Street Talk

Alceon hires bankers to assess options at IT biz Efex; bolt-on first

Sarah Thompson, Kanika Sood and Emma Rapaport

May 7, 2025 – 4.54pm

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IT services business Efex, owned 50-50 by Sydney’s Alceon Private Equity and founder Nick Sheehan, has kicked off a strategic review as it clocks up its fifth bolt-on acquisition in less than two years.

Street Talk understands Alceon PE co-head Zac Midalia and Sheehan have mandated MA Moelis to assess strategic options for the IT roll-up following interest from international and domestic parties. The business has expanded into 22 locations since hanging up its shingle in 2013, and has about 7500 clients across the country.

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.