Odyssey Private Equity Fund 8
During May 2017, Vantage Private Equity Growth 3 committed $7.0m to Odyssey Private Equity Fund 8, a $275m growth capital fund, managed by Sydney, Australia based, Odyssey Private Equity (Odyssey).
Odyssey was established in early 2017 by Gareth Banks, Jonathan Kelly and Paul Readdy, former CHAMP Ventures directors, as well as George Penklis, a co-founder and former partner of Quadrant Private Equity.
Odyssey’s partners bring a wealth of experience, drawn from more than 50 private equity investments completed during their careers.
The partners have successfully invested across a broad range of industry sectors, including consumer products, retail, financial services, industrial products and services, equipment rental, distribution, aged care, manufacturing and building products.
Managing Partner, George Penklis said: “The formation of Odyssey was driven by a number of factors. The timing was right for the team, which has a solid performance track record. The market segment is attractive, with strong deal flow and a history of strong returns for investors.”
The fund will invest in leading, mid-sized growth companies in Australia and New Zealand that have the potential to be future leaders in their market segment.
Odyssey is targeting expansion capital, replacement capital and management buy-out opportunities across a broad range of industry sectors in Australia and New Zealand. The fund will invest in both control and minority equity positions.
The fund will typically invest between $15m and $40m of equity, in private businesses with enterprise values up to $100m. Odyssey will also target larger opportunities through co-investment with Odyssey’s investors.
Odyssey Private Equity Fund 8 have completed two investments to date; OZtrial and Mine Site Technologies Global Holdings.
OZtrial. On 4 December 2017 LE Whittaker and Sons Pty Ltd (OZtrail) announced that its shareholders had reached an agreement to enter into a transaction with a consortium led by Odyssey Private Equity (Odyssey), Vanessa Garrard and Dr Glen Richards. The terms of the transaction are confidential.
As part of the transaction, Odyssey will acquire a controlling interest in the well known and loved, third – generation Australian outdoor leisure products business. Founded in 1989, the Business has a strong track record of product innovation and growth through retailers both domestically and internationally, including in over 9 countries. Following the transaction, Oztrail will continue to operate out of its Brisbane Head Office located in the TradeCoast precinct.
Andrew Whittaker, General Manager of OZtrail said: “We are proud of what our team has achieved in building OZtrail into what it is today. We made this decision because Odyssey, Vanessa and Glen have demonstrated they are best aligned with our vision and we look forward to drawing on their industry experience and access to funding that will enable growth and opportunities for our extended OZtrail family of staff, suppliers, customers and consumers. We are looking forward to working with experienced operators who have contributed to the success of companies like Greencross Vets, Macpac, Petbarn and Lorna Jane. The Whittaker family involvement will also continue as I am staying with the business to help implement our exciting growth plans.”
On 1 August 2018, AHA acquired Companion Brands a Melbourne-based outdoor and hardware branded products business, which broadens AHA’s product range. AHA Group is now the largest player in the segment.
Companion Brands are a wholesale distributor of outdoor leisure, hardware and industrial products. They specialise in the supply of well known and reputable brands to a wide range of resellers throughout Australia. Many of the company’s products are designed and developed in-house for the Australian market, which have also found acceptance internationally.
Today Adventure Holdings Australia now has the largest range of outdoor camping and leisure products. The focus for Odyssey 8 since the recent acquisition, has been on business integration with a particular focus on the team structure, customer communication and supply chain improvements. The main value creation continues to be revenue growth through new products and new customers.
Mine Site Technologies Global Holdings (MST). During May, Odyssey Fund 8 (OPE8) completed the acquisition of MST Global Holdings.
MST Global (Mine Site Technologies; “MST”) provides fit for purpose hardware combined with smart software solutions to support productivity and safety processes in underground mines and tunnels, as well as surface mining. MST has been developing, manufacturing, deploying and supporting mine and tunnel communication systems for over 27 years.
MST is a leading provider of unified communications products, digital infrastructure, real-time tracking and asset management solutions, predominantly in the mining and tunneling sectors. Miners are driving increasing demand for productivity and safety improvements. MST’s products enable real-time data capture and online analysis for improved decision making.
