We are proud of our track record of creating wealth for our investors and management stakeholders.  Following are recent successful investments which were led by members of the Equity Partners team.

AUSTRALIAN VINYLS
www.av.com.au

Type of Investment:  Management Buy-out

Australian Vinyls is Australia’s sole manufacturer of PVC resin, supplying blue chip customers such as Iplex and Vinidex.  The business also provides specialty chemicals to customers through its trading operations. We backed an experienced industry operator in acquiring a business with a dominant market position to continue its growth strategy.

 The business was sold to Wesfarmers Limited subsidiary CSBP Limited in September 2007 for $138 million.  Investors received a return of 3.5 times money on their equity investment and an IRR of 75%.

ROYAL WOLF
www.royalwolf.com.au

Type of Investment:  Management Buy-out

Royal Wolf is Australia’s leading supplier of domestic storage and freight containers. During the period of our investment, Royal Wolf tripled its earnings through the introduction of new products and successful execution of bolt-on acquisitions.

The investment was exited in March 2007 in a trade sale to General Finance Corporation, a company listed on the American Stock Exchange.  Investors received a return of 4.4 times money on their equity investment and an IRR of 62%.

FLEXIRENT
www.flexirent.com.au

Type of Investment:  Expansion

Flexirent is Australia’s largest microticket leasing company for IT equipment, with Harvey Norman as the largest channel to market. We worked closely with the founders to recruit a high calibre management team and execute its growth strategy which resulted in profit before tax increasing from $12 million to $40 million.

The business was listed on the ASX in December 2006 with a market capitalisation of $435 million achieving a 7.2 times multiple in equity investment and 125% IRR.

IMMERSIVE
www.immersivetechnologies.com

Type of Investment:  Expansion

Immersive is the dominant provider of operator training simulators to the global mining industry.  We helped fund expansion of the company’s product set as well as growth in international sales.  We worked closely with the founders to focus on corporatising the business during a period of strong growth, and also assisted with sourcing other board members who have continued to work with the founders.

The investment was exited in September 2006 when the founders acquired Equity Partners' stake in the business. Investors received a return of 3.0 times moneys on their equity investment and an IRR of 42%.

PENRICE
www.penrice.com.au

Type of Investment:  Management Buy-out

Penrice is Australia's sole manufacturer of soda ash and sodium bicarbonate with blue chip customers including ACI and Amcor. We backed an experienced management team and successfully executed a break-up strategy to realise value for stakeholders.

The investment was exited through a trade sale of the saltfields to Ridley Corporation Limited in April 2005 and an IPO of the remaining business in June 2005.  Investors received a return of 2.5 times money on their equity investment and an IRR of 144%.

LEGION
www.legioninteractive.com.au

Type of Investment:  Management Buy-out

Legion is Australia's market leader in interactive communications services. It specialises in promotional marketing and media interactivity, content acquisition, aggregation, publishing and delivery. We worked very closely with the management buy-out team over a 3 year period during which revenue quadrupled and EBITDA increased six-fold. 

The investment was exited in March  2005 in a trade sale to ASX-listed The Photon Group resulting in a 7.4 times multiple on equity investment and 92% IRR.