Good evening,

Australian private equity firms love a corporate carve-out, particularly when it’s a local unit stranded miles away from head office and decent market share.

So it’s no surprise to Street Talk to hear PE’s been targeted for the up-for-sale ADT Security, which is one of the big players in the Australian home and commercial security systems market.

Investment bank Citi’s tasked with finding a new owner, working for ADT’s giant parent, US-listed Johnson Controls.

The business is expected to be big enough to draw in Australia’s mid-market and upper mid-market buyout shops. They’ll like the fragmented market, although we question who’s had experience in the sector.

Elsewhere, hot on the heels of NIB Holdings’ move into NDIS plan management, IFM Investors has picked up the industry’s No.3 player.

IFM is investing via My Plan Manager, which was already the market leader in terms of client numbers, and cements its position as No.1.

We also take a look at what bankers make of TPG Telecom’s latest corporate restructuring.

Happy reading,
Anthony Macdonald, Sarah Thompson and Kanika Sood
Street Talk editors