insto - Australian financial markets

 PE Alert – 18 February 2010

NEW SITUATIONS

None

UPDATES

Asian financial sponsors interested in Loscam; reported on 15/02/2010
Aside from private equity heavy weights Kohlberg Kravis Roberts & Co and Carlyle Group Loscam is attracting the attention for Loscam Asian financial sponsors,. Credit Suisse and Deutsche Bank are believed to be advising the vendors Affinity Equity Partners on the dual track process.

PE Alert – 11 March 2010 from Mergermarket

NEW SITUATIONS

Unitas is selling Repco; reported on 07/03/2010
Private equity fund Unitas Capital has put its portfolio company Repco Perth, the Australian independent brake specialist, on the market. An information brief will be provided to approved applicants on execution of a confidentiality agreement. Management Advisors is advising on the sale.

NEW SITUATIONS

None

UPDATES

Seven Network could buy KKR’s stake in Seven Media; reported on 22/02/2010
Seven Network could acquire KKR's stake in Seven Media Group. Seven Media is a joint venture between Seven Network and the private equity group KKR. Seven Network's restructuring, which was announced recently, could eventually help the company acquire KKR's stake. Seven Media Group could eventually be spun out and then relisted on the market.

UPDATES

Asian financial sponsors interested in Loscam; reported on 15/02/2010
Aside from private equity heavy weights Kohlberg Kravis Roberts & Co and Carlyle Group Loscam is attracting the attention for Loscam Asian financial sponsors,. Credit Suisse and Deutsche Bank are believed to be advising the vendors Affinity Equity Partners on the dual track process.

NEW SITUATIONS
Norfolk Group could becoming PE target; reported on 07/02/2010
Private equity player Maui Group and trade player Monadephous could team up on a bid for Norfolk Group. The two parties are already the combined owners of a 30% stake in Norfolk.

The team of analysts at mergermarket track private equity news and moves across the Australian market. What follows is a summary of the most significant new PE moves, along with updates on deals that have already been reported.

New situations

• Brambles’s Recall could be attractive to PE: Recall, the AUD 2bn records management business owned by Brambles, could become a target for private equity funds Kohlberg Kravis & Roberts and Iron Mountain as potential suitors for Recall.

The team of analysts at mergermarket track private equity news and moves across the Australian market. What follows is a summary of the most significant new PE moves, along with updates on deals that have already been reported.

New situations

• Warrnambool receives approach: CHAMP Private Equity is believed to be behind the offer for Warrnambool Cheese and Butter, the Australian-listed dairy group. But it is not the only party rumoured to be a suitor. Others are Murray Goulburn, Parmalat, and Fonterra.

The team of analysts at mergermarket track private equity news and moves across the Australian market. What follows is a summary of the most significant new PE moves, along with updates on deals that have already been reported.

New situations

• Port of Brisbane could be sold in 2010: The timetable for the sale by the Queensland government of its assets could be quicker than expected and this could lead to expressions of interest for the Port of Brisbane Corp being made by April. This in turn could lead to a sale could happen six months earlier than scheduled. PE players such as Global Infrastructure Partners, TPG and Carlyle could potentially join with a property group such as Mirvac or Stockland.
   
• Seven Media could be listed by owners: Seven Media, a joint venture between Seven Network and the private equity group Kohlberg Kravis Roberts could be listed in the near future. However, a major impediment to a listing are subordinated equity notes within Seven, valued at AUD 1.075bn. These notes are held in the same proportion to the group’s current shareholder structure and would have to be converted to equity before an IPO.
   
• Mitre 10 sees interest from PE fund: Anchorage Capital Partners is believed to have entered the fray for Mitre 10, the Australian-based hardware group. However Metcash which made the initial offer for Mitre 10 is understood to have built a strong case for the acquisition. There are expectations that more bidders could enter the bidding contest.
   
• PEP could IPO REDGroup in 2010: REDGroup Retail, the Australian bookseller backed by Pacific Equity Partners, is mulling an Australian stock listing in early 2010.

The team of analysts at mergermarket track private equity news and moves across the Australian market. What follows is a summary of the most significant new PE moves, along with updates on deals that have already been reported.

New situations

• Rio Tinto trying to sell Alcan Engineered Products: Rio Tinto is believed to be in exclusive talks with private-equity house Apollo for the sale of its Alcan Engineered Products division. A report cited persons familiar with the matter as saying that the exclusivity agreement was signed a few weeks ago. The reports cite a labour union member confirming that Rio Tinto was in exclusive talks with a potential buyer.

The team of analysts at mergermarket track private equity news and moves across the Australian market. What follows is a summary of the most significant new PE moves, along with updates on deals that have already been reported.

Ones to watch

• Energy Developments' investors unhappy: Energy Developments is facing pressure from shareholders over Pacific Equity Partners' takeover bid for the company. They are unhappy that the PEP bid is dragging along and holding down the company's share price.
   
• Kathmandu completes book building process: Outdoor clothing player Kathmandu, owned by PE outfits Quadrant Private Equity and Goldman Sachs JBWere Group, successfully completed its institutional bookbuild following strong demand from institutions and retail investors. The final price to be paid by institutional and Australian retail investors has been set at A$1.70 per share.