Australian private equity dealflow remains . . . dead.
I'm confident this will change over the next two quarters as business owners come to terms with lower valuations and boards make tough decisions to address their crumbling balance sheets. Public to privates will also emerge as an important part of the 2009-2010 market.
In the meantime, other than the Archer + HarbourVest buyout of MYOB, I'm scratching my head to think of a single Australian private equity deal completed this year.
Am I forgetting any? [No credit for bolt-ons or follow-on rounds]
We're close to closing one (a week or so). Plus, have another in DD and are keen for another to close later this year. The banks are being difficult, although 100% equity isn't out of the question.
But in reference to your topic, it is looking pretty dead out there.
Posted by: Another GP | February 26, 2009 at 04:18 PM
Two readers sent me emails pointing out that CHAMP completed the Centric Wealth deal this year.
I guess that's technically true, though I'm pretty sure they signed on Christmas Eve 2008.
GP
Posted by: GP | February 26, 2009 at 08:56 PM