 2023
- Opinion
- Chanticleer
TPG Capital finds banks ready to fuel PE buyouts. Bain’s turn is next
The big private equity firms need debt so it is worth watching TPG and Bain as they line up funding for InvoCare and Estia Health.
- Anthony Macdonald
May 2023
TPG a ‘lion’ picking off a stray gazelle in InvoCare bid
Cranky retail shareholders in Australia’s largest funerals group accuse the board of folding too cheaply to an opportunistic private equity bid.
- Simon Evans
- Analysis
- Chanticleer
InvoCare a win for assertive PE, quick deals
Both sides claimed victory at InvoCare on Monday morning, after TPG Capital lifted its bid and secured a board commitment. But can everyone be a winner?
- Anthony Macdonald
TPG returns with $1.9b bid for funerals group InvoCare
The board of Australia’s largest funeral company gave the private equity giant five weeks of due diligence, and is likely to recommend the new bid.
- Simon Evans