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Advent Partners’ SILK Laser fills out, looks offshore for 2020

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It’s two years since Australia’s laser clinics industry saw an influx of private equity proprietors that shot it to the top of the “sexy sectors” list for dealmakers.

Global firm KKR and Melbourne’s Advent Partners snapped up two of the leading players – and while they’re keeping out of the headlines for the time being, they’ve not been idle.

In particular, Advent’s SILK Laser Clinics’ local business has boomed – to the point where it is mulling expansion offshore and could even be back among the deals in the coming 18 months.

“Our expectations will be an exit in the next 18 months – could be an IPO, trade sale and/or a private equity sale,” SILK Laser Clinics founder and director Martin Perelman told Street Talk.

SILK was backed by Advent in February 2018, in a transaction that valued the laser clinics business at $50 million to $100 million.

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VPEG3 Quarterly Report September 2019

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20 November 2019

VPEG3 Quarterly Report for the 3 months ending 30 September 2019

Special Points of Interest;

– Allegro Fund III invests into Perth Radiological Clinic, Western Australia’s largest diagnostic imaging provider.

– Adamantem Capital Fund 1 completes the public to private acquisition of Legend Corporation Limited, an Australian distributor of tools, components and accessories into the electrical wholesale and industrial / commercial gas markets.

– Mercury Capital Fund 3 invests into Squiz Pty Ltd, Australia’s largest Content Management System and Enterprise Search business with operations

– VPEG3’s portfolio expands to 21 underlying company investments, operating across a broad range of industry sectors

View or download a copy of the VPEG3 Quarterly Report September 2019

Notice of VPEG3 2019 Annual General Meeting

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The 2019 Annual General Meeting (AGM) of Vantage Private Equity Growth 3 (VPEG3) consisting of Vantage Private Equity Growth 3, LP (ILP NO. L0000419E) (VPEG3, LP) and Vantage Private Equity Growth Trust 3A, (VPEG3A) will commence at 11:30am AEDST on Thursday 28 November 2019 at L17, 8 Chifley Square, Sydney.

Investors seeking to attend the AGM please advise Vantage by email at info@vantageasset.com, to register your name with building security for access to the meeting. Alternatively, should you wish to dial in to the meeting, please advise and we will provide conference call details prior to the meeting

Performance Highlights from VPEG3’s 2019 Annual Report;

– $18.0m of new investment commitments made across two Private Equity Funds and one co-investment
– $10.5m in Additional Capital Drawn by Underlying Private Equity Funds
– 9 new underlying company investments added to the portfolio
– Paid capital by all investors to VPEG3, LP of $0.33 per dollar of Committed Capital to VPEG3
– Paid capital by all investors, except SIV investors, to VPEG3A of $0.08 per dollar of Committed Capital to VPEG3

In addition, subsequent to 30 June 2019, a further three new underlying company investments were added to the VPEG3 investment portfolio.

– In July 2019, Odyssey Fund 8 acquired FRANKiE4, a leading and award-winning women’s supportive footwear label.
– In August 2019, Adamantem Capital Fund 1 acquired ASX listed Legend Corporation, a distributor of product tools, components and accessories into the electrical wholesale and industrial / commercial gas markets.
– Also, during August 2019, Mercury Capital Fund 3 completed an investment into Squiz, Australia’s largest content management system and enterprise search business with over 439 employees and operations across Australia, New Zealand, United Kingdom, Poland and the

Highly Active September 2019 Quarter for VPEG3’s Underlying Portfolio

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The September 2019 quarter has been a highly active period for Vantage Fund’s and its underlying Private Equity funds.

Across the September 2019 quarter VPEG3’s underlying portfolio grew from 18 to 21 company investments. During the quarter, Mercury Capital Fund 3 completed an investment into Squiz, Odyssey Fund 8 acquired FRANKiE4 and Adamantem Capital Fund 1 acquired ASX listed Legend Corporation.

In July 2019 Mercury Capital Fund 3 completed an investment into Squiz, Australia’s largest Content Management System (xCMS) and Enterprise Search business with ~439 employees and operations across Australia, New Zealand, UK, Poland and US.

Also during July 2019, Odyssey Fund 8 acquired FRANKiE4, a leading and award-winning women’s supportive footwear label. Founded in 2011 by podiatrists and a physiotherapist, FRANKiE4’s unique designs and patented support technologies enhance the comfort of customers’ feet, lower limbs and their overall health. FRANKiE4 combines a knowledge of biomechanics with a sense of style, to deliver great footwear that women feel comfortable in and love to wear.

During August 2019, Adamantem Capital Fund 1 acquired ASX listed Legend Corporation in a public to private transaction. Legend is a distributor of products, tools, components and accessories into the electrical wholesale and industrial / commercial gas markets. Legend stocks an extensive range of product lines and is a preferred supplier across all major electrical wholesalers in Australia. Legend’s products are utilised across a diversified range of end markets, including electrical, power, rail, mining and telecommunications.

With the addition of these three new investments, VPEG3’s underlying portfolio now holds interest in 21 companies across 7 Private Equity Funds plus two co-investments as at 30 September 2019. As the portfolio of investments expands and matures throughout the remainder of the 2019 and into 2020, across a broad range of industry sectors, the diversification of VPEG3’s portfolio will be enhanced, along with the overall value of the portfolio.

View VPEG3’s Underlying Private Equity Portfolio

VPEG3 Quarterly Report June 2019

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19 August 2019

VPEG3 Quarterly Report for the 3 months ending 30 June 2019

Special Points of Interest;

  • Odyssey Fund 8 acquires Sushi Sushi, Australia’s largest Japanese Food Retailer and Delta Agribusiness one of Australia’s leading Independent Agribusinesses
  • Odyssey Fund 8 announces an investment into specialist Australian women’s footwear company, FRANKi4 
  • Allegro Fund III acquires a majority stake in Questas Group, one of Australia’s largest independent hydraulics and water companies
  • VPEG3’s portfolio expands to 18 underlying company investments, operating across a broad range of industry sectors

View or download a copy of the VPEG3 Quarterly Report June 2019

VPEG3 Quarterly Report March 2019

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22 May 2019

VPEG3 Quarterly Report for the 3 months ending 31 March 2019

Special Points of Interest;

  • VPEG3 commits $10m to Next Capital Fund IV, a $350m mid-market expansion, private equity fund, managed by Sydney, Australia based Next Capital Management Pty Ltd.
  • Adamantem Capital Fund 1 acquires Hellers, New Zealand’s leading producer of processed meats.
  • VPEG3’s portfolio expands to fourteen underlying companies operating across a broad range of industry sectors

View or download a copy of the VPEG3 Quarterly Report March 2019

VPEG3 Quarterly Report December 2018

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21 February 2019

VPEG3 Quarterly Report for the 3 months ending 31 December 2018

Special Points of Interest;

  • VPEG3 commits $7.5m to Mercury Capital Fund 3, a $600m mid-market expansion fund, managed by Sydney, Australia based, Mercury Capital.
  • Allegro Fund III acquires Endeavour Learning Group, Australia’s largest higher education provider of natural therapists
  • Adamantem Capital Fund 1 completes the ‘public to private’ acquisition of ASX listed Zenitas Healthcare Limited, a community-based healthcare provider specialising in the provision of in-home and in-clinic care solutions
  • Adamantem Capital Fund 1 portfolio company Hygain Holdings acquires premium horse feed business, Mitavite from the Ingham’s Group

View or download a copy of the VPEG3 Quarterly Report December 2018

VPEG3 Quarterly Report September 2018

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26 November 2018

VPEG3 Quarterly Report for the 3 months ending 30 September 2018

 Special Points of Interest;

  • VPEG3 approves a co-investment with Advent Partners 1into Australia’s leading independent manufacturer of craft beer and premium alcoholic beverages, Tribe Brewing.
  • Anchorage Capital Partners Fund IIIacquires Australia’s leading commercial laundry operator, South Pacific Laundry
  • Advent Partners 2invests into Miso Holdco Pty Ltd, a leading provider of Information Systems within the education industry
  • Odyssey Fund 8investee, Adventure Holdings Australia (Oztrail) completes the bolt-on acquisition of Melbourne based outdoor and hardware products company, Companion Brands

View or download a copy of the VPEG3 Quarterly Report September 2018

VPEG3 Quarterly Report December 2017

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22 February 2018

VPEG3 Quarterly Investor Report for the 3 months ending 31 December 2017 

Special points of interest;

  • VPEG3 commits $10m to Anchorage Capital Partners Fund III, a $350m turnaround fund, managed by Sydney, Australia based, Anchorage Capital.
  • VPEG3 completes an additional $5m commitment to Adamantem Capital Fund 1 bringing VPEG3’s total commitment to this fund to $10m.
  • Two new underlying company investments and one bolt-on completed during the quarter with one additional underlying company investments announced.

View or download a copy of the VPEG3 Quarterly Report December 2017

Odyssey Private Equity Fund 8 to Acquire Australia’s Favourite Outdoor Leisure Products Business, OZtrail

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4 December 2017

LE Whittaker and Sons Pty Ltd (OZtrail) announced today that its shareholders have reached an agreement to enter into a sale 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 love, 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.

Read more about Odyssey Private Equity Fund 8