Street Talk

Advent buys stake in Alceon’s IT services business Efex

Sarah Thompson, Kanika Sood and Emma Rapaport

Oct 12, 2025 – 1.43pm

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Robert Radcliffe-Smith’s Advent Partners is getting into an unsexy – yet reliable – sub-sector of technology investing, cutting a cheque for IT managed services roll-up Efex.

Advent has secured exclusivity to buy a majority stake in Efex from Alceon Private Equity, which had expanded the business nationally via seven bolt-on acquisitions after investing alongside founder Nick Sheehan in December 2021, sources said on Sunday.

Sarah Thompson has co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories. Prior to that, she spent 10 years in London as a markets and M&A reporter at Bloomberg and Dow Jones.

Kanika Sood is a journalist based in Sydney who writes for the Street Talk column.

Emma Rapaport is a co-editor of the Street Talk column. Prior to that, she was a markets reporter at The Australian Financial Review.