Today
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 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
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
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 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.
Fletcher Building sells Tradelink to one of America’s richest families
Blackfriars is controlled by the secretive Colburn family, and was self-advised.
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 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.
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 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.
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.
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.
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.
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.
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.
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.
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.
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 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.
