This is a round-up of the major ongoing deals involving private equity houses active in Australia/New Zealand over the last month. This list does not consider deals that may have been completed but have not yet been made public. You can receive the Private Equity round-up by creating a new alert with the “Deal round-ups” topic and selecting the desired geography.

Largest announced deal – Australian offshore support vessel service provider MMA Offshore [ASX:MMA] entered into a binding Scheme Implementation Deed to be bought by Cyan MMA Holdings, a deal valuing MMA equity on a fully diluted basis at approximately AUD 1.03bn (USD 671m). Cyan MMA is a subsidiary of Cyan Renewables, which is an offshore vessel portfolio company of Seraya Partners, an infrastructure fund focused on energy transition and digital infrastructure.

Most active sector – Computer software and Services (other) recorded three deals each out of the 11 deals.

New situations

Ravenswood Gold Mine (06/03/2024)

EMR Capital is thought to be seeking an adviser for the potential sale or IPO of its Ravenswood gold mine in Queensland, The Australian’s Dataroom column reported. According to the report, which did not cite sources, EMR is thought to be mulling either a full or partial divestment of the asset. EMR paid AUD 300m (USD 195m) to buy Ravenswood from Resolute Mining in 2020, the report said.

Endeavour Group (18/03/2024)

At least one investment banking group is thought to be working on a pitch to split Endeavour Group [ASX:EDV], an Australia-based liquor store and pub owner, The Australian reported, without citing sources. The item noted that BGH Capital, which considered buying Endeavour in the past, could again be eyeing the business. BGH could acquire Endeavour’s liquor business, while Endeavour’s largest shareholder, Bruce Mathieson, would keep the remainder.

Healthe Care (21/03/2024)

Pacific Equity Partners (PEP)-owned Healthe Care, an Australian hospital owner, is undertaking a review of its business in the face of rising industry costs, The Australian reported. According to the report in the paper’s Dataroom column, Healthe Care’s head of Human Resources, George Diakos, said in a letter to the NSW Nurses and Midwives Association, that Healthe Care is undertaking a process review to ensure hospitals are being run as efficiently as possible. Healthe Care was acquired by Pacific Equity Partners for around AUD 400m (USD 262m) in 2021, the item noted.

Ongoing situations

Guardian Early Learning (04/03/2024)

Affinity Equity Partners is thought to be close to a deal to acquire Guardian Early Learning, an Australia-based childcare business, The Australian reported. Guardian was put up for sale last year through Morgan Stanley and Affinity is understood to have taken a close look at the business at that time. The report said that Guardian is thought to be generating annual EBITDA of between AUD 80m and AUD 100m (USD 65m).

Woodside Energy’s [ASX:WDS] Macedon and Pyrenees oil and gas assets (08/03/2024)

The Carlyle Group is considered the likeliest to emerge as the buyer for Woodside Energy’s [ASX:WDS] Macedon and Pyrenees oil and gas assets, The Australian’s Dataroom column reported. According to the report, Carlyle executives have been spotted in Perth, the location of Woodside’s headquarters, recently fuelling speculation the company is closing in on the Woodside assets. The item noted that the decision to proceed with the divestment by Woodside remains uncertain.

Amart Furniture (12/03/2024)

Quadrant Private Equity is thought to be working on the sale of Amart Furniture, an Australia-based furniture retailer, The Australian reported. According to the report in the paper’s Dataroom column, sources said that advisers working on the sale have held one-on-one meetings with private equity suitors in recent weeks, apparently after Quadrant reached out to rival retailers, such as Adairs to test their interest. Adairs is said to have passed on the acquisition opportunity, the article said. Allegro Funds and Anchorage Capital Partners are likely to be interested in Amart, the item noted.

Fisher Funds (12/03/2024)

The sale of a 34% stake in Fisher Funds, a New Zealand-based fund manager, may attract interest from government-owned institutions, Super Fund and Accident Compensation Corporation (ACC), National Business Review reported. An unnamed market source was cited as saying that any deal would be very large and that Super Fund and ACC are mandated to only purchase minority stakes. PE firm TA Associates has reportedly offered the stake for sale with Macquarie advising. The AFR recently reported that Cameron Partners has approached potential bidders with a flyer pitching itself for a buy-side advisory role. Fisher Funds is expected to generate EBITDA of NZD 100m (USD 61m) this financial year, according to the AFR report.

PageUp (13/03/2024)

EQT Partners is said to have submitted a bid for PageUp, an Australia-based human resources software business, the Australian Financial Review reported. According to the report in the paper’s Street Talk column, sources said that EQT was among the parties that submitted a non-binding indicative bid to sale adviser William Blair last month for Battery Ventures’ 80% stake in PageUp. The article said Permira is also thought to have been interested, but it is unclear if the firm submitted a bid.

Southern Cross Media Group (18/03/2024]

Southern Cross Media Group [ASX:SXL] unanimously determined that it is appropriate to now re-engage with the bidding consortium of ARN Media [ASX:A1N] and Anchorage Capital Partners to provide the consortium with the opportunity to finalise its proposal. The decision to engage on the proposal is on the basis that the revised terms reflect an exchange ratio of not less than 0.87 ARN Newco shares per fully diluted SCA share, together with the existing proposed AUD 29.6 cents cash per share.

AirTrunk (19/03/2024)

Macquarie Asset Management and PSP Investments have formally begun the sale of a stake in the AirTrunk data centre business, Mergermarket reported. Interested parties are now being asked to sign non-disclosure agreements to receive limited confidential information and introductions to management. While the plan is to sell a controlling stake, the size has not been set yet. Given the rapid growth of the AirTrunk business, if it was the full 88% holding that is sold an acquisition could now involve up to AUD 9bn of equity plus additional equity and debt to fund rapid growth. Blackstone — well flagged in local media as a frontrunner — is preparing to lodge a bid. GIP, GIC, CPP Investments, IFM and DigitalBridge could be potential bidders, but all would likely need to bid in consortia due to the size of the deal, the report said. Meanwhile, on 21 March 2024, The Australian said that DigitalBridge, is believed to be considering an offer for AirTrunk.

Pacific Smiles (19/03/2024)

Pacific Smiles Group Ltd [ASX:PSQ] has received a revised AUD 1.75 cash per-share non-binding acquisition proposal from Genesis Capital. The AUD 1.75 cash per-share revised offer price follows the initial indicative offer price of AUD 1.40. Pacific Smiles board has agreed to grant Genesis Capital the opportunity to conduct further due diligence, on a non-exclusive basis, to enable it to put forward a binding proposal, subject to a previously agreed confidentiality and standstill agreement, according to the statement.

Nature’s Care (25/03/2024)

Australian vitamin and skin-care products provider Nature’s Care’s receivers plan to appoint an advisor to sell the business, Mergermarket’s sister publication Debtwire reported. Standard Chartered Bank, the facility and security agent for the company’s originally AUD 280m (USD 182m) term loan, last week appointed professionals from BDO as receivers over Nature’s Care and Nature’s Care Group Pty Ltd and AJ & Son Pty Ltd. The receivers, Jeffrey Marsden, Andrew Sallway and Duncan Clubb, will hold a beauty parade soon to select a sell-side advisor, the report said.

Perpetual (26/03/2024)

Perpetual [ASX:PPT] has received preliminary bids for its wealth and corporate trust units on Friday (22 March), the Australian Financial Review reported. According to the report in the paper’s Street Talk column, the process has now moved into the second round, but sell-side advisers are still pursuing non-binding proposals. Sources said that Permira and KKR submitted offers for both the wealth and corporate trust units, while TA Associates bid for the wealth operations and EQT Partners is focused on the corporate trust business.

APM Human Services (27/03/2024)

APM Human Services [ASX:APM] has requested a trading halt pending the release of an update regarding a letter received from CVC Capital Markets, in which the PE firm stated its inability to “finalize a transaction on terms consistent with their non-binding offer” to acquire the Australia-based employment services business. A separate report in the Australian Financial Review on 19 March noted that Bain Capital is considering a proposal to acquire APM.