Monday
August 29, 2022
Good evening,
M&A Monday was more like M&A Mundane this week, as the looming poor start to the week in markets deterred any serious activity.
The highlight was Thiess’ 5 per cent bump to its bid for mining services play MACA Ltd, in an otherwise quiet day. Equity capital markets bankers went to lunch, and wouldn’t have had to rush back to the office.
However, we did manage to find a few scoops in private equity land.
The first one was Anchorage Capital Partners readying to sign up for a turnaround job at childcare group Evolve’s NZ business; the other was PAG Asia Capital staring down Four’n Twenty pies-maker Patties Foods.
We also took a look at Scottish Pacific — one of the most pitched businesses according to our snouts in PE land — and a bank that snuck a peek recently, and check out trading in Nearmap.
Happy reading,
Anthony Macdonald, Sarah Thompson and Kanika SoodStreet Talk Editors
The deal would have Anchorage re-enter the sector, only a year after selling its Australian business Affinity Education to Quadrant Private Equity.
The private equity bigwig is in talks to acquire the maker of Four’n Twenty pies and Nanna’s frozen desserts.
ANZ’s decision to go hard at KKR’s MYOB gives hope to all private equity firms faced with a blocked IPO market and a difficult exit environment.
Hedge funds are testing whether there could be a bump or another bid in the works.
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