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

Our
Investments

Current Portfolio

American Stock Transfer and Trust Company

Stock Transfer Agent and Related Services

www.astfinancial.com

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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Allied Pinnacle

Baked Goods & Bakery Ingredients

www.alliedpinnacle.com

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
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Manuka Health

Consumer Foods

www.manukahealth.co.nz

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.

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ACG

Private Education

www.acgedu.com

Type of transaction: Leveraged Buyout
Acquisition date:
September 2015

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. ACG educates ~14,000 students each year, and employs ~1,500 staff across 50 campuses in 10 cities across New Zealand and South East Asia.

ACG operates four key divisions:

  • 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
  • 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
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Patties Foods

Savoury Baked Goods Manufacturer

www.pattiesfoods.com.au

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

www.inovapharma.com

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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LifeHealthcare

Medical Device Distributor

www.lifehealthcare.com.au

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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