The Monthly Recap - October

October comes to a close with plenty going on across the markets. IPO news has picked up with a flurry towards the end of Q3 and start of Q4 providing some hope for ECM desks. Additionally, a few PE firms are looking to raise towards the end of the year to bulk up for early next year? This report outlines selected M&A deals, general market activity and significant news among the investment bank & private equity firms, plus any significant news across debt markets.

M&A

• PEP agrees terms to buy Serenitas: Mirvac partners with PEP, each to take 47.5% stake in the lifestyle communities business (AFR)

• Mercer Investments set to take over ING’s Aussie Superannuation business: “Living

Super” is set to change hands December 1, with around $3bn under management. (AFR)

• Whitehaven Coal defeat rival bidders for BHP’s QLD coal mines: the deal is reportedly

worth $6.4bn (Australian)

• Crescent Capital Partners pick up non-controlling stake in Walski Clinical Research

(AFR)

• Octopus Investments Australia acquired QLD’s largest proposed battery project:

expectations of $800m Enterprise Value once up and running (AFR)

• MA Financial topped up investment in Australian marinas: $20m acquisition joins the d'Albora purchase in April (BNA)

Other Activity

• Five V looking to raise $700m for fifth buyout fund: comes just two years after raising

$500m for fourth fund (AFR)

• Magellan back on the hunt for new CEO: David George departs the firm after 15 months

in the role (BNA)

• BGH Capital joins other big name buyers for Sara Lee: The dessert maker entered

voluntary administration earlier in the month (Australian)

• PEP preparing biggest fund to date: Fund VII targeting $3 billion, which would mark the

largest raise in 2023 (AFR)

• Carlyle-Backed Amp Energy searching for buyer for local renewable generation & storage assets (AFR)

Investment Banking News

• Head of ECM at Goldman Sachs departs the firm: Ian Taylor is out, Aaron Lamshed set

to replace (Australian)(AFR)

• Credit Suisse’s Head of Australia Securities Research pops up at Canaccord Genuity:

Paul Buys is set to start in Early November (AFR)

• MA Financial adds lead to their new resources sector team: Adam Bill comes from

Treadstone Resource Partners and will report into Paul Rathborne (AFR)

• Barrenjoey paying bankers’ bonuses in monthly instalments: comes as the bank looks

to control costs following large set-up spending (AFR)

• Jarden tech lead moves to buy-side: Elise Kennedy is expected to pop up at Schroders in

the new year (AFR)

• Brian Johnson resurfaces at MST Financial six months after leaving Jefferies (AFR)

they have also hired Saul Kavonic from Credit Suisse’s defunct research team (AFR)

• ECM activity has picked up with Barrenjoey, UBS & Macquarie topping the league

tables: Q3 saw a flurry of activity (AFR)

Debt Markets

• EQT Partners chasing $500m debt to bankroll VetPartners acquisition: follows their

winning bid of $1.4bn (AFR)

• Brookfield finalises $1.45bn refi for Aveo: The syndicate has 16 lenders and 5

underwriters (AFR)

• Navis Capital has hauled in $400m from debt capital markets to refinance

existing facilities: The deal was underwritten by Commonwealth Bank & Westpac

(AFR)

• Liontown Resources secures $760m in debt with Export Finance Australia on the

ticket: Comes alongside a $400m equity raise (AFR)

• Jefferies & Bank of America understood to be lenders behind Whitehaven Coal’s

BHP mines bid: $1.4bn bridge debt facility in place, with longer-term funding

eventually (AFR)

• Vocus Group kicks off talks to put together debt syndicate for $6.3bn bid for TPG

Telecom’s fibre assets (AFR)