Good evening,

There’s a new private equity partnership forming.

TPG and Potentia joined forces two months ago to win over novated leasing firm Smartgroup, emphasising their combined experience with digital transformation and accounting software to get them in the door.

The pair have plenty of experience with big businesses like MYOB (formerly run by Potentia MD Tim Reed) and Singaporean insurer Aviva Singlife.

Ultimately, it was the price that scored them an exclusive look at the books, with the PE players and minority equity investor Aware Super offering up a $10.35-a-share bid at a 31.7 per cent premium to the last close.

Elsewhere, Ventia is taking its time with its multibillion-dollar float, with no sign of a rapid-fire front-end deal emerging; KKR & Co is understood to be poised to sign on the dotted line to acquire Probe CX and Credit Suisse is ready to help them fund it; it looks like there will be multiple bidders for oOh!’s Junkee, including The Brag Media; and Crimson Education is weighing up an ASX listing.

Happy reading,
Anthony Macdonald, Yolanda Redrup and Kanika Sood
Street Talk editors