The Monthly Recap – August & September

Australia’s financial markets had a busy August and September, with big-ticket M&A deals, private equity transactions and a further rate hike from the RBA keeping the market firmly on its toes. Growing scrutiny of the private credit market and signs of a reopening of the IPO and ECM pipeline also helped shape market sentiment heading into the final quarter of the year. This report outlines select M&A deals, general market activity and significant news amongst private equity, investment banking & debt markets. We also include a short section on recent notable market movers.

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M&A

 
• Radiology Partners wins five-year pursuit of Livingbridge’s Everlight in $1b deal (AFR)
 
• Airtree doubles investment as Procore buys DroneDeploy for $1.2b (AFR)
 
• KKR led trio locks up steadfast in $7.7b financial services buyout (AFR)
 
• MAM buys half of SERV from Aware Super for $4b (AFR)
 
• Antipodes Partners to buy Bennelong, adding $4b in client assets (AFR)
 

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Other Activity  

 
• Pemba takes majority stake in $3b wealth manager Hewison (AFR)
 
• Grant Thornton Australia approves $1b PE buyout, eyes acquisition spree (AFR)
 
• CVC Capital Partners to buy Queensland founded Ambrose Construct Group at $700m valuation (AFR)
 
• I Squared Capital wins oOh!media auction with $900m takeover deal (AFR)
 
• Ellerston Capital sells NOJA Power stake to Goldman Sachs at a valuation of more than $1b (AFR)
 

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Investment Banking News & Debt Market

• KPMG slashes 400 jobs and partner pay as consulting revenue plunges (AFR)
• Bank of America opens Perth office to chase Australia’s mining deals (AFR)
• Foresight raises $660m to keep 30% Kinetic stake (AFR)
• Jarden adds five staff members after Barrenjoey raid on New Zealand Team (The Australian)

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Market Moves    

   
• Ausbil’s Andrew Peros jumps to L1 Group to build small-cap fund (AFR)
   
• Quadrant PE partner Ryan Boers joins Iren (AFR)
   
• NAB hires Goldman Sachs’s Mark Davis as markets chief (AFR)
   
• Goldman Sachs names Matthew Moffatt as head of cash equities for ANZ (AFR)
   
• Jardine Matheson hires PAG’s Sid Khotkar after I-MED deal (AFR)
   
• Freya Kong joins Morgan Stanley after nearly a decade at Bank of America (AFR)
   
• Jarden rehires Daniel Tetro to lead energy commodities (AFR)
   
• Andrew Donlan leaves Bennelong for Ausbil’s technology team (AFR)
   
• LGT poaches UBS wealth boss Michael Marr and four senior advisers (AFR)
   
• Westpac taps Goldman veteran Rob Taylor to expand private credit strategy (AFR)
   
• Bank of America hires Lazard’s Li Wynn as co-head of its Australian PUI advisory (AFR)