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Private equity and venture capital news from Australasia

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• Australian private equity firm Archer plans Ascendia IPO 14 Oct 2009. Source: AltAssets. Sydney leveraged buy-out specialist Archer Capital has hired three investment banks to advise on a proposed flotation of its Australian sports retailer Ascendia, according to reports.

• Former Deutsche Bankers launch investment bank specialising in Asian distressed and illiquid investments 09 Oct 2009. Source: AltAssets. SC Lowy Financial Services, a new investment bank headed by ex-members of Deutsche Bank’s Asian distressed assets division, has commenced operations in Hong Kong, focusing on Asian distressed and illiquid investments.

• Castle Harlan and CHAMP sell off United Malt for $655m 06 Oct 2009. Source: AltAssets. New York private equity firm Castle Harlan and its Australian affiliate CHAMP Private Equity have sold United Grain Holdings, an international collection of four producers of malt for the brewing and distilling industries, to Australian bulk-grain handler GrainCorp. The deal is valued at $655m.

• Australian private equity firm Anchorage Capital Partners acquires Burger King’s New Zealand arm 17 Sep 2009. Source: AltAssets. Sydney private equity firm Anchorage Capital Partners has acquired the New Zealand franchise of international fast food giant Burger King, according to reports.

• Australian fund manager QIC restructures operations 10 Sep 2009. Source: AltAssets. QIC, an Australian wholesale fund manager, is restructuring its business by breaking up its operations into a number of investment boutiques.

• Macquarie Group considers purchase of Fox-Pitt Kelton Cochran Caronia Waller 21 Aug 2009. Source: AltAssets. Australian investment bank Macquarie Group is in talks about the purchase of Fox-Pitt Kelton Cochran Caronia Waller, a small investment bank partly owned by private equity firm JC Flowers, according to reports.

• TPG-owned department store considering IPO 05 Aug 2009. Source: AltAssets. Australia’s largest department store chain Myer Group, which is owned by buy-out giant TPG, may seek an initial public offering before the end of 2009, according to reports.

• CVC’s Stella Group has debt written down in exchange for equity 04 Aug 2009. Source: AltAssets. Private equity firm CVC’s portfolio company Stella Group, an Australia-based travel and hospitality company, has completed a corporate restructure and recapitalisation with lender UBS.

• Allco Equity Partners to return AUS$60m to shareholders 01 Jul 2009. Source: AltAssets. Shareholders in Australian private equity firm Allco Equity Partners have approved a capital return of AUS$60m ($48.4m) and a change of name to Oceania Capital Partners, news agency AAP reports.

• Blackstone hires new Asia Pacific exec 30 Jun 2009. Source: AltAssets. Blackstone Group has appointed a former Deutsche Asset Management executive as a managing director, responsible for overseeing the firm's fundraising in the Asia Pacific region.

• New New Zealand venture capital fund targets NZ$50m for tech investments 29 Jun 2009. Source: AltAssets. Sparkbox, a New Zealand venture capital firm, has launched a NZ$50m ($32.5m) fund to focus on investments in early stage technology companies.

• Direct Capital raises NZ$200m for first closing of latest fund 26 Jun 2009. Source: AltAssets. Direct Capital, a New Zealand-based private equity firm, has held the first closing of its Direct Capital IV fund on NZ$201.5m ($130m), nearing its final target of NZ$250m ($161m).

• New Zealand infrastructure firm buys stake in UK service station operator 24 Jun 2009. Source: AltAssets. New Zealand-based private equity infrastructure fund Equity Partners Infrastructure Company No. 1 has agreed to buy a 17.49 per cent stake in UK motorway service operator Moto for £19.7m (€23.2m).

• Harbert Australia Private Equity takes 18 per cent stake in Solar Shop Australia 26 May 2009. Source: AltAssets. Harbert Australia Private Equity, an Australian private equity firm which focuses on the lower-middle-market, has made its first investment from its Harbert Australian Private Equity Fund I, with an 18.1 per cent  equity interest in Solar Shop Australia. The transaction values the business at an enterprise value of AUS$50m.

• Direct Capital gets NZ$50m commitment from the New Zealand Superannuation Fund 26 May 2009. Source: AltAssets. Direct Capital, a New Zealand-based private equity firm, has received a NZ$50m cornerstone investment for its Direct Capital IV fund from The Guardians of New Zealand Superannuation.

• Macquarie appoints James Hooke as CEO of infrastructure arm 27 Apr 2009. James Hooke has been appointed CEO of Macquarie Infrastructure Company. He succeeds Peter Stokes who, after five years as CEO of MIC and 12 years in the New York office of the Macquarie Group, has decided to return to Australia.

• New Zealand private equity investment values plummeted in 2008, while deal volume remained constant 07 Apr 2009. New Zealand's private equity market saw a total of just NZ$178m ($103m) invested across 82 deals in 2008, a staggering contrast to the NZ$1.22bn ($703m) invested across 85 deals in 2007.

• Asia Pacific region sees $4.3bn in private equity-backed deals in the first quarter of 2009 02 Apr 2009. The Asia Pacific region saw a total of $4.3bn in private equity-backed transactions in the first quarter of 2009 on a volume of 68 deals. This marks an annual value decline of 54 per cent and came alongside a 59 per cent drop in deal numbers, according to research by data aggregator ZEPHYR.

• New Zealand Private Equity and Venture Capital Association welcomes review of Overseas Investment Act 23 Mar 2009. Source: AltAssets. The New Zealand Private Equity and Venture Capital Association (NZVCA) is in support of the New Zealand government's announcement of a review of the Overseas Investment Act.

• Australian government to provide AUS$83m for ailing start-up industry 19 Mar 2009. Source: AltAssets. The Australian government is to provide up to AUS$83m to early stage start-up companies in response to what it sees as a lack of funding due to the global financial crisis.

• New Zealand government-backed fund of funds NZVIF commits NZ$20m to Endeavour Capital 13 Mar 2009. Source: AltAssets. The New Zealand Venture Investment Fund, a government-backed private equity fund of funds manager and direct co-investor, has committed NZ$20m to a new fund being established by Endeavour Capital. The Endeavour Growth Fund is aiming to invest NZ$100m to NZ$150m into early expansion companies in New Zealand.

• Terra Firma to buy cattle ranch from Australian billionaire 13 Mar 2009. Source: AltAssets. Terra Firma, the UK buy-out firm headed by Guy Hands, will buy the Australian cattle ranches owned by Sydney-based billionaire James Packer in a deal worth around AUS$425m, according to the Financial Times.

• New Zealand private equity fund for retail investors closes on NZ$82.5m 10 Mar 2009. Source: AltAssets. New Zealand-focused private equity firm Direct Capital and ABN AMRO Craigs, a New Zealand-based investment advisory firm, have raised NZ$82.5m ($41m) for Pohutukawa Private Equity II, a fund open to retail investors. The fund was initially targeting NZ$60m.