Pencarrow Private Equity Mergers and Acquisitions Summary

Private Equity Profile

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

Pencarrow Private Equity’s most common sectors for investment are consumer 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 1 company. The Firm’s most common exit type is trade sale (29%).

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M&A Summary

  • M&A Total Activity27
    • M&A Buy Activity20
    • M&A Sell Activity7
  • Total Sectors Invested 17
  • Total Countries Invested 2
  • M&A Buy/Sell Connections 4

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 ≤ '15 '16 '17 '18 '19 '20 T
Buy (1.6/yr) # 12 1 2 1 3 1 20
Sell (0.4/yr) # 5 1 - 1 - - 7
  27

Most Recent M&A

Company Date Value Type
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
BrewGroup New Zealand 2016-11-17 - Add-on Acquisition
Auckland, New Zealand · www.belltea.co.nz
View All >>

M&A by Sector

Sector Current # Value All-time # Value
Consumer Products 1 (8%) - 2 (10%) -
Financial Services 2 (17%) - 2 (10%) -
Internet Software and Services 2 (17%) - 2 (10%) -
Apparel/Textiles - - 1 (5%) -
Beverages - - 1 (5%) -
Building Materials - - 1 (5%) -
Business Services - - 1 (5%) -
Consumer Services 1 (8%) - 1 (5%) -
Distribution - - 1 (5%) -
Food 1 (8%) - 1 (5%) -
Healthcare Services 1 (8%) - 1 (5%) -
Information Technology 1 (8%) - 1 (5%) -
Manufacturing 1 (8%) - 1 (5%) -
Renewable Energy 1 (8%) - 1 (5%) -
Retail - - 1 (5%) -
Staffing - - 1 (5%) -
Transportation 1 (8%) - 1 (5%) -
Total 12 - 20 -

Acquisitions By Geo

State/Country Current # Value All-time # Value
New Zealand 11 (92%) - 19 (95%) -
United Kingdom 1 (8%) - 1 (5%) -
Domestic 11 (92%) - 19 (95%) -
Cross-border 1 (8%) - 1 (5%) -
Total 12 - 20 -

Acquisitions by Deal Type

Type Current # Value All-time # Value
Growth Capital 6 (50%) - 9 (45%) -
Buyout (LBO, MBO, MBI) 5 (42%) - 8 (40%) -
Stake Purchase 1 (8%) - 2 (10%) -
Divestiture - - 1 (5%) -
Total 12 - 20 -

Exits by Deal Type

Type Total # Value
Sold to Management 2 (29%) -
Unknown 2 (29%) -
Secondary Sale 1 (14%) -
Trade Sale 1 (14%) -
Trade Sale - Public Company 1 (14%) -
Total 7 -

M&A Connections

Deals %
Acquired from
Strategic(s)
100%
1 100%
Exited to
PE Firm(s)
33%
1 33%
Strategic(s)
67%
2 67%

Investor Summary

Size

Middle-Market

PE Assets

692M NZD

Established

1993

Specialist/Generalist

Generalist

Leadership

Jonathan Goldstone

Managing Partner

Nigel Bingham

Managing Partner

Rod Gethen

Managing Partner

Philippa Weston

Investment Director

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