Odyssey Private Equity Fund 8
In March 2017, VPEG2 committed $7.5m to Odyssey Private Equity Fund 8, a $275m growth capital fund, managed by Sydney, Australia based, Odyssey Private Equity (Odyssey)
In late April 2017, VPEG2 subsequently increased its total commitment to Odyssey Private Equity Fund 8 to $8.0m
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 Fund 8 has completed two investments to date; Oztrail and Mine Site Technologies
OZtrail. 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. As part of the transaction, Odyssey will acquire a controlling interest in the well known and loved, third – generation Australian outdoor leisure products business. The acquisition of OZtrail was complted during January 2018.
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.
During July 2018, Odyssey Fund 8 investee, Adventure Holdings Australia (AHA) acquired Primus Australia Pty Ltd trading as Companion Brands (Companion).
Companion is a key wholesale distributor in the Australian market, distributing products to over 3,400 outlets across leisure, hardware, auto and outdoor categories. It will provide an array of complimentary product categories to AHA’s existing portfolio including camping fridges, gas hot water systems and 4 x 4 equipment. Companion also sells to international markets such as New Zealand, USA, UK, Scandinavia, Europe, Middle East and South Africa.
Mine Site Technologies. During June 2018, Odyssey Private Equity Fund 8 completed the acquisition of Mine Site Technologies (MST), a leading provider of unified communication products.
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 over 27 years.
Data and communication networks in general business and society are the essential backbone to support systems that deliver business value. MST’s digital platforms are specifically engineered for the underground environment to enable and support a large range of productivity and safety systems at any mining operation, as well as tunneling projects.
With over 600 technology deployments worldwide, MST’s underground digital networks and IoT platforms are embedded in many mines’ production and safety processes. The systems enable voice and data communications, tracking and tagging of personnel and vehicles, emergency evacuation warning, and proximity detection systems/collision avoidance. This core data is then further analysed and reported on to better manage time and attendance, asset utilisation, production measurement, emergency mustering, remote blasting and geotechnical and environmental monitoring.
In addition, MST subsidiary Nixon Communications provides specialist surface radio and networking services throughout Australia.
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