Pencarrow Private Equity Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, Pencarrow Private Equity has acquired 1 company. It has also invested in 4 others.

Pencarrow Private Equity’s most common sectors for investment areconsumer products (10%) and financial services (10%) . The Firm’s most common investment types include growth capital (45%) and buyout (lbo, mbo, mbi) (40%). In total, Pencarrow Private Equity has invested in 2 different countries.

In the last 3 years, Pencarrow Private Equity has exited 2 companies. The Firm’s most common exit type is trade sale (38%). 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 Activity28
    • M&A Buy Activity20
    • M&A Sell Activity8
  • Total Sectors Invested 17
  • Total Countries Invested 2
  • M&A Buy/Sell Connections 5

Pencarrow Private Equity

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 $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, 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 20 100
values in millions of NZD

M&A Summary

Buy vs Sell

Year ≤ '16 '17 '18 '19 '20 '21 T
Buy (1.4/yr) # 13 2 1 3 1 - 20
Sell (0.4/yr) # 6 - 1 - - 1 8
vol $1.1B $1.1B
  28

Most Recent M&A

Company Date Value Type
Seequent Ltd. 2021-03-11 1.1B USD Add-on Acquisition
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 - Growth Capital
Hawke's Bay, New Zealand · www.nzfrostfans.com
RedShield Security Ltd. 2019-09-17 - Growth Capital
Wellington, New Zealand · www.redshield.co
Avanti Finance Ltd. 2019-01-30 - Growth Capital
Auckland, New Zealand · www.avantifinance.co.nz
Epicurean Dairy UK Ltd. 2018-05-02 - Stake Purchase
London, United Kingdom · www.thecollectivedairy.com
Icebreaker New Zealand Ltd. 2018-04-03 - Add-on Acquisition
Auckland, New Zealand · www.icebreaker.com
Netlogix Ltd. 2017-01-01 - Buyout (LBO, MBO, MBI)
Auckland, New Zealand · www.netlogix.co.nz
Mix Ltd. 2017-01-01 - Buyout (LBO, MBO, MBI)
Auckland, New Zealand · www.mixlimited.com
MMC Ltd. 2016-12-11 - Buyout (LBO, MBO, MBI)
Auckland, New Zealand · www.mmcnz.co.nz
View All >>

M&A by Sector

Sector Current # Value All-time # Value
Consumer Products 1 (9%) - 2 (10%) -
Financial Services 2 (18%) - 2 (10%) -
Internet Software and Services 2 (18%) - 2 (10%) -
Apparel/Textiles - - 1 (5%) -
Beverages - - 1 (5%) -
Building Materials - - 1 (5%) -
Business Services - - 1 (5%) -
Consumer Services 1 (9%) - 1 (5%) -
Distribution - - 1 (5%) -
Food 1 (9%) - 1 (5%) -
Healthcare Services 1 (9%) - 1 (5%) -
Information Technology - - 1 (5%) -
Manufacturing 1 (9%) - 1 (5%) -
Renewable Energy 1 (9%) - 1 (5%) -
Retail - - 1 (5%) -
Staffing - - 1 (5%) -
Transportation 1 (9%) - 1 (5%) -
Total 11 - 20 -

Acquisitions By Geo

State/Country Current # Value All-time # Value
New Zealand 10 (91%) - 19 (95%) -
United Kingdom 1 (9%) - 1 (5%) -
Domestic 10 (91%) - 19 (95%) -
Cross-border 1 (9%) - 1 (5%) -
Total 11 - 20 -

Acquisitions by Deal Type

Type Current # Value All-time # Value
Growth Capital 5 (45%) - 9 (45%) -
Buyout (LBO, MBO, MBI) 5 (45%) - 8 (40%) -
Stake Purchase 1 (9%) - 2 (10%) -
Divestiture - - 1 (5%) -
Total 11 - 20 -

Exits by Deal Type

Type Total # Value
Trade Sale - Public Company 2 (25%) 1.1B (100%)
Sold to Management 2 (25%) -
Unknown 2 (25%) -
Secondary Sale 1 (13%) -
Trade Sale 1 (13%) -
Total 8 $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
Strategic(s)
5%
1 (5%)
Exited to
Investor(s)
13%
1 (13%)
Strategic(s)
38%
3 (38%)

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