Extraordinary management teams achieving long term average profit growth
between 15-20% and annual leveraged returns of 25-30%

Current Portfolio

American Stock Transfer and Trust Company

Stock Transfer Agent and Related Services


Type of transaction: Private Vendor
Date of acquisition: May 2008

American Stock Transfer & Trust Company, LLC (AST) is a full-service, tech-enabled professional services firm that helps companies and shareholders across North America maintain momentum through the use of secure corporate data, analytics, advisory services, and a strategic approach to every interaction. AST was originally founded as a transfer agent in 1971. Through organic growth and strategic acquisitions, AST pioneered a new model of integrated services in the industry.

AST affiliates include AST Trust Company (Canada), D.F. King & Co., Inc., and Donlin, Recano & Company, Inc. Together, AST leads the industry with a comprehensive portfolio that includes transfer agent and registrar services, corporate governance and advisory services, issuer and mutual fund proxy services, equity plan solutions, ownership intelligence, restructuring services, and class action and mission critical services.

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UP Education

Private Education


Type of transaction: Leveraged Buyout
Acquisition date:  September 2015

UP Education is New Zealand's largest private education provider. It is the rebranded Tertiary Division of ACG following the separation and disposal of the ACG K-12 Schools. UP Education educates ~7,000 students each year, and employs ~1,100 staff across 40 campuses across New Zealand and Australia.

UP Education comprises:

  • Tertiary/Private Training Establishment: UP Education is the largest vocational training provider in New Zealand, educating a mix of local and foreign students coming to New Zealand to attain a globally recognised qualification
  • NZ International: University foundation programmes for international students, supported by exclusive partnership agreements with two of Auckland's top universities
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Patties Foods

Savoury Baked Goods Manufacturer


Type of transaction: Public to Private
Acquisition date: September 2016

Patties is Australia's leading provider of frozen savoury and frozen dessert pies, with key products including meat pies, sausage rolls and fruit pies. The company produces three of the five leading pie brands in Australia, and is a major supplier into several channels including grocery, route and foodservice. The company generates annual net sales of more than A$200M. 

Iconic brands in the Patties Foods portfolio include FOUR'N TWENTY, Patties, Herbert Adams, Nanna's and Chef's Pride. FOUR'N TWENTY has existed in the Australian market for over 50 years. It is the number 1 branded range of meat pies in Australia across all retail markets including supermarkets, route trade and convenience stores. It is also the number 1 selling pie at most major sporting venues in Australia.

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iNova Pharmaceuticals

Consumer Healthcare


Type of transaction:  Corporate Multinational Carve-Out
Acquisition date:  September 2017

iNova is a leading consumer healthcare company that sells a portfolio of prescription and over-the-counter products in Australia and New Zealand, South Africa and Asia. 

 The company sells key brands across:

  • Prescription products: focus in the weight management, cardiology, dermatology, and pain relief categories; and
  • Over-the-counter products: market leading brands in the throat, cough and cold, and skin care categories.

iNova's independent sales force covers the GP and pharmacy channels in its key markets.  All product manufacturing is outsourced, as is the majority of pharmaceutical research and development.

The businesses acquired were purchased in equal partnership with The Carlyle Group. 

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Medical Device Distributor


Type of transaction:  Public to Private
Acquisition date:  May 2018

LifeHealthcare is a leading independent medical device distributor, operating in Australia and New Zealand. The business supplies a diversified product portfolio across multiple therapeutic channels including spine, orthopaedics and neurosurgery, amongst others. LifeHealthcare also provides associated value-added services to suppliers and surgeons, including regulatory management, clinician training and surgical consultation on device selection and application.

LifeHealthcare supplies three key types of products:

  • Implantable devices: Replaces, supports or enhances biological structure of the body (e.g. spinal prostheses)
  • Non-implantable devices: Consumables used during medical procedures (e.g. surgical instruments)
  • Capital equipment: Required for surgical or diagnostic purposes (e.g. Ultrasound, Operating Theatre capital equipment)

LifeHealthcare services a diversified customer base of public and private hospitals, surgeons and medical specialists. The business is supported by a number of global suppliers, with long-standing relationships.


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Energy Infrastructure


Type of transaction:    Corporate Carve-Out
Acquisition date:    June 2018

Intellihub is the leading provider of smart metering in Australia and New Zealand. It performs an essential, regulatory role in the electricity network, with an increasing importance as both the supply and consumption of electricity becomes more dynamic. Its operations include:

  • Installation of electricity smart meters across a range of market segments, including residential, commercial and Industrial
  • Remote collection, recording and distribution of energy usage data at regular time intervals and distribution of this data to market regulators and electricity retailers
  • Remote connection and disconnection of energy supply
  • Customer and network data analytics and support

Intellihub operates under long term contracts, servicing the major energy retailers and consumers across Australia and New Zealand. The business was purchased in partnership with Landis+Gyr, a Swiss based smart metering company. 

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Evolution Healthcare



Type of transaction: Private Vendor
Acquisition date:  March 2019

Evolution Healthcare is a leading provider of private hospitals and rehabilitation services in New Zealand and Australia. Evolution's operations include:

  • Private Hospitals: Evolution owns or manages a network of private hospital facilities that provide a range of surgical, medical, oncology and diagnostic imaging services
  • Rehabilitation Services: Evolution owns a network of rehabilitation clinics in New Zealand under the Proactive banner. Proactive is one of only six businesses contracted to provide return-to-work services by the NZ government
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AutoPacific Group

Industrial Products


Type of transaction:  Corporate Carve-out
Acquisition date:  September 2019

AutoPacific Group is the leading producer of towing solutions and related vehicle accessories in Australia and New Zealand, with manufacturing facilities in Melbourne, Auckland and Thailand. The business has a strong market position and a diverse customer base of car manufacturers, dealerships, and aftermarket retailers. The core products are highly engineered with the flagship aftermarket brand, Hayman Reese, recognised as the clear market leader in Australia.

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Type of Transaction:  Leveraged Buyout
Acquisition Date:  March 2020 

WINconnect is a leading owner and operator of 'last mile' network infrastructure within multi-tenanted residential and commercial buildings across Australia. Across its portfolio of over 300 sites and 60,000 connection points, the business operates and maintains a range of infrastructure assets under long term contracts, including:  

  • Hot water and electricity meters
  • Centralised hot water plant and equipment
  • Centralised Electric Vehicle charging stations
  • Embedded solar generation infrastructure 

The business also provides metering services, billing and on-selling of energy utility services to end-consumers.

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Zenith Energy

Remote Energy Infrastructure


Type of transaction:  Public to Private
Acquisition date:  August 2020 

Zenith Energy is an industry leader in remote hybrid power solutions. The business designs, builds and operates a complete range of thermal and renewable fuel sources to offer its customers innovative, cost effective and reliable energy solutions. Zenith Energy services clients across Australia with a customer base that includes some of the largest miners in the world, who value its innovative solutions and unparalleled safety track record.

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Modern Star

Education Resources


Type of transaction:  Secondary
Acquisition date:  December 2020

Modern Star is the market leading supplier of curriculum aligned educational resources to schools and early learning centres throughout Australia and New Zealand with a 60+ year history in the Australian market. The business supplies a comprehensive range of over 30,000 education products to a highly diversified customer base with the majority of its revenue generated from proprietary or exclusive products.

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The Citadel Group

Software & Services


Type of transaction: Public to Private
Acquisition date: December 2020 

Citadel provides core software for medical specialists and secure records management software, technology and professional services to a diversified set of Government clients in Australia and the UK. Citadel holds long customer contracts, often of three to 10 years in duration. The business employs approximately 375 people. 

Citadel operates three core business lines:

  • Health software: Market-leading software used in radiology, pathology, oncology and maternity
  • Enterprise software: Software used for secure records management, electronic tendering and grants
  • Technology & professional services: Professional services, contracting, and AV solutions for secure information networks
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Fund V Exited Investments

Allied Pinnacle

Baked Goods & Bakery Ingredients


Type of transaction: Corporate Multinational Carve-out

Acquisition date: Pinnacle Bakery & Integrated Ingredients in May 2015, Allied Mills in March 2017 

Allied Pinnacle is the leading provider of value added bakery products and bakery ingredients in Australia. The business was formed following the strategic integration of complementary businesses Pinnacle Bakery & Integrated Ingredients and Allied Mills. 

Allied Pinnacle currently services over 3,000 customers across all key channels in Australia. The business has operated in the Australian market for over 100 years. Allied Pinnacle is the largest supplier of flour for human consumption in Australia. It is also the number one provider, by scale and capability of prepared bakery and premix products to major supermarkets. 

Allied Pinnacle's broad product range includes:

  • Prepared bakery products including par-baked bread loaves and rolls, hot cross buns, cakes pastries and donuts
  • Value added premixes such as bread, cake, muffin and donut mixes
  • Flour and other bakery ingredients

On 27 February 2019, Nisshin Seifun Group Inc (TSE: 2002, "Nisshin") entered into an agreement to acquire Allied Pinnacle from Funds advised by PEP. The transaction completed on 1 April 2019.

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Manuka Health

Consumer Foods


Type of transaction: Private Vendor
Acquisition date: December 2015

Manuka Health manufactures and distributes:

  • Manuka honey at various grades which has strong anti-bacterial properties
  • Supplements such as manuka honey-based syrup and lozenges, propolis, royal jelly and other bee products
  • Personal care products including wound care, skin care and oral care products
  • Gourmet foods including a variety of non-manuka floral honey blends and baked goods

Manuka Health is one of two corporate players of scale in a fragmented but consolidating industry. The strength of the Manuka Health brand along with a new state-of-the-art production facility provides a strong competitive advantage and an excellent platform for growth.

On 27 September 2018, PEP entered into an agreement to sell 100% of its shares in Manuka Health. The transaction completed on 8 January 2019.

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Private Education


Type of transaction: Leveraged Buyout
Acquisition date:
September 2015

At acquistion, ACG was comprised of Schools and Tertiary Divisions. ACG is New Zealand's largest private education provider. Since the establishment of its first school 20 years ago, ACG has grown organically and by acquisition to provide a diversified education offering by age, level of education and geography. At the time of PEP's investment, ACG educated ~14,000 students each year, and employed ~1,500 staff across 50 campuses in 10 cities across New Zealand and South East Asia.

ACG Schools Division comprised:

  • Domestic Private Schools: Five private schools and several early childhood facilities
  • Offshore Private Schools: International schools in Vietnam and Indonesia catering to expatriate students as well as a growing demand from select local students

ACG Tertiary Division comprised:

  • Tertiary/Private Training Establishment: Under four key brands, ACG is the largest vocational training provider in New Zealand, educating a mix of local and foreign students coming to New Zealand to attain a globally recognised qualification
  • NZ International: University foundation programmes for international students, supported by exclusive partnership agreements with two of Auckland's top universities

On 31 May 2019, following approval from the New Zealand Overseas Investment Office, the sale of ACG Schools to Inspired Education was completed. The remaining Tertiary Division has been re-named UP Education. 

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