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Draft changes to PEP Wikipedia page - November 2023 - COI

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Changes to introductory section: Following making it the largest private equity firm in Australia...

Addition: In 2023, the firm announced its PEP Gateway fund, marketed as a way for individual investors to gain exposure to global private equity investing. Initial investment requirements are reduced, and capital is distributed into PEP funds alongside funds from high-end global private equity firms such as Bain Capital and Leonard Green & Partners.[1]

The firm will likely launch its seventh buyout fund (Fund VII) in 2024, with current investment expectations of A$3 billion, which would make it one of the largest Australian funds of its kind.[2]


History & Culture

Pacific Equity Partners was founded in Sydney, Australia, in 1998.[25] The founders came from the consulting and banking sectors: Rickard Gardell, Tim Sims, Simon Pillar all from Bain & Company; and Paul McCullagh, from Salomon Brothers.[26] While McCullagh stepped back from management operations in 2017, as of 2023 all four had remained in the partnership.[26] - existing content.


Additions - PEP have been noted to cultivate an 'apprenticeship' culture, with long-standing founders and senior staff preferring to hire younger staff more receptive to cultural formation within the firm over a long tenure.[3] Staff longevity and team-based approaches to deals, likened to a management consulting ethos, have been identified as key drivers of its success in the Australian market.[4]


New Section - Investment Schedule

Current Investments [5]
Business Name Fund Year Acquired Transaction Type
Zenith Energy SAF I 2020 Public to Private
Magentus Fund VI 2020 Public to Private
Modern Star Fund VI 2020 Secondary
Healthe Care Fund VI 2021 Corporate Carve-out
Agright SAF I 2022 Private Vendor
Intellihub Smart Metering Fund 2022 Secondary
Cranky Health Fund VI 2022 Private Vendor
Altus Traffic Fund VI 2022 Private Vendor
iNova Pharmaceuticals Fund VI 2022 Corporate Multinational Carve-Out
UP Education Education SPV 2023 Secondary

November 2023 draft finishes




Fund that returned 23pc targets billions in investment PEP, as the firm is known, has raised more than $200m so far, but its executives expect private equity investment vehicle to swell beyond the $1b mark.

Pacific Equity Partners - Draft Updates


Pacific Equity Partners
Company typeProprietary limited company
IndustryPrivate Equity
Founded1998; 26 years ago (1998)
Founders
  • Simon Pillar
  • Rickard Gardell
  • Paul McCullagh
  • Tim Sims
HeadquartersSydney, Australia
Products
AUMA$8.6 billion (2022)
Websitewww.pep.com.au

Pacific Equity Partners (PEP) is a leading private equity investment firm focusing on transactions primarily in Australia and New Zealand. PEP invests across a range of industries and sectors.

As of May 2022, assets under management ("AUM") were A$10B,[6] making PEP the largest Australasia-based private equity firm.[7]

The firm was founded in 1998 by Tim Sims AM, Rickard Gardell, Simon Pillar and Paul McCullagh. Sims, Gardell and Pillar previously worked together and held senior executive positions at Bain & Co, where they advised corporations on strategy and profit optimisation.[8][9]

The firm was the first institutional private equity firm established in Australasia. It was initially set up as a joint venture with US private equity firm Bain Capital.[10]

Since its founding, PEP has completed over 100 investments with combined aggregate value of A$43B and has generated a gross investment returns of 48% across its funds.[11]

Uniquely the firm is known for achieving high investment returns by focusing on business transformation and profit growth, rather than financial engineering.


Investments

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PEP has led eight public to private buyout transactions in Australasia including Spotless, Patties, LifeHealthcare, Zenith Energy and Citadel, which is more than any domestic or international private equity firm operating in Australasia.[12]

The firm has been a recipient of various Australian and international private equity industry awards including Firm of the Year, Best LBO Deal of the Year, Responsible Investment of the Year and Private Equity Firm of the Year, as well as being included in the Top 20 Consistent Performers Globally by Preqin.[13][14]

PEP has made more than 35 operating company investments as well as 100 bolt-on acquisitions since its founding.[15] Among the firm's historical investments are Hoyts (sold to Wanda Cinemas in 2015),[16] Independent Liquor (sold to Asahi Breweries in 2011),[17] Griffin's Foods (acquired from Danone in 2006 and sold to Universal Robina in 2014),[18] Frucor (sold to Suntory in 2008), Peters Ice Cream (sold to Froneri in 2014) and Tegel Foods (acquired in 2005 from Heinz and sold to Affinity Equity Partners in 2011).[19]

Among the firm's largest historical investments include Spotless,[20] Link Group,[21] Veda,[22] Allied Pinnacle and Manuka Health,[23]

Firm’s current investments include IntelliHub,[24] Modern Star,[25] iNova Pharmaceuticals,[26] Healthe Care and Zenith Energy.[27][28]

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[29] and it also acquired community energy network provider WINconnect[30] 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.[31] 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.[32]

Other recent investment exits include the sale of Allied Pinnacle to Japan's Nissin Foods[33] in February 2019 and the exit of NZ private education provider ACG[34] in late 2018.

References

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  1. ^ Weinman, Aaron (7 November 2023). "Fund that returned 23pc targets billions in investment". Australian Financial Review. Retrieved 19 November 2023.
  2. ^ Thompson, Sarah; Sood, Kanika; Rapaport, Emma (30 October 2023). "PEP prepares biggest fund to date, pitches proven money-making prowess". Australian Financial Review.
  3. ^ "The 'apprenticeship' culture that drives Australia's biggest PE firm, Pacific Equity Partners". Australian Financial Review. 30 July 2023. Retrieved 19 November 2023.
  4. ^ "The 'apprenticeship' culture that drives Australia's biggest PE firm, Pacific Equity Partners". Australian Financial Review. 30 July 2023.
  5. ^ "Strategies". Pacific Equity Partners.
  6. ^ Thomson, James (2 May 2022). "PEP's $10b moment heralds private equity's new era". Australian Financial Review.
  7. ^ Mendoza, Carmela. "Pacific Equity Partners on why the Australian mid-market is thriving". Private Equity International. Retrieved 10 April 2019.
  8. ^ "Australia's Private-Equity Deals for the New Year". Wall Street Journal. Retrieved 15 June 2022.
  9. ^ Wilson, Drew. "Privately Speaking: Tim Sims of Pacific Equity Partners". Private Equity International. Retrieved 15 June 2022.
  10. ^ Martin, Tim (Winter 1999). "Australian Buyout Market — History and Potential". The Journal of Private Equity. 2 (2): 15–30. Retrieved 15 June 2022.
  11. ^ "About Us - Pacific Equity Partners". Pacific Equity Partners.
  12. ^ Thompson, Sarah; Macdonald, Anthony; Sood, Kanika. "PEP hits 4x money at LifeHealthcare". Australian Financial Review. Retrieved 15 June 2022.
  13. ^ Thompson, Sarah; Macdonald, Anthony. "PEP closes $2.1 billion-plus Fund V, nabs Preqin gong". Australian Financial Review. Retrieved 15 June 2022.
  14. ^ "About Pacific Equity Partners". Asian Venture Capital Journal. Retrieved 15 June 2022.
  15. ^ Mendoza, Carmen. "Pacific Equity Partners on why the Australian mid-market is thriving". Private Equity International. PEI Media.
  16. ^ "Hoyts to be sold to private equity group". Australia: ABC News. 24 September 2007. Retrieved 9 April 2019.
  17. ^ "Asahi to Buy New Zealand Liquor Company". DealBook. 18 August 2011. Retrieved 9 April 2019.
  18. ^ "Pacific Equity buys Griffin's Foods". The Age. 1 April 2006. Retrieved 9 April 2019.
  19. ^ "Pacific Equity Mulling Options for Tegel Foods". DealBook. 20 August 2010. Retrieved 9 April 2019.
  20. ^ Hobbs, Michael. "Spotless agrees to PEP buyout offer". Australian Financial Review. Retrieved 15 June 2022.
  21. ^ Thompson, Sarah (12 October 2020). "PEP goes back to its ex at Link Group, this time with Carlyle". Australian Financial Review. Retrieved 15 June 2022.
  22. ^ Woodman, Andrew. "PEP exits the last of its stake in Australia's Veda". Asian Venture Capital Journal. Retrieved 15 June 2022.
  23. ^ Thompson, Sarah. "Pacific Equity Partners secures sale for Manuka Health; ANZ advises buyer". Australian Financial Review. Retrieved 15 June 2022.
  24. ^ Chong, Florence. "Brookfield takes stake in smart meter firm Intellihub for A$1bn". IPE Real Assets. Retrieved 15 June 2022.
  25. ^ Thompson, Sarah; Macdonald, Anthony. "PEP to buy Modern Star's Australian, NZ business for $600m". Australian Financial Review. Retrieved 15 June 2022.
  26. ^ Thompson, Sarah; Macdonald, Anthony. "iNova Pharmaceuticals sold to Pacific Equity Partners, The Carlyle Group". Australian Financial Review. Retrieved 15 June 2022.
  27. ^ Carter, Bridget. "Pacific Equity Partners to buy Healthe Care's acute care hospitals". The Australian. Retrieved 15 June 2022.
  28. ^ Lu, Maggie; Segal, Simon. "Deal focus: PEP reaches its Zenith". Asian Venture Capital Journal. Retrieved 15 June 2022.
  29. ^ [1], Horizon Global Investor Centre, 16 August 2019.
  30. ^ [2], in Australian Financial Review, 19 December 2019.
  31. ^ – Pacific Equity Partners secures sale for Manuka Health, Australian Financial Review, 27 September 2018.
  32. ^ – 2018 AVCJ Awards for Responsible Investment: Manuka Health, Asian Venture Capital Journal, 12 November 2018
  33. ^ – PEP secures sale for Allied Pinnacle, Australian Financial Review, 27 February 2019.
  34. ^ – Sale of ACG schools, Newsroom NZ, 23 June 2018.
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Category:Private equity firms of Australia Category:Financial services companies established in 1998 Category:1998 establishments in Australia





















References

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