Pencarrow Private Equity Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, Pencarrow Private Equity has acquired 3 companies. It has also invested in 1 other.

Pencarrow Private Equity’s most common sectors for investment areconsumer products (13%) and financial services (9%) . The Firm’s most common investment types include buyout (lbo, mbo, mbi) (46%) and growth capital (38%). In total, Pencarrow Private Equity has invested in 2 different countries.

In the last 3 years, Pencarrow Private Equity has exited 3 companies. The Firm’s most common exit type is trade sale (50%). Pencarrow Private Equity’s largest (disclosed) exit occurred in 2021 when it sold Seequent for $1.1B.

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M&A Summary

  • M&A Total Activity34
    • M&A Buy Activity24
    • M&A Sell Activity10
  • Total Sectors Invested 19
  • Total Countries Invested 2
  • M&A Buy/Sell Connections 7

Pencarrow Private Equity

Pencarrow Private Equity Management Ltd.

Level 14, Pencarrow House, 1-3 Willeston Street,
Wellington, 6143
New Zealand
+64 4 499 9190
www.pencarrowpe.co.nz
reception@pencarrowpe.co.nz

Pencarrow Private Equity is a private equity firm focused on investing in New Zealand owned and operated businesses. Pencarrow looks to support management buyouts, management buy-ins, and provide expansion capital for companies operating in a variety of sectors. Areas of interest include building materials, distribution, manufacturing, consumer products, business services, and capital equipment. Target companies are typically valued between NZ$20 and $150 million where the Firm can commit $10 to $30 million in equity capital. Pencarrow Private Equity was formed in 1993 and is based in Wellington, New Zealand.


Investment Criteria

Sectors of Interest: Apparel/Textiles, Beverages, Building Materials, Business Services, Consumer Products, Consumer Services, Distribution, Financial Services, Food, Healthcare Services, Information Technology, Internet Software and Services, Machinery, Manufacturing, Renewable Energy, Retail, Staffing, Transportation

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

Geographic Preferences: Australia/New Zealand

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA - -
Investment Size 10 30
Enterprise Value 20 150
values in millions of NZD

M&A Summary

Buy vs Sell

Year ≤ '19 '20 '21 '22 '23 '24 T
Buy (1.0/yr) # 19 1 2 - 1 1 24
Sell (0.6/yr) # 7 - 1 2 - - 10
vol $1.1B $1.1B
  34

Most Recent M&A

Company Date Value Type
Petdirect.co.nz Limited 2024-02-28 - Growth Capital
Auckland, New Zealand · www.petdirect.co.nz
Shoof International Ltd. 2023-03-02 - Buyout (LBO, MBO, MBI)
Cambridge, New Zealand · www.shoofint.com
Umbrellar Ltd. 2022-08-01 - Trade Sale
Auckland, New Zealand · www.umbrellar.com
MMC Ltd. 2022-05-03 - Trade Sale
Auckland, New Zealand · www.mmcnz.co.nz
Pacific Clinical Research Network (PCRN) 2021-10-26 - Buyout (LBO, MBO, MBI)
Auckland, New Zealand · www.pcrn.co.nz
The Interiors Group 2021-09-30 - Secondary Buyout
Auckland, New Zealand · www.theinteriorsgroup.nz
Seequent Ltd. 2021-03-11 1.1B USD Trade Sale
Canterbury, New Zealand · www.seequent.com
Skin Institute 2020-01-01 - Buyout (LBO, MBO, MBI)
Auckland, New Zealand · www.skininstitute.co.nz
New Zealand Frost Fans Ltd. 2019-11-16 - Buyout (LBO, MBO, MBI)
Hawke's Bay, New Zealand · www.nzfrostfans.com
RedShield Security Ltd. 2019-09-17 - Growth Capital
Wellington, New Zealand · www.redshield.co
View All >>

M&A by Sector

Sector Current # Value All-time # Value
Consumer Products 2 (17%) - 3 (13%) -
Financial Services 1 (8%) - 2 (8%) -
Internet Software and Services 1 (8%) - 2 (8%) -
Retail 1 (8%) - 2 (8%) -
Apparel/Textiles - - 1 (4%) -
Beverages - - 1 (4%) -
Building Materials - - 1 (4%) -
Business Services - - 1 (4%) -
Consumer Services - - 1 (4%) -
Distribution - - 1 (4%) -
E-Commerce 1 (8%) - 1 (4%) -
Food 1 (8%) - 1 (4%) -
Healthcare Services 1 (8%) - 1 (4%) -
Information Technology - - 1 (4%) -
Life Science 1 (8%) - 1 (4%) -
Manufacturing 1 (8%) - 1 (4%) -
Renewable Energy 1 (8%) - 1 (4%) -
Staffing - - 1 (4%) -
Transportation 1 (8%) - 1 (4%) -
Total 12 - 24 -

Acquisitions By Geo

State/Country Current # Value All-time # Value
New Zealand 11 (92%) - 23 (96%) -
United Kingdom 1 (8%) - 1 (4%) -
Domestic 11 (92%) - 23 (96%) -
Cross-border 1 (8%) - 1 (4%) -
Total 12 - 24 -

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 6 (50%) - 11 (46%) -
Growth Capital 4 (33%) - 9 (38%) -
Stake Purchase 1 (8%) - 2 (8%) -
Divestiture - - 1 (4%) -
Secondary Buyout 1 (8%) - 1 (4%) -
Total 12 - 24 -

Exits by Deal Type

Type Total # Value
Trade Sale 3 (30%) -
Trade Sale - Public Company 2 (20%) 1.1B (100%)
Sold to Management 2 (20%) -
Unknown 2 (20%) -
Secondary Sale 1 (10%) -
Total 10 $1.1B

Deal Values

sell # Total
> $1B 1 $1.1B
TOTAL $1.1B
Largest Seequent Ltd.
$1.1B (2021-03-11)

M&A Connections

Deals
Acquired from
Investor(s)
4%
1 (4%)
Strategic(s)
4%
1 (4%)
Exited to
Investor(s)
10%
1 (10%)
Strategic(s)
50%
5 (50%)

FAQ

When was Pencarrow Private Equity founded?

Pencarrow Private Equity was founded in 1993.

What type of investor is Pencarrow Private Equity?

Pencarrow Private Equity is a private equity firm.

Where is Pencarrow Private Equity headquartered?

Pencarrow Private Equity is headquartered in Wellington, New Zealand.

How much capital does Pencarrow Private Equity have under management?

Pencarrow Private Equity has 692M NZD under management.

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