There was a time everything that Sydney buyout firm TDM Growth Partners touched turned to gold. Now, it faces the prospect that its two biggest investments – Mexican-themed restaurant chain Guzman y Gomez and online pet products retailer Pet Circle – will have to raise more money at considerably lower valuations than they currently hold.
TDM was founded by Hamish Corlett, Tom Cowan and Ben Gisz – Corlett and Cowan first met at Sydney’s St Mark’s pre-school. By 2015, a $1 million fund started in Cowan’s apartment had delivered investors a compound return of more than 20 per cent over nine years and managed more than $250 million.
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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. Email Sarah at sarah.thompson@afr.com
Emma Rapaport is a co-editor of the Street Talk column. Prior to that, she was a markets reporter at The Australian Financial Review. Connect with Emma on Twitter. Email Emma at emma.rapaport@afr.com
