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News
0 New capital commitments to Australian funds decline by $2.4 billion

New capital committed to Australian venture capital and later stage private equity funds decreased by 77 per cent ($2.4 billion) in the 2012-13 financial year according to figures released today by the Australian Bureau of Statistics (ABS).

“This is the largest decrease we have seen since we first started publishing this data for the 2004-05 financial year,” said Ms Tracey Rowley, Assistant Director of Research and Development Surveys.

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0 Byron Group to officially open a new manufacturing plant

One of Wolseley Private Equity’s leading portfolio companies, Byron Group, will officially open a new multi-million dollar manufacturing plant in Sydney today.

With an annual turnover of $50m, Byron Group continues to be Australia’s largest designer, manufacturer and exporter of ambulances.

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0 Investment in Energyworks

Direct Capital today announced that it had completed an investment in Taranaki-based, Energyworks Limited, New Zealand’s leading provider of mechanical services to the onshore oil and gas,power generation and petrochemical industry.

The investment is alongside the existing owners, managing director, Dallas Chadwick and chief executive, Allen Clarke, both of whom will continue to be significant shareholders in the company and continue to manage the business. Direct Capital’s Mark Hutton will join the Energyworks board and an independent director is expected to be appointed.

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0 Recasting private equity after the financial crisis

This article published by the European Corporate Governance and written by Tilburg University academics examines the post-financial crisis trends in the private equity industry, showing investors are demanding the inclusion of more investor-favorable compensation terms in limited partnership agreements.

The findings suggest these new terms not only provide the investors with more favorable management fee and profit distribution arrangements, but also give them more control over the fund’s investment decisions.

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0 Chinese enter running to buy waste giant

The sale process for New Zealand’s biggest waste disposal company – Transpacific Waste Management – has taken a new turn with the emergence of private equity company Beijing Capital of China as a possible trade buyer, market sources said.

Private equity companies Carlisle Group and KKR, along with New Zealand specialist infrastructure group Infratil, are also understood to be potential trade buyers for Transpacific Waste Management, which is owned by Australia’s Transpacific Industries (TPI).

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