Direct Capital Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, Direct Capital has acquired 1 company. It has also invested in 4 others.

Direct Capital’s most common sectors for investment are business services (21%) and healthcare services (8%). The Firm’s most common investment types include buyout (lbo, mbo, mbi) (72%) and growth capital (16%). In total, Direct Capital has invested in 2 different countries. Its largest (disclosed) acquisition occurred in 1998 when it acquired Tasman Building Products for $7M.

In the last 3 years, Direct Capital has exited 1 company. The Firm’s most common exit type is secondary buyout (24%). Direct Capital’s largest (disclosed) exit occurred in 2001 when it sold Tasman Building Products for $117M.

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M&A Summary

  • M&A Total Activity56
    • M&A Buy Activity39
    • M&A Sell Activity17
  • Total Sectors Invested 23
  • Total Countries Invested 2
  • M&A Buy/Sell Connections 3

Direct Capital

Level 4, 2 Kitchener Street,
Auckland,
New Zealand
+64 9 307 2562
www.directcapital.co.nz
dcm@directcapital.co.nz

Direct Capital is a private investment firm focused on private equity and venture capital investments in Australia and New Zealand. Direct Capital's later stage investment area looks to commit NZ$15 to NZ$60 million in companies with revenues up to NZ$300 million. Target sectors include retail, food, consumer products, healthcare services, distribution, life science, and manufacturing. Prospective transaction situations include successions, management buyouts, expansions, acquisitions, and pre-IPO placements. Direct Capital was formed in 1994 and is based in Auckland, New Zealand.


Investment Criteria

Sectors of Interest: Apparel/Textiles, Business Services, Consumer Products, Consumer Services, Distribution, E-Commerce, Food, Healthcare Services, Life Science, Manufacturing, Packaging, Real Estate, Retail, Transportation

Target Transaction Types: Buyout (LBO, MBO, MBI), Divestiture, Growth Capital, Recapitalization, Stake Purchase

Geographic Preferences: Australia/New Zealand

Transaction Criteria Min Max
Target Revenue 30 300
Target EBITDA - -
Investment Size 20 70
Enterprise Value - -
values in millions of NZD

M&A Summary

Buy vs Sell

Year ≤ '15 '16 '17 '18 '19 '20 T
Buy (1.0/yr) # 34 - 1 2 2 - 39
vol $7M $7M
Sell (0.4/yr) # 15 1 - 1 - - 17
vol $122M $122M
  56

Most Recent M&A

Company Date Value Type
Beca Group 2019-02-21 - Growth Capital
Auckland, New Zealand · www.beca.com
Qestral Corporation Ltd. 2019-02-15 - Growth Capital
Christchurch, New Zealand · www.qestral.co.nz
Exact Radiology Clinics 2018-12-04 - Growth Capital
Chapel Hill, Australia · www.exactradiology.com.au
The Hiway Group Ltd. 2018-09-20 - Secondary Buyout
Auckland, New Zealand · www.hiwaystabilizers.co.nz
Perpetual Guardian 2018-08-20 - Stake Purchase
Auckland, New Zealand · www.perpetualguardian.co.nz
AS Colour 2017-08-31 - Buyout (LBO, MBO, MBI)
Auckland, New Zealand · www.ascolour.co.nz
New Zealand Pharmaceuticals Ltd. 2016-03-31 - Secondary Buyout
Palmerston North, New Zealand · www.nzp.co.nz
Transaction Services Group 2015-11-08 - Stake Purchase
Auckland, New Zealand · www.transactionservices.co.nz
Energyworks Ltd. 2014-02-10 - Growth Capital
Brisbane, Australia · www.energyworksgroup.com.au
GoBus Ltd. 2012-04-05 - Recapitalization
Hamilton, New Zealand · www.gobus.co.nz
View All >>

M&A by Sector

Sector Current # Value All-time # Value
Business Services 3 (30%) - 8 (21%) -
Healthcare Services 1 (10%) - 3 (8%) -
Manufacturing - - 3 (8%) -
Apparel/Textiles 1 (10%) - 2 (5%) -
Consumer Services 1 (10%) - 2 (5%) -
Engineering - - 2 (5%) -
Retail - - 2 (5%) -
Transportation 1 (10%) - 2 (5%) -
Building Materials - - 1 (3%) 7M (100%)
Beverages - - 1 (3%) -
Chemicals - - 1 (3%) -
Communications - - 1 (3%) -
Consumer Products - - 1 (3%) -
E-Commerce 1 (10%) - 1 (3%) -
Food - - 1 (3%) -
Gaming - - 1 (3%) -
Information Technology - - 1 (3%) -
Life Science - - 1 (3%) -
Media - - 1 (3%) -
Medical Products - - 1 (3%) -
Packaging 1 (10%) - 1 (3%) -
Real Estate 1 (10%) - 1 (3%) -
Software - - 1 (3%) -
Total 10 - 39 $7M

Acquisitions By Geo

State/Country Current # Value All-time # Value
New Zealand 9 (90%) - 33 (85%) 7M (100%)
Australia 1 (10%) - 6 (15%) -
Domestic 9 (90%) - 33 (85%) 7M (100%)
Cross-border 1 (10%) - 6 (15%) -
Total 10 - 39 $7M

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 5 (50%) - 28 (72%) 7M (100%)
Growth Capital 3 (30%) - 6 (15%) -
Stake Purchase 2 (20%) - 5 (13%) -
Total 10 - 39 $7M

Exits by Deal Type

Type Total # Value
Secondary Sale 6 (35%) 117M (96%)
Trade Sale 6 (35%) 5M (4%)
IPO 2 (12%) -
Recapitalization 1 (6%) -
Sold to Management 1 (6%) -
Stake Sale 1 (6%) -
Total 17 $122M

Deal Values

buy # Total
< $100M 1 $7M
TOTAL $7M
Largest Tasman Building Products Ltd.
$7M (1998-04-01)
sell # Total
$100M to $1B 1 $117M
< $100M 1 $5M
TOTAL $122M
Largest Tasman Building Products Ltd.
$117M (2001-09-01)

M&A Connections

Deals %
Exited to
PE Firm(s)
71%
5 71%
Strategic(s)
29%
2 29%

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