Direct Capital Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, Direct Capital has invested in 1 company.

Direct Capital’s most common sectors for investment are business services (15%) and retail (9%). The Firm’s most common investment types include buyout (lbo, mbo, mbi) (78%) and growth capital (12%). 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 Activity52
    • M&A Buy Activity35
    • M&A Sell Activity17
  • Total Sectors Invested 22
  • Total Countries Invested 2
  • M&A Buy/Sell Connections 3

Direct Capital

Level 6, 2 Kitchener Street,
Auckland, 1141
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, Building Materials, Business Services, Chemicals, Communications, Consumer Products, Consumer Services, Distribution, Engineering, Financial Services, Food, Forest Products, Healthcare Services, Information Technology, Leisure, Life Science, Manufacturing, Media, Packaging, Real Estate, Retail, Software, Technology Hardware, Transportation

Target Transaction Types: Buyout (LBO, MBO, MBI), Divestiture, Growth Capital, Recapitalization, Acquisition Financing, Stake Purchase, Add-on Acquisition

Geographic Preferences: Australia/New Zealand

Transaction Criteria Min Max
Target Revenue 30 300
Target EBITDA - -
Investment Size 15 60
Enterprise Value - -
values in millions of NZD

M&A Summary

Buy vs Sell

Year ≤ '15 '16 '17 '18 '19 '20 T
Buy (0.2/yr) # 34 - - 1 - - 35
vol $7M $7M
Sell (0.4/yr) # 15 1 - 1 - - 17
vol $122M $122M
  52

Most Recent M&A

Company Date Value Type
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
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
The Hiway Group Ltd. 2012-01-10 - Buyout (LBO, MBO, MBI)
Auckland, New Zealand · www.hiwaystabilizers.co.nz
PF Olsen Group Ltd. 2011-09-15 - Buyout (LBO, MBO, MBI)
Rotorua, New Zealand · www.pfolsen.com
Scales Corp Ltd. 2011-05-03 - Stake Purchase
Christchurch, New Zealand · www.scorp.co.nz
Cavalier Wool Holdings Ltd. 2010-12-24 - Buyout (LBO, MBO, MBI)
, New Zealand
View All >>

M&A by Sector

Sector Current # Value All-time # Value
Business Services 2 (18%) - 5 (14%) -
Healthcare Services 1 (9%) - 3 (9%) -
Manufacturing 1 (9%) - 3 (9%) -
Retail 1 (9%) - 3 (9%) -
Consumer Products 1 (9%) - 2 (6%) -
Engineering 1 (9%) - 2 (6%) -
Transportation 1 (9%) - 2 (6%) -
Building Materials - - 1 (3%) 7M (100%)
Apparel/Textiles - - 1 (3%) -
Beverages - - 1 (3%) -
Chemicals - - 1 (3%) -
Communications - - 1 (3%) -
Consumer Services - - 1 (3%) -
Food 1 (9%) - 1 (3%) -
Forest Products 1 (9%) - 1 (3%) -
Gaming - - 1 (3%) -
Information Technology - - 1 (3%) -
Life Science - - 1 (3%) -
Media - - 1 (3%) -
Medical Products - - 1 (3%) -
Real Estate 1 (9%) - 1 (3%) -
Software - - 1 (3%) -
Total 11 - 35 $7M

Acquisitions By Geo

State/Country Current # Value All-time # Value
New Zealand 9 (82%) - 29 (83%) 7M (100%)
Australia 2 (18%) - 6 (17%) -
Domestic 9 (82%) - 29 (83%) 7M (100%)
Cross-border 2 (18%) - 6 (17%) -
Total 11 - 35 $7M

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 7 (64%) - 27 (77%) 7M (100%)
Growth Capital 2 (18%) - 4 (11%) -
Stake Purchase 2 (18%) - 4 (11%) -
Total 11 - 35 $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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