The Monthly Recap - May 2024

Published on

June 4, 2024

The Monthly Recap - May 2024
The Monthly Recap - May 2024

The Monthly Recap - May 2024

May seemingly continued the momentum from March/April with deals chugging along despite another large deal, BHP and Anglo American, falling apart.

May seemingly continued the momentum from March/April with deals chugging along despite another large deal, BHP and Anglo American, falling apart. Sponsor-led deals appear to be picking up with many funds beginning the process of offloading assets. Also some interesting plays across real estate firms with Stockland signing a partnership whilst Cromwell & Lendlease sell off international assets. 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.


Next Capital acquires majority stake in Scentia Education: deal at a $98m enterprise value (AFR)

Five V Capital signs Habit Health acquisition: the $200m+ portfolio company of Livingbridge has switched hands (AFR)

Quadrant-owned Darrell Lea on the block: sale could fetch close to $1bn (AFR) UBS likely to be on the ticket (Australian)

Australian-listed insurance broking business PSC Insurance to be sold for $2.26bn to UK-based Ardonagh Group (Australian)

Quadrant provides growth equity for Birch & Waite: the commercial food business is backed by Fortitude Investment Partners (AFR)

Quadrant co-investment fund ploughs $500m into Canva: this comes with a $25bn valuation for Canva (AFR)

Other Activity

Stockland signs $1bn land lease partnership with Invesco Real Estate: the process was run by Jarden (AFR)

EQT closes $2.4bn Asia fund: the focus will be on technology, services & healthcare businesses (AFR)

The market is keeping an eye on AirTrunk as initial offers begin to land: Blackstone & IFM being initial front-runners (Australian)

Healius refinances debt to March 2027 (Australian) there has also been interest in their diagnostic imaging unit with Quadrant, Adamantem & Bain prepared for the

sale process next month (Australian)

Brookfield in the hunt for Windlab: Forrest-backed wind-farm operator could sell for $300m (AFR)

BHP Changes head of M&A midst takeover (Australia) Anglo American refuses more talks with a likely breakdown following $75bn bid offer (AFR)

Adamantem doubles down on Environmental Opportunities Fund: investing in Edge Zero (power distribution technology firm) & Evnex (EV smart charger) (AFR)

Cromwell Property offloads European business: exits offshore operation to focus solely on Australia/NZ market (AFR) Lendlease offloading their $4bn in global assets in a similar vein (AFR)

Hysata raises $172m from large investors: Advised by Morgan Stanley, the Wollongong based green hydrogen firm has strong growth plans (AFR)

Large interest in Neoen’s local portfolio: Bank of America shopping up to 30% with IFM, AusSuper & CDPQ part of the many interested (AFR) but sources say the deal has gone quiet towards the end of the month (Australian)

Amber Infrastructure trying to capitalise on the data centre hype: the sudden demand for data centre exposure has interested many asset-holders (Australian)

Investment Banking & Debt Markets

Arc Infrastructure taps bond market: CBA running the raise with a $300m, seven-year bond (Australian)

Adamantem rules off debt deal for Legend Corp: the $70m facility was financed by its existing lenders (AFR)

GPG renewables pushing ahead with $1.6bn refinance: the Big 4 & Japanese banks are amongst potential issuers (AFR)

Jarden loses a number of staff following bonuses: mostly across VP/Associate level (AFR)

Goldman Sachs to advise on the separation of WebJet (Australian)

Amicca & Carlyle sign off $128m debt financing deal for NZ Fuel Retailer (AFR)

Goldman Sachs M&A head confident activity is on the way back: Marissa Freund explains the cycle of M&A (AFR)

Pimco excited by the return of bonds: Dan Ivascyn more confident with attractive bond yields and stretched equities valuations (AFR)

Notable Market Movers

There have been plenty of Notable Market Movers in May including:

James Gorman to step down as Morgan Stanley chairman (AFR)

Bill Trotter of Jarden steps down from his Chairman role, but will remain as director (Australian)

Deutsche Bank’s Hugh Macdonald completed his last day in May after 16 years (AFR)

Morgan’s head of corporate advisory, John Polinelli left in May (AFR)

Citi lost Ollie Williams & Keith Mitchell in recent months from their DCM team (AFR)

Jefferies equities boss Andrew Norman retired (AFR)

• Plenty of movement out of CBUS Super (AFR)

UBS replace real estate boss Andrew Scade with analyst Grant McCasker (Australian) Brooke Johnston named Head of Corporate Lending & Structured Solutions (AFR)