Today
David Jones slides into loss as private equity owner works its debt
Anchorage Capital Partners says it is “working on a new capital structure” to support the business amid challenging conditions for department stores chains.
Bain’s done with the Insignia M&A battle, so where’s CC Capital?
Conditions are ripe for the last-standing suitor to reduce its bid.
Yesterday
Tanarra Capital secures exit at software biz Health Metrics
The buyer is none other than California-headquartered Accel-KKR, back for a second helping at Tanarra’s offices amid its quest to pick off as many promising Aussie start-ups as it can.
KKR CEO: Don’t believe ‘private equity is dead’ narrative
But Scott Nuttall, the private equity giant’s co-chief executive, predicts a shakeout as higher interest rates bite poor investments made during the pandemic.
US tax bill backlash; Trump revives travel ban; KKR says PE’s not dead
Read everything that’s happened in the news so far today.
KKR’s CEO on the new rules of private equity (and next big trends)
The firm’s global co-chief executive, Scott Nuttall, says the original barbarian at the gate is in the midst of a period when the old way is being re-written.
This Month
Dave Emerson emerges from consultancy-land for Virgin’s ASX redux
He’s “fair” and seems “nice enough”. Flight Centre’s Graham Turner reckons he’d “class him as an introvert”. But the former Bain consultant is about to go big.
Inside Bain’s Virgin pitch, and the one number investors will fear
A tightly held pathfinder prospectus reveals all the key financial metrics that the airline’s potential new shareholders can look forward to.
Fix the shrinking ASX before private markets, brokers urge ASIC
The corporate regulator is mulling feedback from almost 90 submissions on its review into Australia’s capital exchange.
Forget auctions, bilateral deals are all the rage in PE land: Freehills
New analysis from Herbert Smith Freehills Kramer shows 78 per cent of private equity M&A deals in 2024 were done bilaterally.
Sydney’s Phocas sells to Californian tech investor for $500m-plus
It is a spectacular outcome for Phocas’ founders, who bootstrapped it for nearly 15 years and will share the spoils with only a handful of external investors.
Stake in $4b Adelaide Airport hits auction block
The deal could see it valued at close to $4 billion and comes after ownership shake-ups at nearly a dozen Australian airports as falling interest rates lift valuations.
Pemba-backed water advisory biz Sequana makes waves with two bolt-ons
Sequana has snapped up brownfield water and wastewater specialist Atlas Engineering Group and Brisbane-based engineering and construction delivery firm IPS.
Public-to-private ninja a late entrant to Perpetual wealth bidding
Street Talk understands Mike Murphy’s Bain Capital has lobbed a first-round bid for the $500 million unit less than a month after it pulled out of the race for Insignia.
Betashares to expand into private credit after ETFs hit $50b
The exchange-traded funds giant, backed by Singapore’s Temasek and Boston-based TA Associates, sees a big opportunity at the polar ends of the market.
D-Day looms for Virgin Australia’s $4b return to the ASX
The airline’s owner, Bain Capital, and bankers Barrenjoey, Goldman Sachs and UBS have penned in a mid-week deadline to decide when to open books for the IPO.
Konvoy Kegs auction has a winner, one that will make the ACCC nervous
McGrathNicol has picked Kegstar, owned by American giant Microstar Logistics, as the preferred bidder, and is expected to formally sign a deal next week.
PE player CVC has a sweet tooth for Arnott’s Asian arm
The KKR-owned business formally began reaching out to interested parties in April via sell-side adviser UBS.
Spark NZ’s data-centre portfolio finds plenty of PE interest
Pacific Equity Partners, QIC, and Mitsubishi-owned Igneo Infrastructure Partners are among bidders for a 50 per cent stake.
The Webjet plan that sparked a fight with big egos and big money
When a company’s five-year plan is more attractive to suitors than investors, the conditions are set for a delicious takeover battle. Webjet is one to watch.