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Quadrant Private Equity

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Quadrant Private Equity (also simply known as Quadrant) is an Australian private equity investment firm based in Sydney, Australia. The company was founded as Quadrant Capital in 1996 by Chris Hadley.[1] By 2022, the Managing Partner was Jonathan Pearce.[2]

Quadrant Private Equity
FormerlyQuadrant Capital
Company typeProprietary limited company
IndustryPrivate Equity
Founded1996; 28 years ago (1996)
FounderChris Hadley
HeadquartersSydney, Australia
ProductsPrivate equity funds
Websitequadrantpe.com.au

Quadrant hosts multiple investment funds which invest in businesses across a wide array of industries and sectors, specifically targeting management buyouts and growth capital transactions.[3] The first three Quadrant funds delivered a collective 37% return between 1996 and 2006.[3]

The firm has owned or co-owned a number of well-known Australian companies including, Affinity Education, Barbeques Galore, Darrell Lea, Journey Beyond, Fitness First, and Timezone.[4][2][5][6]

Quadrant is Australia's largest fitness centre operator through acquisitions of brands including Fitness First, Jetts Fitness and GoodLife Fitness.[7] Quadrant has floated a number of its interests on the Australian Securities Exchange (ASX) including Kathmandu, Virtus Health,[8] Isentia,[9] APN Outdoor, Bapcor (previously Burson Auto Parts) and Estia Health.[10]

Notable investments

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A Red Rooster outlet
 
The Ghan, a rail service operated by Journey Beyond

Quadrant bought Kathmandu Holdings in 2006 for NZ$275 million, floating the company on the ASX three years later for around AU$350 million.[11]

In 2007, Quadrant acquired Australian-owned fast food restaurants Red Rooster, Chicken Treat and Oporto in deals collectively worth A$240 million, forming Quick Service Restaurant Holdings (renamed in 2017 as Craveable Brands). The group of 620 stores was sold in 2011 to Archer Capital for A$450 million.[12]

Quadrant purchased a half-stake in advertising company APN Outdoor in 2011, before acquiring the remaining stake from APN News & Media in 2013 for around A$70 million.[13] It was listed on the ASX in 2014.[14]

In 2012, Quadrant and Ironbridge Capital formed BBQSAM Holdings after acquiring retailers Barbeques Galore and Amart Furniture.[15][16]

Quadrant purchased Zip Industries in 2013[17] from its founder, and after abandoning an IPO offloaded the company to Culligan in 2017 for around US$550 million.[18]

In 2014, Quadrant purchased a 45% stake in Canberra Data Centres for A$140 million, selling the businesses two years later.[19] The deal was recognised with an award from The Australian Private Equity and Venture Capital Association Limited (AVCAL).[20]

In 2015, Quadrant purchased Queensland-based pet food company VIP Pet Foods for A$410 million.[21] After renaming the company The Real Pet Food Company, Quadrant sold the business to a foreign consortium including Singapore's Temasek Holdings and Chinese firms Hosen Capital and New Hope Group for A$1 billion in 2017.[22]

In 2016, Quadrant acquired restaurants owned by chef Neil Perry through its Urban Purveyor Group for a reported A$65 million, creating the Rockpool Dining Group.[23] Quadrant acquired a majority stake in Great Southern Rail in 2016, operator of the Indian Pacific and The Ghan train journeys, folding the company into its investments in Cruise Whitsundays and Rottnest Express to form tourism company Experience Australia Group.[24][25]

Also in 2016, Quadrant Private Equity formed Fitness and Lifestyle Group, after purchasing Jetts Fitness, Goodlife Health Clubs, Hypoxi and the Australian arm of Fitness First, becoming the largest operator of fitness centres in Australia.[7] The holding company is partially-owned by Oaktree Capital Management.[26][27] Queensland-based Go Health Clubs were added in 2017.[28] The Australian arm of Jetts Fitness was divested in 2022, retaining the international Jetts brand.[29]

In 2017, Quadrant acquired a partial stake in gaming arcade company Timezone.[30]

In 2017, Quadrant sold their majority share of Icon Group, Australia's largest oncology provider, in a reported $1.1 billion deal.[31]

Quadrant purchased an 80-90% stake in confectionary company Darrell Lea in 2018 in a deal worth around A$200 million.[21][32]

In 2019, Quadrant bought auction business Grays Online for A$60 million from Eclipx Group.[33]

In 2020, Quadrant bought the Enterprise business from Arq Group as part of a consortium for A$35 million.[34]

Quadrant acquired Jaybro, a supplier to the construction and infrastructure sector operating in Australia and New Zealand, in March 2022.[35][36]

Funds

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A Fitness First gym in suburban Sydney, Australia in 2016.

Quadrant Private Equity has operated a total of 9 individual funds.[37]

Fund Years active Capital ($m) No. of investments
Quadrant Capital Fund No. 1 1996-2007 $50 16
Quadrant Capital Fund No. 2 1998-2008 $75 13
Quadrant Capital Fund No. 3 2001-2009 $125 7
Quadrant Private Equity No. 1 2005-2015 $265 7
Quadrant Private Equity No. 2 2007-2017 $500 5
Quadrant Private Equity No. 3 2010-2020 $750 7
Quadrant Private Equity No. 4 2014-2024 $850 7
Quadrant Private Equity No. 5 2016-2026 $980 5
Quadrant Private Equity No. 6 2017-2027 $1,150 1

References

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  1. ^ Thompson, Sarah; Macdonald, Anthony; Boyd, Tim (10 December 2020). "Rock-star reception for Quadrant Private Equity's $1.24b raising". Australian Financial Review.
  2. ^ a b "Early obituary for Quadrant's Jonathon Pearce". Australian Financial Review. 16 August 2023. Retrieved 18 October 2023.
  3. ^ a b "Quadrant Closes USD 500 million private equity fund". Private Equity Wire. 3 May 2007. Retrieved 20 May 2018.
  4. ^ "Quadrant pauses $1b Affinity auction, eyes ACCC childcare report". Australian Financial Review. 13 October 2023. Retrieved 18 October 2023.
  5. ^ Carter, Bridget (17 June 2023). "Barbeques Galore gets cooking with E&P Corporate Advisory". The Australian.
  6. ^ Carter, Bridget (19 May 2019). "Quadrant's Darrell Lea sale on the back burner". The Australian.
  7. ^ a b Bennet, Michael (25 August 2017). "Fitness and funds - but is fitting in a workout half the work?". Westpac. Retrieved 20 May 2018.
  8. ^ King, Mike (11 June 2013). "Virtus Health: Not so healthy". Fool. Retrieved 20 May 2018.
  9. ^ Pash, Chris (6 June 2014). "iSentia Float Values Media Monitoring Veteran John Croll's Holding At $18.4 Million". Business Insider Australia. Archived from the original on 10 June 2014. Retrieved 20 May 2018.
  10. ^ Dunn, James (16 June 2017). "Lessons for participating in private equity floats". NAB. Retrieved 20 May 2018.
  11. ^ Thomas, Denny (19 October 2009). "UPDATE 2-Australian retailer Kathmandu plans $349 mln IPO". Reuters. Retrieved 20 May 2018.
  12. ^ Thieberger, Victoria (14 June 2011). "UPDATE 1-Australia's Archer buys fast food chain for A$450 mln". Reuters. Retrieved 20 May 2018.
  13. ^ "APN set to sell outdoor business to Quadrant". AdNews. 22 October 2013. Retrieved 20 May 2018.
  14. ^ Hayes, Alex (11 November 2014). "APN Outdoor close down on first day of trading". Mumbrella. Retrieved 20 May 2018.
  15. ^ "A-Mart and Barbeques Galore sold". Sunshine Coast Daily. News Corp Australia. 15 August 2012. Retrieved 20 May 2018.
  16. ^ "BBQSAM Holdings Pty Ltd - Profile Company Report Australia". IBISWorld. 25 June 2017. Retrieved 20 May 2018.
  17. ^ Clearly, Paul (20 February 2018). "Michael Crouch – Australia's hot water king dies age 84". Australian Financial Review. Retrieved 20 May 2018.
  18. ^ "US water treatment company buys Quadrant's Zip Industries". Australian Financial Review. 30 June 2017. Retrieved 20 May 2018.
  19. ^ Saarinen, Juha (19 May 2016). "Canberra Data Centres taken over in $800m deal". IT News. Retrieved 20 May 2018.
  20. ^ Pash, Chris (15 September 2017). "The best Australian private equity deals of 2017". Business Insider Australia. Archived from the original on 16 September 2017. Retrieved 20 May 2018.
  21. ^ a b Chau, David (16 January 2018). "Darrell Lea sold to private equity for $200 million; outgoing owner says 'absolutely no job cuts'". ABC News. Retrieved 20 May 2018.
  22. ^ Ryan, Peter (24 October 2017). "Real Pet Food Company: Chinese investors gobble up Queensland business targeting four-legged gourmets". ABC News. Retrieved 20 May 2018.
  23. ^ Waters, Cara (28 April 2018). "How private equity swallowed Rockpool". Sydney Morning Herald. Fairfax Media. Retrieved 20 May 2018.
  24. ^ "Control of the Indian Pacific, Ghan changes one more time in private equity reshuffle". Sydney Morning Herald. Fairfax Media. 15 September 2016. Retrieved 20 May 2018.
  25. ^ Rottnest Express anchors new tourism play The West Australian 15 November 2016
  26. ^ "Quadrant expands wellness empire with acquisition of Fitness First Australia". Australasian Leisure Management. 29 September 2016. Retrieved 19 May 2018.
  27. ^ "Fitness First gyms in new hands". Australian Associated Press. Special Broadcasting Service. 30 September 2016.
  28. ^ "Fitness and Lifestyle Group acquires Go Health Clubs". Australian Leisure Management. 27 October 2017. Retrieved 20 May 2018.
  29. ^ "Fitness First parent divests franchise division of Jetts Fitness via management buyout". Business News Australia. 26 September 2022. Retrieved 6 January 2023.
  30. ^ Smith, Sean (13 November 2017). "Perth family behind Timezone adds second player". The West Australian. Retrieved 20 May 2018.
  31. ^ "Icon Group won't slow growth after $1.1b deal". Australian Financial Review. 22 May 2017. Retrieved 17 July 2018.
  32. ^ Thompson, Sarah; Macdonald, Anthony; Moullakis, Joyce (15 January 2018). "Quadrant Private Equity buys Darrell Lea". Australian Financial Review. Archived from the original on 15 January 2018. Retrieved 15 January 2018.
  33. ^ Mickleboro, James (5 July 2019). "Eclipx share price rockets 28% higher on GraysOnline sale news". Yahoo Finance.
  34. ^ "Quadrant Growth Fund buys Arq Enterprise for $35m". Australian Financial Review. 11 February 2020. Retrieved 6 May 2022.
  35. ^ Carcano, Sonia (3 March 2022). "Quadrant Private Equity's Acquisition of Jaybro". Retrieved 6 May 2022.
  36. ^ Croft, Lauren (14 March 2022). "Jaybro acquired by private equity firm". www.lawyersweekly.com.au. Retrieved 6 May 2022.
  37. ^ "Quadrant Private Equity Investments". Quadrant Private Equity. Retrieved 20 May 2018.
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