PRIVATEEQUITYAUSTRALIA.

COM

Private Equity News Australia

Australia Private Equity News Weekly Report Date
Edition 34 5 August 2019

ASX200 INDEX
Key Highlights From Various Media Sources
7,000
 Snack foods manufacturer Prolife Foods is for sale
6,500
 Auscott Ltd seeking to divest cotton farming land
6,000
 IFM Investors takes a stake in My Plan Manager
5,500
 Sirena Tuna is for sale
5,000
 Cobham plc to divest Cobham Aviation Services
4,500
 MPC Kinetic eyeing an IPO
4,000
'15 '16 '17 '18 '19
 Prolife Foods. It was reported that NZ-based snack foods manufacturer
Prolife Foods is running a sale process. The company is said to be
EQUITY INDICES (WEEKLY % CHANGE)
generating annual earnings of circa NZ$15 million. 1
0.0%
 Auscott Ltd. It was reported that Auscott Ltd is seeking to divest a
(1.0%)

(0.4%)
portfolio of cotton farming land, water and processing assets in
(2.0%)
northern NSW with a reported price tag of c.$300 million. 1

(1.9%)
(3.0%)

(2.6%)
(2.4%)

(3.1%)

(3.1%)
 My Plan Manager. It was reported that IFM Investors is set to take a (4.0%)

(3.4%)
stake in My Plan Manager, a provider of plan management services to (5.0%)
clients in the NDIS. 1

(5.2%)
(6.0%)
(7.0%)
 Sirena Tuna. It was reported that family-owned tinned tuna brand
Sirena is for sale with an asking price of $300 million. 1

 Coverforce. It was reported that Pemba Capital Group has agreed to

sell its 49% stake in unlisted insurance brokerage Coverforce to AUB
Group, but it is understood that the CEO & 47.5% shareholder of
Coverforce is disputing Pemba Capital Group’s right to force the sale of
the entire company under its drag-along rights. It is understood that For more information
AUB Group is seeking to acquire Coverforce for between $150 million
to $200 million. 1 David Gacic
Director – Corporate Finance
E: ddg@lccapac.com
 MPC Kinetic. It was reported that coal seam gas services business MPC
Kinetic (backed by US-based SCF Partner and Perth-based Viburnum
Funds) is eyeing a $500 million-plus listing on the ASX later this year. 1
Duncan Ross
Director – Corporate Finance
E: sdr@lccapac.com
 Cobham Aviation Services. It was reported that Cobham plc is seeking
to sell Cobham Aviation Services, the third-largest aviation group in Nicholas Assef
Australia. The company is said to be generating circa $100 million in Founder & Principal
EBITDA. 1 E: naa@lccapac.com

 Silk Contract Logistics. It was reported that Victoria-based transport

and logistics company Silk Contract Logistics is eyeing an IPO. 1 Phone : + 61 2 9262 2121

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 Velocity Frequent Flyer. It was reported that Affinity Equity Partners-backed DAILY PERFORMANCE OF ASX200
Velocity Frequent Flyer is meeting fund managers ahead of a potential IPO.
1

 Horizon Global Asia Pacific. It was reported that KPS Capital Partners- 1.0%

backed DexKo Global is eyeing the up-for-sale Asia Pacific arm of Horizon

0.5%
Global. 1

0.3%
 Craveable Brands. It was reported that PAG Asia Capital is seeking to raise
0.0%
$300 million in unitranche debt to finance its $480 million acquisition of
Craveable Brands (Red Rooster and Oporto franchise) from Archer Capital.
1

(0.3%)
(0.3%)
(0.5%)
 illion. It was reported that Archer Capital is preparing its data registries
business illion for an exit process. 1 (1.0%)

 EMR Capital. It was reported that mining-focused private equity firm EMR
Capital is considering an ASX listing for its copper and base metal assets
(which include the Golden Grove mine in WA, the Capricorn copper asset
in QLD and an 80% stake in Zambia’s Lubambe copper mine). 1

 King Vol and Mungana base metal mines. It was reported that Denham The ASX200 closed 0.4%
Capital is seeking to offload the King Vol zinc mine and the Mungana mine lower for the week to end at
(which is currently under care and maintenance). 1 6787 points. The US
Federal Reserves’ decision
 Cubbie Station. A MIRA-backed agricultural fund has agreed to acquire a
49% stake in Cubbie Station from Shangdong Ruyi. 1 to cut interest rates by 25
basis points underwhelmed
 Judo Bank. It was reported that Judo Bank has raised $400 million from a the market as it was
group of investors that include Bain Capital Credit, Tikehau Capital, accompanied by comments
OPTrust, Abu Dhabi Capital Group, Ironbridge and SPF Investment
from its Chairman Jerome
Management. 1
Powell which were viewed
 Lumachain. It was reported that food supply blockchain technology startup as hawkish. The Trump
Lumachain has raised $3.5 million from Main Sequence Ventures (the administration’s surprise
manager of CSIRO’s Innovation Fund). 3 decision to increase tariffs
on China also pushed
 Payright. Buy-now-pay-later startup Payright has raised $27 million in debt
and equity funding in a funding round led by Henslow, Escala Partners and markets lower on Friday
a range of other investors. 3

 Dgraph Labs. It was reported that Dgraph Labs, a provider of a custom

graph database, raised $16.8 million in a Series A round. Investors include
Redpoint Venture, Bain Capital, Grok Ventures, Blackbird Ventures and
Airtree Ventures. 2

Sources:
(1) The Australian Financial Review
(2) The Australian
(3) SmartCompany
(4) ASX / Company Announcement
(5) Australian Mining
(6) Mining Journal

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or are seeking to raise external capital to accelerate their growth strategies.

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