September 2006

Three funds announced deals during August.

ANZ Capital has backed previous management to acquire Nufarm Limited's Auckland-based animal health division for $31m. New Zealand’s largest privately-owned fruit and produce distributor Freshmax is aiming to expand into the Australian market with the backing of Sydney-based Wolseley Private Equity. AMP Pencarrow announced that it had invested around $9 million in Home Ideas Group, New Zealand’s leading provider of display exhibits on behalf of companies in the building and home products industries.

And AMP Pencarrow investee company New Zealand Crane Hire announced that it had purchased Wellington crane company Collins Cranes Ltd.

In people news, in early August Angel investment network ICE Angels announced that it had appointed Mike Murphy as its new CEO. Mike has more than two decades experience in the ICT sector at senior management and ownership level.

And great to see the recent announcement of the first four partners for NZVIF’s Seed Co-Investment programme. These were ICE Angels, Sparkbox, Powerhouse Ventures and Chrysalis Ventures. NZVIF has now also called for applications for additional co-investment partnerships.

The NZVCA/Ernst & Young NZ Venture Capital and Private Equity Monitor survey for the first half of 2006 was launched at a well attended event in Wellington on 6 September.

New Zealand’s Venture Capital and Private Equity industry continues its growth trajectory in the six months to 30 June, with a record 54 deals completed worth an adjusted investment value of $434 million. This compares to $27 million across 25 deals in the same period last year, although last year’s figures did not incorporate the activity of offshore funds in New Zealand and there were some certainly very large private equity deals included in these latest figures.

The full survey results, and details on all of the above news items, can be found at www.nzvca.co.nz

Members are reminded that the NZVCA’s 2006 AGM will be held from 4.30pm - 5.15pm on Thursday 21 September. The AGM is being held at Ernst & Young, Level 18, 41 Shortland Street, Auckland and will be followed by drinks and nibbles from 5.30pm - 7.00pm. Please register by close of play on Tuesday 19 September if you would like to attend the AGM and/or the member function.

Please note that only financial members of the NZVCA at 21 September 2006 are eligible to attend and vote at the AGM and attend the drinks function afterwards. Please contact me as soon as possible if you are unsure of your current membership status.

Take me to the online registration for the AGM

Full details on the "Private Company Investment" day on 31 October 2007 and the 6th Annual NZVCA conference on 1 November 2007 are set out in the attached document.

Take me to the NZVCA conference online registration form

We welcome the following new members:

CHAMP Private Equity, Sydney – Full member

Quay Partners, Sydney - Institutional Investor member

NZ Superannuation Fund - Institutional Investor member

RECT Funds Management Ltd - - Institutional Investor member

Andrew Bachelor – Individual member

John Humphrey – Individual member

Limited spaces are still available for the fourth workshop in this series which takes place from 7.30am – 9.30am on Thursday 18 October at the Stamford Plaza, Auckland. The workshop includes a light breakfast.

This session will look at Leadership - The value of excellent business leadership; Principles of outstanding modern leadership; Transforming an average team into a top performing team and keys to leading people from different generations.

The speakers are Dr Lester Levy, Chief Executive of Excelerator and Adjunct Professor of Leadership at the University of Auckland Business School; Ms Sarah Trotman, Small Business Sector Specialist and Mr Nick Main,Chairman, Deloitte

For more information on this workshop, and to register for the event, please click through the link below.

Take me to the online registration for this event

The next event will be a combined Tuesday Club (before dinner) and NZSA Networking Dinner evening beginning sharply at 5:00pm on Tuesday 10 October at the Tamaki Yacht Club, Mission Bay Auckland (both events).

You’re also invited to attend the networking dinner (served at 7.15pm) event with guest speaker Dr Rod Carr, from Jade Software Corporation in Christchurch.

For further details please see the attached document and to register for this event please go to the Software NZ Association website.

Take me to the Software NZ Association website

The NZBio AGM will be held on Monday 25 September at the Novotel Ellerslie in Auckland, starting at 10.30am. From 11.30-12.30pm biotechnology communications professional, Marcia Kean of Feinstein Kean Healthcare will give a free one-hour presentation on Financing and partnering strategies: the critical role of communications. This is open to all AGM attendees.

At 1.30pm Marcia and her colleague Jeremiah Hall (see attached document for speaker details) will present a half-day seminar entitled The Creative Toolbox: Programs to Drive Valuation and Deals. This half-day presentation is free to members but spaces are limited and registration is essential.

Please see the NZ Bio website for more information on the AGM as well as other Wellington, Christchurch and Dunedin speaking dates for Marcia Kean and Jeremiah Hall.

Take me to the NZ Bio website

Chris Twiss
ex NZVCA