Allegro Funds Pty Mergers and Acquisitions Summary

Distressed Investor Profile

In the last 3 years, Allegro Funds Pty has acquired 4 companies.

Allegro Funds Pty’s most common sectors for investment arehealthcare services (18%) and leisure (14%) . The Firm’s most common investment types include buyout (lbo, mbo, mbi) (48%) and divestiture (22%). In total, Allegro Funds Pty has invested in 2 different countries. Its largest (disclosed) acquisition occurred in 2023 when it acquired Slater & Gordon for $78M.

In the last 3 years, Allegro Funds Pty has exited 2 companies. The Firm’s most common exit type is secondary buyout (34%).

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M&A Summary

  • M&A Total Activity32
    • M&A Buy Activity23
    • M&A Sell Activity9
  • Total Sectors Invested 14
  • Total Countries Invested 2
  • M&A Buy/Sell Connections 13
  • M&A Advisors 7

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 ≤ '19 '20 '21 '22 '23 '24 T
Buy (0.8/yr) # 19 - 1 2 1 - 23
vol $20M $78M $98M
Sell (0.4/yr) # 7 - 2 - - - 9
  32

Most Recent M&A

Company Date Value Type
Slater & Gordon Ltd. 2023-04-11 78M USD Going Private
Melbourne,, Australia · www.slatergordon.com.au
Camp Australia Pty Ltd. 2022-09-13 - Recapitalization
Malvern East, Australia · www.campaustralia.com.au
Experience Australia Group Pty Ltd. 2022-02-15 - Add-on Acquisition
Adelaide , Australia · www.journeybeyond.com
The Interiors Group 2021-09-30 - Secondary Sale
Auckland, New Zealand · www.theinteriorsgroup.nz
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
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Pizza Hut (Australia) 2016-09-06 Eagle Boys 2016-11-01 1
Sydney, Australia · www.pizzahut.com.au Annerley, Australia · www.eagleboys.com.au

M&A by Sector

Sector Current # Value All-time # Value
Healthcare Services 1 (9%) - 4 (17%) -
Business Services 2 (18%) 78M (100%) 3 (13%) 78M (80%)
Leisure 1 (9%) - 3 (13%) 20M (20%)
Food 2 (18%) - 2 (9%) -
Retail - - 2 (9%) -
Building Materials - - 1 (4%) -
Consumer Services 1 (9%) - 1 (4%) -
Education 1 (9%) - 1 (4%) -
Engineering - - 1 (4%) -
Financial Services - - 1 (4%) -
Manufacturing - - 1 (4%) -
Metals/Mining 1 (9%) - 1 (4%) -
Oil/Gas Exploration 1 (9%) - 1 (4%) -
Transportation 1 (9%) - 1 (4%) -
Total 11 $78M 23 $98M

Acquisitions By Geo

State/Country Current # Value All-time # Value
Australia 11 (100%) 78M (100%) 21 (91%) 98M (100%)
United Kingdom - - 2 (9%) -
Domestic 11 (100%) 78M (100%) 21 (91%) 98M (100%)
Cross-border - - 2 (9%) -
Total 11 $78M 23 $98M

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 4 (36%) - 11 (48%) -
Divestiture 2 (18%) - 5 (22%) 20M (20%)
Growth Capital 2 (18%) - 3 (13%) -
Going Private 1 (9%) 78M (100%) 1 (4%) 78M (80%)
Add-on Acquisition 1 (9%) - 1 (4%) -
Recapitalization 1 (9%) - 1 (4%) -
Secondary Buyout - - 1 (4%) -
Total 11 $78M 23 $98M

Exits by Deal Type

Type Total # Value
Secondary Sale 3 (33%) -
Trade Sale - Public Company 2 (22%) -
Bankruptcy 1 (11%) -
IPO 1 (11%) -
Merger 1 (11%) -
Unknown 1 (11%) -
Total 9 -

Top M&A Advisors

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

Deal Values

buy # Total
< $100M 2 $98M
TOTAL $98M
Largest Slater & Gordon Ltd.
$78M (2023-04-11)

M&A Connections

Deals
Acquired from
Investor(s)
9%
2 (9%)
Strategic(s)
22%
5 (22%)
Exited to
Investor(s)
33%
3 (33%)
Strategic(s)
33%
3 (33%)

Investor Summary

Investor Type

Distressed Investor

Size

Small

PE Assets

180M AUD

Established

2004

Specialist/Generalist

Generalist

Leadership

Adrian Loader

Founding Partner

Chester Moynihan

Founding Partner

Jennifer Cheung

CFO

Jeffrey Largier

Managing Director

Johan Krynauw

Managing Director

FAQ

When was Allegro Funds Pty Ltd founded?

Allegro Funds Pty Ltd was founded in 2004.

What type of investor is Allegro Funds Pty Ltd?

Allegro Funds Pty Ltd is a distressed investor.

Where is Allegro Funds Pty Ltd headquartered?

Allegro Funds Pty Ltd is headquartered in Sydney, Australia.

How much capital does Allegro Funds Pty Ltd have under management?

Allegro Funds Pty Ltd has 180M AUD under management.

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