Allegro Funds Pty Mergers and Acquisitions Summary

Distressed Investor Profile

In the last 3 years, Allegro Funds Pty has acquired 4 companies. It has also invested in 2 others.

Allegro Funds Pty’s most common sectors for investment arehealthcare services (20%) and leisure (15%) . The Firm’s most common investment types include buyout (lbo, mbo, mbi) (53%) and divestiture (24%). In total, Allegro Funds Pty has invested in 2 different countries. Its largest (disclosed) acquisition occurred in 2015 when it acquired Great Southern Rail for $20M.

In the last 3 years, Allegro Funds Pty has exited 2 companies. The Firm’s most common exit type is trade sale (25%).

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M&A Summary

  • M&A Total Activity29
    • M&A Buy Activity21
    • M&A Sell Activity8
  • Total Sectors Invested 13
  • Total Countries Invested 2
  • M&A Buy/Sell Connections 13
  • M&A Advisors 6

Allegro Funds Pty Ltd

Level 1, Plaza Building 95 Pitt Street,
Sydney, 2000
Australia
+61 2 8228 8700
www.allegrofunds.com.au
enquiries@allegrofunds.com.au

Allegro Funds is an independent private equity firm focused on mid-sized investment opportunities in Australia and New Zealand. The Firm will consider investing in businesses needing capital for growth, management buyouts, as well as more complex turnarounds and restructurings. Allegro's target investment size is A$10 to A$100 million in transactions valued up to A$300 million. Allegro is a generalist investor, however the Firm will not invest in property development, agriculture, or mining/exploration. Allegro Funds was formed in 2004 and is based in Sydney.


Investment Criteria

Sectors of Interest: Financial Services, Healthcare Services, Leisure, Retail

Target Transaction Types: Buyout (LBO, MBO, MBI), Growth Capital, Special Situations/Distressed

Geographic Preferences: Australia/New Zealand

Transaction Criteria Min Max
Target Revenue 100 -
Target EBITDA - -
Investment Size 10 100
Enterprise Value - 300
values in millions of AUD

M&A Summary

Buy vs Sell

Year ≤ '17 '18 '19 '20 '21 '22 T
Buy (1.4/yr) # 14 1 4 - 1 1 21
vol $20M $20M
Sell (0.4/yr) # 6 - 1 - 1 - 8
  29

Most Recent M&A

Company Date Value Type
Experience Australia Group Pty Ltd. 2022-02-15 - Add-on Acquisition
Adelaide , Australia · www.journeybeyond.com
Best & Less Group 2021-07-26 - IPO
Sydney, Australia · www.bestandless.com.au
Toll Global Express 2021-04-21 - Divestiture
Melbourne, Australia · www.tgexpress.com.au
Best & Less Group 2019-12-01 - Divestiture
Sydney, Australia · www.bestandless.com.au
Perth Radiological Clinic 2019-07-26 - Growth Capital
Mirrabooka, Australia · www.perthradclinic.com.au
Questas Corporate Pty Ltd. 2019-06-19 - Growth Capital
Seven Hills, Australia · www.questas.com.au
ATF Services Pty Ltd. 2019-06-03 - Secondary Buyout
Seven Hills, Australia · www.atfservices.com.au
Great Southern Rail Ltd. 2019-01-01 - Merger
Keswick, Australia · www.greatsouthernrail.com.au
Endeavour Learning Group Pty Ltd. 2018-10-02 - Buyout (LBO, MBO, MBI)
Queensland, Australia · www.endeavour.edu.au
Everest Foods 2017-10-06 - Buyout (LBO, MBO, MBI)
Reservoir, Australia · www.everest-icecream.com.au
View All >>

M&A by Sector

Sector Current # Value All-time # Value
Healthcare Services 1 (11%) - 4 (19%) -
Leisure 1 (11%) - 3 (14%) 20M (100%)
Business Services 1 (11%) - 2 (10%) -
Food 2 (22%) - 2 (10%) -
Retail - - 2 (10%) -
Building Materials - - 1 (5%) -
Education 1 (11%) - 1 (5%) -
Engineering - - 1 (5%) -
Financial Services - - 1 (5%) -
Manufacturing - - 1 (5%) -
Metals/Mining 1 (11%) - 1 (5%) -
Oil/Gas Exploration 1 (11%) - 1 (5%) -
Transportation 1 (11%) - 1 (5%) -
Total 9 - 21 $20M

Acquisitions By Geo

State/Country Current # Value All-time # Value
Australia 9 (100%) - 19 (90%) 20M (100%)
United Kingdom - - 2 (10%) -
Domestic 9 (100%) - 19 (90%) 20M (100%)
Cross-border - - 2 (10%) -
Total 9 - 21 $20M

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 4 (44%) - 11 (52%) -
Divestiture 2 (22%) - 5 (24%) 20M (100%)
Growth Capital 2 (22%) - 3 (14%) -
Add-on Acquisition 1 (11%) - 1 (5%) -
Secondary Buyout - - 1 (5%) -
Total 9 - 21 $20M

Exits by Deal Type

Type Total # Value
Secondary Sale 2 (25%) -
Trade Sale - Public Company 2 (25%) -
Bankruptcy 1 (13%) -
IPO 1 (13%) -
Merger 1 (13%) -
Unknown 1 (13%) -
Total 8 -

Top M&A Advisors

Financial Deals
PwC Corporate Finance LLC
1
Rothschild Global Advisory
1
KPMG Corporate Finance LLC
1
Legal Deals
Minter Ellison
2
Ashurst LLP
1
Herbert Smith Freehills
1

Deal Values

buy # Total
< $100M 1 $20M
TOTAL $20M
Largest Great Southern Rail Ltd.
$20M (2015-03-30)

M&A Connections

Deals
Acquired from
Investor(s)
5%
1 (5%)
Strategic(s)
24%
5 (24%)
Exited to
Investor(s)
25%
2 (25%)
Strategic(s)
38%
3 (38%)

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