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    Kanika Sood

    Co-editor, Street Talk

    Kanika Sood is a journalist based in Sydney who writes for the Street Talk column. Email Kanika at kanika.sood@afr.com.au

    Today

    Viburnum Funds managing partner Craig Coleman.

    Viburnum Funds sets sights on Coventry Group breakup

    Fluids spoke for about 43 per cent of the group’s total $371.3 million revenue in the 2024 financial year.

    • 39 mins ago
    Nature’s Care headquarters in Belrose, Sydney.

    Nature’s Care sale docs in front of potential buyers; NBIOs due Sept 6

    Although the company returned a $23.7 million operating profit in 2023, it has struggled under a heavy debt load and missed a $148 million debt payment last month.

    • 1 hr ago
    Ashok Jacob, chairman and portfolio manager, Ellerston Capital.

    First Sentier talent lands at Ellerston Capital

    Street Talk understands Ashok Jacob’s firm has added First Sentier portfolio manager Jack Briggs to its ranks.

    Yesterday

    Metcash bought the 15 per cent of Total Tools it didn’t already own in November.

    Shareholders move against Metcash as hardware spin-out hopes fade

    Street Talk understands influential shareholders harbouring concerns about Metcash’s Independent Hardware Group as Wesfarmer’s Tool Kit Depot ramps up its national expansion.

    Magellan executive chairman Andrew Formica and new recruit Sophia Rahmani, who will take over as chief executive.

    Magellan fund redemptions put shareholders on edge

    Anxious shareholders were rattled by the $800 million in funds under management that walked out the door from the Magellan Global Fund in July.

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    Plumbing supplies business Tradelink has a new owner.

    Fletcher Building sells Tradelink to one of America’s richest families

    Blackfriars is controlled by the secretive Colburn family, and was self-advised. 

    Tiffany & Co’s flagship store at 175 Pitt Street.

    Dexus, CPPIB in advanced talks to sell Sydney’s $550m Tiffany building

    The tower’s book value was about $622 million as of December 31, but this was slashed to about $550 million during Dexus’ revaluation of its portfolio in June.

    Orora CEO Brian Lowe.

    Orora taps UBS as private capital lurks after $2.2b Saverglass buy

    Should Orora’s share price pain attract a bidder, it would end the former Amcor unit’s 11-year stay on the ASX boards.

    This Month

    Eyes on Macquarie as opportunistic credit funds circle Bingo

    Street Talk understands the debt is again changing hands among a handful of special situation specialists, including debt trading house SC Lowy.

    Mark Creasy emigrated from the UK in 1964, after graduating from the British Royal School of Mines, and took a job in a Queensland coal mine.

    Creasy in talks to buy Macquarie’s $148m debt at bombed-out gold miner

    Sources say the trade has been agreed at (or close to) par with its carrying value, meaning Macquarie would make whole on its money.

    Corrs Chambers Westgarth’s head of corporate Sandy Mak.

    Corrs sizes up Herbert Smith Freehills PE partner

    Street Talk understands the Corrs board has approved the hire of Freehill’s top private equity partner, Kam Jamshidi.

    Michael Gutman, founder of Assembly Funds Management, is restocking the firm’s acquisition war chest.

    Assembly Funds Management kicks off $100m raise for property fund

    Michael Gutman is aiming for 15 per cent to 17 per cent in annualised target returns from ADPF2, whose mandate allows it to invest in either debt or equity.

    Phocas CEO Myles Glashier and CFO   Dave Boorman.

    Sydney’s Phocas Software courts global buyers

    Phocas joins a growing list of Australian tech companies – especially those with large global businesses – which are seeking their M&A fortunes overseas.

    Gold producers Red 5 and Silver Lake merged in June.

    Red5 launches $138m block trade; Euroz Hartleys on ticket

    Shares were priced at 0.335¢ a pop – a 5.94 per cent discount to the five-day volume-weighted average price.

    Radiology giant I-MED already has nearly 25 per cent market share in Australia, with half of its revenue coming from Medicare.

    Switzerland’s Unilabs takes a look at $4b I-MED radiology business

    The company’s British private equity owners, Permira, brought in Morgan Stanley and Jefferies earlier this year to work on plans for a bumper payday.

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    Conveyor belts cut the number of kilometres walked by warehouse staff from 14 to 1.5 a day.

    Crowded field down to one as Booktopia emerges with new owner

    DigiDirect, a privately held electronics retailer, has all but won a McGrathNicol-led sale process, which kicked off when the bookstore collapsed in July.

    A Rex plane in Melbourne. The company has scrapped serviced between Sydney and other capital cities.

    Dealmakers send out the sales pitch for the rebirth of stricken Rex

    But Regional Express’ prospective buyers don’t have much time. Confidential documents put an August 30 deadline on binding buyout offers for the carrier.

    Shangri-La Melbourne under construction in March 2022.

    Malaysian developer set to sell 50pc stake in Melbourne’s Shangri-La

    Sources said the acquirer was a large unlisted credit fund and had put a compelling offer on the table that exceeded the initial sale price expectations.

    Nature’s Care was Australia’s third-largest vitamins company.

    Houlihan Lokey tapped for Nature’s Care sale

    Street Talk can reveal receivers BDO Australia called in Houlihan Lokey to kick off a sale process.

    Mosaic Brands, the parent company of budget fashion labels Noni B, Rivers, Katies, Millers and more, has entered safe harbour.

    Mosaic Brands in ‘safe harbour’; Deloitte in wings

    Mosaic, whose brands include Katies, Millers, Noni B and Autograph, is understood to be working with Deloitte’s distressed advisory division, run by Sam Marsden.