Richlister Cathie Reid seals new deal after $125m Icon payday

After sharing in $125m last week from sale of a health business she co-founded, one of Brisbane’s richest and most successful business women has struck another deal.

Richlister Cathie Reid has hit the ground running only days after her and husband Stuart Giles sold their remaining stake in Icon Group, the cancer clinic operator they founded a decade ago.

AUCloud, the tech firm Reid chairs, will sell a 20 per cent stake to Brisbane-based data centre operation NEXTDC for around $17m. NEXTDC, founded by another Brisbane richlister Bevan Slattery, has experienced large growth in the last couple of years as the work-from-home phenomenon and expansion of streaming boosted demand for data storage.

AUCloud, which services the government, defence, intelligence and critical national industry sectors, will raise $35m through the issue of new shares as part of the deal.

Reid (illustrated) tells your diarist that the couple have been significant shareholders in AUCloud from the beginning and will be participating in the rights issue.

Proceeds from the equity raising will be used to build three cloud platforms in Brisbane, Melbourne and Adelaide.

The richlisters announced last week they were walking away with a $125m payday after selling the last of their stake in Icon.

Icon Group, which operates cancer health clinics around the globe, has been sold by its majority owners QIC and Goldman Sachs for a reported $2.5bn to private equity group EQT. Under the deal, the couple, who own about 5 percent of Icon, also exited the company.

AUCloud chair Cathie Reid. Picture: Tara Croser.

TRAVEL PLANS

Jamie Pherous’ Corporate Travel Management has picked up a big government contract at the expense of Graham ‘Skroo’ Turner’s Flight Centre. Corporate Travel Management (CTM), which has been bleeding red ink due to travel shutdowns during the Covid-19 pandemic, will from January provide travel booking services for all Federal MPs, their staff and former parliamentarians. Federal pollies have a travel budget of about $60m each year so it’s a big deal for CTM which reported a net loss of $32.3m in the 2021 financial year.

CTM replaces FCM Travel Solutions, which is owned by Flight Centre, and follows a competitive open tender process.

Corporate Travel Management CEO Jamie Pherou.

SWEET SPOT

Springfield City Group pulled out all stops on Friday to celebrate Diwali, the Indian

Festival of Lights.

About 800 free tickets to the event, which included the screening of the Bollywood blockbuster Sooryavanshi, were snapped up in a matter of hours with the group having to book a second cinema to cater for the huge demand.

Guests wore traditional attire for the event, with Federal Member for Oxley Milton Dick, State MP for Jordan Charis Mullen and Ipswich Mayor Teresa Harding spotted amongst the crowd. Springfield City Group director of marketing and communications Narendran Sinnathamby says guest also were provided with Indian sweets sponsored by Guru Property. “We wanted it to be much more than just a celebration of Diwali,” says Sinnathamby. “It was also an opportunity for Springfield City Group to acknowledge the tremendous contribution our large Indian community has made to the Greater Springfield region.” Observed by more than a billion people worldwide, the five-day Diwali is India’s most important festival of the year.

Springfield founder Maha Sinnathamby is a Hindu of Sri Lankan Tamil descent.

Umah Ranchigoda, Raynuha Sinnathamby, Ipswich Mayor Theresa Harding and Neha Arora.

ROUND AND ROUND

Brisbane philanthropist and golf nut Mick McLoughlin is determined to become the country’s newest world record holder with the challenge of playing 2001 golf holes in the next seven days. McLoughlin started his attempt on Sunday at Wynnum Golf Club and plans to play 286 holes, or 16 rounds per day, over the next week. The slog is all for a good cause with McLoughlin aiming to raise $250,000 for Ronald McDonald House Charities South East Queensland. Those that know McLoughlin, know this crazy idea will be achieved. The event will conclude on Saturday November 27.

Mick McLoughlin is attempting to break a golfing world record in November.