Pacific Equity Partners

Pacific Equity Partners (PEP) is an Australasian private equity investment firm focusing on leveraged buyout and growth capital transactions primarily in Australia and New Zealand. PEP invests across a broad array of industries and will invest in turnaround and growth capital transactions.

Pacific Equity Partners
Proprietary limited company
IndustryPrivate Equity
Founded1998 (1998)
FounderSimon Pillar,
Rickard Gardell,
Paul McCullagh,
Tim Sims
HeadquartersSydney, Australia
ProductsPrivate equity funds, Leveraged buyouts
Total assetsAUD 3.9 billion
Websitewww.pep.com.au

PEP is based in Sydney, Australia and was founded in 1998 by Simon Pillar, Rickard Gardell, Paul McCullagh and Tim Sims. The majority of the firm's founders originally worked together at consulting firm Bain & Company.

The firm has raised more than AUD 8 billion across five funds since its founding and is the largest PE firm in Australia. PEP has approximately AUD 3.9 billion of capital under management,[1] making it the largest PE firm in Australia[2] and among the 50 largest private equity firms globally.

Investments

PEP has made more than 30 operating company investments as well as 100 bolt-on acquisitions since its founding.[2] Among the firm's historical investments are Hoyts (sold to Wanda Cinemas in 2015),[3] REDgroup Retail (Angus & Robertson, Whitcoulls, Borders Pacific Region, defunct in 2011), Independent Liquor (sold to Asahi Breweries in 2011),[4] Godfreys, Griffin's Foods (acquired from Danone in 2006 and sold to Universal Robina in 2014),[5] Frucor (sold to Suntory in 2008), Peters Ice Cream (sold to R&R Ice Cream in 2014) and Tegel Foods (acquired in 2005 from Heinz and sold to Affinity Equity Partners in 2011).[6]

Some of the firm’s current investments include Patties Foods,[7] iNova Pharmaceuticals,[8] medical devices group LifeHealthcare,[9] smart metering company IntelliHUB,[10] and Evolution Healthcare.[11]

More recently, PEP made two further acquisitions toward the end of 2019. It purchased the Asia-Pacific segment of NYSE-listed towing and trailering equipment manufacturer Horizon Global [12] and it also acquired community energy network provider WINconnect [13] from private operators. WINconnect is the third deal for the firm’s Secure Assets Fund.

PEP has also successfully exited some major investments.

The firm realised a strong return from the sale of New Zealand honey supplier Manuka Health which it exited in 2018 for $NZ300 million.[14] PEP first purchased Manuka in 2015 and made key changes including expanding the company’s operations and leading an industry reform to standardise honey grades, allowing better transparency on quality and reducing counterfeiting. This work gained industry recognition in 2018 for quality management and responsible investing.[15]

Other recent investment exits include the sale of Allied Pinnacle to Japan’s Nisshin Foods[16] in February 2019 and the exit of NZ private education provider ACG[17] in late 2018.

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References
  1. "Pacific Equity Partners - About Us". www.pep.com.au. Retrieved 26 March 2019.
  2. Mendoza, Carmela (24 July 2018). "Pacific Equity Partners on why the Australian mid-market is thriving". Private Equity International. Retrieved 10 April 2019.
  3. "Hoyts to be sold to private equity group". ABC News. 24 September 2007. Retrieved 9 April 2019.
  4. "Asahi to Buy New Zealand Liquor Company". DealBook. 18 August 2011. Retrieved 9 April 2019.
  5. "Pacific Equity buys Griffin's Foods". The Age. 1 April 2006. Retrieved 9 April 2019.
  6. "Pacific Equity Mulling Options for Tegel Foods". DealBook. 20 August 2010. Retrieved 9 April 2019.
  7. “PEP in advanced discussions to acquire ASX listed Patties Foods” “Australian Financial Review”, 29 May 2016.
  8. “iNova sold to PEP, the Carlyle Group” “Australian Financial Review”, 9 June 2017.
  9. “Allens advises PEP on acquisition of LifeHealthcare” from Allens Media Release, 25 May 2018.
  10. “Landis+Gyr and Pacific Equity Partners announce joint venture for acquisition of acumen metering business” from Landis+Gyr media release, 24 May 2018.
  11. “North Island Hospitals sold to new Australian Owners” in Stuff.co.nz on 25 September 2018.
  12. , Horizon Global Investor Centre, 16 Aug 2019.
  13. , in Australian Financial Review, 19 Dec 2019.
  14. - Pacific Equity Partners secures sale for Manuka Health, Australian Financial Review, 27 September 2018.
  15. - 2018 AVCJ Awards for Responsible Investment: Manuka Health, Asian Venture Capital Journal, 12 November 2018
  16. - PEP secures sale for Allied Pinnacle, Australian Financial Review, 27 February 2019.
  17. - Sale of ACG schools, Newsroom NZ, 23 June 2018.
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