Pencarrow Private Equity Mergers and Acquisitions Summary

Private Equity Profile

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

Pencarrow Private Equity’s most common sectors for investment are apparel/textiles (8%) and beverages (8%). The Firm’s most common investment types include buyout (lbo, mbo, mbi) (47%) and growth capital (47%). In total, Pencarrow Private Equity has invested in 2 different countries.

In the last 3 years, Pencarrow Private Equity has exited 1 company. The Firm’s most common exit type is sold to management (50%).

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M&A Summary

  • M&A Total Activity17
    • M&A Buy Activity13
    • M&A Sell Activity4
  • Total Sectors Invested 13
  • Total Countries Invested 2
  • M&A Buy/Sell Connections 2

Pencarrow Private Equity

Level 14, Axon House, 1-3 Willeston Street, PO Box 10 964,
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 $100 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.


Investment Criteria

Sectors of Interest: Aerospace, Building Materials, Business Services, Consumer Products, Distribution, Machinery, Manufacturing, Staffing

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 20 100
values in millions of NZD

M&A Summary

Buy vs Sell

Year ≤ '15 '16 '17 '18 '19 '20 T
Buy (0.4/yr) # 11 - - - 2 - 13
Sell (0.2/yr) # 3 - 1 - - - 4
  17

Most Recent M&A

Company Date Value Type
New Zealand Frost Fans Ltd. 2019-11-16 - Buyout (LBO, MBO, MBI)
, New Zealand · www.nzfrostfans.com
Avanti Finance Ltd. 2019-01-30 - Growth Capital
Auckland, New Zealand · www.avantifinance.co.nz
Icebreaker.com 2017-11-02 - Add-on Acquisition
Vancouver, British Columbia · www.icebreaker.com
Icebreaker.com 2015-11-20 - Stake Purchase
Vancouver, British Columbia · www.icebreaker.com
Seequent Ltd. 2014-08-04 - Growth Capital
Christchurch, New Zealand · www.seequent.com
solarcity NZ Ltd. 2014-07-15 - Growth Capital
Nelson, New Zealand · www.solarcity.co.nz
Umbrellar 2014-01-01 - Buyout (LBO, MBO, MBI)
Auckland, New Zealand · www.umbrellar.nz
Bell Tea & Coffee Co. Ltd. 2013-09-13 - Buyout (LBO, MBO, MBI)
Dunedin, New Zealand · www.btcc.co.nz
CS Co. 2010-11-30 - Sold to Management
Auckland, New Zealand · www.cs.co.nz
BJ Ball Group 2010-10-04 - Secondary Buyout
Auckland, New Zealand · www.bjball.co.nz
View All >>

M&A by Sector

Sector Current # Value All-time # Value
Apparel/Textiles - - 1 (8%) -
Beverages 1 (17%) - 1 (8%) -
Building Materials - - 1 (8%) -
Business Services - - 1 (8%) -
Consumer Products - - 1 (8%) -
Distribution - - 1 (8%) -
Financial Services 1 (17%) - 1 (8%) -
Information Technology 1 (17%) - 1 (8%) -
Internet Software and Services 1 (17%) - 1 (8%) -
Manufacturing 1 (17%) - 1 (8%) -
Retail - - 1 (8%) -
Semiconductors 1 (17%) - 1 (8%) -
Staffing - - 1 (8%) -
Total 6 - 13 -

Acquisitions By Geo

State/Country Current # Value All-time # Value
New Zealand 6 (100%) - 12 (92%) -
Canada - - 1 (8%) -
  British Columbia - - 1 (8%) -
Domestic 6 (100%) - 12 (92%) -
Cross-border - - 1 (8%) -
Total 6 - 13 -

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 3 (50%) - 6 (46%) -
Growth Capital 3 (50%) - 6 (46%) -
Stake Purchase - - 1 (8%) -
Total 6 - 13 -

Exits by Deal Type

Type Total # Value
Sold to Management 2 (50%) -
Secondary Sale 1 (25%) -
Trade Sale - Public Company 1 (25%) -
Total 4 -

M&A Connections

Deals %
Exited to
PE Firm(s)
50%
1 50%
Strategic(s)
50%
1 50%

Investor Summary

Size

Middle-Market

PE Assets

692M NZD

Established

1993

Specialist/Generalist

Generalist

Leadership

Nigel Bingham

Managing Partner

Rod Gethen

Managing Partner

Jonathan Goldstone

Partner

Philippa Weston

Investment Director

Leah Anderson

CFO

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