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Private Equity Gresham Private Equity Fund No. 1
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Gresham Private Equity Fund No. 1
The Group's first fund was established in 1999, with capital commitments of $200 million. This fund has been fully realised.
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In June 2001, Gresham Private Equity led the $60 million management buyout of Eroc Pty Limited, an underground tunneling contractor with operations across Australia. GE Capital provided extensive banking facilities which enabled Eroc to fund large contracts.
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In December 2000 Gresham Private Equity 1 invested $6 million in Electronic Banking Solutions (EBS) with a follow-on investment of $4 million in May 2001. At this time, EBS operated approximately 550 ATMs across Australia.
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Gresham Private Equity 1 made its first investment in 1999. The investment was in Eurogestion, an international pest control and hygiene services business with operations across Australia and Europe.
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In March 2002, Gresham Private Equity committed to invest up to $11 million alongside Bridgepoint Capital in Virgin Active, the rapidly expanding health and fitness business, in a A$300 million partnership with the Virgin Group. At the time, Virgin Active comprised nine clubs in the UK and 76 outlets in South Africa.
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In September 2001, Gresham Private Equity 1 invested $30 million into the management buyout of Repco from Pacific Dunlop Limited. Repco is a leading automotive aftermarket parts and accessories wholesaler and distributor in Australia and New Zealand, operating under the 'Repco', 'Ashdown' and 'Motospecs' brands.
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In November 1999, Gresham Private Equity invested A$18 million in the A$468 million acquisition of UK- based construction and building material supplier Norcros plc.
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The investment exited in February 2007 through a sale to Sigtec Pty Limited.
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In October 2002, Gresham Private Equity Fund 1 led the MBO of Riviera, Australia's leading producer of luxury motor yachts and cruisers.
Best Buyout 2009
<$100 Million